<SEC-DOCUMENT>0001062993-14-001390.txt : 20140317
<SEC-HEADER>0001062993-14-001390.hdr.sgml : 20140317
<ACCEPTANCE-DATETIME>20140317150755
ACCESSION NUMBER:		0001062993-14-001390
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		7
CONFORMED PERIOD OF REPORT:	20131231
FILED AS OF DATE:		20140317
DATE AS OF CHANGE:		20140317

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			B2GOLD CORP
		CENTRAL INDEX KEY:			0001429937
		STANDARD INDUSTRIAL CLASSIFICATION:	GOLD & SILVER ORES [1040]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			A1

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-35936
		FILM NUMBER:		14697317

	BUSINESS ADDRESS:	
		STREET 1:		595 BURRARD STREET, SUITE 3100
		CITY:			VANCOUVER, BRITISH COLUMBIA
		STATE:			A1
		ZIP:			V7X 1J1
		BUSINESS PHONE:		(604) 601-2962

	MAIL ADDRESS:	
		STREET 1:		595 BURRARD STREET, SUITE 3100
		CITY:			VANCOUVER, BRITISH COLUMBIA
		STATE:			A1
		ZIP:			V7X 1J1
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>form6k.htm
<DESCRIPTION>FORM 6-K
<TEXT>
<HTML>
<HEAD>
   <TITLE>B2Gold Corp.: Form 6-K - Filed by newsfilecorp.com</TITLE>
</HEAD>
<BODY style="font-size:10pt;">
<HR noshade align="center" width=100% size=3 color="black">
<A name=page_1></A>
<P align=center><B><FONT size=5>UNITED STATES</FONT></B><BR><B><FONT
size=5>SECURITIES AND EXCHANGE COMMISSION</FONT></B><BR><B>Washington, D.C.
20549</B></P>
<P align=center><B><FONT size=5>FORM 6-K</FONT></B></P>
<P align=center>REPORT OF FOREIGN PRIVATE ISSUER<BR>PURSUANT TO RULE 13a-16 OR
15d-16<BR>UNDER THE SECURITIES EXCHANGE ACT OF 1934</P>
<P align=center>For the month of <STRONG>March, 2014</STRONG></P>
<P align=center>Commission File Number: <B><U>001-35936</U></B></P>
<P align=center><U><B><FONT size=5>B2Gold Corp.</FONT></B><BR></U>(Translation
of registrant&#146;s name into English)</P>
<P align=center><U><B>British Columbia, Canada</B><BR></U>(Jurisdiction of
incorporation or organization)</P>
<P align=center><B>Suite 3100, Three Bentall Centre</B><BR><B>595 Burrard
Street</B><BR><B>Vancouver, British Columbia V7X
1J1</B><BR><U><B>Canada</B><BR></U>(Address of principal executive office)</P>
<P align=center>Indicate by check mark whether the registrant files or will file
annual reports under cover of Form 20-F or Form 40-F: </P>
<P align=center>[&nbsp;&nbsp;&nbsp;] Form
20-F&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[X] Form 40-F</P>
<P align=center>Indicate by check mark if the registrant is submitting the Form
6-K in paper as permitted by Regulation S-T Rule 101(b)(1):
[&nbsp;&nbsp;&nbsp;]</P>
<P align=center>Indicate by check mark if the registrant is submitting the Form
6-K in paper as permitted by Regulation S-T Rule 101(b)(7):
[&nbsp;&nbsp;&nbsp;]</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_2></A>
<P align=center><B>DOCUMENTS INCLUDED AS PART OF THIS FORM 6-K</B></P>
<P align=justify>See the Exhibit Index hereto.</P>
<P align=center><B>SIGNATURES</B></P>
<P align=justify>Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned, thereunto duly authorized.</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="5%" >&nbsp; </TD>
    <TD align=left width="45%"><B>B2Gold Corp.</B> </TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD width="5%" >&nbsp; </TD>
    <TD align=left width="45%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="5%" >&nbsp; </TD>
    <TD align=left width="45%"></TD></TR>
  <TR vAlign=top>
    <TD align=left >Date: March 14, 2014</TD>
    <TD align=left width="5%" >By: </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      width="45%"><EM>/s/ Roger Richer</EM></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="5%" >Name: </TD>
    <TD align=left width="45%">Roger Richer </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="5%" >Title: </TD>
    <TD align=left width="45%">Executive Vice President, General Counsel &amp;
      Secretary </TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_3></A>
<P align=center><B>EXHIBIT INDEX</B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left ><B>Exhibit</B> </TD>
    <TD align=left width="90%"><B>Description</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left ><B>No.</B> </TD>
    <TD align=left width="90%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee ><a href="exhibit99-1.htm">99.1 </a></TD>
    <TD align=left width="90%" bgColor=#eeeeee><a href="exhibit99-1.htm">Consolidated Financial Statements for the Years Ended December 31, 2013 and 2012 </a></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left ><a href="exhibit99-2.htm">99.2</a></TD>
    <TD align=left><a href="exhibit99-2.htm">Management&rsquo;s Discussion and Analysis
For the Year Ended December 31, 2013 </a></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee ><a href="exhibit99-3.htm">99.3</a></TD>
    <TD align=left bgColor=#eeeeee><a href="exhibit99-3.htm">Form 13-502F1 Class 1 Reporting Issuers - Participation Fee </a></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left ><a href="exhibit99-4.htm">99.4</a></TD>
    <TD align=left><p><a href="exhibit99-4.htm">Amended </a><a href="exhibit99-4.htm">Form 13-502F1 Class 1 Reporting Issuers - Participation Fee</a></p>
    </TD>
  </TR>
</TABLE>
<BR>
<HR align=center width="100%" color=black noShade SIZE=5>
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>exhibit99-1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<HTML>
<HEAD>
   <TITLE>B2Gold Corp.: Exhibit 99.1 - Filed by newsfilecorp.com</TITLE>
</HEAD>
<BODY style="font-size:10pt;">
<HR noshade align="center" width=100% size=3 color="black">
<A name=page_1></A><br>
<IMG
src="exhibit99-1x1x1.jpg"
border=0> <BR>
<P align=justify><B></B>&nbsp;</P>
<P align=justify><B><FONT size=5>B2GOLD CORP.</FONT></B><BR><B><FONT
size=3>Consolidated Financial Statements</FONT></B><BR><B><FONT size=3>December
31, 2013 and 2012</FONT></B></P>
<P align=justify><STRONG></STRONG>&nbsp;</P>
<P align=justify><STRONG></STRONG>&nbsp;</P>
<P align=justify><STRONG></STRONG>&nbsp;</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_2></A><IMG
src="exhibit99-1x2x1.jpg" border=0> <BR>
<P style="MARGIN-LEFT: 5%" align=justify>March 13, 2014</P>
<P style="MARGIN-LEFT: 5%" align=justify><B>Independent Auditor&#146;s Report <BR>To
the Shareholders of B2Gold Corp.</B></P>
<P style="MARGIN-LEFT: 5%" align=justify>We have audited the accompanying
consolidated financial statements of B2Gold Corp., which comprise the
consolidated balance sheets as at December 31, 2013 and 2012 and the
consolidated statements of operations, comprehensive income, cash flows and
changes in equity for the years then ended, and the related notes, which
comprise a summary of significant accounting policies and other explanatory
information.</P>
<P style="MARGIN-LEFT: 5%" align=justify><B>Management&#146;s responsibility for the
consolidated financial statements</B><br>
Management is responsible for the
preparation and fair presentation of these consolidated financial statements in
accordance with International Financial Reporting Standards as issued by the
International Accounting Standards Board, and for such internal control as
management determines is necessary to enable the preparation of consolidated
financial statements that are free from material misstatement, whether due to
fraud or error.</P>
<P style="MARGIN-LEFT: 5%" align=justify><B>Auditor&#146;s responsibility</B><br>
  Our responsibility is to express an
opinion on these consolidated financial statements based on our audits. We
conducted our audits in accordance with Canadian generally accepted auditing
standards. Those standards require that we comply with ethical requirements and
plan and perform the audit to obtain reasonable assurance about whether the
consolidated financial statements are free from material misstatement.</P>
<P style="MARGIN-LEFT: 5%" align=justify>An audit involves performing procedures
to obtain audit evidence about the amounts and disclosures in the consolidated
financial statements. The procedures selected depend on the auditor&#146;s judgment,
including the assessment of the risks of material misstatement of the
consolidated financial statements, whether due to fraud or error. In making
those risk assessments, the auditor considers internal control relevant to the
entity&#146;s preparation and fair presentation of the consolidated financial
statements in order to design audit procedures that are appropriate in the
circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the entity&#146;s internal control. An audit also includes
evaluating the appropriateness of accounting policies used and the
reasonableness of accounting estimates made by management, as well as evaluating
the overall presentation of the consolidated financial statements.</P>
<P style="MARGIN-LEFT: 5%" align=justify>We believe that the audit evidence we
have obtained in our audits is sufficient and appropriate to provide a basis for
our audit opinion.</P>
<P style="MARGIN-LEFT: 5%" align=justify><B>Opinion</B><br>
  In our opinion, the consolidated
financial statements present fairly, in all material respects, the financial
position of B2Gold Corp. as at December 31, 2013 and 2012 and its financial
performance and its cash flows for the years then ended in accordance with
International Financial Reporting Standards as issued by the International
Accounting Standards Board.</P>
<P style="MARGIN-LEFT: 5%" align=justify><I>(signed) PricewaterhouseCoopers
LLP</I></P>
<P style="MARGIN-LEFT: 5%" align=justify><B>Chartered Accountants</B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    borderColor=#000000 align=left>&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" borderColor=#000000 align=left
    width="95%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="95%"><I>PricewaterhouseCoopers LLP</I> </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="95%"><I>PricewaterhouseCoopers Place, 250 Howe
      Street, Suite 700, Vancouver, British Columbia, Canada V6C 3S7</I> </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="95%"><I>T: +1 604 806 7000, F: +1 604 806 7806,
      www.pwc.com/ca</I> </TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD width="95%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="95%">&#147;PwC&#148; refers to PricewaterhouseCoopers LLP, an
      Ontario limited liability partnership. </TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_3></A>
<P align=justify><B><I>B2GOLD CORP.</I></B></P>
<P align=justify><B><I>CONSOLIDATED STATEMENTS OF
OPERATIONS</I></B><BR><B><I>FOR THE YEARS ENDED DECEMBER
31</I></B><BR>(Expressed in thousands of United States dollars, except shares
and per share amounts)</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="12%"><B>2013</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="12%"><B>2012</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%" valign="bottom" >&nbsp;</TD>
    <TD width="12%" valign="bottom">&nbsp; </TD>
    <TD width="2%" valign="bottom" >&nbsp;</TD>
    <TD width="1%" valign="bottom" >&nbsp;</TD>
    <TD width="12%" valign="bottom">&nbsp; </TD>
  <TD width="2%" valign="bottom" >&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%" valign="bottom" >&nbsp;</TD>
    <TD width="12%" valign="bottom">&nbsp; </TD>
    <TD width="2%" valign="bottom" >&nbsp;</TD>
    <TD width="1%" valign="bottom" >&nbsp;</TD>
    <TD width="12%" valign="bottom">&nbsp; </TD>
  <TD width="2%" valign="bottom" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff><B>Gold revenue</B> </TD>
    <TD width="1%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid"><B>$</B></TD>
    <TD width="12%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid"><B>&nbsp;544,272</B> </TD>
    <TD width="2%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">$</TD>
    <TD width="12%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;259,051 </TD>
  <TD width="2%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%" valign="bottom" >&nbsp;</TD>
    <TD width="12%" valign="bottom">&nbsp; </TD>
    <TD width="2%" valign="bottom" >&nbsp;</TD>
    <TD width="1%" valign="bottom" >&nbsp;</TD>
    <TD width="12%" valign="bottom">&nbsp; </TD>
  <TD width="2%" valign="bottom" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff><B>Cost of sales</B> </TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
  <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%" valign="bottom" >&nbsp;</TD>
    <TD width="12%" valign="bottom">&nbsp; </TD>
    <TD width="2%" valign="bottom" >&nbsp;</TD>
    <TD width="1%" valign="bottom" >&nbsp;</TD>
    <TD width="12%" valign="bottom">&nbsp; </TD>
  <TD width="2%" valign="bottom" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp;Production costs </TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" bgColor=#e6efff><B>(261,896</B></TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff><B>)</B> </TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" bgColor=#e6efff>(89,504</TD>
  <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>) </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp;Depreciation and depletion </TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="12%" align=right valign="bottom"><B>(85,855</B></TD>
    <TD width="2%" align=left valign="bottom" ><B>)</B> </TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="12%" align=right valign="bottom">(33,060</TD>
  <TD width="2%" align=left valign="bottom" >) </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp;Royalties and
      production taxes </TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" bgColor=#e6efff><B>(16,706</B></TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff><B>)</B> </TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" bgColor=#e6efff>(8,503</TD>
  <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>) </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp;Inventory fair value adjustments on CGA
      acquisition (non-cash) <I>(Note 7)</I> </TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="12%" align=right valign="bottom"><B>(32,869</B></TD>
    <TD width="2%" align=left valign="bottom" ><B>)</B> </TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="12%" align=right valign="bottom">- </TD>
  <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp;Other </TD>
    <TD width="1%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="12%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid"><B>-</B> </TD>
    <TD width="2%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="12%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">(962</TD>
  <TD width="2%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">) </TD>
  </TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%" valign="bottom" >&nbsp;</TD>
    <TD width="12%" valign="bottom">&nbsp; </TD>
    <TD width="2%" valign="bottom" >&nbsp;</TD>
    <TD width="1%" valign="bottom" >&nbsp;</TD>
    <TD width="12%" valign="bottom">&nbsp; </TD>
  <TD width="2%" valign="bottom" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff><B>Total cost of sales</B> </TD>
    <TD width="1%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="12%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid"><B>(397,326</B></TD>
    <TD width="2%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid"><B>)</B> </TD>
    <TD width="1%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="12%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">(132,029</TD>
  <TD width="2%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">) </TD>
  </TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%" valign="bottom" >&nbsp;</TD>
    <TD width="12%" valign="bottom">&nbsp; </TD>
    <TD width="2%" valign="bottom" >&nbsp;</TD>
    <TD width="1%" valign="bottom" >&nbsp;</TD>
    <TD width="12%" valign="bottom">&nbsp; </TD>
  <TD width="2%" valign="bottom" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff><B>Gross profit</B> </TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" bgColor=#e6efff><B>146,946</B> </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" bgColor=#e6efff>127,022 </TD>
  <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%" valign="bottom" >&nbsp;</TD>
    <TD width="12%" valign="bottom">&nbsp; </TD>
    <TD width="2%" valign="bottom" >&nbsp;</TD>
    <TD width="1%" valign="bottom" >&nbsp;</TD>
    <TD width="12%" valign="bottom">&nbsp; </TD>
  <TD width="2%" valign="bottom" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Gain on sale of Brucejack royalty <I>(Note
      11)</I> </TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" bgColor=#e6efff><B>44,496</B> </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" bgColor=#e6efff>- </TD>
  <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>General and administrative </TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="12%" align=right valign="bottom"><B>(31,869</B></TD>
    <TD width="2%" align=left valign="bottom" ><B>)</B> </TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="12%" align=right valign="bottom">(17,610</TD>
  <TD width="2%" align=left valign="bottom" >) </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Share-based payments <I>(Note15)</I> </TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" bgColor=#e6efff><B>(18,328</B></TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff><B>)</B> </TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" bgColor=#e6efff>(16,635</TD>
  <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>) </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Write-off of mineral property interests <I>(Note 11)</I>
</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="12%" align=right valign="bottom"><B>(9,564</B></TD>
    <TD width="2%" align=left valign="bottom" ><B>)</B> </TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="12%" align=right valign="bottom">(1,512</TD>
  <TD width="2%" align=left valign="bottom" >) </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>CGA acquisition costs <I>(Note 7)</I> </TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" bgColor=#e6efff><B>(5,859</B></TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff><B>)</B> </TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" bgColor=#e6efff>(1,556</TD>
  <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>) </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Foreign exchange losses </TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="12%" align=right valign="bottom"><B>(4,748</B></TD>
    <TD width="2%" align=left valign="bottom" ><B>)</B> </TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="12%" align=right valign="bottom">(479</TD>
  <TD width="2%" align=left valign="bottom" >) </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Accretion of mine restoration provisions
      <I>(Note 14)</I> </TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" bgColor=#e6efff><B>(2,606</B></TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff><B>)</B> </TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" bgColor=#e6efff>(1,776</TD>
  <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>) </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Other </TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD
      width="12%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"><B>(4,876</B></TD>
    <TD width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    ><B>)</B> </TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD
    width="12%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">(3,317</TD>
  <TD width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >) </TD>
  </TR>
  <TR>
    <TD bgColor=#e6efff>&nbsp; </TD>
    <TD width="1%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" valign="bottom" bgColor=#e6efff>&nbsp; </TD>
  <TD width="2%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left><B>Operating income</B> </TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="12%" align=right valign="bottom"><B>113,592</B> </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="12%" align=right valign="bottom">84,137 </TD>
  <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
  </TR>
  <TR>
    <TD bgColor=#e6efff>&nbsp; </TD>
    <TD width="1%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" valign="bottom" bgColor=#e6efff>&nbsp; </TD>
  <TD width="2%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Gain on fair value of convertible notes <I>(Note 13)</I>
</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="12%" align=right valign="bottom"><B>22,815</B> </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="12%" align=right valign="bottom">- </TD>
  <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Write-down of long-term investments
      <I>(Note 10)</I> </TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" bgColor=#e6efff><B>(20,552</B></TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff><B>)</B> </TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" bgColor=#e6efff>- </TD>
  <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Convertible notes transaction costs <I>(Note 13)</I> </TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="12%" align=right valign="bottom"><B>(9,683</B></TD>
    <TD width="2%" align=left valign="bottom" ><B>)</B> </TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="12%" align=right valign="bottom">- </TD>
  <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Community relations </TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" bgColor=#e6efff><B>(8,079</B></TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff><B>)</B> </TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" bgColor=#e6efff>(6,839</TD>
  <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>) </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Realized losses on derivative instruments <I>(Note 17)</I>
    </TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="12%" align=right valign="bottom"><B>(4,815</B></TD>
    <TD width="2%" align=left valign="bottom" ><B>)</B> </TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="12%" align=right valign="bottom">(213</TD>
  <TD width="2%" align=left valign="bottom" >) </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Unrealized losses on derivative instruments
      <I>(Note 17)</I> </TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" bgColor=#e6efff><B>(2,660</B></TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff><B>)</B> </TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" bgColor=#e6efff>(149</TD>
  <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>) </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Interest and financing costs </TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="12%" align=right valign="bottom"><B>(2,991</B></TD>
    <TD width="2%" align=left valign="bottom" ><B>)</B> </TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="12%" align=right valign="bottom">(193</TD>
  <TD width="2%" align=left valign="bottom" >) </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Other </TD>
    <TD width="1%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="12%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid"><B>(522</B></TD>
    <TD width="2%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid"><B>)</B> </TD>
    <TD width="1%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="12%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">527 </TD>
  <TD width="2%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%" valign="bottom" >&nbsp;</TD>
    <TD width="12%" valign="bottom">&nbsp; </TD>
    <TD width="2%" valign="bottom" >&nbsp;</TD>
    <TD width="1%" valign="bottom" >&nbsp;</TD>
    <TD width="12%" valign="bottom">&nbsp; </TD>
  <TD width="2%" valign="bottom" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff><B>Income before taxes</B> </TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" bgColor=#e6efff><B>87,105</B> </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" bgColor=#e6efff>77,270 </TD>
  <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%" valign="bottom" >&nbsp;</TD>
    <TD width="12%" valign="bottom">&nbsp; </TD>
    <TD width="2%" valign="bottom" >&nbsp;</TD>
    <TD width="1%" valign="bottom" >&nbsp;</TD>
    <TD width="12%" valign="bottom">&nbsp; </TD>
  <TD width="2%" valign="bottom" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Current income tax, withholding and other
      taxes <I>(Note 19)</I> </TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" bgColor=#e6efff><B>(22,899</B></TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff><B>)</B> </TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" bgColor=#e6efff>(17,853</TD>
  <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>) </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Deferred income tax recovery (expense) <I>(Note 19)</I> </TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD
      width="12%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"><B>3,097</B> </TD>
    <TD width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD
    width="12%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">(7,510</TD>
  <TD width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >) </TD>
  </TR>
  <TR>
    <TD bgColor=#e6efff>&nbsp; </TD>
    <TD width="1%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" valign="bottom" bgColor=#e6efff>&nbsp; </TD>
  <TD width="2%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left><B>Net income for the year</B> </TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid"
    ><B>$</B></TD>
    <TD
      width="12%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 2px solid"><B>&nbsp;67,303</B> </TD>
    <TD width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid"
    >$</TD>
    <TD
      width="12%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;51,907 </TD>
  <TD width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
  </TR>
  <TR>
    <TD bgColor=#e6efff>&nbsp; </TD>
    <TD width="1%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" valign="bottom" bgColor=#e6efff>&nbsp; </TD>
  <TD width="2%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%" valign="bottom" >&nbsp;</TD>
    <TD width="12%" valign="bottom">&nbsp; </TD>
    <TD width="2%" valign="bottom" >&nbsp;</TD>
    <TD width="1%" valign="bottom" >&nbsp;</TD>
    <TD width="12%" valign="bottom">&nbsp; </TD>
  <TD width="2%" valign="bottom" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff><B>Attributable to:</B> </TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
  <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Shareholders of the Company </TD>
    <TD width="1%" align=left valign="bottom" ><B>$</B></TD>
    <TD width="12%" align=right valign="bottom"><B>&nbsp;67,303</B> </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >$</TD>
    <TD width="12%" align=right valign="bottom">&nbsp;51,907 </TD>
  <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Non-controlling interests <I>(Note 23)</I>
    </TD>
    <TD width="1%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="12%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid"><B>-</B> </TD>
    <TD width="2%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="12%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">- </TD>
  <TD width="2%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%" valign="bottom" >&nbsp;</TD>
    <TD width="12%" valign="bottom">&nbsp; </TD>
    <TD width="2%" valign="bottom" >&nbsp;</TD>
    <TD width="1%" valign="bottom" >&nbsp;</TD>
    <TD width="12%" valign="bottom">&nbsp; </TD>
  <TD width="2%" valign="bottom" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff><B>Net income for the year</B> </TD>
    <TD width="1%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid"><B>$</B></TD>
    <TD width="12%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid"><B>&nbsp;67,303</B> </TD>
    <TD width="2%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">$</TD>
    <TD width="12%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;51,907 </TD>
  <TD width="2%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%" valign="bottom" >&nbsp;</TD>
    <TD width="12%" valign="bottom">&nbsp; </TD>
    <TD width="2%" valign="bottom" >&nbsp;</TD>
    <TD width="1%" valign="bottom" >&nbsp;</TD>
    <TD width="12%" valign="bottom">&nbsp; </TD>
  <TD width="2%" valign="bottom" >&nbsp;</TD>
  </TR>
  <TR>
    <TD bgColor=#e6efff>&nbsp; </TD>
    <TD width="1%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" valign="bottom" bgColor=#e6efff>&nbsp; </TD>
  <TD width="2%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%" valign="bottom" >&nbsp;</TD>
    <TD width="12%" valign="bottom">&nbsp; </TD>
    <TD width="2%" valign="bottom" >&nbsp;</TD>
    <TD width="1%" valign="bottom" >&nbsp;</TD>
    <TD width="12%" valign="bottom">&nbsp; </TD>
  <TD width="2%" valign="bottom" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff><B>Earnings per share </B>(attributable to
      shareholders of the Company) </TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
  <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp;Basic </TD>
    <TD width="1%" align=left valign="bottom" ><B>$</B></TD>
    <TD width="12%" align=right valign="bottom"><B>&nbsp;0.11</B> </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >$</TD>
    <TD width="12%" align=right valign="bottom">&nbsp;0.13 </TD>
  <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp;Diluted </TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff><B>$</B></TD>
    <TD width="12%" align=right valign="bottom" bgColor=#e6efff><B>&nbsp;0.07</B> </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>$</TD>
    <TD width="12%" align=right valign="bottom" bgColor=#e6efff>&nbsp;0.13 </TD>
  <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%" valign="bottom" >&nbsp;</TD>
    <TD width="12%" valign="bottom">&nbsp; </TD>
    <TD width="2%" valign="bottom" >&nbsp;</TD>
    <TD width="1%" valign="bottom" >&nbsp;</TD>
    <TD width="12%" valign="bottom">&nbsp; </TD>
  <TD width="2%" valign="bottom" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff><B>Weighted average number of common
      shares</B> <B>outstanding (in thousands)</B> </TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=left valign="bottom" bgColor=#e6efff></TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=left valign="bottom" bgColor=#e6efff></TD>
  <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp;Basic </TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="12%" align=right valign="bottom"><B>636,130</B> </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="12%" align=right valign="bottom">384,733 </TD>
  <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp;Diluted </TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" bgColor=#e6efff><B>663,785</B> </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" bgColor=#e6efff>391,940 </TD>
  <TD width="2%" align=left valign="bottom"
  bgColor=#e6efff>&nbsp;</TD>
  </TR></TABLE>
<P align=center>See accompanying notes to consolidated financial statements.</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_4></A>
<P align=justify><B><I>B2GOLD CORP.</I></B></P>
<P align=justify><B><I>CONSOLIDATED STATEMENTS OF COMPREHENSIVE
INCOME</I></B><BR><B><I>FOR THE YEARS ENDED DECEMBER 31</I></B><BR>(Expressed in
thousands of United States dollars)</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="12%"><B>2013</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="12%"><B>2012</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%" valign="bottom" >&nbsp;</TD>
    <TD width="12%" valign="bottom">&nbsp; </TD>
    <TD width="2%" valign="bottom" >&nbsp;</TD>
    <TD width="1%" valign="bottom" >&nbsp;</TD>
    <TD width="12%" valign="bottom">&nbsp; </TD>
  <TD width="2%" valign="bottom" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff><B>Net income for the year</B> </TD>
    <TD width="1%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid"><B>$</B></TD>
    <TD width="12%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid"><B>&nbsp;67,303</B> </TD>
    <TD width="2%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">$</TD>
    <TD width="12%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;51,907 </TD>
  <TD width="2%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left><B>Other comprehensive loss</B> </TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="12%" align=left valign="bottom">&nbsp; </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="12%" align=left valign="bottom">&nbsp; </TD>
  <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp;Items that may be
      reclassified subsequently to net earnings: </TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
  <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;- Exchange differences on
      translating foreign operations </TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="12%" align=right valign="bottom"><B>(36,259</B></TD>
    <TD width="2%" align=left valign="bottom" ><B>)</B> </TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="12%" align=right valign="bottom">(5,386</TD>
  <TD width="2%" align=left valign="bottom" >) </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;-
      Unrealized gain on investments, net of deferred tax expense <I>(Note
      10)</I> </TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" bgColor=#e6efff><B>1,106</B> </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" bgColor=#e6efff>(1,407</TD>
  <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>) </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reclassification adjustment
      for impairment loss on investment to net income <I>(Note 10)</I> </TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD
      width="12%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"><B>1,407</B> </TD>
    <TD width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">- </TD>
  <TD width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff><B>Other comprehensive loss for the
      year</B> </TD>
    <TD width="1%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="12%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid"><B>(33,746</B></TD>
    <TD width="2%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid"><B>)</B> </TD>
    <TD width="1%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="12%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">(6,793</TD>
  <TD width="2%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">) </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left><B>Total comprehensive income for the year</B> </TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid"
    ><B>$</B></TD>
    <TD
      width="12%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 2px solid"><B>&nbsp;33,557</B> </TD>
    <TD width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid"
    >$</TD>
    <TD
      width="12%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;45,114 </TD>
  <TD width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
  </TR></TABLE>
<P align=center>See accompanying notes to consolidated financial statements.</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_5></A>
<P align=justify><B><I>B2GOLD CORP.</I></B></P>
<P align=justify><B><I>CONSOLIDATED STATEMENTS OF CASH
FLOWS</I></B><BR><B><I>FOR THE YEARS ENDED DECEMBER 31</I></B><BR>(Expressed in
thousands of United States dollars)</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="12%"><B>2013</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="12%"><B>2012</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
    width="2%">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%" valign="bottom">&nbsp;</TD>
    <TD width="12%" valign="bottom">&nbsp; </TD>
    <TD width="2%" valign="bottom">&nbsp;</TD>
    <TD width="1%" valign="bottom">&nbsp;</TD>
    <TD width="12%" valign="bottom">&nbsp; </TD>
  <TD width="2%" valign="bottom">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff><B>Operating activities</B> </TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
  <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp;Net income for the year </TD>
    <TD width="1%" align=left valign="bottom"><B>$</B></TD>
    <TD width="12%" align=right valign="bottom"><B>&nbsp;67,303</B> </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">$</TD>
    <TD width="12%" align=right valign="bottom">&nbsp;51,907 </TD>
  <TD width="2%" align=left valign="bottom">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp;Mine restoration
      provisions settled <I>(Note 14)</I> </TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" bgColor=#e6efff><B>(1,073</B></TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff><B>)</B> </TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" bgColor=#e6efff>(3,486</TD>
  <TD width="2%" align=left valign="bottom" bgColor=#e6efff>) </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp;Non-cash charges (credits) </TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="12%" align=left valign="bottom">&nbsp; </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="12%" align=left valign="bottom">&nbsp; </TD>
  <TD width="2%" align=left valign="bottom">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp;Depreciation and depletion </TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" bgColor=#e6efff><B>85,855</B> </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" bgColor=#e6efff>33,060 </TD>
  <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Gain
      on sale of Brucejack royalty </TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="12%" align=right valign="bottom"><B>(44,496</B></TD>
    <TD width="2%" align=left valign="bottom"><B>)</B> </TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="12%" align=right valign="bottom">- </TD>
  <TD width="2%" align=left valign="bottom">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp;Amortization of deferred revenue <I>(Note 16)</I> </TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" bgColor=#e6efff><B>(37,404</B></TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff><B>)</B> </TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" bgColor=#e6efff>- </TD>
  <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp;Inventory fair value adjustments on CGA acquisition <I>(Note 7)</I>
    </TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="12%" align=right valign="bottom"><B>32,869</B> </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="12%" align=right valign="bottom">- </TD>
  <TD width="2%" align=left valign="bottom">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp;Gain on fair value of convertible notes <I>(Note 13)</I> </TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" bgColor=#e6efff><B>(22,815</B></TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff><B>)</B> </TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" bgColor=#e6efff>- </TD>
  <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp;Write-down of long-term investments </TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="12%" align=right valign="bottom"><B>20,552</B> </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="12%" align=right valign="bottom">- </TD>
  <TD width="2%" align=left valign="bottom">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp;Share-based payments </TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" bgColor=#e6efff><B>18,328</B> </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" bgColor=#e6efff>16,635 </TD>
  <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp;Convertible notes transaction costs </TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="12%" align=right valign="bottom"><B>9,683</B> </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="12%" align=right valign="bottom">- </TD>
  <TD width="2%" align=left valign="bottom">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp;Write-off of mineral property interests </TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" bgColor=#e6efff><B>9,564</B> </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" bgColor=#e6efff>1,512 </TD>
  <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp;Deferred income tax (recovery) expense </TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="12%" align=right valign="bottom"><B>(3,097</B></TD>
    <TD width="2%" align=left valign="bottom"><B>)</B> </TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="12%" align=right valign="bottom">7,510 </TD>
  <TD width="2%" align=left valign="bottom">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp;Unrealized losses on derivative instruments </TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" bgColor=#e6efff><B>2,660</B> </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" bgColor=#e6efff>149 </TD>
  <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp;Accretion of mine restoration provisions </TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="12%" align=right valign="bottom"><B>2,606</B> </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="12%" align=right valign="bottom">1,776 </TD>
  <TD width="2%" align=left valign="bottom">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp;Loss on disposal of equipment </TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" bgColor=#e6efff><B>-</B> </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" bgColor=#e6efff>2,900 </TD>
  <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp;Other </TD>
    <TD
    width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
      width="12%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"><B>3,808</B> </TD>
    <TD
    width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">2,436    </TD>
  <TD
    width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp;Cash provided by
      operating activities before changes in non-cash working capital </TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" bgColor=#e6efff><B>144,343</B> </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" bgColor=#e6efff>114,399 </TD>
  <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp;Changes in non-cash working capital
      <I>(Note 20)</I> </TD>
    <TD
    width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
      width="12%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"><B>3,484</B> </TD>
    <TD
    width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="12%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">(9,322</TD>
    <TD width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">)</TD>
  </TR>
  <TR>
    <TD bgColor=#e6efff>&nbsp; </TD>
    <TD width="1%" valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" valign="bottom" bgColor=#e6efff>&nbsp; </TD>
  <TD width="2%" valign="bottom" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp;Cash provided by operating activities
      after changes in non-cash working capital </TD>
    <TD
    width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
      width="12%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"><B>147,827</B> </TD>
    <TD
    width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
      width="12%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">105,077 </TD>
  <TD
    width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
  </TR>
  <TR>
    <TD bgColor=#e6efff>&nbsp; </TD>
    <TD width="1%" valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" valign="bottom" bgColor=#e6efff>&nbsp; </TD>
  <TD width="2%" valign="bottom" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left><B>Financing activities</B> </TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="12%" align=left valign="bottom">&nbsp; </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="12%" align=left valign="bottom">&nbsp; </TD>
  <TD width="2%" align=left valign="bottom">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp;Convertible notes, net
      of transaction costs <I>(Note 13)</I> </TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" bgColor=#e6efff><B>249,067</B> </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" bgColor=#e6efff>- </TD>
  <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp;Revolving credit facilities, proceeds
      <I>(Note 13)</I> </TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="12%" align=right valign="bottom"><B>100,000</B> </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="12%" align=right valign="bottom">- </TD>
  <TD width="2%" align=left valign="bottom">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp;Revolving credit
      facilities, repayments <I>(Note 13)</I> </TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" bgColor=#e6efff><B>(50,000</B></TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff><B>)</B> </TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" bgColor=#e6efff>- </TD>
  <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp;Masbate project loan repayments
      <I>(Note 13)</I> </TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="12%" align=right valign="bottom"><B>(18,524</B></TD>
    <TD width="2%" align=left valign="bottom"><B>)</B> </TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="12%" align=right valign="bottom">- </TD>
  <TD width="2%" align=left valign="bottom">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp;Otjikoto equipment loan
      facility, drawdowns net of transaction costs <I>(Note 13)</I> </TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" bgColor=#e6efff><B>9,168</B> </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" bgColor=#e6efff>- </TD>
  <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp;Common shares issued for cash <I>(Note
      15)</I> </TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="12%" align=right valign="bottom"><B>2,369</B> </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="12%" align=right valign="bottom">8,617 </TD>
  <TD width="2%" align=left valign="bottom">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp;Payment of finance
      lease obligations <I>(Note 13)</I> </TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" bgColor=#e6efff><B>(7,955</B></TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff><B>)</B> </TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" bgColor=#e6efff>- </TD>
  <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp;Restricted cash, net <I>(Note 13)</I>
    </TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="12%" align=right valign="bottom"><B>7,851</B> </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="12%" align=right valign="bottom">- </TD>
  <TD width="2%" align=left valign="bottom">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp;Common shares issued by
      subsidiary to EVI for cash <I>(Note 11)</I> </TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" bgColor=#e6efff><B>5,095</B> </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" bgColor=#e6efff>- </TD>
  <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp;Revolving credit facility transaction
      costs <I>(Note 13)</I> </TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="12%" align=right valign="bottom"><B>(4,048</B></TD>
    <TD width="2%" align=left valign="bottom"><B>)</B> </TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="12%" align=right valign="bottom">- </TD>
  <TD width="2%" align=left valign="bottom">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp;Interest and commitment
      fees paid </TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" bgColor=#e6efff><B>(2,925</B></TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff><B>)</B> </TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" bgColor=#e6efff>(192</TD>
  <TD width="2%" align=left valign="bottom" bgColor=#e6efff>) </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp;Other </TD>
    <TD
    width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
      width="12%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"><B>(562</B></TD>
    <TD
      width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"><B>)</B> </TD>
    <TD
    width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
width="12%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">(10</TD>
    <TD width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">)</TD>
  </TR>
  <TR>
    <TD bgColor=#e6efff>&nbsp; </TD>
    <TD width="1%" valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" valign="bottom" bgColor=#e6efff>&nbsp; </TD>
  <TD width="2%" valign="bottom" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp;Cash provided by financing activities
    </TD>
    <TD
    width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
      width="12%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"><B>289,536</B> </TD>
    <TD
    width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">8,415    </TD>
  <TD
    width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
  </TR>
  <TR>
    <TD bgColor=#e6efff>&nbsp; </TD>
    <TD width="1%" valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" valign="bottom" bgColor=#e6efff>&nbsp; </TD>
  <TD width="2%" valign="bottom" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left><B>Investing activities</B> </TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="12%" align=left valign="bottom">&nbsp; </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="12%" align=left valign="bottom">&nbsp; </TD>
  <TD width="2%" align=left valign="bottom">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp;Expenditures on mining
      interests: </TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
  <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp;Otjikoto, mine construction </TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="12%" align=right valign="bottom"><B>(83,469</B></TD>
    <TD width="2%" align=left valign="bottom"><B>)</B> </TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="12%" align=right valign="bottom">- </TD>
  <TD width="2%" align=left valign="bottom">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp;Otjikoto, mobile mine equipment </TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" bgColor=#e6efff><B>(46,539</B></TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff><B>)</B> </TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" bgColor=#e6efff>- </TD>
  <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp;Otjikoto, power plant </TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="12%" align=right valign="bottom"><B>(30,635</B></TD>
    <TD width="2%" align=left valign="bottom"><B>)</B> </TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="12%" align=right valign="bottom">- </TD>
  <TD width="2%" align=left valign="bottom">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp;Otjikoto, prestripping </TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" bgColor=#e6efff><B>(6,697</B></TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff><B>)</B> </TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" bgColor=#e6efff>- </TD>
  <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp;Gramalote, prefeasibility and exploration </TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="12%" align=right valign="bottom"><B>(47,979</B></TD>
    <TD width="2%" align=left valign="bottom"><B>)</B> </TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="12%" align=right valign="bottom">(30,872</TD>
  <TD width="2%" align=left valign="bottom">) </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp;Masbate Mine, development and sustaining capital </TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" bgColor=#e6efff><B>(31,344</B></TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff><B>)</B> </TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" bgColor=#e6efff>- </TD>
  <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp;Libertad Mine, development and sustaining capital </TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="12%" align=right valign="bottom"><B>(17,506</B></TD>
    <TD width="2%" align=left valign="bottom"><B>)</B> </TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="12%" align=right valign="bottom">(29,586</TD>
  <TD width="2%" align=left valign="bottom">) </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp;Libertad Mine, Jabali development </TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" bgColor=#e6efff><B>(14,514</B></TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff><B>)</B> </TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" bgColor=#e6efff>(12,693</TD>
  <TD width="2%" align=left valign="bottom" bgColor=#e6efff>) </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp;Limon Mine, development and sustaining capital </TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="12%" align=right valign="bottom"><B>(16,992</B></TD>
    <TD width="2%" align=left valign="bottom"><B>)</B> </TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="12%" align=right valign="bottom">(21,461</TD>
  <TD width="2%" align=left valign="bottom">) </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp;Other exploration and development <I>(Note 20)</I> </TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" bgColor=#e6efff><B>(28,222</B></TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff><B>)</B> </TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" bgColor=#e6efff>(47,215</TD>
  <TD width="2%" align=left valign="bottom" bgColor=#e6efff>) </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp;Cash acquired on CGA acquisition
      <I>(Note 7)</I> </TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="12%" align=right valign="bottom"><B>56,088</B> </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="12%" align=right valign="bottom">- </TD>
  <TD width="2%" align=left valign="bottom">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp;CGA acquisition costs
      paid <I>(Note 7)</I> </TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" bgColor=#e6efff><B>(16,012</B></TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff><B>)</B> </TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" bgColor=#e6efff>- </TD>
  <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp;Cash proceeds from sale of Brucejack
      royalty <I>(Note 11)</I> </TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="12%" align=right valign="bottom"><B>44,496</B> </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="12%" align=right valign="bottom">- </TD>
  <TD width="2%" align=left valign="bottom">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp;Loan to EVI <I>(Note
      11)</I> </TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" bgColor=#e6efff><B>(5,000</B></TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff><B>)</B> </TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" bgColor=#e6efff>- </TD>
  <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp;Purchase of EVI preference shares
      <I>(Note 11)</I> </TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="12%" align=right valign="bottom"><B>(6,458</B></TD>
    <TD width="2%" align=left valign="bottom"><B>)</B> </TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="12%" align=right valign="bottom">- </TD>
  <TD width="2%" align=left valign="bottom">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp;Purchase of long-term
      investment <I>(Note 10)</I> </TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" bgColor=#e6efff><B>(3,997</B></TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff><B>)</B> </TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" bgColor=#e6efff>(5,068</TD>
  <TD width="2%" align=left valign="bottom" bgColor=#e6efff>) </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp;Cash acquired on Volta acquisition, net
      of transaction costs <I>(Note 8)</I> </TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="12%" align=right valign="bottom"><B>3,217</B> </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="12%" align=right valign="bottom">- </TD>
  <TD width="2%" align=left valign="bottom">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp;Other </TD>
    <TD width="1%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="12%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid"><B>(1,013</B></TD>
    <TD width="2%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid"><B>)</B> </TD>
    <TD width="1%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="12%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">(940</TD>
  <TD width="2%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">) </TD>
  </TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%" valign="bottom">&nbsp;</TD>
    <TD width="12%" valign="bottom">&nbsp; </TD>
    <TD width="2%" valign="bottom">&nbsp;</TD>
    <TD width="1%" valign="bottom">&nbsp;</TD>
    <TD width="12%" valign="bottom">&nbsp; </TD>
  <TD width="2%" valign="bottom">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp;Cash used by investing
      activities </TD>
    <TD width="1%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="12%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid"><B>(252,576</B></TD>
    <TD width="2%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid"><B>)</B> </TD>
    <TD width="1%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="12%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">(147,835</TD>
  <TD width="2%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">) </TD>
  </TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%" valign="bottom">&nbsp;</TD>
    <TD width="12%" valign="bottom">&nbsp; </TD>
    <TD width="2%" valign="bottom">&nbsp;</TD>
    <TD width="1%" valign="bottom">&nbsp;</TD>
    <TD width="12%" valign="bottom">&nbsp; </TD>
  <TD width="2%" valign="bottom">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff><B>Increase (decrease) in cash and cash
      equivalents</B> </TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" bgColor=#e6efff><B>184,787</B> </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" bgColor=#e6efff>(34,343</TD>
  <TD width="2%" align=left valign="bottom" bgColor=#e6efff>) </TD>
  </TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%" valign="bottom">&nbsp;</TD>
    <TD width="12%" valign="bottom">&nbsp; </TD>
    <TD width="2%" valign="bottom">&nbsp;</TD>
    <TD width="1%" valign="bottom">&nbsp;</TD>
    <TD width="12%" valign="bottom">&nbsp; </TD>
  <TD width="2%" valign="bottom">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff><B>Cash and cash equivalents, beginning of
      year</B> </TD>
    <TD width="1%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="12%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid"><B>67,949</B> </TD>
    <TD width="2%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="12%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">102,292 </TD>
  <TD width="2%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%" valign="bottom">&nbsp;</TD>
    <TD width="12%" valign="bottom">&nbsp; </TD>
    <TD width="2%" valign="bottom">&nbsp;</TD>
    <TD width="1%" valign="bottom">&nbsp;</TD>
    <TD width="12%" valign="bottom">&nbsp; </TD>
  <TD width="2%" valign="bottom">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff><B>Cash and cash equivalents, end of
      year</B> </TD>
    <TD width="1%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid"><B>$</B></TD>
    <TD width="12%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid"><B>&nbsp;252,736</B> </TD>
    <TD width="2%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">$</TD>
    <TD width="12%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;67,949 </TD>
  <TD width="2%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%" valign="bottom">&nbsp;</TD>
    <TD width="12%" valign="bottom">&nbsp; </TD>
    <TD width="2%" valign="bottom">&nbsp;</TD>
    <TD width="1%" valign="bottom">&nbsp;</TD>
    <TD width="12%" valign="bottom">&nbsp; </TD>
  <TD width="2%" valign="bottom">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left><B>Supplementary cash flow information
      </B><I>(Note 20)</I> </TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="12%" align=left valign="bottom">&nbsp; </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="12%" align=left valign="bottom">&nbsp; </TD>
  <TD width="2%" align=left valign="bottom">&nbsp;</TD>
  </TR></TABLE>
<P align=center>See accompanying notes to consolidated financial statements.</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_6></A>
<P align=justify><B><I>B2GOLD CORP.</I></B></P>
<P align=justify><B><I>CONSOLIDATED BALANCE SHEETS</I></B><BR>(Expressed in
thousands of United States dollars)</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD width="11%" align=center nowrap><B><I>As at</I></B> </TD>
    <TD width="2%" align=center nowrap>&nbsp;</TD>
    <TD width="1%" align=center nowrap>&nbsp;</TD>
    <TD width="11%" align=center nowrap><B><I>As at</I></B> </TD>
  <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD width="11%" align=center nowrap><B><I>December 31,</I></B> </TD>
    <TD width="2%" align=center nowrap>&nbsp;</TD>
    <TD width="1%" align=center nowrap>&nbsp;</TD>
    <TD width="11%" align=center nowrap><B><I>December 31,</I></B> </TD>
  <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
    width="1%">&nbsp;</TD>
    <TD
      width="11%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"><B><I>2013</I></B> </TD>
    <TD
    width="2%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD
    width="1%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD
      width="11%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"><B><I>2012</I></B> </TD>
  <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
    width="2%">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%" valign="bottom">&nbsp;</TD>
    <TD width="11%" valign="bottom">&nbsp; </TD>
    <TD width="2%" valign="bottom">&nbsp;</TD>
    <TD width="1%" valign="bottom">&nbsp;</TD>
    <TD width="11%" valign="bottom">&nbsp; </TD>
  <TD width="2%" valign="bottom">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=center bgColor=#e6efff><STRONG><EM>Assets</EM></STRONG> </TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="11%" align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="11%" align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
  <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left><B>Current</B> </TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="11%" align=left valign="bottom">&nbsp; </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="11%" align=left valign="bottom">&nbsp; </TD>
  <TD width="2%" align=left valign="bottom">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp;Cash and cash
      equivalents </TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff><B>$</B></TD>
    <TD width="11%" align=right valign="bottom" bgColor=#e6efff><B>&nbsp;252,736</B> </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>$</TD>
    <TD width="11%" align=right valign="bottom" bgColor=#e6efff>&nbsp;67,949 </TD>
  <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp;Accounts receivable and prepaids </TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="11%" align=right valign="bottom"><B>26,273</B> </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="11%" align=right valign="bottom">7,695 </TD>
  <TD width="2%" align=left valign="bottom">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp;Value-added and other
      tax receivables </TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="11%" align=right valign="bottom" bgColor=#e6efff><B>19,823</B> </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="11%" align=right valign="bottom" bgColor=#e6efff>18,737 </TD>
  <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp;Inventories <I>(Note 9)</I> </TD>
    <TD
    width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
      width="11%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"><B>75,665</B> </TD>
    <TD
    width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
      width="11%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">41,608 </TD>
  <TD
    width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; </TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="11%" align=right valign="bottom" bgColor=#e6efff><B>374,497</B> </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="11%" align=right valign="bottom" bgColor=#e6efff>135,989 </TD>
  <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left><B>Long-term investments </B>(carried at quoted market
      values) <I>(Note 10)</I> </TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="11%" align=right valign="bottom"><B>20,769</B> </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="11%" align=right valign="bottom">3,661 </TD>
  <TD width="2%" align=left valign="bottom">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff><B>Value-added tax receivables</B> </TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="11%" align=right valign="bottom" bgColor=#e6efff><B>28,875</B> </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="11%" align=right valign="bottom" bgColor=#e6efff>- </TD>
  <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left><B>Mining interests </B><I>(Note 11 and Note 25 -
      Schedules)</I> </TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="11%" align=left valign="bottom">&nbsp; </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="11%" align=left valign="bottom">&nbsp; </TD>
  <TD width="2%" align=left valign="bottom">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp;- Owned by subsidiaries </TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="11%" align=right valign="bottom" bgColor=#e6efff><B>1,517,277</B> </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="11%" align=right valign="bottom" bgColor=#e6efff>432,725 </TD>
  <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;-
      Investments in joint ventures </TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="11%" align=right valign="bottom"><B>150,168</B> </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="11%" align=right valign="bottom">101,999 </TD>
  <TD width="2%" align=left valign="bottom">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff><B>Goodwill </B><I>(Notes 6 and 7)</I> </TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="11%" align=right valign="bottom" bgColor=#e6efff><B>202,070</B> </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="11%" align=right valign="bottom" bgColor=#e6efff>- </TD>
  <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left><B>Other assets </B><I>(Note 12)</I> </TD>
    <TD
    width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
      width="11%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"><B>16,070</B> </TD>
    <TD
    width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="11%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">2,091    </TD>
  <TD
    width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; </TD>
    <TD width="1%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid"><B>$</B></TD>
    <TD width="11%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid"><B>&nbsp;2,309,726</B> </TD>
    <TD width="2%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">$</TD>
    <TD width="11%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;676,465 </TD>
  <TD width="2%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=center><STRONG><EM>Liabilities</EM></STRONG> </TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="11%" align=left valign="bottom">&nbsp; </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="11%" align=left valign="bottom">&nbsp; </TD>
  <TD width="2%" align=left valign="bottom">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff><B>Current</B> </TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="11%" align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="11%" align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
  <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp;Accounts payable and accrued
      liabilities </TD>
    <TD width="1%" align=left valign="bottom"><B>$</B></TD>
    <TD width="11%" align=right valign="bottom"><B>&nbsp;65,812</B> </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">$</TD>
    <TD width="11%" align=right valign="bottom">&nbsp;24,223 </TD>
  <TD width="2%" align=left valign="bottom">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp;Current taxes payable
    </TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="11%" align=right valign="bottom" bgColor=#e6efff><B>15,658</B> </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="11%" align=right valign="bottom" bgColor=#e6efff>13,797 </TD>
  <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp;Current portion of long-term debt
      <I>(Note 13)</I> </TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="11%" align=right valign="bottom"><B>12,965</B> </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="11%" align=right valign="bottom">- </TD>
  <TD width="2%" align=left valign="bottom">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp;Current portion of
      unrealized fair value of derivative instruments <I>(Note 17)</I> </TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="11%" align=right valign="bottom" bgColor=#e6efff><B>2,563</B> </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="11%" align=right valign="bottom" bgColor=#e6efff>143 </TD>
  <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp;Current portion of mine restoration
      provisions <I>(Note 14)</I> </TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="11%" align=right valign="bottom"><B>1,351</B> </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="11%" align=right valign="bottom">4,217 </TD>
  <TD width="2%" align=left valign="bottom">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp;Other </TD>
    <TD width="1%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="11%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid"><B>472</B> </TD>
    <TD width="2%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="11%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">1,501 </TD>
  <TD width="2%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="11%" align=right valign="bottom"><B>98,821</B> </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="11%" align=right valign="bottom">43,881 </TD>
  <TD width="2%" align=left valign="bottom">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff><B>Unrealized fair value of derivative
      instruments </B><I>(Note 17)</I> </TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="11%" align=right valign="bottom" bgColor=#e6efff><B>205</B> </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="11%" align=right valign="bottom" bgColor=#e6efff>- </TD>
  <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left><B>Long-term debt </B><I>(Note 13)</I> </TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="11%" align=right valign="bottom"><B>300,447</B> </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="11%" align=right valign="bottom">- </TD>
  <TD width="2%" align=left valign="bottom">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff><B>Mine restoration provisions </B><I>(Note
      14)</I> </TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="11%" align=right valign="bottom" bgColor=#e6efff><B>45,449</B> </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="11%" align=right valign="bottom" bgColor=#e6efff>27,659 </TD>
  <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left><B>Deferred income taxes </B><I>(Note 19)</I> </TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="11%" align=right valign="bottom"><B>186,811</B> </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="11%" align=right valign="bottom">34,148 </TD>
  <TD width="2%" align=left valign="bottom">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff><B>Employee benefits obligation</B> </TD>
    <TD width="1%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="11%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid"><B>6,626</B> </TD>
    <TD width="2%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="11%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">4,458 </TD>
  <TD width="2%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD
    width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
      width="11%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"><B>638,359</B> </TD>
    <TD
    width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
      width="11%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">110,146 </TD>
  <TD
    width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=center bgColor=#e6efff><STRONG><EM>Equity</EM></STRONG> </TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="11%" align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="11%" align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
  <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left><B>Shareholders&#146; equity</B> </TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="11%" align=left valign="bottom">&nbsp; </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="11%" align=left valign="bottom">&nbsp; </TD>
  <TD width="2%" align=left valign="bottom">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp;Share capital <I>(Note
      15)</I> </TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="11%" align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="11%" align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
  <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp;<I>Issued: </I>674,719,721 common
      shares <I>(Dec 31, 2012 &#150; 393,307,942)</I> </TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="11%" align=right valign="bottom"><B>1,519,217</B> </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="11%" align=right valign="bottom">468,550 </TD>
  <TD width="2%" align=left valign="bottom">&nbsp;</TD>
  </TR>
  <TR>
    <TD bgColor=#e6efff>&nbsp; </TD>
    <TD width="1%" valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="11%" valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="11%" valign="bottom" bgColor=#e6efff>&nbsp; </TD>
  <TD width="2%" valign="bottom" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp;Contributed surplus </TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="11%" align=right valign="bottom"><B>52,333</B> </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="11%" align=right valign="bottom">35,383 </TD>
  <TD width="2%" align=left valign="bottom">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp;Accumulated other
      comprehensive loss </TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="11%" align=right valign="bottom" bgColor=#e6efff><B>(40,539</B></TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff><B>)</B> </TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="11%" align=right valign="bottom" bgColor=#e6efff>(6,793</TD>
  <TD width="2%" align=left valign="bottom" bgColor=#e6efff>) </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp;Retained earnings </TD>
    <TD
    width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
      width="11%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"><B>132,640</B> </TD>
    <TD
    width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
      width="11%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">62,807 </TD>
  <TD
    width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; </TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="11%" align=right valign="bottom" bgColor=#e6efff><B>1,663,651</B> </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="11%" align=right valign="bottom" bgColor=#e6efff>559,947 </TD>
  <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left><B>Non-controlling interests</B> </TD>
    <TD
    width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
      width="11%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"><B>7,716</B> </TD>
    <TD
    width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="11%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">6,372    </TD>
  <TD
    width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; </TD>
    <TD width="1%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="11%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid"><B>1,671,367</B> </TD>
    <TD width="2%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="11%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">566,319 </TD>
  <TD width="2%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD
    width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid"><B>$</B></TD>
    <TD
      width="11%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 2px solid"><B>&nbsp;2,309,726</B> </TD>
    <TD
    width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">$</TD>
    <TD
      width="11%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;676,465 </TD>
  <TD
    width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
  </TR></TABLE>
<P align=justify><B>Acquisition of CGA Mining Limited </B><I>(Note
7)</I><BR><B>Acquisition of Volta Resources Inc. </B><I>(Note
8)</I><BR><B>Subsequent events </B><I>(Notes 11 and 13)</I></P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left><B>Approved by the Board</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      width="20%"><I>&#147;Clive T. Johnson &#148;</I> </TD>
    <TD align=center width="20%">Director </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      width="20%"><I>&#147;Robert J. Gayton&#148;</I> </TD>
    <TD align=center width="20%">Director </TD></TR></TABLE></DIV>
<P align=center>See accompanying notes to consolidated financial statements.</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_7></A>
<P align=justify><B><I>B2GOLD CORP.</I></B></P>
<P align=justify><B><I>CONSOLIDATED STATEMENTS OF CHANGES IN
EQUITY</I></B><BR><B><I>FOR THE YEARS ENDED DECEMBER 31</I></B><BR>(Expressed in
thousands of United States dollars)</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 8pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
    width="1%">&nbsp;</TD>
    <TD width="63%"
    colSpan=16 align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"><B>2013</B> </TD>
  <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
    width="2%">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%" align=center nowrap>&nbsp; </TD>
    <TD width="2%" align=center nowrap>&nbsp;</TD>
    <TD width="1%" align=center nowrap>&nbsp;</TD>
    <TD width="8%" align=center nowrap>&nbsp; </TD>
    <TD width="2%" align=center nowrap>&nbsp;</TD>
    <TD width="1%" align=center nowrap>&nbsp;</TD>
    <TD width="8%" align=center nowrap>&nbsp; </TD>
    <TD width="2%" align=center nowrap>&nbsp;</TD>
    <TD width="1%" align=center nowrap>&nbsp;</TD>
    <TD width="8%" align=center nowrap>&nbsp; </TD>
    <TD width="2%" align=center nowrap>&nbsp;</TD>
    <TD width="1%" align=center nowrap>&nbsp;</TD>
    <TD width="8%" align=center nowrap>&nbsp; </TD>
    <TD width="2%" align=center nowrap>&nbsp;</TD>
    <TD width="1%" align=center nowrap>&nbsp;</TD>
    <TD width="8%" align=center nowrap>&nbsp; </TD>
  <TD width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD width="8%" align=center nowrap>&nbsp; </TD>
    <TD width="2%" align=center nowrap>&nbsp;</TD>
    <TD width="1%" align=center nowrap>&nbsp;</TD>
    <TD width="8%" align=center nowrap>&nbsp; </TD>
    <TD width="2%" align=center nowrap>&nbsp;</TD>
    <TD width="1%" align=center nowrap>&nbsp;</TD>
    <TD width="8%" align=center nowrap>&nbsp; </TD>
    <TD width="2%" align=center nowrap>&nbsp;</TD>
    <TD width="1%" align=center nowrap>&nbsp;</TD>
    <TD width="8%" align=center nowrap><B>Accumulated</B> </TD>
    <TD width="2%" align=center nowrap>&nbsp;</TD>
    <TD width="1%" align=center nowrap>&nbsp;</TD>
    <TD width="8%" align=center nowrap>&nbsp; </TD>
    <TD width="2%" align=center nowrap>&nbsp;</TD>
    <TD width="1%" align=center nowrap>&nbsp;</TD>
    <TD width="8%" align=center nowrap>&nbsp; </TD>
  <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD width="8%" align=center nowrap>&nbsp; </TD>
    <TD width="2%" align=center nowrap>&nbsp;</TD>
    <TD width="1%" align=center nowrap>&nbsp;</TD>
    <TD width="8%" align=center nowrap>&nbsp; </TD>
    <TD width="2%" align=center nowrap>&nbsp;</TD>
    <TD width="1%" align=center nowrap>&nbsp;</TD>
    <TD width="8%" align=center nowrap>&nbsp; </TD>
    <TD width="2%" align=center nowrap>&nbsp;</TD>
    <TD width="1%" align=center nowrap>&nbsp;</TD>
    <TD width="8%" align=center nowrap><B>other</B> </TD>
    <TD width="2%" align=center nowrap>&nbsp;</TD>
    <TD width="1%" align=center nowrap>&nbsp;</TD>
    <TD width="8%" align=center nowrap><B>Non-</B> </TD>
    <TD width="2%" align=center nowrap>&nbsp;</TD>
    <TD width="1%" align=center nowrap>&nbsp;</TD>
    <TD width="8%" align=center nowrap>&nbsp; </TD>
  <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD width="8%" align=center nowrap><B>Share</B> </TD>
    <TD width="2%" align=center nowrap>&nbsp;</TD>
    <TD width="1%" align=center nowrap>&nbsp;</TD>
    <TD width="8%" align=center nowrap><B>Contributed</B> </TD>
    <TD width="2%" align=center nowrap>&nbsp;</TD>
    <TD width="1%" align=center nowrap>&nbsp;</TD>
    <TD width="8%" align=center nowrap><B>Retained</B> </TD>
    <TD width="2%" align=center nowrap>&nbsp;</TD>
    <TD width="1%" align=center nowrap>&nbsp;</TD>
    <TD width="8%" align=center nowrap><B>comprehensive</B></TD>
    <TD width="2%" align=center nowrap>&nbsp;</TD>
    <TD width="1%" align=center nowrap>&nbsp;</TD>
    <TD width="8%" align=center nowrap><B>controlling</B></TD>
    <TD width="2%" align=center nowrap>&nbsp;</TD>
    <TD width="1%" align=center nowrap>&nbsp;</TD>
    <TD width="8%" align=center nowrap><B>Total</B> </TD>
  <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
    width="1%">&nbsp;</TD>
    <TD
      width="8%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"><B>capital</B> </TD>
    <TD
    width="2%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD
    width="1%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD
      width="8%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"><B>surplus</B> </TD>
    <TD
    width="2%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD
    width="1%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD
      width="8%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"><B>earnings</B> </TD>
    <TD
    width="2%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD
    width="1%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD
      width="8%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"><B>loss</B> </TD>
    <TD
    width="2%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD
    width="1%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD
      width="8%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"><B>interests</B> </TD>
    <TD
    width="2%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD
    width="1%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD
      width="8%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"><B>equity</B> </TD>
  <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
    width="2%">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%" valign="bottom">&nbsp;</TD>
    <TD width="8%" valign="bottom">&nbsp; </TD>
    <TD width="2%" valign="bottom">&nbsp;</TD>
    <TD width="1%" valign="bottom">&nbsp;</TD>
    <TD width="8%" valign="bottom">&nbsp; </TD>
    <TD width="2%" valign="bottom">&nbsp;</TD>
    <TD width="1%" valign="bottom">&nbsp;</TD>
    <TD width="8%" valign="bottom">&nbsp; </TD>
    <TD width="2%" valign="bottom">&nbsp;</TD>
    <TD width="1%" valign="bottom">&nbsp;</TD>
    <TD width="8%" valign="bottom">&nbsp; </TD>
    <TD width="2%" valign="bottom">&nbsp;</TD>
    <TD width="1%" valign="bottom">&nbsp;</TD>
    <TD width="8%" valign="bottom">&nbsp; </TD>
    <TD width="2%" valign="bottom">&nbsp;</TD>
    <TD width="1%" valign="bottom">&nbsp;</TD>
    <TD width="8%" valign="bottom">&nbsp; </TD>
  <TD width="2%" valign="bottom">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=center bgColor=#e6efff>
      <P align=justify>Balance at December 31, 2012 </P></TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff><B>$</B></TD>
    <TD vAlign=bottom align=right width="8%"
      bgColor=#e6efff><B>&nbsp;468,550</B> </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff><B>$</B></TD>
    <TD vAlign=bottom align=right width="8%"
      bgColor=#e6efff><B>&nbsp;35,383</B> </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff><B>$</B></TD>
    <TD vAlign=bottom align=right width="8%"
      bgColor=#e6efff><B>&nbsp;62,807</B> </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff><B>$</B></TD>
    <TD vAlign=bottom align=right width="8%"
      bgColor=#e6efff><B>&nbsp;(6,793</B></TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff><B>)</B> </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff><B>$</B></TD>
    <TD vAlign=bottom align=right width="8%"
      bgColor=#e6efff><B>&nbsp;6,372</B> </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff><B>$</B></TD>
    <TD vAlign=bottom align=right width="8%"
      bgColor=#e6efff><B>&nbsp;566,319</B> </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD>
      <P align=justify></P></TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="8%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="8%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="8%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="8%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="8%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="8%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#e6efff>
      <P align=justify><I>January 1, 2013 to December 31, 2013:</I> </P></TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>
      <P align=justify>&nbsp; &nbsp; &nbsp;Net income for the year </P></TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%"><B>-</B> </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%"><B>-</B> </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%"><B>67,303</B> </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%"><B>-</B> </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%"><B>-</B> </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%"><B>67,303</B> </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>
      <P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares issued for CGA
      Mining acquisition <I>(Note 7)</I> </P></TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff><B>984,870</B>
</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff><B>-</B> </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff><B>-</B> </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff><B>-</B> </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff><B>-</B> </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff><B>984,870</B>
</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>
      <P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares issued for Volta
      acquisition <I>(Note 8)</I> </P></TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%"><B>46,423</B> </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%"><B>-</B> </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%"><B>-</B> </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%"><B>-</B> </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%"><B>-</B> </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%"><B>46,423</B> </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>
      <P align=justify>&nbsp; &nbsp; &nbsp;Exercise of EVI option <I>(Note
      11)</I> </P></TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff><B>-</B> </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff><B>-</B> </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff><B>2,530</B> </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff><B>-</B> </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff><B>2,565</B> </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff><B>5,095</B> </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>
      <P align=justify>&nbsp; &nbsp; &nbsp;Cumulative translation adjustment
    </P></TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%"><B>-</B> </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%"><B>-</B> </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%"><B>-</B> </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%"><B>(36,259</B></TD>
    <TD vAlign=bottom align=left width="2%"><B>)</B> </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%"><B>(1,221</B></TD>
    <TD vAlign=bottom align=left width="2%"><B>)</B> </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%"><B>(37,480</B></TD>
    <TD vAlign=bottom align=left width="2%"><B>)</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>
      <P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reclassify unrealized loss
      on
      investment&nbsp;<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;from
      AOCL to income statement </P></TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff><B>-</B> </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff><B>-</B> </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff><B>-</B> </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff><B>1,407</B> </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff><B>-</B> </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff><B>1,407</B> </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>
      <P align=justify>&nbsp; &nbsp; &nbsp;Unrealized gain on investments
</P></TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%"><B>-</B> </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%"><B>-</B> </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%"><B>-</B> </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%"><B>1,106</B> </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%"><B>-</B> </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%"><B>1,106</B> </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>
      <P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares issued for cash on
      exercise of stock options </P></TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff><B>2,369</B> </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff><B>-</B> </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff><B>-</B> </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff><B>-</B> </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff><B>-</B> </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff><B>2,369</B> </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>
      <P align=justify>&nbsp; &nbsp; &nbsp;Shares issued on vesting of RSU
    </P></TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%"><B>6,312</B> </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%"><B>(6,312</B></TD>
    <TD vAlign=bottom align=left width="2%"><B>)</B> </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%"><B>-</B> </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%"><B>-</B> </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%"><B>-</B> </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%"><B>-</B> </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>
      <P align=justify>&nbsp; &nbsp; &nbsp;Shares issued to EVI <I>(Note 11)</I>
      </P></TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff><B>7,600</B> </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff><B>-</B> </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff><B>-</B> </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff><B>-</B> </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff><B>-</B> </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff><B>7,600</B> </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>
      <P align=justify>&nbsp; &nbsp; &nbsp;Share based payments - expensed
    </P></TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%"><B>-</B> </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%"><B>18,328</B> </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%"><B>-</B> </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%"><B>-</B> </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%"><B>-</B> </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%"><B>18,328</B> </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>
      <P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Share based payments &#150;
      capitalized to mining interests </P></TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff><B>-</B> </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff><B>5,106</B> </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff><B>-</B> </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff><B>-</B> </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff><B>-</B> </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff><B>5,106</B> </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>
      <P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock options issued on
      Volta Resources acquisition <I>(Note 8)</I> </P></TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%"><B>-</B> </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%"><B>949</B> </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%"><B>-</B> </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%"><B>-</B> </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%"><B>-</B> </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%"><B>949</B> </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>
      <P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tax benefit related to
      share issue costs <I>(Note 11)</I> </P></TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff><B>1,972</B> </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff><B>-</B> </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff><B>-</B> </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff><B>-</B> </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff><B>-</B> </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff><B>1,972</B> </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>
      <P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transfer to share capital
      the fair
      value&nbsp;<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;assigned
      to stock options &amp;
      warrants&nbsp;<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;exercised
      from contributed surplus </P></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%"><B>1,121</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%"><B>(1,121</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"><B>)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%"><B>-</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%"><B>-</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%"><B>-</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="8%"><B>-</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD></TR>
  <TR>
    <TD bgColor=#e6efff>
      <P align=justify></P></TD>
    <TD vAlign=bottom width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=center>
      <P align=justify>Balance at December 31, 2013 </P></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%"><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%"><B>&nbsp;1,519,217</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%"><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%"><B>&nbsp;52,333</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%"><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%"><B>&nbsp;132,640</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%"><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%"><B>&nbsp;(40,539</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%"><B>)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%"><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%"><B>&nbsp;7,716</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%"><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%"><B>&nbsp;1,671,367</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 8pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left>
      <P align=justify></P></TD>
    <TD width="1%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="63%"
    colSpan=16 align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"><B>2012</B> </TD>
  <TD width="2%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
  </TR>
  <TR>
    <TD>
      <P align=justify></P></TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="8%" align=center nowrap>&nbsp; </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="8%" align=center nowrap>&nbsp; </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="8%" align=center nowrap>&nbsp; </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="8%" align=center nowrap>&nbsp; </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="8%" align=center nowrap>&nbsp; </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="8%" align=center nowrap>&nbsp; </TD>
  <TD width="2%" align=center nowrap >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>
      <P align=justify></P></TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="8%" align=center nowrap>&nbsp; </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="8%" align=center nowrap>&nbsp; </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="8%" align=center nowrap>&nbsp; </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="8%" align=center nowrap><B>Accumulated</B> </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="8%" align=center nowrap>&nbsp; </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="8%" align=center nowrap>&nbsp; </TD>
  <TD width="2%" align=center nowrap >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>
      <P align=justify></P></TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="8%" align=center nowrap>&nbsp; </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="8%" align=center nowrap>&nbsp; </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="8%" align=center nowrap>&nbsp; </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="8%" align=center nowrap><B>other</B> </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="8%" align=center nowrap><B>Non-</B> </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="8%" align=center nowrap>&nbsp; </TD>
  <TD width="2%" align=center nowrap >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>
      <P align=justify></P></TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="8%" align=center nowrap><B>Share</B> </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="8%" align=center nowrap><B>Contributed</B> </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="8%" align=center nowrap><B>Retained</B> </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="8%" align=center nowrap><B>comprehensive</B> </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="8%" align=center nowrap><B>controlling</B> </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="8%" align=center nowrap><B>Total</B> </TD>
  <TD width="2%" align=center nowrap >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>
      <P align=justify></P></TD>
    <TD width="1%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD
      width="8%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"><B>capital</B> </TD>
    <TD width="2%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="1%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD
      width="8%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"><B>surplus</B> </TD>
    <TD width="2%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="1%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD
      width="8%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"><B>earnings</B> </TD>
    <TD width="2%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="1%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD
      width="8%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"><B>loss</B> </TD>
    <TD width="2%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="1%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD
      width="8%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"><B>interests</B> </TD>
    <TD width="2%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="1%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD
      width="8%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"><B>equity</B> </TD>
  <TD width="2%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
  </TR>
  <TR>
    <TD>
      <P align=justify></P></TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="8%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="8%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="8%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="8%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="8%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="8%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#e6efff>
      <P align=justify>Balance at December 31, 2011 </P></TD>
    <TD vAlign=bottom align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>&nbsp;435,048 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>&nbsp;22,712 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>&nbsp;13,631 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>&nbsp;- </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>&nbsp;3,943 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>&nbsp;475,334 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD>
      <P align=justify></P></TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="8%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="8%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="8%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="8%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="8%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="8%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>
      <P align=justify><I>January 1, 2012 to December 31, 2012:</I> </P></TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>
      <P align=justify>&nbsp; &nbsp; &nbsp;Net income for the year </P></TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">51,907 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">51,907 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>
      <P align=justify>&nbsp; &nbsp; &nbsp;Funding of non-controlling interests
      </P></TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>(2,731</TD>
    <TD vAlign=bottom align=left width="2%"  bgColor=#e6efff>)
</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>2,731 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>
      <P align=justify>&nbsp; &nbsp; &nbsp;Cumulative translation adjustment
    </P></TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">(5,386</TD>
    <TD vAlign=bottom align=left width="2%" >) </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">(302</TD>
    <TD vAlign=bottom align=left width="2%" >) </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">(5,688</TD>
    <TD vAlign=bottom align=left width="2%" >) </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>
      <P align=justify>&nbsp; &nbsp; &nbsp;Unrealized loss on investments
</P></TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>(1,407</TD>
    <TD vAlign=bottom align=left width="2%"  bgColor=#e6efff>)
</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>(1,407</TD>
    <TD vAlign=bottom align=left width="2%"  bgColor=#e6efff>)
  </TD></TR>
  <TR vAlign=top>
    <TD align=left>
      <P align=justify>&nbsp; &nbsp; &nbsp;Shares issued for cash: </P></TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="8%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>
      <P align=justify>&nbsp; &nbsp; &nbsp;Exercise of stock options </P></TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>5,150 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>5,150 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>
      <P align=justify>&nbsp; &nbsp; &nbsp;Exercise of warrants </P></TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">3,458 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">3,458 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>
      <P align=justify>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp;Incentive Plan </P></TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>9 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>9 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>
      <P align=justify>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp;Shares issued for Trebol &amp; Pavon </P></TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">16,814 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">16,814 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>
      <P align=justify>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp;Shares issued on vesting of RSU </P></TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>2,902 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>(2,902</TD>
    <TD vAlign=bottom align=left width="2%"  bgColor=#e6efff>)
</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>
      <P align=justify>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp;Share based payments - expensed </P></TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">16,635 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">16,635 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>
      <P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Share based payments &#150;
      capitalized
      to&nbsp;<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;mining
      interests </P></TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>4,107 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%" bgColor=#e6efff>4,107 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>
      <P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transfer to share capital
      the fair
      value&nbsp;<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;assigned
      to stock options &amp;
      warrants&nbsp;<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;exercised
      from contributed surplus </P></TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">5,169 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">(5,169</TD>
    <TD vAlign=bottom align=left width="2%" >) </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="8%">- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR>
    <TD bgColor=#e6efff>
      <P align=justify></P></TD>
    <TD vAlign=bottom width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=center>
      <P align=justify>Balance at December 31, 2012 </P></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%">&nbsp;468,550 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%">&nbsp;35,383 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%">&nbsp;62,807 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%">&nbsp;(6,793</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" >) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%">&nbsp;6,372 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="8%">&nbsp;566,319 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD></TR></TABLE>
<P align=center>See accompanying notes to consolidated financial statements.</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_8></A>
<P align=justify><B><I>B2GOLD CORP.</I></B></P>
<P align=justify><B><I>NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS</I></B><BR><B><I>December 31, 2013 and 2012</I></B><BR>(All tabular
amounts are in thousands of United States dollars unless otherwise stated)</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B><I>1</I></B> </TD>
    <TD>
      <P align=justify><B><I>Nature of operations</I></B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>B2Gold Corp. (&#147;B2Gold&#148; or the &#147;Company&#148;) is a
      Vancouver-based gold producer with three operating mines (two in Nicaragua
      and one in the Philippines) and a portfolio of development and exploration
      assets in Namibia, Colombia, Burkina Faso and Nicaragua. The Company
      acquired control of CGA Mining Limited (&#147;CGA&#148;) on January 16, 2013,
      including its producing mine, the Masbate Mine, in the Philippines (Note
      7).</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>The Company operates the Libertad Mine and the Limon Mine
      in Nicaragua and, commencing on January 16, 2013, the Masbate Mine in the
      Philippines. The Company has a 90% interest in the Otjikoto gold project
      in Namibia (Note 11), a 90% interest in the Kiaka gold project in Burkina
      Faso (Note 8), a 49% interest in the Gramalote property in Colombia, and
      an interest in the Quebradona property in Colombia. The Company owns the
      Trebol and Pavon properties in Nicaragua and the Bellavista property in
      Costa Rica. The Company also has a 51% interest in a joint operation in
      Nicaragua with Calibre Mining Corp. (&#147;Calibre&#148;), with an option to acquire
      an additional 19% interest, and a 60% interest in two joint operations in
      Nicaragua with Radius Gold Inc. (&#147;Radius&#148;).</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>On June 4, 2013, the Company announced that its common
      shares had been approved to list on the NYSE MKT LLC (&#147;NYSE MKT&#148;) and
      subsequently began trading under symbol &#147;BTG&#148; on June 6, 2013. The
      Company&#146;s shares will continue to be listed on the Toronto Stock Exchange
      under symbol &#147;BTO&#148; and on the Namibian Stock Exchange under the symbol
      &#147;B2G&#148;. The Company withdrew its shares from listing on the OTCQX
      concurrent with listing its shares on the NYSE MKT.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>B2Gold&#146;s head office is located at Suite 3100, Three
      Bentall Centre, 595 Burrard Street, Vancouver, British Columbia, V7X
      1J1.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%"><B><I>2</I></B> </TD>
    <TD>
      <P align=justify><B><I>Basis of preparation</I></B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>These consolidated financial statements have been
      prepared in accordance with International Financial Reporting Standards
      (&#147;IFRS&#148;) as issued by the International Accounting Standards Board
      (&#147;IASB&#148;), effective as of December 31, 2013. These consolidated financial
      statements were authorized for issue by the Board of Directors on March
      12, 2014.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%"><B><I>3</I></B> </TD>
    <TD>
      <P align=justify><B><I>Accounting changes and recent accounting
      pronouncements</I></B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>The Company has adopted the following policies in 2013,
      in conjunction with the issuance of its convertible senior subordinated
      notes on August 23, 2013 (Note 13) and the acquisition of CGA on January
      16, 2013 (Note 7):</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify><B><I>Interest capitalization</I></B></P></TD></TR>

  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Pursuant to IAS 23 &#147;Borrowing Costs&#148;, interest expense on
      the convertible senior subordinated notes is required to be capitalized to
      the carrying amount of the Otjikoto property (under development) by
      reference to the amount of related eligible expenditures capitalized to
      the property subsequent to the issuance of the notes. However, the amount
      of interest expense is calculated using the effective interest rate
      method, rather than using the contractual rate of interest on the notes
      which is 3.25% per annum. The annual effective interest rate on the notes
      was calculated to be 9% which includes the transaction costs attributable
      to the issuance of the notes. The effective rate was calculated based upon
      management&#146;s estimate of the interest rate which would have been obtained
      on similar borrowings without the equity conversion feature at the
      issuance date of the notes. The Company also has other borrowings in the
      form of a revolving credit facility. The calculation of interest for
      capitalization purposes on the Otjikoto property is carried out in
      reference to the weighted average borrowing rate of
the</P></TD></TR></TABLE>
<P align=right>1</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_9></A>
<P align=justify><B><I>B2GOLD CORP.</I></B></P>
<P align=justify><B><I>NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS</I></B><BR><B><I>December 31, 2013 and 2012</I></B><BR>(All tabular
amounts are in thousands of United States dollars unless otherwise stated)</P>
<P style="MARGIN-LEFT: 5%" align=justify>Company, which takes account of
interest attributable to both the notes and the revolving corporate credit
facility (Note 13).</P>
<P style="MARGIN-LEFT: 5%" align=justify><B><I>Financial instruments</I></B><br>
<I>Lease liabilities</I><br>
  Lease liabilities are interest bearing
and are initially measured at the present value, subsequently recorded at
amortized cost. Lease liabilities are designated as financial liabilities.</P>
<P style="MARGIN-LEFT: 5%" align=justify><B><I>Leases</I></B><br>
  The determination of whether an
arrangement is, or contains, a lease is based on the substance of the
arrangement at inception date. It requires consideration as to whether the
fulfilment of the arrangement is dependent on the use of a specific asset or
assets or the arrangement conveys a right to use the asset.</P>
<P style="MARGIN-LEFT: 5%" align=justify>A reassessment is made after inception
of the lease only if one of the following applies:</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>There is a change in contractual terms, other than a
      renewal or extension of the arrangement</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>A renewal option is exercised or extension granted,
      unless the term of the renewal or extension was initially included in the
      lease term;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>There is a change in the determination of whether
      fulfilment is dependent on a specified asset; or</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(d) </TD>
    <TD>
      <P align=justify>There is a substantial change to the
  asset.</P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>Where a reassessment is made, lease
accounting shall commence or cease from the date when the change in
circumstances gave rise to the reassessment for scenarios (a), (c) or (d) and at
the date of the renewal or extension period for scenario (b).</P>
<P style="MARGIN-LEFT: 5%" align=justify><I>Company as a lessee</I></P>
<P style="MARGIN-LEFT: 5%" align=justify>Finance leases, which transfer to the
Company substantially all the risks and rewards incidental to ownership of the
leased item, are capitalized at the inception of the lease at the fair value of
the leased asset or, if lower, at the present value of the minimum lease
payments. Lease payments are apportioned between finance charges and the
reduction of the lease liability so as to achieve a constant periodic rate of
interest on the remaining balance of the liability. Finance charges are
recognized in the statements of operations.</P>
<P style="MARGIN-LEFT: 5%" align=justify>Capitalized leased assets are
depreciated over the shorter of the estimated useful life of the asset and the
lease term, if there is no reasonable certainty that the Company will obtain
ownership by the end of the lease term.</P>
<P style="MARGIN-LEFT: 5%" align=justify>A lease is classified as an operating
lease if it does not transfer substantially all of the risks and rewards
incidental to ownership.</P>
<P style="MARGIN-LEFT: 5%" align=justify>Operating lease payments are recognized
as an expense in the statement of operations on a straight line basis over the
lease term.</P>
<P style="MARGIN-LEFT: 5%" align=justify>The Company has adopted the following
new standards and interpretations issued by the IASB or International
Interpretation Committee (&#147;IFRIC&#148;) as of January 1, 2013.</P>
<P style="MARGIN-LEFT: 5%" align=justify><B><I>Consolidated Financial Statements
&#150; IFRS 10</I></B><br>
This standard establishes control as
the basis for an investor to consolidate its investee; it defines control as an
investor&#146;s power over the investee with exposure, or rights, to variable returns
from the investee and the ability to affect the investor&#146;s return through its
power over the investee. At January 1, 2013, the Company adopted this standard
and there was no impact on its comparative consolidated financial
statements.</P>
<P align=right>2</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_10></A>
<P align=justify><B><I>B2GOLD CORP.</I></B></P>
<P align=justify><B><I>NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS</I></B><BR><B><I>December 31, 2013 and 2012</I></B><BR>(All tabular
amounts are in thousands of United States dollars unless otherwise stated)</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify><B><I>Joint Arrangements &#150; IFRS 11</I></B></P></TD></TR>

  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>This standard replaces the guidance in IAS 31 Interests
      in Joint Ventures. Under IFRS 11, joint arrangements are classified as
      either joint operations or joint ventures. Joint venture entities are now
      accounted for using the equity method. At January 1, 2013, the Company
      adopted this standard and there was no impact on its consolidated
      financial statements.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify><B><I>Disclosure of Interests in Other Entities &#150; IFRS
      12</I></B></P></TD></TR>

  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>This IFRS shall be applied by companies with an interest
      in subsidiaries, joint arrangements, associates or unconsolidated
      structured entities. The application of this standard intends to enable
      users of the financial statements to evaluate the nature of and risks
      associated with a Company&#146;s interests in other entities, and the effects
      of those interests on its financial position, financial performance and
      cash flows. Companies will be required to disclose information about
      significant judgments and assumptions made in determining the control of
      another entity, the joint control of an arrangement or significant
      influence over another entity and the type of joint arrangement when the
      arrangement has been structured through a separate vehicle. This standard
      is effective for years beginning on or after January 1, 2013. At January
      1, 2013, the Company adopted this standard and there was no impact on its
      consolidated financial statements.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify><B><I>Fair value measurement &#150; IFRS 13</I></B></P></TD></TR>

  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>This IFRS aims to improve consistency and reduce
      complexity by providing a precise definition of fair value and a single
      source of fair value measurement and disclosure requirements for use
      across IFRS. The requirements do not extend the use of fair value
      accounting but provide guidance on how it should be applied where its use
      is already required or permitted by other standards within IFRS. This
      standard is effective for years beginning on or after January 1, 2013. At
      January 1, 2013, the Company adopted this standard and the required
      disclosures.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify><B><I>Stripping Costs in the Production Phase of a
      Surface Mine &#150; IFRIC 20</I></B></P></TD></TR>

  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>This interpretation applies to waste removal costs that
      are incurred in open pit mining activity during the production phase of
      the mine. Recognition of a stripping activity asset requires the asset to
      be related to an identifiable component of the ore body. Stripping costs
      that relate to inventory produced should be accounted for as a current
      production cost in accordance with IAS 2, &#147;Inventories&#148;. Stripping costs
      that generate a benefit of improved access and meet the definition of an
      asset should be accounted for as an addition to an existing asset.
      Existing stripping costs on the balance sheet at transition that do not
      relate to a specific ore body should be written off to opening retained
      earnings. The stripping activity asset shall be depreciated on a
      systematic basis, over the expected useful life of the identified
      component of the ore body that becomes more accessible as a result of the
      stripping activity. This interpretation is effective for years beginning
      on or after January 1, 2013. At January 1, 2013, the Company adopted this
      standard and there was no impact on its consolidated financial
      statements.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%"><B><I>4</I></B> </TD>
    <TD>
      <P align=justify><B><I>Summary of significant accounting
      policies</I></B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>The significant accounting policies used in the
      preparation of these financial statements are as follows:</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify><B><I>Principles of consolidation</I></B></P></TD></TR>

  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>The financial statements of the Company consolidate the
      accounts of B2Gold and its subsidiaries. All intercompany transactions,
      balances, and unrealized gains and losses from intercompany transactions
      are eliminated on consolidation.</P></TD></TR></TABLE>
<P align=right>3</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_11></A>
<P align=justify><B><I>B2GOLD CORP.</I></B></P>
<P align=justify><B><I>NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS</I></B><BR><B><I>December 31, 2013 and 2012</I></B><BR>(All tabular
amounts are in thousands of United States dollars unless otherwise stated)</P>
<P style="MARGIN-LEFT: 5%" align=justify>The Company&#146;s most significant wholly
owned and partially owned subsidiaries are presented below:</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=center width="15%">% interest </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="15%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>- Philippines Gold Processing &amp;
      Refining Corporation (&#147;Masbate&#148;) </TD>
    <TD align=right width="15%" bgColor=#e6efff>100 </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>- Desarrollo Minero de Nicaragua, S.A. (&#147;Libertad&#148;) </TD>
    <TD align=right width="15%">100 </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>- Triton Minera S.A. (&#147;Limon&#148;) </TD>
    <TD align=right width="15%" bgColor=#e6efff>95 </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>- Auryx Gold Namibia (Pty) Ltd. (&#147;Otjikoto&#148;) </TD>
    <TD align=right width="15%">90 </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>- Kiaka Gold SARL (&#147;Kiaka&#148;) <I>(Note
      11</I>) </TD>
    <TD align=right width="15%" bgColor=#e6efff>100 </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>- Mocoa Ventures Ltd. (&#147;Mocoa&#148;) </TD>
    <TD align=right width="15%">100 </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>- Minesa Nueva Esperanza S.A. (&#147;Pavon&#148;) </TD>
    <TD align=right width="15%" bgColor=#e6efff>100 </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>- Inversiones Geomineras S.A. (&#147;Trebol&#148;) </TD>
    <TD align=right width="15%">100 </TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>Subsidiaries are entities controlled by
the Company. Control exists when the Company has power over an investee, when
the Company is exposed, or has rights, to variable returns from the investee and
when the Company has the ability to affect those returns through its power over
the investee. Subsidiaries are fully consolidated from the date on which control
is obtained by B2Gold and are de-consolidated from the date that control
ceases.</P>
<P style="MARGIN-LEFT: 5%" align=justify>The Company&#146;s Gramalote and Quebradona
properties located in Colombia operate as incorporated joint ventures with
AngloGold Ashanti Limited (&#147;AngloGold&#148;) which are accounted for as jointly
controlled entities (&#147;JCEs&#148;). The Company does not control, either directly or
indirectly, these JCEs. B2Gold accounts for its interest in these JCEs using the
equity method.</P>
<P style="MARGIN-LEFT: 5%" align=justify>The Company established a trust
arrangement under its Incentive Plan (Note 15) for the benefit of its directors,
officers, employees and service providers. The Company consolidates this trust
as it has the power to control its financial and operating policies and obtain
the benefits from its activities.</P>
<P style="MARGIN-LEFT: 5%" align=justify><B><I>Business combinations</I></B><br>
  A business combination requires that
the assets acquired and liabilities assumed constitute a business. A business
consists of inputs and processes applied to those inputs that have the ability
to create outputs. Although businesses usually have outputs, outputs are not
required for an integrated set to qualify as a business as the Company considers
other factors to determine whether the set of activities or assets is a
business.</P>
<P style="MARGIN-LEFT: 5%" align=justify>Business combinations are accounted for
using the acquisition method whereby acquired assets and liabilities are
recorded at fair value as of the date of acquisition with the excess of the
purchase consideration over such fair value being recorded as goodwill.
Non-controlling interest in an acquisition may be measured at either fair value
or at the non-controlling interest&#146;s proportionate share of the fair value of
the acquiree&#146;s net identifiable assets.</P>
<P style="MARGIN-LEFT: 5%" align=justify>The excess of (i) total consideration
transferred by the Company, measured at fair value, including contingent
consideration, and (ii) the non-controlling interests in the acquiree, over the
acquisition-date fair value of the net of the assets acquired and liabilities
assumed, is recorded as goodwill. If the fair value attributable to the
Company's share of the identifiable net assets exceeds the cost of acquisition,
the difference is recognized as a gain in the consolidated statement of
operations.</P>
<P style="MARGIN-LEFT: 5%" align=justify>Should the consideration be contingent
on future events, the preliminary cost of the acquisition recorded includes
management's best estimate of the fair value of the contingent amounts expected
to be payable. Provisional fair values allocated at the reporting date are
finalized within one year of the acquisition date with retroactive restatement
to the acquisition date as required.</P>
<P align=right>4</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_12></A>
<P align=justify><B><I>B2GOLD CORP.</I></B></P>
<P align=justify><B><I>NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS</I></B><BR><B><I>December 31, 2013 and 2012</I></B><BR>(All tabular
amounts are in thousands of United States dollars unless otherwise stated)</P>
<P style="MARGIN-LEFT: 5%" align=justify>Transaction costs, other than those
associated with the issue of debt or equity securities, which the Company incurs
in connection with a business combination, are expensed as incurred.</P>
<P style="MARGIN-LEFT: 5%" align=justify><B><I>Goodwill</I></B><br>
  Goodwill typically arises on the
Company&#146;s acquisitions due to: (i) the ability of the Company to capture certain
synergies through management of the acquired operation within the Company; (ii)
the potential to increase reserves and resources through exploration activities;
and (iii) the requirement to record a deferred tax liability for the difference
between the assigned fair values and the tax bases of assets acquired and
liabilities assumed.</P>
<P style="MARGIN-LEFT: 5%" align=justify>Goodwill is not amortized. The Company
performs an annual impairment test for goodwill and when events or changes in
circumstances indicate that the related carrying amount may not be recoverable.
If the carrying amount of a mine site to which goodwill has been allocated
exceeds the recoverable amount, an impairment loss is recognized for the amount
in excess. The impairment loss is allocated first to reduce the carrying amount
of goodwill allocated to the mine site to nil and then to the other assets of
the mine site based on the relative carrying amounts of those assets. Impairment
losses recognized for goodwill are not reversed in subsequent periods should its
value recover.</P>
<P style="MARGIN-LEFT: 5%" align=justify>Goodwill is allocated to
cash-generating units for the purpose of impairment testing. The allocation is
made to those cash generating units or groups of cash generating units (&#147;CGU&#148;s)
that are expected to benefit from the business combination in which the goodwill
arose. If the composition of one or more cash generating units to which goodwill
has been allocated changes due to a re-organization, the goodwill is
re-allocated to the units affected.</P>
<P style="MARGIN-LEFT: 5%" align=justify><B><I>Investments in joint
arrangements</I></B><br>
A joint arrangement is a contractual
arrangement whereby two or more parties undertake an economic activity that is
subject to joint control. Joint control is the contractually agreed sharing of
control such that significant operating and financial decisions require the
unanimous consent of the parties sharing control. The Company&#146;s joint
arrangements consist of jointly controlled entities (involving the establishment
of a corporation). On acquisition, an equity method investment is initially
recognized at cost. Additional funding into an investee is recorded as an
increase in the carrying value of the investment. The carrying amount is
adjusted by the Company's share of post-acquisition net income or loss,
depreciation, amortization or impairment.</P>
<P style="MARGIN-LEFT: 5%" align=justify><B><I>Foreign currency
translation</I></B><br>
<I>Functional and presentation
currency</I><br>
Items included in the financial
statements of each of the group&#146;s entities are measured using the currency of
the primary economic environment in which the entity operates (&#147;the functional
currency&#148;). The consolidated financial statements are presented in United States
dollars, which is the group&#146;s presentation currency. The Company&#146;s mining
operations operate primarily within an economic environment where the functional
currency is the United States dollar, except for the Company&#146;s Otjikoto project
where the functional currency is the Namibian dollar.</P>
<P style="MARGIN-LEFT: 5%" align=justify><I>Transactions and balances</I><br>
  Transactions denominated in foreign
currencies are translated into the United States dollar as follows:</P>
<UL style="MARGIN-LEFT: 64pt; TEXT-ALIGN: justify">
  <LI>Monetary assets and liabilities are translated at the rates of exchange at
  the consolidated balance sheet date; <BR>&nbsp;
  <LI>Non-monetary assets and liabilities are translated at historical exchange
  rates prevailing at each transaction date; </LI></UL>
<P align=right>5</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_13></A>
<P align=justify><B><I>B2GOLD CORP.</I></B></P>
<P align=justify><B><I>NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS</I></B><BR><B><I>December 31, 2013 and 2012</I></B><BR>(All tabular
amounts are in thousands of United States dollars unless otherwise stated)</P>
<UL style="MARGIN-LEFT: 64pt; TEXT-ALIGN: justify">
  <LI>Revenue and expenses are translated at the exchange rate at the date of
  the transaction, except depreciation, depletion and amortization, which are
  translated at the rates of exchange applicable to the related assets, and
  share-based compensation expense, which is translated at the rates of exchange
  applicable at the date of grant of the share-based compensation; and
<BR>&nbsp;
  <LI>Exchange gains and losses on translation are included in earnings.<BR>When
  the gain or loss on certain non-monetary items, such as long-term investments
  classified as available-for-sale, is recognized in other comprehensive income
  (&#147;OCI&#148;), the translation differences are also recognized in OCI. </LI></UL>
<P style="MARGIN-LEFT: 5%" align=justify><I>Group companies</I></P>
<P style="MARGIN-LEFT: 5%" align=justify>For any subsidiaries or joint ventures
whose functional currency differs from the United States dollar, foreign
currency balances and transactions are translated into the United States dollar
as follows:</P>
<UL style="MARGIN-LEFT: 64pt; TEXT-ALIGN: justify">
  <LI>Assets and liabilities are translated at the rates of exchange at the
  consolidated balance sheet date; <BR>&nbsp;
  <LI>Revenue and expenses are translated at average exchange rates throughout
  the reporting period or at rates that approximate the actual exchange rates;
  items such as depreciation are translated at the rate implicit in the
  historical rate applied to the related asset; and <BR>&nbsp;
  <LI>Exchange gains and losses on translation are included in OCI. </LI></UL>
<P style="MARGIN-LEFT: 5%" align=justify>The exchange gains and losses are
recognized in earnings upon the substantial disposition, liquidation or closure
of the entity that gave rise to such amounts.</P>
<P style="MARGIN-LEFT: 5%" align=justify><B><I>Financial instruments</I></B><br>
  The Company recognizes financial assets
and liabilities on the balance sheet when the Company becomes party to the
contractual provisions of the instrument.</P>
<P style="MARGIN-LEFT: 5%" align=justify><I>Cash and cash equivalents</I><br>
  Cash and cash equivalents includes cash
on hand, deposits held with banks, and other short-term highly liquid
investments with original maturities of three months or less. Cash and cash
equivalents are designated as loans and receivables.</P>
<P style="MARGIN-LEFT: 5%" align=justify><I>Accounts receivable, accounts
payable and accrued liabilities</I><br>
Accounts receivable, accounts payable
and accrued liabilities are non-interest bearing and are initially measured at
fair value, subsequently recorded at amortized cost which approximate fair
values due to the short terms to maturity. Where necessary, accounts receivables
are net of allowances for uncollectable amounts. Accounts receivable are
designated as loans and receivables and accounts payable and accrued liabilities
are designated as financial liabilities.</P>
<P style="MARGIN-LEFT: 5%" align=justify><I>Debt</I><br>
  The Company recognizes all financial
liabilities initially at fair value and classifies them as either fair value
through profit and loss or loans and borrowings, as appropriate. Debt classified
as loan and borrowings is subsequently measured at amortized cost, calculated
using the effective interest rate method. Debt classified as fair value through
profit and loss is measured at fair value on each financial period-end date with
gains and losses flowing through the statement of operations.</P>
<P style="MARGIN-LEFT: 5%" align=justify><I>Derivative instruments</I><br>
  Derivative instruments, including
embedded derivatives, are recorded at &#147;fair value through profit or loss&#148; and
accordingly recorded on the balance sheet date at fair value. Unrealized gains
and losses on derivatives held for trading are
recorded as part of other gains or losses in earnings. Fair values for
derivative instruments are determined using valuation techniques, using
assumptions based on market conditions existing at the balance sheet date.</P>
<P align=right>6</P>
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<!--$$/page=--><A name=page_14></A>
<P align=justify><B><I>B2GOLD CORP.</I></B></P>
<P align=justify><B><I>NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS</I></B><BR><B><I>December 31, 2013 and 2012</I></B><BR>(All tabular
amounts are in thousands of United States dollars unless otherwise stated)</P>
<P style="MARGIN-LEFT: 5%" align=justify><B><I>Impairment of financial
assets</I></B><br>
At each reporting date, the Company
assesses whether there is objective evidence that a financial asset is impaired.
If such evidence exists, the Company recognizes an impairment loss. The loss is
the difference between the amortized cost of the loan or receivable and the
present value of the estimated future cash flows, discounted using the
instrument&#146;s original effective interest rate. The carrying amount of the asset
is reduced by this amount either directly or indirectly through the use of an
allowance account.</P>
<P style="MARGIN-LEFT: 5%" align=justify>Impairment losses on financial assets
carried at amortized cost are reversed in subsequent periods if the amount of
the loss decreases and the decrease can be related objectively to an event
occurring after the impairment was recognized.</P>
<P style="MARGIN-LEFT: 5%" align=justify><B><I>Inventories</I></B><br>
  Gold and silver bullion, in-process and
stockpile inventories are recorded at the lower of average cost and net
realizable value. The cost of finished goods and work-in-progress comprises raw
materials, direct labour, and other direct costs, as well as stripping in the
production stage and related production overheads (based on normal operating
capacity) including applicable depreciation on property, plant and equipment.
Net realizable value is the estimated selling price less applicable selling
expenses.</P>
<P style="MARGIN-LEFT: 5%" align=justify>When inventories have been written down
to net realizable value, a new assessment of net realizable value is made in
each subsequent period. When the circumstances that caused the write down no
longer exist, the amount of the write down is reversed.</P>
<P style="MARGIN-LEFT: 5%" align=justify>Materials and supplies inventories are
valued at the lower of average cost and net realizable value. Cost includes
acquisition, freight and other directly attributable costs.</P>
<P style="MARGIN-LEFT: 5%" align=justify><B><I>Mining interests</I></B><br>
  Mining interests include &#147;property,
plant and equipment&#148;, &#147;mineral properties and mine development costs&#148;, &#147;deferred
stripping&#148;, &#147;exploration and evaluation expenditures&#148;, capitalized borrowing
costs and impairment.</P>
<P style="MARGIN-LEFT: 5%" align=justify><I>Property, plant and
equipment</I><br>
Property, plant and equipment are
recorded at cost. Repairs and maintenance expenditures are charged to
operations; major improvements and replacements which extend the useful life of
an asset are capitalized. Property, plant and equipment are amortized over the
life of the mine using the units-of-production (&#147;UOP&#148;) method based on the
recoverable ounces from the estimated proven and probable reserves and a portion
of the measured and indicated resources that are reasonably expected to be
converted to proven and probable reserves. Mobile equipment, tailings dam and
equipment are depreciated on a straight-line basis over three to six years as
appropriate, net of residual value. The Company allocates the amount initially
recognized in respect of an item of property, plant and equipment to its
significant parts and depreciates separately each such part. Residual values,
method of amortization and useful lives of the assets are reviewed annually and
adjusted if appropriate.</P>
<P style="MARGIN-LEFT: 5%" align=justify>During the commissioning phase of a new
mine, pre-production expenditures, net of incidental revenue, are capitalized to
plant and equipment.</P>
<P align=right>7</P>
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<P align=justify><B><I>B2GOLD CORP.</I></B></P>
<P align=justify><B><I>NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS</I></B><BR><B><I>December 31, 2013 and 2012</I></B><BR>(All tabular
amounts are in thousands of United States dollars unless otherwise stated)</P>
<P style="MARGIN-LEFT: 5%" align=justify><I>Mineral properties and mine
development costs</I><br>
Mineral properties and mine development
costs are stated at cost less accumulated depreciation and are accounted for on
an individual project basis. When production commences, these costs are
amortized using the UOP method, based on recoverable ounces from the estimated
proven and probable reserves and a portion of measured and indicated resources
that are reasonably expected to be converted to proven and probable
reserves.</P>
<P style="MARGIN-LEFT: 5%" align=justify>Non-recoverable costs for projects
determined not to be commercially feasible are expensed in the period in which
the determination is made or when the carrying value of the project is
determined to be impaired.</P>
<P style="MARGIN-LEFT: 5%" align=justify><I>Deferred stripping</I><br>
  Stripping costs incurred during the
production phase of a mine are considered production costs and are included in
the cost of inventory produced during the period in which stripping costs are
incurred, unless the stripping activity can be shown to be a betterment of the
mineral property. Betterment occurs when stripping activity increases future
output of the mine by providing access to additional reserves. Stripping costs
incurred to prepare the ore body for extraction are capitalized as mine
development costs and are amortized on a UOP basis over the reserves and
resources to which they relate.</P>
<P style="MARGIN-LEFT: 5%" align=justify><I>Exploration and Evaluation
Expenditures</I><br>
The Company defers the cost of
acquiring, maintaining its interest, exploring and developing mineral properties
as exploration and evaluation until the properties are placed in production,
abandoned, sold or considered to be impaired in value. When a production
decision has been made on a property, exploration and evaluation expenditures
are reclassified to &#147;mineral properties and mine development costs&#148;. If no
minable ore body is discovered, such costs are expensed in the period in which
it is determined the property has no future economic value. Exploration costs
that do not relate to any specific property are expensed as incurred.</P>
<P style="MARGIN-LEFT: 5%" align=justify><I>Borrowing costs</I><br>
  Borrowing costs attributable to the
acquisition or construction of qualifying assets that take a substantial period
of time to make ready for their intended use are added to the cost of the
assets, until such time as the assets are substantially complete and ready for
their intended use. The amount of borrowing costs capitalized cannot exceed the
actual amount of borrowing costs incurred in a period. All other borrowing costs
are expensed in the period in which they are incurred.</P>
<P style="MARGIN-LEFT: 5%" align=justify><I>Impairment</I><br>
  The carrying amounts of non-current
assets are tested for impairment when events or changes in circumstances
indicate that the carrying amount may not be recoverable. If there are
indicators of impairment, the recoverable amount of the asset is estimated in
order to determine the extent of the impairment. An impairment loss is
recognized for the amount by which the asset&#146;s carrying amount exceeds its
recoverable amount and is recorded as an expense in the statement of
operations.</P>
<P style="MARGIN-LEFT: 5%" align=justify>The recoverable amount is the higher of
an asset&#146;s &#147;fair value less costs to sell&#148; and &#147;value-in-use&#148;. Where the asset
does not generate cash flows that are independent from other assets, the
recoverable amount of the cash-generating unit to which the asset belongs is
determined. &#147;Fair value less costs to sell&#148; is determined as the amount that
would be obtained from the sale of the asset in an arm&#146;s length transaction
between knowledgeable and willing parties. For mining assets this would
generally be determined based on the present value of the estimated future cash
flows arising from the continued development, use or eventual disposal of the
asset. In assessing these cash flows and discounting them to the present value,
assumptions used are those that an independent market participant would consider
appropriate. In assessing &#147;value-in-use&#148;, the estimated future cash flows
expected to arise from the continuing use of the assets in their present form
and from their disposal are discounted to their present value using a pre-tax discount rate
that reflects current market assessments of the time value of money and risks
specific to the asset.</P>
<P align=right>8</P>
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<P align=justify><B><I>B2GOLD CORP.</I></B></P>
<P align=justify><B><I>NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS</I></B><BR><B><I>December 31, 2013 and 2012</I></B><BR>(All tabular
amounts are in thousands of United States dollars unless otherwise stated)</P>
<P style="MARGIN-LEFT: 5%" align=justify>Impairment losses are evaluated for
potential reversals when events or circumstances warrant such consideration.
Where an impairment loss is subsequently reversed, the amount of such reversal
is limited such that, the revised carrying amount of the asset or
cash-generating unit does not exceed the carrying amount that would have been
determined had no impairment loss been recognized for the asset or
cash-generating unit in the prior years. A reversal of an impairment loss is
recognized into earnings immediately.</P>
<P style="MARGIN-LEFT: 5%" align=justify><B><I>Long-term investments</I></B><br>
  Investments in entities that are not
subsidiaries, joint ventures or investments in associates are designated as
available-for-sale investments. These investments are measured at fair value on
acquisition and at each reporting date. Any unrealized holding gains and losses
related to these investments are excluded from net earnings and are included in
OCI until an investment is sold and gains or losses are realized, or there is
objective evidence that the investment is impaired. When there is evidence that
an investment is impaired, the cumulative loss that was previously recognized in
OCI is reclassified from accumulated OCI to the consolidated statement of
operations.</P>
<P style="MARGIN-LEFT: 5%" align=justify><B><I>Mine restoration
provisions</I></B><br>
Future obligations to retire an asset
including site closure, dismantling, remediation and on-going treatment and
monitoring are initially recognized and recorded as a liability based on
estimated future cash flows discounted at a risk free rate. The measurement
determination is based on estimated future cash flows, the current risk-free
discount rate, and an estimated inflation factor. The value of restoration
provisions is adjusted at each reporting period for changes to factors including
the expected amount of cash flows required to discharge the liability, the
timing of such cash flows and the risk-free interest rate. The liability is
added to the carrying amount of the associated asset, and this additional
carrying amount is depreciated over the life of the asset. The liability is
accreted to full value over time through periodic charges to earnings. This
unwinding of the discount is expensed in the statement of operations. As
reclamation work is performed or liabilities are otherwise settled, the recorded
amount of the liability is reduced.</P>
<P style="MARGIN-LEFT: 5%" align=justify><B><I>Share-based payments</I></B><br>
  The cost of stock options and other
equity-settled share-based payment arrangements is recorded based on the
estimated fair-value at the grant date and charged to earnings over the vesting
period.</P>
<P style="MARGIN-LEFT: 5%" align=justify>The Company grants stock options to
certain employees and directors. Each tranche is considered a separate award
with its own vesting period and grant date fair value. The fair value of each
tranche is measured at the date of grant using the Black-Scholes option pricing
model. Compensation expense is recognized over the tranche&#146;s vesting period by a
charge to earnings, with a corresponding increase to contributed surplus based
on the number of awards expected to vest. The number of awards expected to vest
is reviewed at least annually, with any impact being recognized immediately.</P>
<P style="MARGIN-LEFT: 5%" align=justify><B><I>Current and deferred income
taxes</I></B><br>
Income tax comprises current and
deferred tax. Income tax is recognized in the statement of operations except to
the extent that it relates to items recognized directly in equity, in which case
the income tax is also recognized directly in equity. Taxes on income in interim
periods are recorded using the tax rate that would be applicable to expected
annual profit.</P>
<P style="MARGIN-LEFT: 5%" align=justify>Current tax is the expected tax payable
on taxable income for the year, using tax rates enacted or substantively
enacted, at the end of the reporting period.</P>
<P align=right>9</P>
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<!--$$/page=--><A name=page_17></A>
<P align=justify><B><I>B2GOLD CORP.</I></B></P>
<P align=justify><B><I>NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS</I></B><BR><B><I>December 31, 2013 and 2012</I></B><BR>(All tabular
amounts are in thousands of United States dollars unless otherwise stated)</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Deferred tax is recognized in respect of temporary
      differences arising between the tax bases of assets and liabilities and
      their carrying amounts in the financial statements. Deferred income tax is
      determined on a non-discounted basis using tax rates and laws that have
      been enacted or substantively enacted at the balance sheet date and are
      expected to apply when the deferred tax asset or liability is reversed.
      Deferred tax assets are recognized to the extent that it is probable that
      the assets can be recovered.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Deferred income tax is provided on temporary differences
      arising on investments in subsidiaries and associates, except, in the case
      of subsidiaries, where the timing of the reversal of the temporary
      difference is controlled by the Company and it is probable that the
      temporary difference will not reverse in the foreseeable future. As an
      exception, deferred tax assets and liabilities are not recognized if the
      temporary differences arise from the initial recognition of goodwill or an
      asset or liability in a transaction (other than in a business combination)
      that affects neither accounting profit nor taxable profit.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Deferred income tax assets and liabilities are presented
      as non-current.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify><B><I>Revenue</I></B></P></TD></TR>

  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Gold revenue is recognized when it is probable that the
      economic benefits will flow to the Company, delivery has occurred, the
      sales price is reasonably determinable, and collectability is reasonably
      assured. These criteria are generally met at the time the product is
      shipped and delivered to the customer and, depending on the delivery
      conditions, title and risk have passed to the customer and acceptance of
      the product, when contractually required, has been obtained. Gold revenue
      is measured based on the price specified in the sales contract, net of
      discounts, at the time of sale</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Silver revenue is accounted for as a by-product and is
      recorded as a credit to operating costs.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify><B><I>Earnings per share</I></B></P></TD></TR>

  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Basic earnings per share is calculated by dividing the
      net income (loss) for the period by the weighted average number of common
      shares outstanding during the period.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Diluted earnings per share is calculated using the
      treasury share method whereby all &#147;in the money&#148; options, warrants and
      equivalents are assumed to have been exercised at the beginning of the
      period and the proceeds from the exercise are assumed to have been used to
      purchase common shares at the average market price during the
    period.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%"><B><I>5</I></B> </TD>
    <TD>
      <P align=justify><B><I>Changes in accounting standards not yet
      effective</I></B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify><B><I>Financial Instruments: Classification and
      Measurement &#150; IFRS 9</I></B></P></TD></TR>

  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>This is the first part of a new standard on
      classification and measurement of financial assets that will replace IAS
      39, &#147;Financial Instruments: Recognition and Measurement&#148;. IFRS 9 has two
      measurement categories: amortized cost and fair value. All equity
      instruments are measured at fair value. A debt instrument is recorded at
      amortized cost only if the entity is holding it to collect contractual
      cash flows and the cash flows represent principal and interest. Otherwise
      it is measured at fair value with changes in fair value through profit or
      loss. In addition, this new standard has been updated to include guidance
      on financial liabilities and derecognition of financial instruments. The
      extent of the impact of adoption of IFRS 9 has not yet been
    determined.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%"><B><I>6</I></B> </TD>
    <TD>
      <P align=justify><B><I>Significant accounting judgements and estimation
      uncertainties</I></B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>The preparation of these financial statements in
      conformity with IFRS 1 requires estimates and assumptions that affect the
      amounts reported in these financial statements. These estimates and
      assumptions concerning the future will, by definition, seldom equal actual
      results. The following are the estimates and judgments applied by
management that most significantly affect the Company&#146;s financial statements.
These estimates and judgments have a significant risk of causing a material
adjustment to the carrying amounts of assets and liabilities within the next
financial year.</P></TD></TR></TABLE>
<P align=right>10</P>
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<P align=justify><B><I>B2GOLD CORP.</I></B></P>
<P align=justify><B><I>NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS</I></B><BR><B><I>December 31, 2013 and 2012</I></B><BR>(All tabular
amounts are in thousands of United States dollars unless otherwise stated)</P>
<P style="MARGIN-LEFT: 5%" align=justify><B><I>Ore reserve and resource
estimates</I></B><br>
Ore reserves are estimates of the
amount of ore that can be economically and legally extracted from the Company&#146;s
mining properties. The Company estimates its ore reserves and a mineral resource
based on information compiled by appropriately qualified persons relating to the
geological data on the size, depth and shape of the ore body, and requires
complex geological judgments to interpret the data. The estimation of
recoverable reserves is based upon factors such as estimates of foreign exchange
rates, commodity prices, future capital requirements, and production costs along
with geological assumptions and judgments made in estimating the size and grade
of the ore body. Changes in the reserve or resource estimates may impact the
carrying value of mining interests, mine restoration provisions, recognition of
deferred tax assets, and depreciation and amortization charges.</P>
<P style="MARGIN-LEFT: 5%" align=justify><B><I>Exploration and evaluation
expenditures</I></B><br>
The application of the Company&#146;s
accounting policy for exploration and evaluation expenditures requires judgment
in determining whether it is likely that future economic benefits are likely
either from future exploitation or sale or where activities have not reached a
stage which permits a reasonable assessment of the existence of reserves. The
deferral policy requires management to make certain estimates and assumptions
about future events or circumstances, in particular whether an economically
viable extraction operation can be established. Estimates and assumptions made
may change if new information becomes available. If, after an expenditure is
capitalized, information becomes available suggesting that the recovery of
expenditure is unlikely, the amount capitalized is written off in the statement
of operations in the period when the new information becomes available.</P>
<P style="MARGIN-LEFT: 5%" align=justify><B><I>Mine restoration
provisions</I></B><br>
The Company&#146;s mining and exploration
activities are subject to various laws and regulations governing the protection
of the environment. Significant judgments and estimates are made when estimating
the nature and costs associated with mine restoration provisions. Due to the
nature of mine closure plans, cash expenditures are expected to occur over a
significant period of time with the majority of the expenditures expected to
occur in the years from 2018 to 2041. When considering the effect of the
extended time period over which costs are expected to be incurred, combined with
the estimated discount rate and inflation factors, the fair value of the mine
restoration provisions could materially change from period to period due to
changes in the underlying assumptions.</P>
<P style="MARGIN-LEFT: 5%" align=justify><B><I>Deferred income taxes and
valuation allowances</I></B><br>
The Company is periodically required to
estimate the tax basis of assets and liabilities. Where applicable tax laws and
regulations are either unclear or subject to varying interpretations, it is
possible that changes in these estimates could occur that materially affect the
amounts of deferred income tax assets and liabilities recorded in the financial
statements. Changes in deferred tax assets and liabilities generally have a
direct impact on earnings in the period that the changes occur.</P>
<P style="MARGIN-LEFT: 5%" align=justify>Each period, the Company evaluates the
likelihood of whether some portion or all of each deferred tax asset will not be
realized. This evaluation is based on historic and future expected levels of
taxable income, the pattern and timing of reversals of taxable temporary timing
differences that give rise to deferred tax liabilities, and tax planning
initiatives. Levels of future taxable income are affected by, among other
things, market gold prices, production costs, quantities of proven and probable
gold reserves, interest rates and foreign currency exchange rates.</P>
<P style="MARGIN-LEFT: 5%" align=justify><B><I>Business combinations</I></B><br>
  In a business combination, it generally
takes time to obtain the information necessary to measure the fair values of
assets acquired and liabilities assumed and the resulting goodwill, if any.
Changes to the provisional measurements of assets and
liabilities acquired including the associated deferred income taxes and
resulting goodwill may be retrospectively adjusted when new information is
obtained until the final measurements are determined (within one year of
acquisition date). The determination of fair value as of the acquisition date
requires management to make certain judgements and estimates about future
events, including, but not restricted to, estimates of mineral reserves and
resources acquired, exploration potential, future operating costs and capital
expenditures, future metal prices, long-term foreign exchange rates, and
discount rates.</P>
<P align=right>11</P>
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<!--$$/page=--><A name=page_19></A>
<P align=justify><B><I>B2GOLD CORP.</I></B></P>
<P align=justify><B><I>NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS</I></B><BR><B><I>December 31, 2013 and 2012</I></B><BR>(All tabular
amounts are in thousands of United States dollars unless otherwise stated)</P>
<P style="MARGIN-LEFT: 5%" align=justify>In determining the amount for goodwill,
the Company&#146;s management makes estimates of the discounted future after-tax cash
flows expected to be derived from the acquired business based on estimates of
future revenues, expected conversions of resources to reserves, future
production costs and capital expenditures, based on a life of mine plan. The
excess of acquisition cost over the net identifiable assets acquired represents
goodwill.</P>
<P style="MARGIN-LEFT: 5%" align=justify><B><I>Impairment of Goodwill and
Non-Current Assets</I></B><br>
Goodwill and non-current assets are
tested for impairment if there is an indicator of impairment, and in the case of
goodwill, annually. Calculating the estimated fair values of cash generating
units (&#147;CGU&#148;) for non-current asset impairment tests and CGUs for goodwill
impairment tests requires management to make estimates and assumptions with
respect to future production levels, operating and capital costs in its
life-of-mine plans, future metal prices, foreign exchange rates, net asset value
(&#147;NAV&#148;) multiples, and discount rates. Changes in any of the assumptions or
estimates used in determining the fair values could impact the impairment
analysis.</P>
<P style="MARGIN-LEFT: 5%" align=justify>At December 31, 2013, the entire
carrying amount of the Company&#146;s goodwill of $202.1 million related to its
Masbate Mine, acquired on January 16, 2013. Goodwill was assessed for impairment
in the fourth quarter of 2013. Key assumptions used for impairment testing
were:</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>- Gold price </TD>
    <TD align=right width="15%" bgColor=#e6efff>$1,350/ounce </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>- Silver price </TD>
    <TD align=right width="15%">$20/ounce </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>- Discount rate </TD>
    <TD align=right width="15%" bgColor=#e6efff>5% - 7% </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>- NAV multiple </TD>
    <TD align=right width="15%">1.1 </TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>Based on the goodwill impairment test
performed, the Company concluded that the goodwill was not impaired.</P>
<P align=right>12</P>
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noShade SIZE=5>
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<P align=justify><B><I>B2GOLD CORP.</I></B></P>
<P align=justify><B><I>NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS</I></B><BR><B><I>December 31, 2013 and 2012</I></B><BR>(All tabular
amounts are in thousands of United States dollars unless otherwise stated)</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B><I>7</I></B> </TD>
    <TD>
      <P align=justify><B><I>Acquisition of CGA Mining Limited</I></B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>On January 31, 2013, the Company and CGA announced that
      they had completed the combination of the two companies (the &#147;Merger&#148;) by
      way of a court-approved scheme of arrangement (the &#147;Scheme of
      Arrangement&#148;) and the merger implementation agreement dated September 18,
      2012 between the Company and CGA (the &#147;Merger Implementation Agreement&#148;).
      Under the terms of the Merger, the Company acquired all of the issued and
      outstanding ordinary shares of CGA based on an exchange ratio of 0.74 of a
      common share of B2Gold for each CGA ordinary share. In addition, all of
      the outstanding stock options of CGA were cancelled and the former holders
      thereof received that number of B2Gold shares that corresponded to the
      value of the &#147;in-the-money&#148; portion of their CGA options. Upon closing of
      the Merger, CGA became a wholly-owned subsidiary of B2Gold.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>As a result, B2Gold issued an aggregate of 250,040,275
      common shares to the former CGA shareholders, representing approximately
      39% of B2Gold&#146;s common shares issued and outstanding upon closing the
      Merger. An additional 1,933,557 common shares of B2Gold were issued to
      former CGA option holders upon cancellation of their stock options. As at
      January 31, 2013, following completion of the Merger, there were
      approximately 645,382,471 issued and outstanding common shares of
      B2Gold.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>The business combination was accounted for using the
      acquisition method, with B2Gold as the acquirer of CGA. For accounting
      purposes, the Acquisition Date was determined to be January 16, 2013, the
      date at which the Company obtained control of CGA. The primary asset
      acquired was CGA&#146;s Masbate Mine located in the Philippines.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>The cost of the acquisition was approximately $985
      million, being the fair value of B2Gold shares issued, based on the
      issuance of 251,973,832 B2Gold shares at Cdn.$3.85 per share (the opening
      share price on the TSX on January 16, 2013) and a foreign exchange rate of
      Cdn.$0.985 to $1. B2Gold&#146;s acquisition related costs of $5.9 million in
      2013 and $1.6 million in 2012 have been charged to acquisition costs in
      the consolidated statement of operations.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>These consolidated financial statements include CGA&#146;s
      results commencing from January 16, 2013. The revenue included in the
      consolidated statement of operations since January 16, 2013 contributed by
      CGA was $274.1 million for the year ended December 31, 2013. Had CGA been
      consolidated from the start of January 1, 2013, the consolidated statement
      of operations would include additional revenue of $nil (no gold sales were
      made by CGA from January 1, 2013 to January 15,
2013).</P></TD></TR></TABLE>
<P align=right>13</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_21></A>
<P align=justify><B><I>B2GOLD CORP.</I></B><BR><B><I>NOTES TO CONSOLIDATED
FINANCIAL STATEMENTS</I></B><BR><B><I>December 31, 2013 and 2012</I></B><BR>(All
tabular amounts are in thousands of United States dollars unless otherwise
stated)<BR></P>
<P style="MARGIN-LEFT: 5%" align=justify>The following table sets forth the
final allocation of the purchase price to assets and liabilities acquired, based
on estimates of fair value. The purchase price allocation was finalized as at
December 31, 2013.</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=center width="1%" ><B></B></TD>
    <TD align=center width="11%" ><STRONG>$</STRONG></TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="11%" >&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Purchase price allocation: </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="11%" bgColor=#e6efff >&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp;Cash and cash equivalents </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="11%" ><B>56,088</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Restricted cash </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="11%" bgColor=#e6efff ><B>9,000</B> </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp;Accounts receivable and prepaids </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="11%" ><B>11,368</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Inventories </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="11%" bgColor=#e6efff >&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;- Product
      inventory </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="11%" ><B>55,036</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;-
      Ore stockpile inventory, current portion </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="11%" bgColor=#e6efff ><B>6,955</B> </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;- Supplies
      inventory </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="11%" ><B>11,677</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Note receivable from RTG
      Mining Inc. </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="11%" bgColor=#e6efff ><B>2,560</B> </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp;Mining interests </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="11%" >&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;-
      Masbate Mine </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="11%" bgColor=#e6efff ><B>688,524</B>
    </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;- Masbate
      undeveloped mineral interest </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="11%" ><B>176,460</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Long-term Investments </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="11%" bgColor=#e6efff >&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;- St. Augustine
      Gold &amp; Copper Limited </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="11%" ><B>20,193</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;-
      Sierra Mining Limited </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="11%" bgColor=#e6efff ><B>6,038</B> </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;- RTG Mining Inc.
    </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="11%" ><B>4,806</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Value-added tax receivables,
      long-term </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="11%" bgColor=#e6efff ><B>21,749</B>
</TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp;Other long-term assets </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="11%" ><B>1,727</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Accounts payable and accrued
      liabilities </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="11%" bgColor=#e6efff
><B>(31,982</B></TD>
    <TD align=left width="2%"  bgColor=#e6efff><B>)</B> </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp;Current tax payable </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="11%" ><B>(1,674</B></TD>
    <TD align=left width="2%" ><B>)</B> </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Masbate project loan facility
    </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="11%" bgColor=#e6efff
><B>(18,524</B></TD>
    <TD align=left width="2%"  bgColor=#e6efff><B>)</B> </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp;Deferred revenue - fair value of gold
      contracts <I>(Note 16)</I> </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="11%" ><B>(37,404</B></TD>
    <TD align=left width="2%" ><B>)</B> </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Finance lease obligations,
      including current portion </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="11%" bgColor=#e6efff
><B>(25,228</B></TD>
    <TD align=left width="2%"  bgColor=#e6efff><B>)</B> </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp;Mine restoration provisions, including current
      portion </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="11%" ><B>(16,504</B></TD>
    <TD align=left width="2%" ><B>)</B> </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Deferred income taxes </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="11%" bgColor=#e6efff
    ><B>(157,494</B></TD>
    <TD align=left width="2%"  bgColor=#e6efff><B>)</B> </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp;Other long-term liabilities </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="11%" ><B>(571</B></TD>
    <TD align=left width="2%" ><B>)</B> </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Goodwill </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="11%"
    bgColor=#e6efff ><B>202,070</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="11%" >&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Purchase price - 251,973,832 common shares
      of B2Gold issued on acquisition </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="11%"
    bgColor=#e6efff ><B>984,870</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>Included in CGA&#146;s accounts payable and
accrued liabilities on January 16, 2013 was $10.1 million for CGA&#146;s transaction
costs relating to the business combination (all of which was paid subsequently
in the first quarter of 2013).</P>
<P style="MARGIN-LEFT: 5%" align=justify>The Masbate Mine&#146;s gold bullion
inventory and current portion of ore stockpile inventory were increased by $32.9
million to reflect their fair values on acquisition, which was all expensed and
included in cost of sales in 2013.</P>
<P style="MARGIN-LEFT: 5%" align=justify>The goodwill of $202.1 million
resulting from the acquisition arises mainly on the recognition of deferred
income tax liabilities on the transaction due to the requirement to record a
deferred tax liability for the difference between the assigned values and the
tax bases of assets acquired and liabilities assumed at amounts that do not
reflect fair value. None of the goodwill is deductible for tax purposes.</P>
<P style="MARGIN-LEFT: 5%" align=justify>A value of approximately $176.5 million
assigned to undeveloped mineral interest at the Masbate Mine was attributable to
(i) mineralized material within mineral resources that management believes can
be brought into production and (ii) exploration potential for deposits the
Company has the legal right to access, and based on interpretation of
information and results, including geological data, that were available at the
acquisition date. Amounts assigned to undeveloped mineral interest are not
expensed (or depreciated) until the undeveloped mineral interest either becomes
associated with additional proven and probable reserves and the reserves are produced or the
undeveloped mineral interest is determined to be impaired. </P>
<P align=right>14</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_22></A>
<P align=justify><B><I>B2GOLD CORP.</I></B></P>
<P align=justify><B><I>NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS</I></B><BR><B><I>December 31, 2013 and 2012</I></B><BR>(All tabular
amounts are in thousands of United States dollars unless otherwise stated)</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left ><B><I>8</I></B> </TD>
    <TD align=left width="95%">
  <P align=justify><B><I>Acquisition of Volta Resources Inc.</I></B>  </P></TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD width="95%">
      <P align=justify> </P></TD></TR>
  <TR vAlign=top>
    <TD align=left ></TD>
    <TD align=left width="95%">
      <P align=justify>On December 20, 2013, B2Gold and Volta Resources Inc.
      (&#147;Volta&#148;) completed the combination of the two companies by way of a plan
      of arrangement under the Business Corporations Act (Ontario). Pursuant to
      the plan of arrangement and effective upon closing of the transaction,
      Volta has become a wholly-owned subsidiary of B2Gold and all of the issued
      and outstanding common shares of Volta have been transferred to B2Gold in
      consideration for the issuance by B2Gold of 0.15 of a common share of
      B2Gold, for each Volta common share held (the &#147;Exchange Ratio&#148;). All of
      the outstanding options of Volta have been exchanged under the arrangement
      and the holders of the Volta options have received options to purchase
      common shares of B2Gold based on the Exchange Ratio. The arrangement has
      been accounted for by B2Gold as a purchase of net assets. </P></TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD width="95%">
      <P align=justify> </P></TD></TR>
  <TR vAlign=top>
    <TD align=left ></TD>
    <TD align=left width="95%">
      <P align=justify>The combination of B2Gold and Volta has resulted in
      B2Gold acquiring a 90% interest in the Kiaka gold project in Burkina Faso,
      Africa and a 100% interest in four additional exploration projects in
  Burkina Faso. The Kiaka gold project is an advanced stage project.  </P></TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD width="95%">
      <P align=justify> </P></TD></TR>
  <TR vAlign=top>
    <TD align=left ></TD>
    <TD align=left width="95%">
      <P align=justify>In connection with the closing of the transaction, B2Gold
      has issued an aggregate of 23,331,805 common shares of B2Gold to the
      former shareholders of Volta and has authorized the issuance of an
      additional 2,079,000 common shares upon the exercise of the stock options
      held by the former security holders of Volta. On closing of the
      transaction, B2Gold had approximately 675 million common shares issued and
      outstanding, with former Volta shareholders holding approximately 3.4% of
      the fully- diluted in-the-money shares outstanding of B2Gold. </P></TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD width="95%">
      <P align=justify> </P></TD></TR>
  <TR vAlign=top>
    <TD align=left ></TD>
    <TD align=left width="95%">
      <P align=justify>The cost of the acquisition was approximately $48.3
      million, and included the fair value of B2Gold shares issued of $46.4
      million, based on the issuance of 23,331,805 B2Gold shares at Cdn.$2.12
      per share (the opening share price on the TSX on December 20, 2013) and a
      foreign exchange rate of Cdn.$1.0648 to $1, the fair value of B2Gold
      replacement options of $0.9 million, plus B2Gold transaction costs of $1
      million. The options have been valued using the Black-Scholes option
      pricing model based on a risk-free annual interest rate of approximately
      1%, an expected volatility of up to 59%, an expected average life of up to
      3.7 years and a dividend yield of nil. </P></TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD width="95%">
      <P align=justify> </P></TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="95%">
  <P align=justify>The purchase price was calculated as follows:  </P></TD></TR></TABLE>
<BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%" ><B></B></TD>
    <TD align=center width="12%"><STRONG>$</STRONG></TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Common shares issued (23,331,805 B2Gold
      common shares) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff><B>46,423</B> </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>Fair value of Volta stock options </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%"><B>949</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Transaction costs </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff><B>967</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Total purchase price </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff><B>48,339</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR></TABLE>
<P align=right>15</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_23></A>
<P align=justify><B><I>B2GOLD CORP.</I></B></P>
<P align=justify><B><I>NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS</I></B><BR><B><I>December 31, 2013 and 2012</I></B><BR>(All tabular
amounts are in thousands of United States dollars unless otherwise stated)</P>
<P style="MARGIN-LEFT: 5%" align=justify>The following table sets forth the
allocation of the purchase price to the fair value of the assets and liabilities
acquired.</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%"><B></B></TD>
    <TD align=center width="12%"><STRONG>$</STRONG></TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Purchase price allocation: </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp; &nbsp;Cash and cash equivalents </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%"><B>4,184</B> </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp;Accounts receivable and
      prepaids </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff><B>408</B> </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp; &nbsp;Long-term investments &#150; GoldStone
      Resources Ltd. <I>(Note 10)</I> </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%"><B>20</B> </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp;Other assets </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff><B>60</B> </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp; &nbsp;Mining interests &#150; Kiaka &#150; development
      property </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%"><B>50,550</B> </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp;Accounts payable and
      accrued liabilities </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff><B>(6,183</B></TD>
    <TD align=left width="2%" bgColor=#e6efff><B>)</B> </TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp; &nbsp;Current taxes payable </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%"><B>(700</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      width="2%"><B>)</B> </TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD bgColor=#e6efff>&nbsp; </TD>
    <TD width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="12%"><B>48,339</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
    width="2%">&nbsp;</TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B><I>9</I></B> </TD>
    <TD>
      <P align=justify><B><I>Inventories</I></B></P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=center width="11%"><B><I>2013</I></B> </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="11%"><B><I>2012</I></B> </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    ><B><I></I></B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="11%"><STRONG><EM>$</EM></STRONG></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="1%"
    ><B><I></I></B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="11%"><STRONG><EM>$</EM></STRONG></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="11%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="11%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="11%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="11%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Gold and silver bullion: </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="11%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="11%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;- Masbate Mine </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="11%"><B>13,594</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="11%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;-
      Libertad Mine </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="11%" bgColor=#e6efff><B>7,182</B> </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="11%" bgColor=#e6efff>8,832 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;- Limon Mine </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="11%"><B>2,274</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="11%">2,722
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD bgColor=#e6efff>&nbsp; </TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="11%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="11%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="11%"><B>23,050</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="11%">11,554 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD bgColor=#e6efff>&nbsp; </TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="11%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="11%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>In-process inventory </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="11%"><B>8,471</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="11%">4,128
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD bgColor=#e6efff>&nbsp; </TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="11%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="11%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>Ore stock-pile inventory </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="11%"><B>3,427</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="11%">543
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD bgColor=#e6efff>&nbsp; </TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="11%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="11%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>Materials and supplies: </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="11%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="11%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;- Masbate
      Mine </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="11%" bgColor=#e6efff><B>14,715</B> </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="11%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;- Libertad Mine </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="11%"><B>16,366</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="11%">13,142 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;- Limon
      Mine </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="11%"
    bgColor=#e6efff><B>9,636</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="11%"
    bgColor=#e6efff>12,241 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="11%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="11%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="11%"
    bgColor=#e6efff><B>40,717</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="11%"
    bgColor=#e6efff>25,383 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="11%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="11%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="11%"
    bgColor=#e6efff><B>75,665</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="11%"
    bgColor=#e6efff>41,608 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR></TABLE>
<P align=right>16</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_24></A>
<P align=justify><B><I>B2GOLD CORP.</I></B></P>
<P align=justify><B><I>NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS</I></B><BR><B><I>December 31, 2013 and 2012</I></B><BR>(All tabular
amounts are in thousands of United States dollars unless otherwise stated)</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B><I>10</I></B> </TD>
    <TD>
      <P align=justify><B><I>Long-term
investments</I></B></P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 8pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
    width="1%">&nbsp;</TD>
    <TD width="32%"
    colSpan=13 align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"><B><I>As at December 31, 2013</I></B> </TD>
    <TD
    width="2%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD
    width="1%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="25%"
    colSpan=10 align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"><B><I>As at December 31, 2012</I></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD width="4%" align=center nowrap>&nbsp; </TD>
    <TD width="2%" align=center nowrap>&nbsp;</TD>
    <TD width="1%" align=center nowrap>&nbsp;</TD>
    <TD width="4%" align=center nowrap>&nbsp; </TD>
    <TD width="2%" align=center nowrap>&nbsp;</TD>
    <TD width="1%" align=center nowrap>&nbsp;</TD>
    <TD width="4%" align=center nowrap></TD>
    <TD width="2%" align=center nowrap>&nbsp;</TD>
    <TD width="1%" align=center nowrap>&nbsp;</TD>
    <TD width="4%" align=center nowrap>&nbsp; </TD>
    <TD width="2%" align=center nowrap>&nbsp;</TD>
    <TD width="1%" align=center nowrap>&nbsp;</TD>
    <TD width="4%" align=center nowrap><B><I>Fair</I></B> </TD>
    <TD width="2%" align=center nowrap>&nbsp;</TD>
    <TD width="1%" align=center nowrap>&nbsp;</TD>
    <TD width="4%" align=center nowrap>&nbsp; </TD>
    <TD width="2%" align=center nowrap>&nbsp;</TD>
    <TD width="1%" align=center nowrap>&nbsp;</TD>
    <TD width="4%" align=center nowrap>&nbsp; </TD>
    <TD width="2%" align=center nowrap>&nbsp;</TD>
    <TD width="1%" align=center nowrap>&nbsp;</TD>
    <TD width="4%" align=center nowrap>&nbsp; </TD>
    <TD width="2%" align=center nowrap>&nbsp;</TD>
    <TD width="1%" align=center nowrap>&nbsp;</TD>
    <TD width="4%" align=center nowrap><B><I>Fair</I></B> </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD width="4%" align=center nowrap><B><I>Ownership</I></B> </TD>
    <TD width="2%" align=center nowrap>&nbsp;</TD>
    <TD width="1%" align=center nowrap>&nbsp;</TD>
    <TD width="4%" align=center nowrap><B><I>Cost</I></B> </TD>
    <TD width="2%" align=center nowrap>&nbsp;</TD>
    <TD width="1%" align=center nowrap>&nbsp;</TD>
    <TD
      width="4%" align=center nowrap><STRONG><EM>Impair</EM></STRONG><B><I>ment</I></B> </TD>
    <TD width="2%" align=center nowrap>&nbsp;</TD>
    <TD width="1%" align=center nowrap>&nbsp;</TD>
    <TD width="4%" align=center nowrap><B><I>AOCL</I></B> </TD>
    <TD width="2%" align=center nowrap>&nbsp;</TD>
    <TD width="1%" align=center nowrap>&nbsp;</TD>
    <TD width="4%" align=center nowrap><B><I>Value</I></B> </TD>
    <TD width="2%" align=center nowrap>&nbsp;</TD>
    <TD width="1%" align=center nowrap>&nbsp;</TD>
    <TD width="4%" align=center nowrap><B><I>Ownership</I></B> </TD>
    <TD width="2%" align=center nowrap>&nbsp;</TD>
    <TD width="1%" align=center nowrap>&nbsp;</TD>
    <TD width="4%" align=center nowrap><B><I>Cost</I></B> </TD>
    <TD width="2%" align=center nowrap>&nbsp;</TD>
    <TD width="1%" align=center nowrap>&nbsp;</TD>
    <TD width="4%" align=center nowrap><B><I>AOCL</I></B> </TD>
    <TD width="2%" align=center nowrap>&nbsp;</TD>
    <TD width="1%" align=center nowrap>&nbsp;</TD>
    <TD width="4%" align=center nowrap><B><I>Value</I></B> </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
    width="1%">&nbsp;</TD>
    <TD
      width="4%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"><B><I>%</I></B> </TD>
    <TD
    width="2%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD
      width="1%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"><B><I></I></B></TD>
    <TD
      width="4%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"><STRONG><EM>$</EM></STRONG></TD>
    <TD
    width="2%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD
      width="1%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"><B><I></I></B></TD>
    <TD
      width="4%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"><STRONG><EM>$</EM></STRONG></TD>
    <TD
    width="2%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD
      width="1%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"><B><I></I></B></TD>
    <TD
      width="4%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"><STRONG><EM>$</EM></STRONG></TD>
    <TD
    width="2%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD
      width="1%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"><B><I></I></B></TD>
    <TD
      width="4%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"><STRONG><EM>$</EM></STRONG></TD>
    <TD
    width="2%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD
    width="1%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD
      width="4%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"><B><I>%</I></B> </TD>
    <TD
    width="2%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD
      width="1%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"><B><I></I></B></TD>
    <TD
      width="4%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"><STRONG><EM>$</EM></STRONG></TD>
    <TD
    width="2%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD
      width="1%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"><B><I></I></B></TD>
    <TD
      width="4%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid">&nbsp;<STRONG><EM>$</EM></STRONG></TD>
    <TD
    width="2%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD
      width="1%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"><B><I></I></B></TD>
    <TD
      width="4%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"><STRONG><EM>$</EM></STRONG></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Available-for-sale investments: </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="4%" bgColor=#e6efff></TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="4%" bgColor=#e6efff></TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="4%" bgColor=#e6efff></TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="4%" bgColor=#e6efff></TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="4%" bgColor=#e6efff></TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="4%" bgColor=#e6efff></TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="4%" bgColor=#e6efff></TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="4%" bgColor=#e6efff></TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="4%" bgColor=#e6efff></TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp;&nbsp;&nbsp;St. Augustine Gold &amp; Copper Ltd. </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="4%"><B>13.8%</B> </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="4%"><B>20,193</B> </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="4%"><B>(8,452</B></TD>
    <TD align=left width="2%"><B>)</B> </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="4%"><B>-</B> </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="4%"><B>11,741</B> </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="4%">- </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="4%">- </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="4%">- </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="4%">- </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>
      <P align=justify>&nbsp; &nbsp;RTG Mining Inc. </P></TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="4%" bgColor=#e6efff><B>18.4%</B> </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="4%" bgColor=#e6efff><B>8,803</B> </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="4%" bgColor=#e6efff><B>(4,011</B></TD>
    <TD align=left width="2%" bgColor=#e6efff><B>)</B> </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="4%" bgColor=#e6efff><B>-</B> </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="4%" bgColor=#e6efff><B>4,792</B> </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="4%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="4%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="4%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="4%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp;Sierra Mining Limited </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="4%"><B>7.9%</B> </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="4%"><B>5,893</B> </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="4%"><B>(3,867</B></TD>
    <TD align=left width="2%"><B>)</B> </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="4%"><B>1,344</B> </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="4%"><B>3,370</B> </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="4%">- </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="4%">- </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="4%">- </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="4%">- </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Calibre Mining Corp. </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="4%" bgColor=#e6efff><B>10.6%</B> </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="4%" bgColor=#e6efff><B>5,068</B> </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="4%" bgColor=#e6efff><B>(4,222</B></TD>
    <TD align=left width="2%" bgColor=#e6efff><B>)</B> </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="4%" bgColor=#e6efff><B>-</B> </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="4%" bgColor=#e6efff><B>846</B> </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="4%" bgColor=#e6efff>10.6% </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="4%" bgColor=#e6efff>5,068 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="4%" bgColor=#e6efff>(1,407</TD>
    <TD align=left width="2%" bgColor=#e6efff>) </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="4%" bgColor=#e6efff>3,661 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp;&nbsp;&nbsp;GoldStone Resources Ltd. <I>(Note 8)</I>
    </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="4%"><B>0.4%</B> </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="4%"><B>20</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="4%"><B>-</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="4%"><B>-</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="4%"><B>20</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="4%">- </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="4%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="4%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="4%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=center bgColor=#e6efff>
      <P align=justify>Balance, end of year </P></TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="4%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="4%"
    bgColor=#e6efff><B>39,977</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="4%"
    bgColor=#e6efff><B>(20,552</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    bgColor=#e6efff><B>)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="4%"
    bgColor=#e6efff><B>1,344</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="4%"
    bgColor=#e6efff><B>20,769</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="4%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="4%"
    bgColor=#e6efff>5,068 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="4%"
    bgColor=#e6efff>(1,407</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="4%"
    bgColor=#e6efff>3,661 </TD>
<TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>The Company holds available-for-sale
investments in certain public companies, as disclosed in the table above. On
January 16, 2013, the Company, through its acquisition of CGA, acquired
investments in the securities of St. Augustine Gold &amp; Copper Ltd., RTG
Mining Inc. (formerly &#147;Ratel Group Limited&#148;), and Sierra Mining Limited (Note
7). In addition, the Company participated in a private placement of RTG Mining
Inc. and purchased 30.8 million of its common shares for approximately $4
million on February 2, 2013.</P>
<P style="MARGIN-LEFT: 5%" align=justify>During 2013, the Company recorded an
impairment loss totalling $20.6 million in the statement of operations, as a
result of a significant further decline in the fair value of its
available-for-sale equity securities, including $1.4 million that was
reclassified from accumulated other comprehensive loss (&#147;AOCL&#148;) to net
earnings.</P>
<P style="MARGIN-LEFT: 5%" align=justify>At December 31, 2013, the Company
recorded a $1.1 million unrealized gain net of related deferred income taxes of
$0.2 million in the statement of other comprehensive income (&#147;OCI&#148;), as a result
of an increase in the fair value of its investment in Sierra Mining Corp.
(&#147;Sierra Mining&#148;). In the fourth quarter of 2013, the Company sold 1.3 million
shares of its investment in Sierra Mining for net proceeds of $0.3 million,
realizing a gain of $0.1 million.</P>
<P align=right>17</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_25></A>
<P align=justify><B><I>B2GOLD CORP.</I></B></P>
<P align=justify><B><I>NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS</I></B><BR><B><I>December 31, 2013 and 2012</I></B><BR>(All tabular
amounts are in thousands of United States dollars unless otherwise stated)</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B><I>11</I></B> </TD>
    <TD>
      <P align=justify><B><I>Mining
interests</I></B></P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=center width="12%"><B><I>2013</I></B> </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="12%"><B><I>2012</I></B> </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    ><B><I></I></B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="12%"><STRONG><EM>$</EM></STRONG></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="1%"
    ><B><I></I></B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="12%"><STRONG><EM>$</EM></STRONG></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Property, plant &amp; equipment
      (depletable) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp;Masbate Mine, Philippines <I>(Note 7)</I> </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp;Cost (includes leased assets of $21.7 million) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff><B>723,155</B> </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Accumulated
      depreciation and depletion </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%"><B>(40,744</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    ><B>)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD bgColor=#e6efff>&nbsp; </TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%"><B>682,411</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD bgColor=#e6efff>&nbsp; </TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp;Libertad Mine (including Jabali), Nicaragua
</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp;Cost </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff><B>259,518</B> </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>215,941 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Accumulated
      depreciation and depletion </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%"><B>(83,927</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    ><B>)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">(51,673</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >) </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD bgColor=#e6efff>&nbsp; </TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%"><B>175,591</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">164,268 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD bgColor=#e6efff>&nbsp; </TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp;Limon Mine, Nicaragua </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp;Cost </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff><B>120,139</B> </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>105,727 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Accumulated
      depreciation and depletion </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%"><B>(44,970</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    ><B>)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">(27,349</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >) </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD bgColor=#e6efff>&nbsp; </TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%"><B>75,169</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">78,378 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD bgColor=#e6efff>&nbsp; </TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp;Masbate undeveloped mineral interests <I>(Note
      7)</I> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%"><B>176,460</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD bgColor=#e6efff>&nbsp; </TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>Mineral properties (non-depletable) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Otjikoto, Namibia </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff><B>289,945</B> </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>118,798 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp;Kiaka, Burkina Faso <I>(Note 8)</I> </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%"><B>50,550</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Mocoa, Colombia </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff><B>28,200</B> </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>27,539 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp;Trebol &amp; Pavon, Nicaragua </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%"><B>24,870</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">24,333 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;San Jose, Nicaragua </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff><B>1,123</B> </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp;Cebollati, Uruguay </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%"><B>-</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">9,051 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Calibre, Nicaragua </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff><B>8,496</B> </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>7,112 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp;Other </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%"><B>861</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD bgColor=#e6efff>&nbsp; </TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%"><B>404,045</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">186,833 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD bgColor=#e6efff>&nbsp; </TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>Corporate &amp; other </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Bellavista, Costa Rica </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff><B>2,611</B> </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>2,601 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp;Office, furniture and equipment, net </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%"><B>990</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">645
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD bgColor=#e6efff>&nbsp; </TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%"><B>3,601</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">3,246
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD bgColor=#e6efff>&nbsp; </TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%"><B>1,517,277</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">432,725 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD bgColor=#e6efff>&nbsp; </TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>Investments in joint ventures </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp;(accounted for using the equity
      method) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp;Gramalote, Colombia </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%"><B>148,967</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">100,798 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Quebradona, Colombia </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff><B>1,201</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>1,201 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff><B>150,168</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>101,999 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff><B>1,667,445</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>534,724 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify><B><I>Sale of the Brucejack
royalty</I></B><br>
On May 13, 2013, the Company completed
the sale to Franco-Nevada Corporation of all of its right, title and interest in
and to an existing 1.2% net smelter returns royalty (&#147;NSR&#148;), covering Pretium
Resources Inc.&#146;s (&#147;Pretium&#148;) Brucejack gold project in
north-western British Columbia for $45 million in cash. The sale was completed
pursuant to the terms of a royalty purchase agreement between the Company and
Franco-Nevada Corporation dated May 8, 2013.</P>
<P align=right>18</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_26></A>
<P align=justify><B><I>B2GOLD CORP.</I></B></P>
<P align=justify><B><I>NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS</I></B><BR><B><I>December 31, 2013 and 2012</I></B><BR>(All tabular
amounts are in thousands of United States dollars unless otherwise stated)</P>
<P style="MARGIN-LEFT: 5%" align=justify>The Brucejack royalty had been acquired
by B2Gold in connection with the acquisition of Central Sun Mining Inc.
(&#147;Central Sun&#148;) in March 2009. For accounting purposes, no value of the total
purchase price relating to the business combination with Central Sun had been
allocated to the NSR, based upon an evaluation of the likely cash flows arising
from the NSR. In the period since the original accounting for the business
combination the Company previously determined that the NSR did not fulfil the
threshold for recognition as an asset as it did not have sufficient assurance
over the likelihood of future cash flows from the NSR to record an asset,
consistent with the original business combination accounting. As a result, in
the second quarter of 2013, the Company recorded a $44.5 million pre-tax gain on
disposal of the NSR, net of related transaction costs of $0.5 million.</P>
<P style="MARGIN-LEFT: 5%" align=justify>The Company has determined that for tax
purposes it would utilize certain of its Canadian tax losses and past share
issue costs to fully offset the gain on the sale of the NSR. In accordance with
IAS 12 &#147;Income Taxes&#148;, a deferred tax expense was recorded for $2 million in the
second quarter of 2013 which related to the portion of the past share issue
costs that were utilized on the sale. As these share issue costs were originally
recognized in equity, the deferred tax credit related to the utilization of
these share issue costs was also recorded in equity.</P>
<P style="MARGIN-LEFT: 5%" align=justify><B><I>Otjikoto</I></B><br>
  On March 20, 2013, B2Gold Namibia
(Proprietary) Limited (&#147;B2Gold Namibia&#148;), a subsidiary of the Company, acquired
from two Namibian banks all of the issued and outstanding Class A and Class B
preference shares (&#147;Preference Shares&#148;) in the capital of EVI Gold (Proprietary)
Limited (&#147;EVI&#148;) for total consideration of approximately 59.3 million Namibian
dollars ($6.5 million). B2Gold Namibia was then owned indirectly 92% by B2Gold
and 8% by EVI, a Namibian black empowerment company.</P>
<P style="MARGIN-LEFT: 5%" align=justify>On April 10, 2013, the Company entered
into an investment agreement (the &#147;Investment Agreement&#148;) with EVI pursuant to
which, among other things, EVI agreed to purchase common shares of the Company
with an aggregate subscription price of $7.6 million. The subscription price was
satisfied by a payment of $6.6 million to the Company and a $1 million payment
as consideration for EVI assigning to the Company its existing right to acquire
an additional 5% interest in the Otjikoto gold project. Subsequent to December
31, 2013, on February 24, 2014, the proceeds from the sale of the common shares
of the Company were used by EVI to redeem the preference shares held by B2Gold
Namibia for 59.3 million Namibian dollars ($5.5 million). In addition, EVI also
agreed to exercise its right to acquire an additional 2% interest in the
Otjikoto gold project for a purchase price of $5 million.</P>
<P style="MARGIN-LEFT: 5%" align=justify>On April 10, 2013, BKWE Ventures
Limited (&#147;BKWE&#148;), a wholly-owned subsidiary of the Company, entered into a loan
agreement with EVI pursuant to which BKWE agreed to loan up to $11.6 million to
EVI so that EVI could satisfy the payments required under the Investment
Agreement, including the cash payment for the purchase for common shares and the
acquisition of the additional 2% interest in the Otjikoto gold project. The
loans accrue interest at a rate of up to 5% per annum and are secured by a
pledge of the shares of the Company and B2Gold Namibia that are held by EVI. The
loan is expected to be repaid from EVI&#146;s share of available cash from the
operations of the Otjikoto gold mine.</P>
<P style="MARGIN-LEFT: 5%" align=justify>On July 9, 2013, EVI exercised its
right to acquire the additional 2% interest in the Otjikoto Project.
Accordingly, the Company and EVI now hold a 90% and 10% interest, respectively,
in the Otjikoto Project and EVI has no further right to increase its interest in
the Otjikoto Project. For accounting purposes, as the issuance of common shares
in the Company&#146;s subsidiary, B2Gold Namibia, did not result in a loss of
control, the dilution of the Company's aggregate interest in its subsidiary and
corresponding increase in the non-controlling interest of $2.6
million was accounted for within Shareholders' Equity in accordance with the
consideration received.</P>
<P align=right>19</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_27></A>
<P align=justify><B><I>B2GOLD CORP.</I></B></P>
<P align=justify><B><I>NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS</I></B><BR><B><I>December 31, 2013 and 2012</I></B><BR>(All tabular
amounts are in thousands of United States dollars unless otherwise stated)</P>
<P style="MARGIN-LEFT: 5%" align=justify>During 2013, the Company capitalized
interest costs on its borrowings attributable to funds spent on Otjikoto
(subsequent to the issuance of the related loans) in the amount of $2.5 million.
This interest was calculated on an effective interest basis on the Company&#146;s
aggregate borrowings which includes the convertible senior subordinated notes
and the revolving corporate credit facility (Note 13).</P>
<P style="MARGIN-LEFT: 5%" align=justify><B><I>Kiaka</I></B><br>
  The Company owns a 90% interest in the
Kiaka project following its acquisition of Volta in December 2013. The property
is located in south central Burkina Faso. The current exploration licence (the
&#147;Kiaka Licence&#148;) is 100% owned by the Company (indirectly through its subsidiary
Kiaka Gold SARL), subject to a 10% carried interest held by GAMS &#150; Mining
F&amp;I Ltd. (&#147;GAMS&#148;), a Cypriot company with local Burkinabe affiliates. This
carried interest entitles GAMS, following the completion of a definitive
feasibility study, to participate pro-rata in the development and construction
of a mine. Pursuant to applicable mining law, when the project advances to
development and production stage, an operating company will be formed with each
Kiaka Gold SARL and GAMS contributing 9% and 1%, respectively, to the Burkinabe
government&#146;s 10% carried interest.</P>
<P style="MARGIN-LEFT: 5%" align=justify><B><I>Calibre</I></B><br>
  On September 9, 2013, the Company and
Calibre Mining Corp. (&#147;Calibre&#148;) entered into a joint operation agreement (the
&#147;JV Agreement&#148;), which superseded the letter agreement between the parties dated
April 24, 2013 (the &#147;Letter Agreement&#148;), to govern the joint operation between
the parties with respect to the operations at the Primavera Gold-Copper Porphyry
Project in northeast Nicaragua. Calibre currently has a 49% interest in the
project, while the Company has a 51% interest and is the project operator. Under
the terms of the JV Agreement, the Company was granted an option to earn an
additional 19% interest in and to the project, for a total interest of 70%, by
spending Cdn.$6 million in additional project expenditures on or prior to April
24, 2016. Upon entering into the JV Agreement, the original Option Agreement
between the Company and Calibre (entered into in June 2009 and amended in July
2010 and October 2010) was terminated and superseded in its entirety by the JV
Agreement.</P>
<P style="MARGIN-LEFT: 5%" align=justify>In conjunction with the Letter
Agreement, Calibre applied to the TSX Venture Exchange (the &#147;Exchange&#148;) to
approve amendments to the terms of 10 million common share purchase warrants
(the &#147;Warrants&#148;) of Calibre held by the Company. The Warrants were issued to the
Company pursuant to a non-brokered private placement of 20 million units at a
price of Cdn.$0.25 per unit, which closed on May 2, 2012. Each unit consisted of
one common share and one-half of one Warrant, with each Warrant entitling the
Company to purchase an additional common share of the Company until May 2, 2013
at an exercise price of Cdn.$0.50. Pursuant to the amendments, the Warrants were
amended by extending the term of the Warrants by one additional year from May 2,
2013 to May 2, 2014 (the &#147;Amended Expiry Date&#148;) and by reducing the exercise
price of the Warrants from Cdn.$0.50 to Cdn.$0.10 (the &#147;Amended Exercise
Price&#148;).</P>
<P style="MARGIN-LEFT: 5%" align=justify>If during the term of the amended
Warrants, the closing price of Calibre&#146;s common shares on the Exchange is equal
to or greater than during a period of 10 consecutive trading days the Amended
Exercise Price by 25%, then the Amended Expiry Date will be deemed to be
automatically accelerated as a result of which the amended Warrants will expire
on the earlier of the 37th calendar day following the tenth trading day and the
Amended Expiry Date. All other terms and conditions of the Warrants remained
unchanged.</P>
<P style="MARGIN-LEFT: 5%" align=justify><B><I>Bellavista</I></B><br>
  On June 21, 2013, the Company completed
an option to purchase agreement with Alray Investments Inc. (the "Optionee"), a
private company, pursuant to which the Company agreed to grant the Optionee an
option to purchase a 100% interest in the Company's Bellavista project located
in Miramar, Costa Rica. The Optionee has the right to exercise the option at any
time prior to October 22, 2014. On the exercise of the option, the transaction will be
structured as an acquisition by the Optionee of 100% of the issued and
outstanding shares of Central Sun Mining Enterprises Ltd. (&#147;CSME&#148;), which
indirectly holds the 100% interest in the Bellavista project. During the term of
the option, the Optionee will be entitled to undertake project assessment work,
including conducting diamond drilling, metallurgical testing and other
exploration programs. In order to exercise the option, the Optionee is required
to pay to the Company an administration fee, grant the Company a 2% net smelter
returns royalty on the sale of minerals produced from the Bellavista project and
pay certain amounts in respect of equipment that is owned by CSME and its
subsidiaries at the time that the option is exercised.</P>
<P align=right>20</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_28></A>
<P align=justify><B><I>B2GOLD CORP.</I></B></P>
<P align=justify><B><I>NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS</I></B><BR><B><I>December 31, 2013 and 2012</I></B><BR>(All tabular
amounts are in thousands of United States dollars unless otherwise stated)</P>
<P style="MARGIN-LEFT: 5%" align=justify><B><I>Cebollati</I></B><br>
  On September 2, 2010, the Company
entered into an agreement (the &#147;Cebollati Option Agreement&#148;) with Weeping Apple
S.A., a private Uruguayan company, to option the Cebollati property located in
Uruguay. Pursuant to the terms of the Cebollati Option Agreement, the Company
earned an 80% interest in the Cebollati Property by paying an aggregate of $1
million. On January 31, 2012, the Company made the final cash payment under the
Cebollati Option Agreement and now holds an 80% interest in the Cebollati
property. The Company was required to fund all exploration work through
feasibility and was subject to the continuing obligations set out in the
Cebollati Option Agreement.</P>
<P style="MARGIN-LEFT: 5%" align=justify>In the third quarter of 2013, the
Company made a decision not to continue exploring the Cebollati property. As a
result, the carrying value of the Cebollati property was written off in the
amount of $9.6 million. The Company is currently looking to sell its interest in
the property.</P>
<P style="MARGIN-LEFT: 5%" align=justify><B><I>Trebol and Pavon
properties</I></B><br>
On April 9, 2012, the Company and
Radius announced that the two companies had entered into a binding letter
agreement pursuant to which the Company agreed, among other things, to acquire a
100% interest in the Trebol and Pavon gold properties in Nicaragua in
consideration of Cdn.$20 million, payable in 4,815,894 common shares of B2Gold
(calculated at a price per share of Cdn.$4.15 based on the volume weighted
average price of B2Gold&#146;s common shares on the TSX for the ten trading days
immediately preceding the date of the letter agreement). In addition, the
Company 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) on the Trebol property. Based on a previous joint
operation agreement with Radius, the Company had earned a 60% interest in the
Trebol and Pavon properties by expending a total of $4 million on exploration,
resulting in a 60% - 40% B2Gold &#150; Radius joint operation. The parties entered
into a definitive share purchase agreement dated July 24, 2012 and completed the
transaction on August 10, 2012.</P>
<P style="MARGIN-LEFT: 5%" align=justify>In connection with the transaction, the
Company and Radius terminated all other aspects of the existing option and joint
operation arrangements entered into between the parties in December 2009 in
respect of the Trebol, Pavon and San Pedro exploration properties.</P>
<P style="MARGIN-LEFT: 5%" align=justify>The Company and Radius have also
entered into a joint operation agreement on 60% - 40% basis with respect to each
of the San Jose and La Magnolia properties in Nicaragua and continue jointly
exploring the properties with the Company and Radius contributing 60% and 40%
respectively, of the exploration expenditures of each joint operation.</P>
<P style="MARGIN-LEFT: 5%" align=justify>Under IFRS, the actual measurement date
of the purchase price occurs on the date the consideration is paid.
Consequently, for accounting purposes, the acquisition cost of the Trebol and
Pavon properties was $16.9 million, consisting of $16.8 million, being the fair
value of 4,815,894 B2Gold shares issued on August 10, 2012 at Cdn.$3.46 per
share (the closing share price of B2Gold shares on August 10, 2012), plus B2Gold
transaction costs of $0.1 million.</P>
<P align=right>21</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_29></A>
<P align=justify><B><I>B2GOLD CORP.</I></B></P>
<P align=justify><B><I>NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS</I></B><BR><B><I>December 31, 2013 and 2012</I></B><BR>(All tabular
amounts are in thousands of United States dollars unless otherwise stated)</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B><I>12</I></B> </TD>
    <TD>
      <P align=justify><B><I>Other assets</I></B></P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="12%"><B><I>2013</I></B> </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="12%"><B><I>2012</I></B> </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="1%"
    ><B><I></I></B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="12%"><STRONG><EM>$</EM></STRONG></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="1%"
    ><B><I></I></B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="12%"><STRONG><EM>$</EM></STRONG></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>EVI loan receivable, including accrued
      interest <I>(Note 11)</I> </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff><B>11,898</B> </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>Reclamation deposits </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%"><B>1,495</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">652 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Debt service reserve account <I>(Note
      13)</I> </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff><B>1,149</B> </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>Other </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%"><B>1,528</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">1,439
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD bgColor=#e6efff>&nbsp; </TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="12%"><B>16,070</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%">2,091
    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B><I>13</I></B> </TD>
    <TD>
      <P align=justify><B><I>Long-term debt</I></B></P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=center width="11%"><B><I>2013</I></B> </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="11%"><B><I>2012</I></B> </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    ><B><I></I></B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="11%"><STRONG><EM>$</EM></STRONG></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="1%"
    ><B><I></I></B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="11%"><STRONG><EM>$</EM></STRONG></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD align=center width="11%">&nbsp; </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="11%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Convertible senior subordinated notes: </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="11%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="11%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp;- Principal amount owing at December 31, 2013
    </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="11%"><B>258,750</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="11%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;- Less: fair value adjustment
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="11%"
    bgColor=#e6efff><B>(21,196</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff><B>)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="11%"
    bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="11%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="11%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="11%"
    bgColor=#e6efff><B>237,554</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="11%"
    bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="11%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="11%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Revolving corporate credit facility: </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="11%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="11%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp;- Principal amount owing at December 31, 2013
    </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="11%"><B>50,000</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="11%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;- Less: unamortized
      transaction costs </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="11%"
    bgColor=#e6efff><B>(3,399</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff><B>)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="11%"
    bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="11%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="11%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="11%"
    bgColor=#e6efff><B>46,601</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="11%"
    bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="11%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="11%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Equipment loans/finance lease obligations:
    </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="11%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="11%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp;- Masbate finance lease obligations </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="11%"><B>17,273</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="11%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp;&nbsp;&nbsp;- Otjikoto equipment loan
      facility (net of unamortized transaction costs of approximately $1
      million) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="11%" bgColor=#e6efff><B>9,168</B> </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="11%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp;- Libertad equipment loan </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="11%"><B>2,816</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="11%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD bgColor=#e6efff>&nbsp; </TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="11%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="11%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="11%"><B>29,257</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="11%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD bgColor=#e6efff>&nbsp; </TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="11%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="11%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="11%"><B>313,412</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="11%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD bgColor=#e6efff>&nbsp; </TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="11%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="11%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>Less: current portion </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="11%"><B>(12,965</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    ><B>)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="11%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD bgColor=#e6efff>&nbsp; </TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="11%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="11%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="11%"><B>300,447</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="11%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify><B><I>Convertible senior subordinated
notes</I></B><br>
On August 23, 2013, the Company issued
convertible senior subordinated notes (&#147;the notes&#148;) with an aggregate principal
amount of $258.75 million. The notes bear interest at a rate of 3.25% per annum,
payable semi-annually on April 1<SUP>st </SUP>and October 1<SUP>st </SUP>of each
year commencing from April 1, 2014. The notes will mature on October 1, 2018.
The notes are subordinated in right of payment to any existing and future senior
indebtedness, including indebtedness under the senior secured credit facility.
The notes will rank senior in right of payment to any future subordinated
borrowings. The notes are effectively junior to any secured indebtedness and the
notes are structurally subordinated to all indebtedness and other liabilities of
the Company&#146;s subsidiaries.</P>
<P align=right>22</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_30></A>
<P align=justify><B><I>B2GOLD CORP.</I></B></P>
<P align=justify><B><I>NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS</I></B><BR><B><I>December 31, 2013 and 2012</I></B><BR>(All tabular
amounts are in thousands of United States dollars unless otherwise stated)</P>
<P style="MARGIN-LEFT: 5%" align=justify>Holders of the notes may convert the
notes at their option at any time from July 1, 2018 to the maturity date. The
notes will be convertible, at the holder&#146;s option, at a conversion rate of
254.2912 common shares for every $1,000 principal amount of notes (equal to an
initial conversion price of approximately $3.93 per common share), subject to
adjustments in certain events. In addition, the holder has the right to exercise
the conversion option from January 1, 2014 to July 1, 2018, if (i) the market
price of B2Gold common shares for at least 20 trading days during a period of 30
consecutive trading days is greater than or equal to 130% of the conversion
price on each applicable trading day, (ii) during the 5 business day period
after any consecutive 5 trading day period (the &#147;measurement period&#148;) in which
the trading price per $1,000 principal amount of the notes for each trading day
in the measurement period was less than 98% of the product of the last reported
sales price of B2Gold common shares and the conversion rate on each such trading
day, (iii) the notes are called for redemption or (iv) upon occurrence of
certain corporate events. The Company may upon conversion by the holder, elect
to settle in either cash, common shares, or a combination of cash and common
shares, subject to certain circumstances.</P>
<P style="MARGIN-LEFT: 5%" align=justify>The Company may not redeem the notes
prior to October 6, 2016, except in the event of certain changes in Canadian tax
law. On or after October 6, 2016, the Company may redeem for cash, subject to
certain conditions, any or all of the notes, at its option, if the last reported
sales price of the Company&#146;s common shares for at least 20 trading days during
any 30 consecutive trading day period ending within 5 trading days immediately
preceding the date on which the Company provides notice of redemption exceeds
130% of the applicable conversion price on each applicable trading day. The
Company may also redeem the notes, if tax laws related to Canadian withholding
tax change subject to certain further conditions.</P>
<P style="MARGIN-LEFT: 5%" align=justify>For accounting purposes, the Company
has designated the notes at fair value through profit or loss (&#147;FVTPL&#148;). The
equity conversion option was not separately classified as equity, since the
Company has the ability to settle the option at fair value in cash, common
shares or a combination of cash and common shares in certain circumstances. The
Company does not separately account for the fair value of the equity conversion
option as a derivative, as it has classified the entire notes as a liability
accounted for at FVTPL. The notes were initially recognized at fair value on the
balance sheet with all subsequent changes in fair value being recorded
immediately in the statement of operations. Transaction costs directly
attributable to the issuance of the notes were immediately expensed in the
statement of operations in the amount of $9.7 million.</P>
<P style="MARGIN-LEFT: 5%" align=justify>The notes are measured at fair value on
each financial reporting period-end date. The fair value of the notes is
determined from the quoted price of the notes that are traded in an
over-the-counter broker market. The fair value measurement is categorized in
Level 2 of the fair value hierarchy for disclosure of the method used to
estimate fair value under IFRS 13 &#147;Fair Value Measurement&#148; (as the Company is
valuing the notes using the quoted price of the notes traded by other parties as
assets in the over-the-counter broker market). Interest expense related to the
notes is disclosed as part of the overall change in fair value of the notes in
the statement of operations.</P>
<P style="MARGIN-LEFT: 5%" align=justify>The overall change in fair value of the
notes during the year ended December 31, 2013 was a reduction in value of $21.2
million which included accrued contractual interest of $3 million. The change in
fair value of the notes recognized in the statement of operations was reduced by
$1.6 million of interest expense which was attributable to eligible expenditures
on the Ojikoto property and capitalized to the carrying amount of the
property.</P>
<P style="MARGIN-LEFT: 5%" align=justify><B><I>Revolving corporate credit
facility</I></B><br>
On April 16, 2013, the Company
announced the closing of a new senior secured revolving credit facility (&#147;Senior
Credit Facility&#148;) with a syndicate of banks. The Senior Credit Facility is
comprised of three tranches of $50 million each for a total of $150 million and
has replaced the prior $25 million revolving credit facility with Macquarie Bank
Limited. The term of the Senior Credit Facility will be for a period of four
years with a final repayment date of March 28, 2017 and the facility has an
interest rate of LIBOR plus a margin of 3.5%. The commitment fee on undrawn
amounts under the Senior Credit Facility is 1.0% per annum calculated daily, provided
that, if the conditions precedent to the first drawdown under tranche 2 or
tranche 3 have been satisfied, and less than $50 million is drawn under the
Senior Credit Facility, the applicable rate for calculation of the commitment
fees on all undrawn amounts shall be increased to 1.25% per annum.</P>
<P align=right>23</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_31></A>
<P align=justify><B><I>B2GOLD CORP.</I></B></P>
<P align=justify><B><I>NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS</I></B><BR><B><I>December 31, 2013 and 2012</I></B><BR>(All tabular
amounts are in thousands of United States dollars unless otherwise stated)</P>
<P style="MARGIN-LEFT: 5%" align=justify>The Senior Credit Facility is a
revolving facility and is being used to fund construction and development costs
related to the Otjikoto Project in Namibia and for general corporate purposes.
The Senior Credit Facility is secured by a general security agreement from the
Company granting a security interest over the Company&#146;s assets, pledges creating
a charge over the shares of certain of the Company&#146;s direct and indirect
subsidiaries and guarantees from certain of the Company&#146;s subsidiaries
guaranteeing the obligations of the Company relating to the Senior Credit
Facility and in certain cases, security from the guarantors, all in favour of
the Lenders. In connection with the Senior Credit Facility, the Company must
also maintain certain liquidity and ratios for current assets and liabilities,
leverage, interest coverage and net worth. As at December 31, 2013, the Company
was in compliance with these debt covenants.</P>
<P style="MARGIN-LEFT: 5%" align=justify>Transaction costs relating to the
Senior Credit Facility totalled $4 million and are being recognized over the
term of the facility using the effective interest rate method. The principal
amount owing under the Senior Credit Facility has been presented on the
Consolidated Balance Sheet net of the unamortized balance of transaction
costs.</P>
<P style="MARGIN-LEFT: 5%" align=justify>As at December 31, 2013, the Company
had drawn down a net total of $50 million under the Senior Credit Facility,
leaving an unused balance of $100 million. In the first quarter of 2013, the
Company drew down $25 million under its then existing revolving credit facility.
This facility was repaid in April 2013 with drawdowns on the new $150 million
Senior Credit Facility. In addition, in the second and third quarters of 2013,
the Company drew down another $25 million and $50 million, respectively. On
August 26, 2013, the Company repaid $50 million using a portion of the proceeds
from the issuance of the convertible notes.</P>
<P style="MARGIN-LEFT: 5%" align=justify>Subsequent to December 31, 2013, the
Company entered into an amending agreement pursuant to which the facility amount
of the Senior Credit Facility was increased by $50 million to a total amount of
$200 million, subject to updating security documents to reflect the increased
amount of the facility.</P>
<P style="MARGIN-LEFT: 5%" align=justify><B><I>Masbate project loan
facility</I></B><br>
On May 26, 2008, CGA had secured an
$80.3 million project finance facility arranged by BNP Paribas Bank (as a
syndicated facility) (the &#147;Masbate Facility&#148;), which was fully drawn during
CGA&#146;s 2009 financial year to fund the development of the Masbate Mine. The
Masbate Facility bore interest at a rate of LIBOR plus 3.15% per annum and was
collateralized against the Masbate Mine. The Masbate Facility included customary
covenants for debt financings of this type. On January 16, 2013, upon the
acquisition of CGA, there was an outstanding balance of approximately $18.5
million under the Masbate Facility.</P>
<P style="MARGIN-LEFT: 5%" align=justify>On March 28, 2013, the Company made a
principal repayment of $4.5 million on the Masbate Facility. On June 28, 2013,
the Company made a final repayment of approximately $14 million, paying off the
Masbate Facility in full. Restricted cash of $9 million which had been held with
BNP Paribas Bank as required under the Masbate Facility Project facility
agreement was released to the Company.</P>
<P style="MARGIN-LEFT: 5%" align=justify><B><I>Masbate finance lease
obligations</I></B><br>
CGA, through several of its
subsidiaries, entered into a finance lease for certain mobile equipment at the
Masbate operations. The lease details are specified in a mining services
agreement with Leighton Contractors (Philippines) Incorporated and Leighton
Holdings Limited (&#147;Leighton&#148;). The leased assets have terms that are between
three and six years, up to March 2017. The Company has determined that the lease
represents a finance lease and that the risks and benefits under this lease
arrangement reside with a subsidiary of CGA. The Company
has assumed CGA&#146;s finance lease obligations as a result of the acquisition of
CGA on January 16, 2013.</P>
<P align=right>24</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_32></A>
<P align=justify><B><I>B2GOLD CORP.</I></B></P>
<P align=justify><B><I>NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS</I></B><BR><B><I>December 31, 2013 and 2012</I></B><BR>(All tabular
amounts are in thousands of United States dollars unless otherwise stated)</P>
<P style="MARGIN-LEFT: 5%" align=justify>As at December 31, 2013, the finance
lease was composed of the following obligations:</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD width="12%" align=center nowrap>&nbsp; </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="12%" align=center nowrap><B><I>Present value</I></B> </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD width="12%" align=center nowrap><B><I>Minimum lease</I></B> </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="12%" align=center nowrap><B><I>of minimum</I></B> </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD width="12%" align=center nowrap><B><I>payments</I></B> </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="12%" align=center nowrap><B><I>lease payments</I></B> </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="1%"
    ><B><I></I></B></TD>
    <TD
      width="12%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"><STRONG><EM>$</EM></STRONG></TD>
    <TD width="2%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="1%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"
    ><B><I></I></B></TD>
    <TD
      width="12%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"><STRONG><EM>$</EM></STRONG></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Not later than one year </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff><B>7,863</B> </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff><B>7,307</B> </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>Later than one year and not later than five years </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%"><B>10,726</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%"><B>9,966</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD bgColor=#e6efff>&nbsp; </TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%"><B>18,589</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%"><B>17,273</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Less future finance charges </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff><B>(1,316</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff><B>)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff><B>-</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Present value of minimum lease payments </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff><B>17,273</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff><B>17,273</B> </TD>
<TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify><B><I>Otjikoto equipment loan
facility</I></B><br>
On December 4, 2013, a subsidiary of
the Company, B2Gold Namibia Minerals (Proprietary) Limited (the "Borrower")
entered into a $40.9 million term loan facility with Caterpillar Financial SARL,
as arranger, and Caterpillar Financial Services Corporation, as original lender,
to finance or refinance equipment at the Company's Otjikoto project. Loans may
be advanced under the facility until June, 30 2015, and each loan is repayable
in 20 equal quarterly installments. The final repayment date shall be the
earlier of the date when the last loan advanced under the facility falls due and
June 30, 2020. The facility has an interest rate of LIBOR plus a margin of 3.85%
on loans advanced under the facility and a commitment fee of 1.2% per annum on
the undrawn balance of the facility, each payable quarterly. At December 31,
2013, the Borrower had drawn $10.2 million under the facility. Transaction costs
relating to the facility totalled approximately $1 million and are being
recognized over the term of the facility using the effective interest rate
method. The principal amount owing under the facility has been presented on the
consolidated Balance Sheet net of the unamortized balance of transaction
costs.</P>
<P style="MARGIN-LEFT: 5%" align=justify>The Borrower is required to maintain a
deposit in a debt service reserve account ("DSRA") with HSBC Bank Bermuda
Limited equal at all times to the total of the principal, interest and other
payments that become payable over the next six month period. At December 31,
2013, the balance in the DSRA was $1.1 million.</P>
<P style="MARGIN-LEFT: 5%" align=justify>The indebtedness of the Borrower under
the facility is secured by a Namibian law general notarial bond granting
security over all of the movable assets of the Borrower, a Bermudan law debt
service reserve account security agreement granting security over the DSRA, a
Namibian law cession in securitatem agreement granting security over all of the
Borrower's rights under any existing or future warranty in connection with the
purchase of equipment, and by guarantees of the Company and B2Gold Namibia
(Proprietary) Limited.</P>
<P style="MARGIN-LEFT: 5%" align=justify><B><I>Libertad equipment
loan</I></B><br>
During the first quarter of 2013, a
subsidiary of the Company purchased mobile heavy equipment valued at $4.2
million for its Libertad operation. The Company paid 20% of the value of the
equipment in cash and entered into two credit contracts with Caterpillar Cr&#233;dito
S.A de C.V for the remaining 80%. The contracts have a sixty month term, with
quarterly payments of principal and interest at a variable rate of LIBOR plus
4.1%. The loan is secured by the equipment.</P>
<P align=right>25</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_33></A>
<P align=justify><B><I>B2GOLD CORP.</I></B></P>
<P align=justify><B><I>NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS</I></B><BR><B><I>December 31, 2013 and 2012</I></B><BR>(All tabular
amounts are in thousands of United States dollars unless otherwise stated)</P>
<P style="MARGIN-LEFT: 5%" align=justify>The following table summarizes the
Company&#146;s scheduled debt repayments on its outstanding debt as at December 31,
2013:</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 8pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD align=left >&nbsp; </TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="6%"><B><I>2014</I></B> </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="6%"><B><I>2015</I></B> </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="6%"><B><I>2016</I></B> </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="6%"><B><I>2017</I></B> </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="6%"><B><I>2018</I></B> </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="6%"><B><I>Total</I></B> </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="1%"
    ><B><I></I></B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="6%"><STRONG><EM>$</EM></STRONG></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="1%"
    ><B><I></I></B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="6%"><STRONG><EM>$</EM></STRONG></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="1%"
    ><B><I></I></B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="6%"><STRONG><EM>$</EM></STRONG></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="1%"
    ><B><I></I></B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="6%"><STRONG><EM>$</EM></STRONG></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="1%"
    ><B><I></I></B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="6%"><STRONG><EM>$</EM></STRONG></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="1%"
    ><B><I></I></B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="6%"><STRONG><EM>$</EM></STRONG></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD >&nbsp; </TD>
    <TD width="1%" valign="bottom" >&nbsp;</TD>
    <TD width="6%" valign="bottom">&nbsp; </TD>
    <TD width="2%" valign="bottom" >&nbsp;</TD>
    <TD width="1%" valign="bottom" >&nbsp;</TD>
    <TD width="6%" valign="bottom">&nbsp; </TD>
    <TD width="2%" valign="bottom" >&nbsp;</TD>
    <TD width="1%" valign="bottom" >&nbsp;</TD>
    <TD width="6%" valign="bottom">&nbsp; </TD>
    <TD width="2%" valign="bottom" >&nbsp;</TD>
    <TD width="1%" valign="bottom" >&nbsp;</TD>
    <TD width="6%" valign="bottom">&nbsp; </TD>
    <TD width="2%" valign="bottom" >&nbsp;</TD>
    <TD width="1%" valign="bottom" >&nbsp;</TD>
    <TD width="6%" valign="bottom">&nbsp; </TD>
    <TD width="2%" valign="bottom" >&nbsp;</TD>
    <TD width="1%" valign="bottom" >&nbsp;</TD>
    <TD width="6%" valign="bottom">&nbsp; </TD>
    <TD width="2%" valign="bottom" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff >Convertible senior
      subordinated notes: </TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="6%" align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="6%" align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="6%" align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="6%" align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="6%" align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="6%" align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp; &nbsp;- Principal </TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="6%" align=right valign="bottom">- </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="6%" align=right valign="bottom">- </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="6%" align=right valign="bottom">- </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="6%" align=right valign="bottom">- </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="6%" align=right valign="bottom">258,750 </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="6%" align=right valign="bottom">258,750 </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff >&nbsp; &nbsp;- Interest </TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="6%" align=right valign="bottom" bgColor=#e6efff>9,321 </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="6%" align=right valign="bottom" bgColor=#e6efff>8,409 </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="6%" align=right valign="bottom" bgColor=#e6efff>8,409 </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="6%" align=right valign="bottom" bgColor=#e6efff>8,409 </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="6%" align=right valign="bottom" bgColor=#e6efff>8,409 </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="6%" align=right valign="bottom" bgColor=#e6efff>42,957 </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD >&nbsp; </TD>
    <TD width="1%" valign="bottom" >&nbsp;</TD>
    <TD width="6%" valign="bottom">&nbsp; </TD>
    <TD width="2%" valign="bottom" >&nbsp;</TD>
    <TD width="1%" valign="bottom" >&nbsp;</TD>
    <TD width="6%" valign="bottom">&nbsp; </TD>
    <TD width="2%" valign="bottom" >&nbsp;</TD>
    <TD width="1%" valign="bottom" >&nbsp;</TD>
    <TD width="6%" valign="bottom">&nbsp; </TD>
    <TD width="2%" valign="bottom" >&nbsp;</TD>
    <TD width="1%" valign="bottom" >&nbsp;</TD>
    <TD width="6%" valign="bottom">&nbsp; </TD>
    <TD width="2%" valign="bottom" >&nbsp;</TD>
    <TD width="1%" valign="bottom" >&nbsp;</TD>
    <TD width="6%" valign="bottom">&nbsp; </TD>
    <TD width="2%" valign="bottom" >&nbsp;</TD>
    <TD width="1%" valign="bottom" >&nbsp;</TD>
    <TD width="6%" valign="bottom">&nbsp; </TD>
    <TD width="2%" valign="bottom" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff >Revolving corporate credit
      facility: </TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="6%" align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="6%" align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="6%" align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="6%" align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="6%" align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="6%" align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp; &nbsp;- Principal </TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="6%" align=right valign="bottom">- </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="6%" align=right valign="bottom">- </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="6%" align=right valign="bottom">- </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="6%" align=right valign="bottom">50,000 </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="6%" align=right valign="bottom">- </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="6%" align=right valign="bottom">50,000 </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff >&nbsp; &nbsp;- Interest &amp;
      commitment fees (estimated) </TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="6%" align=right valign="bottom" bgColor=#e6efff>2,251 </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="6%" align=right valign="bottom" bgColor=#e6efff>2,251 </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="6%" align=right valign="bottom" bgColor=#e6efff>2,251 </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="6%" align=right valign="bottom" bgColor=#e6efff>876 </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="6%" align=right valign="bottom" bgColor=#e6efff>- </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="6%" align=right valign="bottom" bgColor=#e6efff>7,629 </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD >&nbsp; </TD>
    <TD width="1%" valign="bottom" >&nbsp;</TD>
    <TD width="6%" valign="bottom">&nbsp; </TD>
    <TD width="2%" valign="bottom" >&nbsp;</TD>
    <TD width="1%" valign="bottom" >&nbsp;</TD>
    <TD width="6%" valign="bottom">&nbsp; </TD>
    <TD width="2%" valign="bottom" >&nbsp;</TD>
    <TD width="1%" valign="bottom" >&nbsp;</TD>
    <TD width="6%" valign="bottom">&nbsp; </TD>
    <TD width="2%" valign="bottom" >&nbsp;</TD>
    <TD width="1%" valign="bottom" >&nbsp;</TD>
    <TD width="6%" valign="bottom">&nbsp; </TD>
    <TD width="2%" valign="bottom" >&nbsp;</TD>
    <TD width="1%" valign="bottom" >&nbsp;</TD>
    <TD width="6%" valign="bottom">&nbsp; </TD>
    <TD width="2%" valign="bottom" >&nbsp;</TD>
    <TD width="1%" valign="bottom" >&nbsp;</TD>
    <TD width="6%" valign="bottom">&nbsp; </TD>
    <TD width="2%" valign="bottom" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff >Masbate finance lease
      obligations<SUP>1 </SUP>: </TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="6%" align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="6%" align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="6%" align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="6%" align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="6%" align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="6%" align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp; &nbsp;- Principal </TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="6%" align=right valign="bottom">7,307 </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="6%" align=right valign="bottom">5,268 </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="6%" align=right valign="bottom">1,314 </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="6%" align=right valign="bottom">3,384 </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="6%" align=right valign="bottom">- </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="6%" align=right valign="bottom">17,273 </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff >&nbsp; &nbsp;- Interest </TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="6%" align=right valign="bottom" bgColor=#e6efff>557 </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="6%" align=right valign="bottom" bgColor=#e6efff>378 </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="6%" align=right valign="bottom" bgColor=#e6efff>289 </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="6%" align=right valign="bottom" bgColor=#e6efff>92 </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="6%" align=right valign="bottom" bgColor=#e6efff>- </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="6%" align=right valign="bottom" bgColor=#e6efff>1,316 </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD >&nbsp; </TD>
    <TD width="1%" valign="bottom" >&nbsp;</TD>
    <TD width="6%" valign="bottom">&nbsp; </TD>
    <TD width="2%" valign="bottom" >&nbsp;</TD>
    <TD width="1%" valign="bottom" >&nbsp;</TD>
    <TD width="6%" valign="bottom">&nbsp; </TD>
    <TD width="2%" valign="bottom" >&nbsp;</TD>
    <TD width="1%" valign="bottom" >&nbsp;</TD>
    <TD width="6%" valign="bottom">&nbsp; </TD>
    <TD width="2%" valign="bottom" >&nbsp;</TD>
    <TD width="1%" valign="bottom" >&nbsp;</TD>
    <TD width="6%" valign="bottom">&nbsp; </TD>
    <TD width="2%" valign="bottom" >&nbsp;</TD>
    <TD width="1%" valign="bottom" >&nbsp;</TD>
    <TD width="6%" valign="bottom">&nbsp; </TD>
    <TD width="2%" valign="bottom" >&nbsp;</TD>
    <TD width="1%" valign="bottom" >&nbsp;</TD>
    <TD width="6%" valign="bottom">&nbsp; </TD>
    <TD width="2%" valign="bottom" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff >Otjikoto equipment loan
      facility: </TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="6%" align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="6%" align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="6%" align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="6%" align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="6%" align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="6%" align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp; &nbsp;- Principal </TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="6%" align=right valign="bottom">2,030 </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="6%" align=right valign="bottom">2,030 </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="6%" align=right valign="bottom">2,030 </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="6%" align=right valign="bottom">2,030 </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="6%" align=right valign="bottom">2,030 </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="6%" align=right valign="bottom">10,150 </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff >&nbsp; &nbsp;- Interest
      (estimated) </TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="6%" align=right valign="bottom" bgColor=#e6efff>731 </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="6%" align=right valign="bottom" bgColor=#e6efff>516 </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="6%" align=right valign="bottom" bgColor=#e6efff>218 </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="6%" align=right valign="bottom" bgColor=#e6efff>135 </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="6%" align=right valign="bottom" bgColor=#e6efff>52 </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="6%" align=right valign="bottom" bgColor=#e6efff>1,652 </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD >&nbsp; </TD>
    <TD width="1%" valign="bottom" >&nbsp;</TD>
    <TD width="6%" valign="bottom">&nbsp; </TD>
    <TD width="2%" valign="bottom" >&nbsp;</TD>
    <TD width="1%" valign="bottom" >&nbsp;</TD>
    <TD width="6%" valign="bottom">&nbsp; </TD>
    <TD width="2%" valign="bottom" >&nbsp;</TD>
    <TD width="1%" valign="bottom" >&nbsp;</TD>
    <TD width="6%" valign="bottom">&nbsp; </TD>
    <TD width="2%" valign="bottom" >&nbsp;</TD>
    <TD width="1%" valign="bottom" >&nbsp;</TD>
    <TD width="6%" valign="bottom">&nbsp; </TD>
    <TD width="2%" valign="bottom" >&nbsp;</TD>
    <TD width="1%" valign="bottom" >&nbsp;</TD>
    <TD width="6%" valign="bottom">&nbsp; </TD>
    <TD width="2%" valign="bottom" >&nbsp;</TD>
    <TD width="1%" valign="bottom" >&nbsp;</TD>
    <TD width="6%" valign="bottom">&nbsp; </TD>
    <TD width="2%" valign="bottom" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff >Libertad equipment loan: </TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="6%" align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="6%" align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="6%" align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="6%" align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="6%" align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="6%" align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp; &nbsp;- Principal </TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="6%" align=right valign="bottom">605 </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="6%" align=right valign="bottom">665 </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="6%" align=right valign="bottom">665 </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="6%" align=right valign="bottom">665 </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="6%" align=right valign="bottom">216 </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="6%" align=right valign="bottom">2,816 </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff >&nbsp; &nbsp;- Interest
      (estimated) </TD>
    <TD width="1%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="6%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">104 </TD>
    <TD width="2%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="6%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">86 </TD>
    <TD width="2%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="6%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">57 </TD>
    <TD width="2%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="6%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">28 </TD>
    <TD width="2%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="6%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">2 </TD>
    <TD width="2%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="6%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">277 </TD>
    <TD width="2%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD >&nbsp; </TD>
    <TD width="1%" valign="bottom" >&nbsp;</TD>
    <TD width="6%" valign="bottom">&nbsp; </TD>
    <TD width="2%" valign="bottom" >&nbsp;</TD>
    <TD width="1%" valign="bottom" >&nbsp;</TD>
    <TD width="6%" valign="bottom">&nbsp; </TD>
    <TD width="2%" valign="bottom" >&nbsp;</TD>
    <TD width="1%" valign="bottom" >&nbsp;</TD>
    <TD width="6%" valign="bottom">&nbsp; </TD>
    <TD width="2%" valign="bottom" >&nbsp;</TD>
    <TD width="1%" valign="bottom" >&nbsp;</TD>
    <TD width="6%" valign="bottom">&nbsp; </TD>
    <TD width="2%" valign="bottom" >&nbsp;</TD>
    <TD width="1%" valign="bottom" >&nbsp;</TD>
    <TD width="6%" valign="bottom">&nbsp; </TD>
    <TD width="2%" valign="bottom" >&nbsp;</TD>
    <TD width="1%" valign="bottom" >&nbsp;</TD>
    <TD width="6%" valign="bottom">&nbsp; </TD>
    <TD width="2%" valign="bottom" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff >&nbsp; </TD>
    <TD width="1%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="6%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">22,906 </TD>
    <TD width="2%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="6%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">19,603 </TD>
    <TD width="2%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="6%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">15,233 </TD>
    <TD width="2%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="6%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">65,619 </TD>
    <TD width="2%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="6%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">269,459 </TD>
    <TD width="2%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="6%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">392,820 </TD>
    <TD width="2%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
  </TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>____________________</P>
<P style="MARGIN-LEFT: 5%" align=justify><SUP>1 </SUP>Subsequent to December 31,
2013, the Company notified Leighton that it has exercised its option to
terminate the mining services agreement effective December 31, 2014 and will
purchase the leased assets under the agreement commencing on June 30, 2014.</P>
<P align=right>26</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_34></A>
<P align=justify><B><I>B2GOLD CORP.</I></B></P>
<P align=justify><B><I>NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS</I></B><BR><B><I>December 31, 2013 and 2012</I></B><BR>(All tabular
amounts are in thousands of United States dollars unless otherwise stated)</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B><I>14</I></B> </TD>
    <TD>
      <P align=justify><B><I>Mine restoration provisions</I></B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>The Company&#146;s mine restoration provisions consist
      primarily of costs associated with mine reclamation and closure
      activities. These activities, which tend to be site specific, generally
      include costs for earthworks, including detoxification and recontouring,
      revegetation, water treatment and demolition. In calculating the present
      value of the Company&#146;s mine restoration provisions as at December 31,
      2013, management used a risk-free rate applicable to each geographic
      location ranging from 0.3% to 3.4% and an inflation rate of 1.6%. The
      undiscounted cash flows, before inflation adjustments, estimated to settle
      the mine restoration provisions was approximately $54.9 million at
      December 31, 2013. Due to the nature of mine closure plans, cash
      expenditures are expected to occur over a significant period of time with
      the majority of the expenditures expected to occur in the years from 2020
      to 2041.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>The following table shows the movement in the provision
      for mine restoration provisions:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="12%"><B><I>2013</I></B> </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="12%"><B><I>2012</I></B> </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="1%"><B><I></I></B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="12%"><STRONG><EM>$</EM></STRONG></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="1%"><B><I></I></B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="12%"><STRONG><EM>$</EM></STRONG></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
    width="2%">&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=center bgColor=#e6efff>
      <P align=justify>Balance, beginning of year </P></TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff><B>31,876</B> </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>28,107 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp;Acquired during the period <I>(Note 7)</I> </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%"><B>16,504</B> </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">- </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Reclamation spending </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff><B>(1,073</B></TD>
    <TD align=left width="2%" bgColor=#e6efff><B>)</B> </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(3,486</TD>
    <TD align=left width="2%" bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp;Accretion expense </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%"><B>2,606</B> </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">1,776 </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Change in obligation </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff><B>(3,113</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    bgColor=#e6efff><B>)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>5,479 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Balance, end of year </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff><B>46,800</B> </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>31,876 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp;Less: current portion </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%"><B>(1,351</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      width="2%"><B>)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
    width="12%">(4,217</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%">)
</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD bgColor=#e6efff>&nbsp; </TD>
    <TD width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="12%"><B>45,449</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="12%">27,659 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
    width="2%">&nbsp;</TD></TR></TABLE>
<P align=right>27</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_35></A>
<P align=justify><B><I>B2GOLD CORP.</I></B></P>
<P align=justify><B><I>NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS</I></B><BR><B><I>December 31, 2013 and 2012</I></B><BR>(All tabular
amounts are in thousands of United States dollars unless otherwise stated)</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B><I>15</I></B> </TD>
    <TD>
      <P align=justify><B><I>Capital stock</I></B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>The Company&#146;s authorized share capital consists of an
      unlimited number of common shares and an unlimited number of preferred
      shares. At December 31, 2013, the Company had 674,719,721 common shares
      outstanding, including 3,455,000 common shares being held in trust under
      the Company&#146;s Incentive Plan (described below). No preferred shares were
      outstanding.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD align=left >&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD width="21%"
    colSpan=4 align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"><B><I>2013</I></B> </TD>
    <TD width="2%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="1%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="21%"
    colSpan=4 align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"><B><I>2012</I></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="2%"
    >&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD >&nbsp; </TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD width="9%" align=center nowrap>&nbsp; </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="9%" align=center nowrap>&nbsp; </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="9%" align=center nowrap>&nbsp; </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="9%" align=center nowrap>&nbsp; </TD>
    <TD align=center width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp; </TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD width="9%" align=center nowrap><B><I>Shares</I></B> </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="9%" align=center nowrap><B><I>Amount</I></B> </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="9%" align=center nowrap><B><I>Shares</I></B> </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="9%" align=center nowrap><B><I>Amount</I></B> </TD>
    <TD align=center width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD
      width="9%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"><STRONG><EM>(&#145;000&#146;s)</EM></STRONG> </TD>
    <TD width="2%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"
    ></TD>
    <TD width="1%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"
    ><B><I></I></B></TD>
    <TD
      width="9%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"><STRONG><EM>$</EM></STRONG></TD>
    <TD width="2%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="1%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD
      width="9%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"><STRONG><EM>(&#145;000&#146;s)</EM></STRONG> </TD>
    <TD width="2%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"
    ></TD>
    <TD width="1%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"
    ><B><I></I></B></TD>
    <TD
      width="9%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"><STRONG><EM>$</EM></STRONG></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="2%"
    >&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD >&nbsp; </TD>
    <TD width="1%" valign="bottom" >&nbsp;</TD>
    <TD width="9%" valign="bottom">&nbsp; </TD>
    <TD width="2%" valign="bottom" >&nbsp;</TD>
    <TD width="1%" valign="bottom" >&nbsp;</TD>
    <TD width="9%" valign="bottom">&nbsp; </TD>
    <TD width="2%" valign="bottom" >&nbsp;</TD>
    <TD width="1%" valign="bottom" >&nbsp;</TD>
    <TD width="9%" valign="bottom">&nbsp; </TD>
    <TD width="2%" valign="bottom" >&nbsp;</TD>
    <TD width="1%" valign="bottom" >&nbsp;</TD>
    <TD width="9%" valign="bottom">&nbsp; </TD>
    <TD width="2%" valign="bottom" >&nbsp;</TD>
  </TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD >&nbsp; </TD>
    <TD width="1%" valign="bottom" >&nbsp;</TD>
    <TD width="9%" valign="bottom">&nbsp; </TD>
    <TD width="2%" valign="bottom" >&nbsp;</TD>
    <TD width="1%" valign="bottom" >&nbsp;</TD>
    <TD width="9%" valign="bottom">&nbsp; </TD>
    <TD width="2%" valign="bottom" >&nbsp;</TD>
    <TD width="1%" valign="bottom" >&nbsp;</TD>
    <TD width="9%" valign="bottom">&nbsp; </TD>
    <TD width="2%" valign="bottom" >&nbsp;</TD>
    <TD width="1%" valign="bottom" >&nbsp;</TD>
    <TD width="9%" valign="bottom">&nbsp; </TD>
    <TD width="2%" valign="bottom" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff >Balance, beginning of year
</TD>
    <TD width="1%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="9%" bgColor=#e6efff><B>393,308</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="9%" bgColor=#e6efff><B>468,550</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="9%" bgColor=#e6efff>382,495 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="9%" bgColor=#e6efff>435,048 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD >&nbsp; </TD>
    <TD width="1%" valign="bottom" >&nbsp;</TD>
    <TD vAlign=bottom width="9%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="9%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="9%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="9%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff >Issued during the period: </TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="9%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="9%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="9%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="9%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp; &nbsp;For CGA acquisition <I>(Note
      7)</I> </TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%"><B>251,974</B> </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%"><B>984,870</B> </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff >&nbsp; &nbsp;For Volta
      acquisition (Note 8) </TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff><B>23,332</B> </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff><B>46,423</B> </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp; &nbsp;Shares issued to EVI <I>(Note
      11)</I> </TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%"><B>2,513</B> </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%"><B>7,600</B> </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff >&nbsp; &nbsp;For cash, on
      exercise of stock options </TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff><B>1,600</B> </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff><B>2,369</B> </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>3,586 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>5,150 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp; &nbsp;On vesting of Restricted Share
      Units </TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%"><B>1,993</B> </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%"><B>6,312</B> </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">798 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">2,902 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff >&nbsp; &nbsp;For Trebol &amp;
      Pavon properties </TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff><B>-</B> </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff><B>-</B> </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>4,816 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>16,814 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp; &nbsp;For cash, on exercise of
      warrants </TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%"><B>-</B> </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%"><B>-</B> </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">1,613 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">3,458 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff >&nbsp; &nbsp;For cash,
      Incentive Plan </TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff><B>-</B> </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff><B>-</B> </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>9 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp;&nbsp;&nbsp;Tax benefit related to
      share issue costs <I>(Note 11)</I> </TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%"><B>-</B> </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%"><B>1,972</B> </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff >&nbsp;&nbsp;&nbsp;Transfer to
      share capital the fair value
      assigned&nbsp;<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to stock
      options/share purchase
      warrants&nbsp;<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;exercised from
      contributed surplus </TD>
    <TD width="1%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="9%" bgColor=#e6efff><B>-</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="9%" bgColor=#e6efff><B>1,121</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="9%" bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="9%" bgColor=#e6efff>5,169 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD >&nbsp; </TD>
    <TD width="1%" valign="bottom" >&nbsp;</TD>
    <TD vAlign=bottom width="9%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="9%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="9%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="9%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff >&nbsp; </TD>
    <TD width="1%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="9%" bgColor=#e6efff><B>281,412</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="9%" bgColor=#e6efff><B>1,050,667</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="9%" bgColor=#e6efff>10,813 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="9%" bgColor=#e6efff>33,502 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD >&nbsp; </TD>
    <TD width="1%" valign="bottom" >&nbsp;</TD>
    <TD vAlign=bottom width="9%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="9%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="9%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="9%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff >Balance, end of year </TD>
    <TD width="1%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="9%" bgColor=#e6efff><B>674,720</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="9%" bgColor=#e6efff><B>1,519,217</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="9%" bgColor=#e6efff>393,308 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="9%" bgColor=#e6efff>468,550 </TD>
<TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>On December 20, 2013, the Company
issued (or made available for issue) approximately 23.3 million common shares in
exchange for all of the issued and outstanding shares of Volta (Note 8).</P>
<P style="MARGIN-LEFT: 5%" align=justify>On June 14, 2013, pursuant to an
Investment Agreement with EVI, the Company issued approximately 2.5 million
common shares to EVI for total consideration of $7.6 million, consisting of a
payment of $6.6 million to the Company and a $1 million payment as consideration
for EVI assigning to the Company its existing right to acquire an additional 5%
interest in the Otjikoto gold project (Note 11).</P>
<P style="MARGIN-LEFT: 5%" align=justify>On January 31, 2013, upon closing of
the Merger, B2Gold issued approximately 252 million common shares in exchange
for all of the issued and outstanding shares of CGA (Note 7).</P>
<P style="MARGIN-LEFT: 5%" align=justify>On August 10, 2012, pursuant to a share
purchase agreement with Radius dated July 24, 2012, the Company acquired a 100%
interest in the Trebol and Pavon exploration properties in Nicaragua by issuing
approximately 4.8 million common shares to Radius (Note 11).</P>
<P style="MARGIN-LEFT: 5%" align=justify>During 2013, the Company received $2.4
million (2012 - $5.2 million) and $nil (2012 - $3.5 million) pursuant to the
exercise of 1.6 million (2012 &#150; 3.6 million) stock options and $nil (2012 &#150; 1.6
million) warrants, respectively.</P>
<P align=right>28</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_36></A>
<P align=justify><B><I>B2GOLD CORP.</I></B></P>
<P align=justify><B><I>NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS</I></B><BR><B><I>December 31, 2013 and 2012</I></B><BR>(All tabular
amounts are in thousands of United States dollars unless otherwise stated)</P>
<P style="MARGIN-LEFT: 5%" align=justify><B><I>Stock options</I></B><br>
  During 2013, approximately 17.7 million
stock options were granted to employees and directors with exercise prices
ranging from Cdn.$2.32 to Cdn.$3.80 per share. These stock options have a term
of five years and vest over a period of up to three years. The estimated fair
value of these options totalling $19.9 million is being recognized over the
vesting period. The fair value was calculated using the Black-Scholes option
pricing model based on a risk-free annual interest rate of up to 1.21%, an
expected life of up to 3.5 years, an expected volatility ranging from 54% to
58%, and a dividend yield rate of nil.</P>
<P style="MARGIN-LEFT: 5%" align=justify>During 2012, approximately 11.1 million
stock options were granted to employees and directors with exercise prices
ranging from Cdn.$3.06 to Cdn.$3.93 per share. These stock options have a term
of five years and vest over a period of up to three years. The estimated fair
value of these options totalling $15.7 million is being recognized over the
vesting period. The fair value was calculated using the Black-Scholes option
pricing model based on a risk-free annual interest rate of up to 1.22%, an
expected life of up to 3.5 years, an expected volatility ranging from 58% to
69%, and a dividend yield rate of nil.</P>
<P style="MARGIN-LEFT: 5%" align=justify>It is the Company&#146;s policy to not grant
stock options to executive directors and officers that were founders of the
Company.</P>
<P style="MARGIN-LEFT: 5%" align=justify>Option pricing models require the input
of highly subjective assumptions regarding the expected volatility. Changes in
assumptions can materially affect the fair value estimate.</P>
<P style="MARGIN-LEFT: 5%" align=justify>For the year ended December 31, 2013,
share-based payments expense, relating to the vesting of stock options, was $9.1
million (2012 - $10 million), net of $3.7 million (2012 - $3.3 million)
capitalized to mining interests.</P>
<P style="MARGIN-LEFT: 5%" align=justify>A summary of changes to stock options
outstanding:</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD width="12%" align=center nowrap><B><I>Number of</I></B> </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="12%" align=center nowrap><B><I>Weighted-</I></B> </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD width="12%" align=center nowrap><B><I>outstanding</I></B> </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="12%" align=center nowrap><B><I>average</I></B> </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD width="12%" align=center nowrap><B><I>options</I></B> </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="12%" align=center nowrap><B><I>exercise price</I></B> </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD
      width="12%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"><STRONG><EM>(&#145;000&#146;s)</EM></STRONG> </TD>
    <TD width="2%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"
    ></TD>
    <TD width="1%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD
      width="12%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"><B><I>(in Cdn.$)</I></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Outstanding at December 31, 2011 </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>15,282 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>1.90 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp;Granted </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">11,116 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">3.16 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Exercised </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(3,586</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>1.43 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp;Forfeited or expired </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
    width="12%">(278</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">3.16 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD bgColor=#e6efff>&nbsp; </TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>Outstanding at December 31, 2012 </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">22,534 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">2.58 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Options issued on Volta
      acquisition <I>(Note 8)</I> </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>2,079 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>6.88 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp;Granted </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">17,685 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">2.99 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Exercised </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(1,600</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>1.50 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp;Cancelled or forfeited </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
    width="12%">(638</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">3.23 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD bgColor=#e6efff>&nbsp; </TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>Outstanding at December 31, 2013 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="12%">40,060 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">3.02 </TD>
<TD align=left width="2%" >&nbsp;</TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>During 2013, 1.6 million (2012 &#150; 3.6
million) stock options were exercised. The weighted average share price at the
time of exercise was Cdn.$3.16 (2012 &#150; Cdn.$3.86).</P>
<P align=right>29</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_37></A>
<P align=justify><B><I>B2GOLD CORP.</I></B></P>
<P align=justify><B><I>NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS</I></B><BR><B><I>December 31, 2013 and 2012</I></B><BR>(All tabular
amounts are in thousands of United States dollars unless otherwise stated)</P>
<P style="MARGIN-LEFT: 5%" align=justify>Stock options outstanding and
exercisable as at December 31, 2013 are as follows:</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 8pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=center nowrap><B><I>Range of</I></B> </TD>
    <TD width="1%" align=left nowrap>&nbsp;</TD>
    <TD width="8%" align=center nowrap><B><I>Number of</I></B> </TD>
    <TD width="2%" align=center nowrap>&nbsp;</TD>
    <TD width="1%" align=center nowrap>&nbsp;</TD>
    <TD width="8%" align=center nowrap>&nbsp; </TD>
    <TD width="2%" align=center nowrap>&nbsp;</TD>
    <TD width="1%" align=center nowrap>&nbsp;</TD>
    <TD width="8%" align=center nowrap><B><I>Weighted-</I></B> </TD>
    <TD width="2%" align=center nowrap>&nbsp;</TD>
    <TD width="1%" align=center nowrap>&nbsp;</TD>
    <TD width="8%" align=center nowrap><B><I>Number of</I></B> </TD>
    <TD width="2%" align=center nowrap>&nbsp;</TD>
    <TD width="1%" align=center nowrap>&nbsp;</TD>
    <TD width="8%" align=center nowrap><B><I>Weighted-</I></B> </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=center nowrap><B><I>exercise</I></B> </TD>
    <TD width="1%" align=left nowrap>&nbsp;</TD>
    <TD width="8%" align=center nowrap><B><I>outstanding</I></B> </TD>
    <TD width="2%" align=center nowrap>&nbsp;</TD>
    <TD width="1%" align=center nowrap>&nbsp;</TD>
    <TD width="8%" align=center nowrap><B><I>Weighted-</I></B> </TD>
    <TD width="2%" align=center nowrap>&nbsp;</TD>
    <TD width="1%" align=center nowrap>&nbsp;</TD>
    <TD width="8%" align=center nowrap><B><I>average</I></B> </TD>
    <TD width="2%" align=center nowrap>&nbsp;</TD>
    <TD width="1%" align=center nowrap>&nbsp;</TD>
    <TD width="8%" align=center nowrap><B><I>exercisable</I></B> </TD>
    <TD width="2%" align=center nowrap>&nbsp;</TD>
    <TD width="1%" align=center nowrap>&nbsp;</TD>
    <TD width="8%" align=center nowrap><B><I>average</I></B> </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=center nowrap><B><I>prices</I></B> </TD>
    <TD width="1%" align=left nowrap>&nbsp;</TD>
    <TD width="8%" align=center nowrap><B><I>options</I></B> </TD>
    <TD width="2%" align=center nowrap>&nbsp;</TD>
    <TD width="1%" align=center nowrap>&nbsp;</TD>
    <TD width="8%" align=center nowrap><B><I>average years</I></B> </TD>
    <TD width="2%" align=center nowrap>&nbsp;</TD>
    <TD width="1%" align=center nowrap>&nbsp;</TD>
    <TD width="8%" align=center nowrap><B><I>exercise price</I></B> </TD>
    <TD width="2%" align=center nowrap>&nbsp;</TD>
    <TD width="1%" align=center nowrap>&nbsp;</TD>
    <TD width="8%" align=center nowrap><B><I>options</I></B> </TD>
    <TD width="2%" align=center nowrap>&nbsp;</TD>
    <TD width="1%" align=center nowrap>&nbsp;</TD>
    <TD width="8%" align=center nowrap><B><I>exercise price</I></B> </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"><B><I>(in
      Cdn.$)</I></B> </TD>
    <TD
    width="1%" align=left nowrap style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD
      width="8%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"><STRONG><EM>(&#145;000&#146;s)</EM></STRONG> </TD>
    <TD width="2%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"></TD>
    <TD
    width="1%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD
      width="8%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"><B><I>to expiry</I></B> </TD>
    <TD
    width="2%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD
    width="1%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD
      width="8%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"><B><I>(in Cdn.$)</I></B> </TD>
    <TD
    width="2%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD
    width="1%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD
      width="8%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"><STRONG><EM>(&#145;000&#146;s)</EM></STRONG> </TD>
    <TD width="2%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"></TD>
    <TD
    width="1%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD
      width="8%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"><B><I>(in Cdn.$)</I></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
    width="2%">&nbsp;</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=center bgColor=#e6efff>0.80 &#150; 0.99 </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>2,904 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>1.25 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>0.81 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>2,904 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>0.81 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=center>1.00 &#150; 1.99 </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">853 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">1.41 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">1.50 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">853 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">1.50 </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=center bgColor=#e6efff>2.00 &#150; 2.99 </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>7,097 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>2.77 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>2.44 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>4,524 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>2.42 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=center>3.00 &#150; 3.99 </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">27,645 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">3.68 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">3.11 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">7,394 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">3.14 </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=center bgColor=#e6efff>4.00 &#150; 4.99 </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>530 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>3.35 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>4.75 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>530 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>4.75 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=center>10.00 &#150; 13.00 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%">1,031
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">2.00 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">11.24 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%">1,031
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">11.24 </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD bgColor=#e6efff>&nbsp; </TD>
    <TD width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="8%"
    bgColor=#e6efff>40,060 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>3.25 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>3.02 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="8%"
    bgColor=#e6efff>17,236 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>3.01 </TD>
<TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify><B><I>Restricted share unit
plan</I></B><br>
On May 6, 2011, the Company&#146;s Board of
Directors approved a Restricted Share Unit Plan (the &#147;RSU Plan&#148;) whereby
restricted share units (&#147;RSU&#148;) may be granted to directors, executive officers
and employees of the Company. Adoption of the RSU Plan was part of the Company&#146;s
continuing effort to build upon and enhance long term shareholder value. The RSU
Plan reflects the Company&#146;s commitment to a long term incentive compensation
structure that aligns the interests of its directors, executive officers and
employees with the interests of its shareholders. Once vested, each RSU is
redeemable for one common share entitling the holder to receive the common share
for no additional consideration. The Company has reserved 8 million common
shares for issuance under the RSU Plan.</P>
<P style="MARGIN-LEFT: 5%" align=justify>During the year ended December 31,
2013, the Company granted approximately 3.3 million RSU to executive officers
and employees of the Company. One-third of the RSU vested immediately on the day
of grant, another one-third will vest one year from the grant date with the
remainder vesting two years from the grant date. The total estimated fair value
of the RSU granted was approximately $9.6 million based on the market value of
the Company&#146;s shares at the grant date. The fair value of each RSU is recorded
as a share-based payments expense (and either charged to operations or
capitalized to mining interests) over the vesting period.</P>
<P style="MARGIN-LEFT: 5%" align=justify>On April 26, 2012, the Company granted
approximately 2.4 million RSU. For the majority of the RSU granted, one-third of
the RSU vested immediately on the day of grant, another one-third will vest one
year from the grant date with the remainder vesting two years from the grant
date. The total estimated fair value of the RSU granted was $8.7 million based
on the market value of the Company&#146;s shares at the grant date. The fair value of
each RSU is recorded as a share-based payments expense (and either charged to
operations or capitalized to mining interests) over the vesting period.</P>
<P style="MARGIN-LEFT: 5%" align=justify>For the year ended December 31, 2013,
share-based payments expense, relating to the vesting of RSU, was $9.2 million
(2012 - $5 million), net of $1.4 million (2012 - $0.8 million) capitalized to
mining interests.</P>
<P align=right>30</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_38></A>
<P align=justify><B><I>B2GOLD CORP.</I></B></P>
<P align=justify><B><I>NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS</I></B><BR><B><I>December 31, 2013 and 2012</I></B><BR>(All tabular
amounts are in thousands of United States dollars unless otherwise stated)</P>
<P style="MARGIN-LEFT: 5%" align=justify>A summary of changes to RSU
outstanding:</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD width="12%" align=center nowrap><B><I>Number of</I></B> </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD width="12%" align=center nowrap><B><I>outstanding</I></B> </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD width="12%" align=center nowrap><B><I>RSU</I></B> </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD
      width="12%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"><STRONG><EM>(&#145;000&#146;s)</EM></STRONG> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    ></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Outstanding at December 31, 2011 </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp;Granted </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">2,401 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Vested and converted to common
      shares </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>(798</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>) </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Outstanding at December 31, 2012 </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>1,603 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp;Granted </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">3,348 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Vested and converted to common
      shares </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>(1,993</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>) </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Outstanding at December 31, 2013 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>2,958 </TD>
<TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify><B><I>Incentive plan</I></B><br>
  On June 29, 2007, the Company
established the B2Gold Incentive Plan (the &#147;Incentive Plan&#148;) for the benefit of
directors, officers, employees and service providers of the Company and issued
to the trustees of the Incentive Plan options to acquire 4.955 million common
shares. On October 12, 2007, following the exercise of these options, an
aggregate of 4.955 million common shares were issued to and paid for by the
trustees of the Incentive Plan. These shares were held in trust by the trustees
pursuant to the terms of the Incentive Plan. The Company is required under IFRS
to consolidate the trust. The Company recognizes a share-based compensation
expense with respect to these incentive shares, when these shares are granted to
the ultimate beneficiaries by the trust.</P>
<P style="MARGIN-LEFT: 5%" align=justify>On May 28, 2012, 0.5 million common
shares were awarded from the trust under the Incentive Plan to a senior
employee, George Johnson, of the Company. In connection with the award, the
Company recorded a share-based payments expense of $1.6 million (the market
value of the shares on the date of the award). At December 31, 2013,
approximately 3.5 million common shares remain held in the Company&#146;s Incentive
Plan trust.</P>
<P style="MARGIN-LEFT: 5%" align=justify><B><I>Earnings per share<br>
</I></B>The following is the calculation of
diluted net income for the period:</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=center width="12%"><B><I>2013</I></B> </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="12%"><B><I>2012</I></B> </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    ><B><I></I></B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="12%"><STRONG><EM>$</EM></STRONG></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="1%"
    ><B><I></I></B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="12%"><STRONG><EM>$</EM></STRONG></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Net income for the year </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff><B>67,303</B> </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>51,907 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>Gain on fair value of convertible notes <I>(Note 13)</I>
</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%"><B>(22,815</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    ><B>)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Diluted net income for the year </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff><B>44,488</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>51,907 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR></TABLE>
<P align=right>31</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_39></A>
<P align=justify><B><I>B2GOLD CORP.</I></B></P>
<P align=justify><B><I>NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS</I></B><BR><B><I>December 31, 2013 and 2012</I></B><BR>(All tabular
amounts are in thousands of United States dollars unless otherwise stated)</P>
<P style="MARGIN-LEFT: 5%" align=justify>The following is the calculation of
diluted weighted average number of shares outstanding for the period:</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="11%"><B><I>2013</I></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="11%"><I>2012</I> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="11%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="11%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Basic weighted average number of shares
      outstanding (in thousands) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="11%" bgColor=#e6efff><B>636,130</B> </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="11%" bgColor=#e6efff>384,733 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="11%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="11%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Effect of dilutive securities: </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="11%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="11%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp;- Stock options </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="11%"><B>3,205</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="11%">6,655 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;- Restricted share units </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="11%" bgColor=#e6efff><B>1,015</B> </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="11%" bgColor=#e6efff>552 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp;- Convertible notes </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="11%"><B>23,435</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="11%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD bgColor=#e6efff>&nbsp; </TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="11%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="11%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>Diluted weighted average number of shares outstanding (in
      thousands) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="11%"><B>663,785</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="11%">391,940 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>The following is the basic and diluted
earnings per share:</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=center width="11%"><B><I>2013</I></B> </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="11%"><I>2012</I> </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    ><B><I></I></B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="11%"><STRONG><EM>$</EM></STRONG></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="1%"
    ><I></I></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="11%"><EM>$</EM></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="11%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="11%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Earnings per share (attributable to
      shareholders of the Company): </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="11%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="11%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp;- Basic </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="11%"><B>0.11</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="11%">0.13 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;- Diluted </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="11%" bgColor=#e6efff><B>0.07</B> </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="11%" bgColor=#e6efff>0.13 </TD>
    <TD align=left width="2%"
  bgColor=#e6efff>&nbsp;</TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B><I>16</I></B> </TD>
    <TD>
      <P align=justify><B><I>Deferred revenue and gold
  commitments</I></B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>As a result of the acquisition of CGA, the Company
      assumed its gold forward contracts relating to the Masbate project for
      50,225 ounces of gold with settlements scheduled between January 31, 2013
      and December 31, 2013 at an average price of $913 per ounce. The fair
      value of these contracts (required to be recognized as part of the
      Company's acquisition accounting as the fixed terms of the contracts were
      unfavourable compared to market terms for similar contracts) was estimated
      to be negative $37.4 million on January 16, 2013. The fair value was
      calculated using spot and forward prices and volatilities.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>The acquired gold forward contracts were excluded from
      the scope of IAS 39 &#147;Financial Instruments: Recognition and Measurement&#148;,
      as they were non-financial instruments that qualified for the own use
      exemption and did not contain any embedded derivatives which would require
      to be accounted for separately from the executory host contracts. As a
      result, these contracts were not subsequently re- measured at fair value
      after initial recognition and were reduced through a corresponding
      increase to revenue consistent with the timing of revenue recognition
      criteria being met for the gold deliveries made under the terms of
      contract. At December 31, 2013, all of the gold forward contracts had been
      delivered into during the year and the related fair value of negative
      $37.4 million on acquisition had been fully amortized to gold
    revenue.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Under the terms of the Senior Credit Facility (Note 13),
      the Company is required to maintain gold contracts, within certain
      parameters, over the term of the facility in order to manage the risk of
      volatility in the Company&#146;s future operating income and reduce risk in
      respect of debt service obligations. As a result, the Company entered into
      a series of rand denominated gold forward contracts in the second quarter
      of 2013 for 117,984 ounces of gold with settlements scheduled between
      January 30, 2015 and December 31, 2018 at an average price of 14,912 rand
      per ounce. These contracts are excluded from the scope of IAS 39,
      accounted for as executory contracts as they were entered into and
      continue to be held for the purpose of delivery in accordance with the
      Company&#146;s expected production schedule. No fair value gains and losses on
      these commodity contracts have been recorded in the financial statement.
      The effect of these contracts will be to provide a fixed price in rand for
      a portion of gold sales. At December 31, 2013, the following gold forward
      contracts with respect to the Otjikoto Project were outstanding (by
      maturity dates).</P></TD></TR></TABLE>
<P align=right>32</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_40></A>
<P align=justify><B><I>B2GOLD CORP.</I></B></P>
<P align=justify><B><I>NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS</I></B><BR><B><I>December 31, 2013 and 2012</I></B><BR>(All tabular
amounts are in thousands of United States dollars unless otherwise stated)</P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="8%"><B><I>2015</I></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="8%"><B><I>2016</I></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="8%"><B><I>2017</I></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="8%"><B><I>2018</I></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="8%"><B><I>Total</I></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
    width="2%">&nbsp;</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Gold forward contracts: </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp;- Ounces </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">30,996 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">30,996 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">30,996 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">24,996 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">117,984 </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp;&nbsp;&nbsp;- Average price per ounce
      (rand) </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>14,767 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>14,864 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>14,974 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>15,075 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>14,912 </TD>
    <TD align=left width="2%"
bgColor=#e6efff>&nbsp;</TD></TR></TABLE></DIV><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Subsequent to December 31, 2013, the Company entered into
      rand denominated gold forward contracts for a further 74,430 ounces at an
      average price of 16,359 rand per ounce with settlement dates scheduled
      between July 31, 2015 and December 31, 2018.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%"><B><I>17</I></B> </TD>
    <TD>
      <P align=justify><B><I>Derivative financial instruments</I></B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>The Company has entered into foreign currency contracts
      to manage its foreign currency exposure of forecast expenditures
      denominated in Namibian dollars relating to the development of its
      Otjikoto project. As the Namibian dollar is pegged to the South African
      rand, the Company enters into foreign currency contracts between the South
      African rand and the United States dollar due to their greater
      liquidity.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>At December 31, 2013, forward currency contracts
      totalling $6 million at an average rate of 9.68 rand were outstanding with
      maturity dates ranging from January 2014 to December 2014. In addition,
      &#147;zero-cost put/ call&#148; collar contracts totalling $49 million were
      outstanding with maturity dates ranging from January 2014 to December 2014
      with an average floor price of 9.68 rand and an average ceiling price of
      10.74 rand.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>These derivative instruments were not designated as
      hedges by the Company and are recorded at their fair value at the end of
      each reporting period. Changes in the fair value are included in the
      statement of operations for the period. For the year ended December 31,
      2013, the Company recorded an unrealized derivative loss of $2.5 million
      (2012 - $0.1 million) and a realized derivative loss of $4.8 million (2012
      - $0.2 million) on these contracts.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>At December 31, 2013, the Company&#146;s foreign currency
      contracts had an estimated fair value of negative $2.6 million (2012 &#150;
      negative $0.1 million). The fair value was calculated using market
      observable inputs such as spot exchange rates, interest rate differentials
      and implied volatility. Fair value measurement for these contracts are
      classified as Level 2 within the fair value hierarchy established by IFRS
      7.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>The following is a summary, by maturity dates, of the
      Company&#146;s foreign currency contracts outstanding as at December 31,
      2013:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 8pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD align=left >&nbsp; </TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD width="8%" align=center nowrap><B><I>Q1</I></B> </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="8%" align=center nowrap><B><I>Q2</I></B> </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="8%" align=center nowrap><B><I>Q3</I></B> </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="8%" align=center nowrap><B><I>Q4</I></B> </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="8%" align=center nowrap>&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp; </TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD width="8%" align=center nowrap><B><I>2014</I></B> </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="8%" align=center nowrap><B><I>2014</I></B> </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="8%" align=center nowrap><B><I>2014</I></B> </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="8%" align=center nowrap><B><I>2014</I></B> </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="8%" align=center nowrap><B><I>Total</I></B> </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="1%"
    ><B><I></I></B></TD>
    <TD
      width="8%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"><STRONG><EM>$</EM></STRONG></TD>
    <TD width="2%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="1%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"
    ><B><I></I></B></TD>
    <TD
      width="8%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"><STRONG><EM>$</EM></STRONG></TD>
    <TD width="2%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="1%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"
    ><B><I></I></B></TD>
    <TD
      width="8%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"><STRONG><EM>$</EM></STRONG></TD>
    <TD width="2%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="1%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"
    ><B><I></I></B></TD>
    <TD
      width="8%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"><STRONG><EM>$</EM></STRONG></TD>
    <TD width="2%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="1%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"
    ><B><I></I></B></TD>
    <TD
      width="8%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"><STRONG><EM>$</EM></STRONG></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD >&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff >Rand forward contracts: </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp; &nbsp;- Notional amount </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">1,500 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">1,500 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">1,500 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">1,500 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">6,000 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff >&nbsp; &nbsp;- Average
      contract price </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>9.51 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>9.62 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>9.73 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>9.85 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>9.68 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD >&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff >Rand zero-cost collars: </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp; &nbsp;- Notional amount </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">12,500 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">13,500 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">12,500 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">10,500 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">49,000 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff >&nbsp; &nbsp;- Average floor
      price </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>9.68 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>9.73 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>9.69 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>9.59 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>9.68 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp; &nbsp;- Average ceiling price </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">10.68 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">10.76 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">10.77 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">10.76 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">10.74 </TD>
<TD align=left width="2%" >&nbsp;</TD></TR></TABLE>
<P align=right>33</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_41></A>
<P align=justify><B><I>B2GOLD CORP.</I></B></P>
<P align=justify><B><I>NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS</I></B><BR><B><I>December 31, 2013 and 2012</I></B><BR>(All tabular
amounts are in thousands of United States dollars unless otherwise stated)</P>
<P style="MARGIN-LEFT: 5%" align=justify>In the second and third quarters of
2013, as a result of the requirements under the Senior Credit Facility, the
Company also entered into a series of &#147;zero-cost put/ call&#148; collar contracts for
gold with settlements scheduled between January 30, 2015 and December 31, 2018
with an average floor price of $1,000 per ounce and an average ceiling price of
$1,721 per ounce. These derivative instruments were not designated as hedges by
the Company and recorded at their fair value at the end of each reporting period
with changes in fair value recorded in the statement of operations. Adjustments
to the market value are included in the statement of operations. For the year
ended December 31, 2013, the Company recorded an unrealized derivative loss of
$0.2 million in the statement of operations on these contracts.</P>
<P style="MARGIN-LEFT: 5%" align=justify>The following is a summary, by maturity
dates, of the Company&#146;s gold collar contracts outstanding as at December 31,
2013:</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 8pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="8%"><B><I>2015</I></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="8%"><B><I>2016</I></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="8%"><B><I>2017</I></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="8%"><B><I>2018</I></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="8%"><B><I>Total</I></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
    width="2%">&nbsp;</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Gold zero-cost collars: </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp;- Floor amount (ounces) </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">10,200 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">10,200 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">10,200 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">1,400 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">32,000 </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;- Average floor price </TD>
    <TD align=left width="1%" bgColor=#e6efff>$</TD>
    <TD align=right width="8%" bgColor=#e6efff>&nbsp;1,000 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>$</TD>
    <TD align=right width="8%" bgColor=#e6efff>&nbsp;1,000 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>$</TD>
    <TD align=right width="8%" bgColor=#e6efff>&nbsp;1,000 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>$</TD>
    <TD align=right width="8%" bgColor=#e6efff>&nbsp;1,000 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>$</TD>
    <TD align=right width="8%" bgColor=#e6efff>&nbsp;1,000 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;- Ceiling amount (ounces) </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>18,300 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>18,300 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>18,300 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>2,100 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>57,000 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp;- Average ceiling price </TD>
    <TD align=left width="1%">$</TD>
    <TD align=right width="8%">&nbsp;1,721 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">$</TD>
    <TD align=right width="8%">&nbsp;1,721 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">$</TD>
    <TD align=right width="8%">&nbsp;1,721 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">$</TD>
    <TD align=right width="8%">&nbsp;1,700 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">$</TD>
    <TD align=right width="8%">&nbsp;1,721 </TD>
    <TD align=left width="2%">&nbsp;</TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B><I>18</I></B> </TD>
    <TD>
      <P align=justify><B><I>Financial instruments</I></B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>The Company&#146;s financial assets and liabilities consist of
      cash and cash equivalents, accounts receivable, loan receivable from EVI
      (Notes 11 and 12), long-term investments (Note 10), investment in EVI
      preference shares (Notes 11 and 12), accounts payable and accrued
      liabilities, South African rand foreign exchange derivative contracts
      (Note 17), gold derivative contracts (Note 17), and debt (Note
  13).</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify><B><I>Fair values</I></B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>The Company&#146;s financial assets and liabilities are
      classified based on the lowest level of input significant to the fair
      value measurement based on the fair value hierarchy:</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P style="MARGIN-LEFT: 5%" align=justify>Level 1 &#150; quoted prices in active
      markets for identical assets or liabilities;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P style="MARGIN-LEFT: 5%" align=justify>Level 2 &#150; inputs other than
      quoted prices included in Level 1 that are observable for the asset or
      liability, either directly (i.e. as prices) or indirectly (i.e. derived
      from prices); and</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P style="MARGIN-LEFT: 5%" align=justify>Level 3 &#150; inputs for the asset or
      liability that are not based on observable market data.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>As at December 31, 2013, the Company&#146;s financial assets
      and liabilities that are measured and recognized at fair value on a
      recurring basis are categorized as follows:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD width="23%"
    colSpan=4 align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"><B><I>As at December 31, 2013</I></B> </TD>
    <TD width="2%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="1%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="23%"
    colSpan=4 align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"><B><I>As at December 31, 2012</I></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="10%" align=center nowrap>&nbsp; </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="10%" align=center nowrap>&nbsp; </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="10%" align=center nowrap>&nbsp; </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="10%" align=center nowrap>&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="10%" align=center nowrap>&nbsp; </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="10%" align=center nowrap>&nbsp; </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="10%" align=center nowrap>&nbsp; </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="10%" align=center nowrap>&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD width="10%" align=center nowrap><B><I>Level 1</I></B> </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="10%" align=center nowrap><B><I>Level 2</I></B> </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="10%" align=center nowrap><B><I>Level 1</I></B> </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="10%" align=center nowrap><B><I>Level 2</I></B> </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    ><B><I></I></B></TD>
    <TD
      width="10%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"><STRONG><EM>$</EM></STRONG></TD>
    <TD width="2%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="1%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"
    ><B><I></I></B></TD>
    <TD
      width="10%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"><STRONG><EM>$</EM></STRONG></TD>
    <TD width="2%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="1%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"
    ><B><I></I></B></TD>
    <TD
      width="10%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"><STRONG><EM>$</EM></STRONG></TD>
    <TD width="2%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="1%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"
    ><B><I></I></B></TD>
    <TD
      width="10%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"><STRONG><EM>$</EM></STRONG></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="1%" valign="bottom" >&nbsp;</TD>
    <TD width="10%" valign="bottom">&nbsp; </TD>
    <TD width="2%" valign="bottom" >&nbsp;</TD>
    <TD width="1%" valign="bottom" >&nbsp;</TD>
    <TD width="10%" valign="bottom">&nbsp; </TD>
    <TD width="2%" valign="bottom" >&nbsp;</TD>
    <TD width="1%" valign="bottom" >&nbsp;</TD>
    <TD width="10%" valign="bottom">&nbsp; </TD>
    <TD width="2%" valign="bottom" >&nbsp;</TD>
    <TD width="1%" valign="bottom" >&nbsp;</TD>
    <TD width="10%" valign="bottom">&nbsp; </TD>
    <TD width="2%" valign="bottom" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Long-term investments <I>(Note 10)</I> </TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="10%" align=right valign="bottom" bgColor=#e6efff><B>20,769</B> </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="10%" align=right valign="bottom" bgColor=#e6efff><B>-</B> </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="10%" align=right valign="bottom" bgColor=#e6efff>3,661 </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="10%" align=right valign="bottom" bgColor=#e6efff>- </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>Convertible senior subordinated notes <I>(Note 13)</I> </TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="10%" align=right valign="bottom"><B>-</B> </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="10%" align=right valign="bottom"><B>237,554</B> </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="10%" align=right valign="bottom">- </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="10%" align=right valign="bottom">- </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Derivative liabilities <I>(Note 17)</I> </TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="10%" align=right valign="bottom" bgColor=#e6efff><B>-</B> </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="10%" align=right valign="bottom" bgColor=#e6efff><B>2,768</B> </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="10%" align=right valign="bottom" bgColor=#e6efff>- </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="10%" align=right valign="bottom" bgColor=#e6efff>143 </TD>
<TD width="2%" align=left valign="bottom"
  bgColor=#e6efff>&nbsp;</TD>
  </TR></TABLE>
<P align=right>34</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_42></A>
<P align=justify><B><I>B2GOLD CORP.</I></B></P>
<P align=justify><B><I>NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS</I></B><BR><B><I>December 31, 2013 and 2012</I></B><BR>(All tabular
amounts are in thousands of United States dollars unless otherwise stated)</P>
<P style="MARGIN-LEFT: 5%" align=justify>The carrying values of accounts
receivable, the investment in EVI preference shares and accounts payable and
accrued liabilities are representative of their respective fair values due to
the short-term nature of these instruments. The carrying value of the Company&#146;s
Senior Credit Facility is representative of its fair value due to the floating
rate nature of this instrument and the insignificant effect of changes in the
Company&#146;s credit risk on the credit spread of the loan facility. The carrying
value of the loan receivable from EVI is representative of its respective fair
value as the credit spread on the loan is approximately equal to the risk
premium of the counterparty.</P>
<P style="MARGIN-LEFT: 5%" align=justify><B><I>Capital risk
management</I></B><br>
The Company&#146;s objectives when managing
its capital is to ensure it will be able to continue as a going concern while
maximizing the return to shareholders. The selling price of gold, minimizing
production costs and a successful exploration environment are key factors in
helping the Company reach its capital risk management objectives. The capital
structure of the Company includes shareholders&#146; equity and debt.</P>
<P style="MARGIN-LEFT: 5%" align=justify><B><I>Credit risk</I></B><br>
  As at December 31, 2013, the Company&#146;s
maximum exposure to credit risk was the book value of cash and cash equivalents,
accounts receivable, value added and other taxes receivable and the loan
receivable from EVI. The Company limits its credit exposure on cash and cash
equivalents by holding its deposits mainly with high credit quality financial
institutions as determined by credit agencies.</P>
<P style="MARGIN-LEFT: 5%" align=justify><B><I>Liquidity risk</I></B><br>
  As at December 31, 2013, the Company
had cash and cash equivalents of $252.7 million. Cash provided by operating
activities before changes in non-cash working capital totalled $144.3 million
for the year ended December 31, 2013. As at December 31, 2013, the Company had
available a $150 million Senior Credit Facility of which $50 million had been
utilized.</P>
<P style="MARGIN-LEFT: 5%" align=justify>On August 23, 2013, the Company issued
convertible senior subordinated notes (Note 13) with an aggregate principal
amount of $258.75 million. The notes bear interest at a rate of 3.25% per annum,
payable semi-annually on April 1<SUP>st </SUP>and October 1<SUP>st </SUP>of each
year commencing from April 1, 2014. The notes will mature on October 1, 2018.
The notes are subordinated in right of payment to any existing and future senior
indebtedness, including indebtedness under the senior secured credit facility.
The notes will rank senior in right of payment to any future subordinated
borrowings. The notes are effectively junior to any secured indebtedness and the
notes are structurally subordinated to all indebtedness and other liabilities of
the Company&#146;s subsidiaries. The Company received net proceeds of $249.1 million,
net of transaction costs. Holders of the notes may convert the notes at their
option at any time from July 1, 2018 to the maturity date. In addition, the
holder has the right to exercise the conversion option from January 1, 2014 to
July 1, 2018, under certain circumstances.</P>
<P style="MARGIN-LEFT: 5%" align=justify>On April 16, 2013, the Company
announced the closing of a new Senior Credit Facility with a syndicate of banks
(Note 13). The Senior Credit Facility is comprised of three tranches of $50
million each for a total of $150 million and has replaced the prior $25 million
revolving credit facility with Macquarie Bank Limited. The term of the Senior
Credit Facility will be for a period of four years with a final repayment date
of March 28, 2017. The Senior Credit Facility is a revolving facility and is
being used to fund construction and development costs related to the Otjikoto
Project in Namibia and for general corporate purposes. As at December 31, 2013,
the Company had drawn down a net total of $50 million under the Senior Credit
Facility, leaving an unused balance of $100 million. Subsequent to December 31,
2013, the Company entered into an amending agreement pursuant to which the
facility amount of the Senior Credit Facility was increased by $50 million to a
total amount of $200 million.</P>
<P style="MARGIN-LEFT: 5%" align=justify>As at December 31, 2013, the Company
had drawn down $10.2 million under the Otjikoto equipment loan facility (Note
13), leaving an unused balance of $30.7 million.</P>
<P align=right>35</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_43></A>
<P align=justify><B><I>B2GOLD CORP.</I></B></P>
<P align=justify><B><I>NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS</I></B><BR><B><I>December 31, 2013 and 2012</I></B><BR>(All tabular
amounts are in thousands of United States dollars unless otherwise stated)</P>
<P style="MARGIN-LEFT: 5%" align=justify>As at December 31, 2013, the Company
had the following significant commitments (in addition to those disclosed
elsewhere in these financial statements):</P>
<UL style="MARGIN-LEFT: 64pt; TEXT-ALIGN: justify">
  <LI>For the purchase of $10.9 million of equipment for the construction of the
  mill at the Otjikoto project in Namibia. The timing and amount of these costs
  will depend on delivery of the components but it is expected that the entire
  $10.9 million will be incurred in the first half of 2014. <BR>&nbsp;
  <LI>For further payments of $7.4 million for the construction of a power plant
  at the Otjikoto project in Namibia. The timing and amount of these costs will
  depend on delivery of the components but it is expected that the entire $7.4
  million will be incurred in the first half of 2014. <BR>&nbsp;
  <LI>For further payments of $9.1 million (the Company&#146;s 49% share) with
  respect to the acquisition of land at the Gramalote project in Colombia. It is
  expected that $2.7 million will be paid in 2014, $6.1 million in 2015 and the
  remaining $0.3 million in 2016. </LI></UL>
<P style="MARGIN-LEFT: 5%" align=justify><B><I>Market risk</I></B><br>
  Market risk includes currency and price
risk.</P>
<P style="MARGIN-LEFT: 5%" align=justify>The Company&#146;s operations in foreign
countries are subject to currency fluctuations and such fluctuations may
materially affect the Company&#146;s financial position and results. The Company
reports its financial results in United States dollars and incurs expenses in
United States dollars, Canadian dollars, Nicaraguan c&#243;rdobas, Colombian pesos,
Namibian dollars and Philippine pesos. As the exchange rates between the
Canadian dollar, Colombian peso, Namibian dollar and Philippine pesos fluctuate
against the United States dollar, the Company will experience foreign exchange
gains and losses. The exchange rate between the c&#243;rdoba and the United States
dollar varies according to a pattern set by the Nicaraguan Central Bank. The
c&#243;rdoba has been annually devalued versus the United States dollar by means of a
crawling peg mechanism which currently stands at approximately 5%. All of the
Company&#146;s gold production activities are currently conducted in Nicaragua and
the Philippines.</P>
<P style="MARGIN-LEFT: 5%" align=justify>Starting in the second quarter of 2012,
the Company entered into foreign currency contracts to manage its foreign
currency exposure of forecasted expenditures denominated in Namibian dollars
relating to the development of its Otjikoto project (Note 17). As the Namibian
dollar is pegged to the South African rand, the Company enters into foreign
currency contracts between the South African rand and the United States dollar
due to their greater liquidity.</P>
<P style="MARGIN-LEFT: 5%" align=justify>The Company also holds cash and cash
equivalents that are denominated in non-United States dollar currencies which
are subject to currency risk. As at December 31, 2013, $223.4 million of the
Company&#146;s $252.7 million in cash and cash equivalents was held in United States
dollars.</P>
<P style="MARGIN-LEFT: 5%" align=justify>The Company&#146;s operations expose it to
changes in the price of gold. A 5% increase/(decrease) in the price of gold
would have resulted in an increase/(decrease) in earnings of approximately $25.3
million for the year ended December 31, 2013 based on gold revenue. The
Company&#146;s earnings also could be affected by the prices of other commodities
such as fuel and other consumable items, although to a lesser extent than by the
price of gold. The prices of these commodities are affected by numerous factors
beyond the Company&#146;s control.</P>
<P align=right>36</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_44></A>
<P align=justify><B><I>B2GOLD CORP.</I></B></P>
<P align=justify><B><I>NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS</I></B><BR><B><I>December 31, 2013 and 2012</I></B><BR>(All tabular
amounts are in thousands of United States dollars unless otherwise stated)</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B><I>19</I></B> </TD>
    <TD>
      <P align=justify><B><I>Income and other taxes</I></B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Income tax expense differs from the amount that would
      result from applying the Canadian federal and provincial income tax rates
      to earnings from operations before taxes. These differences result from
      the following items:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="12%"><B><I>2013</I></B> </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="12%"><B><I>2012</I></B> </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="1%"
    ><B><I></I></B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="12%"><STRONG><EM>$</EM></STRONG></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="1%"
    ><B><I></I></B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="12%"><STRONG><EM>$</EM></STRONG></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="1%" valign="bottom" >&nbsp;</TD>
    <TD width="12%" valign="bottom">&nbsp; </TD>
    <TD width="2%" valign="bottom" >&nbsp;</TD>
    <TD width="1%" valign="bottom" >&nbsp;</TD>
    <TD width="12%" valign="bottom">&nbsp; </TD>
  <TD width="2%" valign="bottom" >&nbsp;</TD>
  </TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="1%" valign="bottom" >&nbsp;</TD>
    <TD width="12%" valign="bottom">&nbsp; </TD>
    <TD width="2%" valign="bottom" >&nbsp;</TD>
    <TD width="1%" valign="bottom" >&nbsp;</TD>
    <TD width="12%" valign="bottom">&nbsp; </TD>
  <TD width="2%" valign="bottom" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Consolidated income before income taxes </TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" bgColor=#e6efff><B>87,105</B> </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" bgColor=#e6efff>77,270 </TD>
  <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>Canadian federal and provincial income tax rates </TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD
      width="12%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"><B>25.75%</B> </TD>
    <TD width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">25.0%    </TD>
  <TD width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
  </TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD bgColor=#e6efff>&nbsp; </TD>
    <TD width="1%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" valign="bottom" bgColor=#e6efff>&nbsp; </TD>
  <TD width="2%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>Income tax expense at statutory rates </TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="12%" align=right valign="bottom"><B>22,430</B> </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="12%" align=right valign="bottom">19,317 </TD>
  <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
  </TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD bgColor=#e6efff>&nbsp; </TD>
    <TD width="1%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" valign="bottom" bgColor=#e6efff>&nbsp; </TD>
  <TD width="2%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>Increase (decrease) attributable to: </TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="12%" align=left valign="bottom">&nbsp; </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="12%" align=left valign="bottom">&nbsp; </TD>
  <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
  </TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD bgColor=#e6efff>&nbsp; </TD>
    <TD width="1%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" valign="bottom" bgColor=#e6efff>&nbsp; </TD>
  <TD width="2%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp;Effects of different foreign statutory tax
      rates and tax holidays </TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="12%" align=right valign="bottom"><B>(14,591</B></TD>
    <TD width="2%" align=left valign="bottom" ><B>)</B> </TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="12%" align=right valign="bottom">143 </TD>
  <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Non-deductible expenditures
</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" bgColor=#e6efff><B>6,823</B> </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" bgColor=#e6efff>5,373 </TD>
  <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp;Tax benefit of losses not previously recorded
    </TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="12%" align=right valign="bottom"><B>(6,132</B></TD>
    <TD width="2%" align=left valign="bottom" ><B>)</B> </TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="12%" align=right valign="bottom">- </TD>
  <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Losses for which no tax
      benefit has been recorded </TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" bgColor=#e6efff><B>6,011</B> </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" bgColor=#e6efff>3,543 </TD>
  <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp;Withholding tax and minimum tax </TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="12%" align=right valign="bottom"><B>2,189</B> </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="12%" align=right valign="bottom">3,343 </TD>
  <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Change due to foreign exchange
    </TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" bgColor=#e6efff><B>1,634</B> </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" bgColor=#e6efff>(2,384</TD>
  <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>) </TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp;Non-taxable portion of losses </TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="12%" align=right valign="bottom"><B>1,468</B> </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="12%" align=right valign="bottom">271 </TD>
  <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Amounts under/(over) provided
      for in prior years </TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" bgColor=#e6efff><B>(30</B></TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff><B>)</B> </TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" bgColor=#e6efff>57 </TD>
  <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp;Tax benefit of refiling tax returns </TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="12%" align=right valign="bottom"><B>-</B> </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="12%" align=right valign="bottom">(4,300</TD>
  <TD width="2%" align=left valign="bottom" >) </TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Change in enacted tax rate </TD>
    <TD width="1%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="12%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid"><B>-</B> </TD>
    <TD width="2%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="12%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">- </TD>
  <TD width="2%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="1%" valign="bottom" >&nbsp;</TD>
    <TD width="12%" valign="bottom">&nbsp; </TD>
    <TD width="2%" valign="bottom" >&nbsp;</TD>
    <TD width="1%" valign="bottom" >&nbsp;</TD>
    <TD width="12%" valign="bottom">&nbsp; </TD>
  <TD width="2%" valign="bottom" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Income tax expense </TD>
    <TD width="1%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="12%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid"><B>19,802</B> </TD>
    <TD width="2%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="12%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">25,363 </TD>
  <TD width="2%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="1%" valign="bottom" >&nbsp;</TD>
    <TD width="12%" valign="bottom">&nbsp; </TD>
    <TD width="2%" valign="bottom" >&nbsp;</TD>
    <TD width="1%" valign="bottom" >&nbsp;</TD>
    <TD width="12%" valign="bottom">&nbsp; </TD>
  <TD width="2%" valign="bottom" >&nbsp;</TD>
  </TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD bgColor=#e6efff>&nbsp; </TD>
    <TD width="1%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" valign="bottom" bgColor=#e6efff>&nbsp; </TD>
  <TD width="2%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>Current income tax, withholding and other taxes </TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="12%" align=right valign="bottom"><B>22,899</B> </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="12%" align=right valign="bottom">17,853 </TD>
  <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Deferred income tax (recovery) expense </TD>
    <TD width="1%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="12%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid"><B>(3,097</B></TD>
    <TD width="2%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid"><B>)</B> </TD>
    <TD width="1%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="12%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">7,510 </TD>
  <TD width="2%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="1%" valign="bottom" >&nbsp;</TD>
    <TD width="12%" valign="bottom">&nbsp; </TD>
    <TD width="2%" valign="bottom" >&nbsp;</TD>
    <TD width="1%" valign="bottom" >&nbsp;</TD>
    <TD width="12%" valign="bottom">&nbsp; </TD>
  <TD width="2%" valign="bottom" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Income tax expense </TD>
    <TD width="1%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="12%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid"><B>19,802</B> </TD>
    <TD width="2%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="12%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">25,363 </TD>
  <TD width="2%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
  </TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>The combined federal and provincial
income tax rates increased in 2013 due to legislated increases in income tax
rates.</P>
<P style="MARGIN-LEFT: 5%" align=justify>Total income tax expense attributable
to geographical jurisdiction is as follows:</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=center width="12%"><B><I>2013</I></B> </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="12%"><B><I>2012</I></B> </TD>
    <TD align=center width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    ><B><I></I></B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="12%"><STRONG><EM>$</EM></STRONG></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="1%"
    ><B><I></I></B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="12%"><STRONG><EM>$</EM></STRONG></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="2%"
    >&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="1%" valign="bottom" >&nbsp;</TD>
    <TD width="12%" valign="bottom">&nbsp; </TD>
    <TD width="2%" valign="bottom" >&nbsp;</TD>
    <TD width="1%" valign="bottom" >&nbsp;</TD>
    <TD width="12%" valign="bottom">&nbsp; </TD>
    <TD width="2%" valign="bottom" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Nicaragua </TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" bgColor=#e6efff><B>20,721</B> </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" bgColor=#e6efff>25,363 </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>Philippines </TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="12%" align=right valign="bottom"><B>(424</B></TD>
    <TD width="2%" align=left valign="bottom" ><B>)</B> </TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="12%" align=right valign="bottom">- </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Canada </TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" bgColor=#e6efff><B>1,972</B> </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" bgColor=#e6efff>- </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>Australia </TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD
      width="12%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"><B>(2,467</B></TD>
    <TD width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    ><B>)</B> </TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">- </TD>
    <TD width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
  </TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD bgColor=#e6efff>&nbsp; </TD>
    <TD width="1%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD
      width="12%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 2px solid"><B>19,802</B> </TD>
    <TD width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD
      width="12%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">25,363 </TD>
    <TD width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
  </TR></TABLE>
<P align=right>37</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_45></A>
<P align=justify><B><I>B2GOLD CORP.</I></B></P>
<P align=justify><B><I>NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS</I></B><BR><B><I>December 31, 2013 and 2012</I></B><BR>(All tabular
amounts are in thousands of United States dollars unless otherwise stated)</P>
<P style="MARGIN-LEFT: 5%" align=justify>The composition of the Company&#146;s net
deferred income tax liabilities and deferred tax expense is as follows:</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD width="23%" colSpan=4 align=center nowrap><B><I>Deferred tax
      (liabilities)/</I></B> </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="23%" colSpan=4 align=center nowrap><B><I>Deferred income</I></B> </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD width="23%" colSpan=4 align=center nowrap><B><I>assets</I></B> </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="23%" colSpan=4 align=center nowrap><B><I>tax
      (recovery)/expense</I></B> </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD width="10%" align=center nowrap><B><I>As at</I></B> </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="10%" align=center nowrap><B><I>As at</I></B> </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="10%" align=center nowrap>&nbsp; </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="10%" align=center nowrap>&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD width="10%" align=center nowrap><B><I>December 31,</I></B> </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="10%" align=center nowrap><B><I>December 31,</I></B> </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="10%" align=center nowrap>&nbsp; </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="10%" align=center nowrap>&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD width="10%" align=center nowrap><B><I>2013</I></B> </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="10%" align=center nowrap><B><I>2012</I></B> </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="10%" align=center nowrap><B><I>2013</I></B> </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="10%" align=center nowrap><B><I>2012</I></B> </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    ><B><I></I></B></TD>
    <TD
      width="10%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"><STRONG><EM>$</EM></STRONG></TD>
    <TD width="2%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="1%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"
    ><B><I></I></B></TD>
    <TD
      width="10%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"><STRONG><EM>$</EM></STRONG></TD>
    <TD width="2%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="1%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"
    ><B><I></I></B></TD>
    <TD
      width="10%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"><STRONG><EM>$</EM></STRONG></TD>
    <TD width="2%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="1%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"
    ><B><I></I></B></TD>
    <TD
      width="10%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"><STRONG><EM>$</EM></STRONG></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="10%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="10%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="10%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="10%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Operating loss carry-forwards </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff><B>6,240</B> </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff><B>(6,240</B></TD>
    <TD align=left width="2%"  bgColor=#e6efff><B>)</B> </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff>267 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>Current assets and liabilities </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%"><B>11,667</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%">(301</TD>
    <TD align=left width="2%" >) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%"><B>(1,956</B></TD>
    <TD align=left width="2%" ><B>)</B> </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%">1,121 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Investments </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff><B>-</B> </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff><B>(2,228</B></TD>
    <TD align=left width="2%"  bgColor=#e6efff><B>)</B> </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>Mining interests </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%"><B>(214,205</B></TD>
    <TD align=left width="2%" ><B>)</B> </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%">(42,272</TD>
    <TD align=left width="2%" >) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%"><B>1,704</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%">8,427 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Long term debt </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff><B>(5,511</B></TD>
    <TD align=left width="2%"  bgColor=#e6efff><B>)</B> </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff><B>5,511</B> </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff>(1,040</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>Mine restoration provisions </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%"><B>13,247</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%">8,425 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%"><B>130</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%">(1,265</TD>
    <TD align=left width="2%" >) </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Other </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff><B>1,751</B> </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff><B>(1,753</B></TD>
    <TD align=left width="2%"  bgColor=#e6efff><B>)</B> </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>Deferred tax charged to equity </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="10%"><B>-</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="10%"><B>1,735</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD bgColor=#e6efff>&nbsp; </TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="10%"><B>(186,811</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    ><B>)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="10%">(34,148</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="10%"><B>(3,097</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    ><B>)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="10%">7,510
    </TD>
<TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>The Company has the following
unrecognized deferred tax assets:</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD width="12%" align=center nowrap><B><I>2013</I></B> </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="12%" align=center nowrap><B><I>2012</I></B> </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="1%"
    ><B><I></I></B></TD>
    <TD
      width="12%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"><STRONG><EM>$</EM></STRONG></TD>
    <TD width="2%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="1%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"
    ><B><I></I></B></TD>
    <TD
      width="12%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"><STRONG><EM>$</EM></STRONG></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Operating loss carry-forwards </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff><B>12,144</B> </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>19,394 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>Debt and share issue costs </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%"><B>2,790</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">1,059 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Mine restoration provisions </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff><B>1,155</B> </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>1,134 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>Mining interests and other </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%"><B>1,442</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">1,416
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD bgColor=#e6efff>&nbsp; </TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="12%"><B>17,531</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="12%">23,003 </TD>
<TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>The change for the year in the
Company&#146;s net deferred tax position was as follows:</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=center width="12%"><B><I>2013</I></B> </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="12%"><B><I>2012</I></B> </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    ><B><I></I></B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="12%"><STRONG><EM>$</EM></STRONG></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="1%"
    ><B><I></I></B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="12%"><STRONG><EM>$</EM></STRONG></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Balance, beginning of year </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff><B>34,148</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>26,638 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Deferred income tax (recovery)
      expense </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff><B>(3,097</B></TD>
    <TD align=left width="2%"  bgColor=#e6efff><B>)</B> </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>7,510 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp;Recorded on CGA acquisition </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%"><B>157,494</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Amount charged to OCI </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff><B>238</B> </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp;Amount charge to equity </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%"><B>(1,972</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    ><B>)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD bgColor=#e6efff>&nbsp; </TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%"><B>152,663</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">7,510
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD bgColor=#e6efff>&nbsp; </TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>Balance, end of year </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="12%"><B>186,811</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="12%">34,148 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>The Company had tax losses which are
not recognized as deferred tax assets. The Company recognizes the tax benefit of
the tax losses only to the extent of anticipated future income that can be
reduced by tax losses. The gross amount of the tax losses as at December 31,
2013 for which a tax benefit has not been recorded expire as follows:</P>
<P align=right>38</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_46></A>
<P align=justify><B><I>B2GOLD CORP.</I></B></P>
<P align=justify><B><I>NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS</I></B><BR><B><I>December 31, 2013 and 2012</I></B><BR>(All tabular
amounts are in thousands of United States dollars unless otherwise stated)</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 8pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD align=left><B>Year of</B> </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="8%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="8%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="8%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="8%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="8%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="8%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left><B>expiry</B> </TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="8%"><B><I>Canada</I></B> </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="8%"><B><I>Costa Rica</I></B> </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="8%"><B><I>Colombia</I></B> </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="8%"><B><I>Namibia</I></B> </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="8%"><B><I>Nicaragua</I></B> </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="8%"><B><I>Total</I></B> </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="1%"
    ><B><I></I></B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="8%"><STRONG><EM>$</EM></STRONG></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="1%"
    ><B><I></I></B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="8%"><STRONG><EM>$</EM></STRONG></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="1%"
    ><B><I></I></B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="8%"><STRONG><EM>$</EM></STRONG></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="1%"
    ><B><I></I></B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="8%"><STRONG><EM>$</EM></STRONG></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="1%"
    ><B><I></I></B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="8%"><STRONG><EM>$</EM></STRONG></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="1%"
    ><B><I></I></B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="8%"><STRONG><EM>$</EM></STRONG></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="8%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="8%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="8%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>2014 </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>268 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>2,356 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>2,624 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>2015 </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">2 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">5,451 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">5,453 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>2016 </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>62 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>3,473 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>3,535 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>2017 </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">6 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">6 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>2018 </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>2 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>2 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>2027 </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">136 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">136 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>2028 </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>620 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>620 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>2029 </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">279 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">279 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>2030 </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>6,699 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>6,699 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>2031 </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">8,518 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">8,518 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>2032 </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>14,398 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>14,398 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>2033 </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">244 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="8%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="8%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="8%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="8%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="8%">244 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>No expiry </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%"
    bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%"
    bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%"
    bgColor=#e6efff>7,522 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%"
    bgColor=#e6efff>9,042 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%"
    bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%"
    bgColor=#e6efff>16,564 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD bgColor=#e6efff>&nbsp; </TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>Total </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="8%">30,894
    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="8%">340
</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="8%">7,522
    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="8%">9,042
    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="8%">11,280
    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="8%">59,078
    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>At December 31, 2013 the Company had
capital losses in Canada of $18.5 million which have no expiry date and can be
applied against future capital gains.</P>
<P align=right>39</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_47></A>
<P align=justify><B><I>B2GOLD CORP.</I></B></P>
<P align=justify><B><I>NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS</I></B><BR><B><I>December 31, 2013 and 2012</I></B><BR>(All tabular
amounts are in thousands of United States dollars unless otherwise stated)</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B><I>20</I></B> </TD>
    <TD>
      <P align=justify><B><I>Supplementary cash flow
  information</I></B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Supplementary disclosure of cash flow information is
      provided in the table below:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=center width="12%"><B><I>2013</I></B> </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="12%"><B><I>2012</I></B> </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      width="1%"><B><I></I></B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="12%"><STRONG><EM>$</EM></STRONG></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="1%"><B><I></I></B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="12%"><STRONG><EM>$</EM></STRONG></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
    width="2%">&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Changes in non-cash working capital: </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp;Accounts receivable and prepaids </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%"><B>1,406</B> </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">(1,323</TD>
    <TD align=left width="2%">) </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Value-added and other tax
      receivables </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff><B>(1,086</B></TD>
    <TD align=left width="2%" bgColor=#e6efff><B>)</B> </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(4,588</TD>
    <TD align=left width="2%" bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp;Inventories </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%"><B>11,483</B> </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">(13,906</TD>
    <TD align=left width="2%">) </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Accounts payable and accrued
      liabilities </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff><B>(7,808</B></TD>
    <TD align=left width="2%" bgColor=#e6efff><B>)</B> </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>2,952 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp;Income and other taxes payables </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%"><B>(511</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      width="2%"><B>)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">7,543
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD bgColor=#e6efff>&nbsp; </TD>
    <TD width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="12%"><B>3,484</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
    width="12%">(9,322</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%">)
  </TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=center width="12%"><B><I>2013</I></B> </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="12%"><B><I>2012</I></B> </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      width="1%"><B><I></I></B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="12%"><STRONG><EM>$</EM></STRONG></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="1%"><B><I></I></B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="12%"><STRONG><EM>$</EM></STRONG></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
    width="2%">&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Other exploration and development: </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp;Masbate Mine, exploration </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%"><B>(8,422</B></TD>
    <TD align=left width="2%"><B>)</B> </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">- </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Libertad Mine, exploration </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff><B>(4,656</B></TD>
    <TD align=left width="2%" bgColor=#e6efff><B>)</B> </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(6,712</TD>
    <TD align=left width="2%" bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp;Limon Mine, exploration </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%"><B>(4,072</B></TD>
    <TD align=left width="2%"><B>)</B> </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">(4,645</TD>
    <TD align=left width="2%">) </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Otjikoto,
      exploration/feasibility </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff><B>(6,318</B></TD>
    <TD align=left width="2%" bgColor=#e6efff><B>)</B> </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(20,424</TD>
    <TD align=left width="2%" bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp;Primavera, exploration </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%"><B>(1,330</B></TD>
    <TD align=left width="2%"><B>)</B> </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">(5,376</TD>
    <TD align=left width="2%">) </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;San Jose, exploration </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff><B>(1,123</B></TD>
    <TD align=left width="2%" bgColor=#e6efff><B>)</B> </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp;Mocoa, exploration </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%"><B>(596</B></TD>
    <TD align=left width="2%"><B>)</B> </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">(3,607</TD>
    <TD align=left width="2%">) </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Cebollati, exploration </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff><B>(425</B></TD>
    <TD align=left width="2%" bgColor=#e6efff><B>)</B> </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(3,091</TD>
    <TD align=left width="2%" bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp;Trebol and Pavon, exploration </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%"><B>(417</B></TD>
    <TD align=left width="2%"><B>)</B> </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">(2,552</TD>
    <TD align=left width="2%">) </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Other </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff><B>(863</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    bgColor=#e6efff><B>)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>(808</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    bgColor=#e6efff>) </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff><B>(28,222</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    bgColor=#e6efff><B>)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>(47,215</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    bgColor=#e6efff>) </TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=center width="12%"><B><I>2013</I></B> </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="12%"><B><I>2012</I></B> </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      width="1%"><B><I></I></B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="12%"><STRONG><EM>$</EM></STRONG></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="1%"><B><I></I></B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="12%"><STRONG><EM>$</EM></STRONG></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
    width="2%">&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="1%" valign="bottom">&nbsp;</TD>
    <TD width="12%" valign="bottom">&nbsp; </TD>
    <TD width="2%" valign="bottom">&nbsp;</TD>
    <TD width="1%" valign="bottom">&nbsp;</TD>
    <TD width="12%" valign="bottom">&nbsp; </TD>
    <TD width="2%" valign="bottom">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Non-cash investing and financing
      activities: </TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp;Common shares issued for CGA acquisition
      <I>(Note 7)</I> </TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="12%" align=right valign="bottom"><B>984,870</B> </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="12%" align=right valign="bottom">- </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Common shares issued for Volta
      acquisition <I>(Note 8)</I> </TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" bgColor=#e6efff><B>46,423</B> </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" bgColor=#e6efff>- </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp;Common shares issued to EVI <I>(Note 11)</I>
    </TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="12%" align=right valign="bottom"><B>7,600</B> </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="12%" align=right valign="bottom">- </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Common shares issued for
      Trebol and Pavon properties <I>(Note 11)</I> </TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" bgColor=#e6efff><B>-</B> </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" bgColor=#e6efff>16,814 </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp;Stock-based compensation, capitalized to
      resource property interests </TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="12%" align=right valign="bottom"><B>5,106</B> </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="12%" align=right valign="bottom">4,107 </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Mining equipment purchased
      under equipment loan <I>(Note 13)</I> </TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" bgColor=#e6efff><B>3,271</B> </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" bgColor=#e6efff>- </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp;Interest expense, capitalized to resource
      property interests </TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="12%" align=right valign="bottom"><B>2,475</B> </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="12%" align=right valign="bottom">- </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Fair value assigned to Volta
      stock options assumed <I>(Note 8)</I> </TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" bgColor=#e6efff><B>949</B> </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" bgColor=#e6efff>- </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp;&nbsp;&nbsp;Change in accounts payable and accrued
      liabilities relating to
      resource&nbsp;<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;property
      expenditures </TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="12%" align=right valign="bottom"><B>25,124</B> </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="12%" align=right valign="bottom">2,968 </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
  </TR></TABLE>
<P align=right>40</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_48></A>
<P align=justify><B><I>B2GOLD CORP.</I></B></P>
<P align=justify><B><I>NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS</I></B><BR><B><I>December 31, 2013 and 2012</I></B><BR>(All tabular
amounts are in thousands of United States dollars unless otherwise stated)</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B><I>21</I></B> </TD>
    <TD>
      <P align=justify><B><I>Compensation of key management</I></B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Key management includes the Company&#146;s directors, members
      of the Executive Committee and members of Senior Management. Compensation
      to key management included:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="12%"><B><I>2013</I></B> </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="12%"><B><I>2012</I></B> </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="1%"><B><I></I></B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="12%"><STRONG><EM>$</EM></STRONG></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="1%"><B><I></I></B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="12%"><STRONG><EM>$</EM></STRONG></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
    width="2%">&nbsp;</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Salaries and short-term employee benefits
    </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff><B>6,667</B> </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>2,924 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>Share-based payments </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%"><B>7,565</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">7,009
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD bgColor=#e6efff>&nbsp; </TD>
    <TD width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="12%"><B>14,232</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%">9,933
    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
    width="2%">&nbsp;</TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Salaries and short-term employee benefits was higher than
      the 2012 comparative periods due to cash bonuses paid to senior management
      in April 2013.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%"><B><I>22</I></B> </TD>
    <TD>
      <P align=justify><B><I>Expenses by
nature</I></B></P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="12%"><B><I>2013</I></B> </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="12%"><B><I>2012</I></B> </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="1%"><B><I></I></B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="12%"><STRONG><EM>$</EM></STRONG></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="1%"><B><I></I></B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="12%"><STRONG><EM>$</EM></STRONG></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
    width="2%">&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Wages and salaries (including benefits) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff><B>43,696</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>30,049 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR></TABLE>
<P align=right>41</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_49></A>
<P align=justify><B><I>B2GOLD CORP.</I></B></P>
<P align=justify><B><I>NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS</I></B><BR><B><I>December 31, 2013 and 2012</I></B><BR>(All tabular
amounts are in thousands of United States dollars unless otherwise stated)</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B><I>23</I></B> </TD>
    <TD>
      <P align=justify><B><I>Segmented information</I></B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>The Company&#146;s reportable operating segments include its
      mining operations and development projects, namely the Limon, Libertad and
      Masbate mines, and the Otjikoto, Gramalote and Kiaka projects. The &#147;Other
      Mineral Properties&#148; segment consists of the Company&#146;s interests in mineral
      properties which are at various stages of exploration. The &#147;Corporate and
      Other&#148; segment includes corporate operations and the Bellavista property
      in Costa Rica which is presently undergoing environmental and closure
      audits.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>The Company&#146;s segments are summarized in the following
      tables.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 8pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD width="69%" colSpan=25 align=center nowrap><B><I>2013</I></B> </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD width="5%" align=center nowrap>&nbsp; </TD>
    <TD width="2%" align=center nowrap>&nbsp;</TD>
    <TD width="1%" align=center nowrap>&nbsp;</TD>
    <TD width="5%" align=center nowrap>&nbsp; </TD>
    <TD width="2%" align=center nowrap>&nbsp;</TD>
    <TD width="1%" align=center nowrap>&nbsp;</TD>
    <TD width="5%" align=center nowrap>&nbsp; </TD>
    <TD width="2%" align=center nowrap>&nbsp;</TD>
    <TD width="1%" align=center nowrap>&nbsp;</TD>
    <TD width="5%" align=center nowrap>&nbsp; </TD>
    <TD width="2%" align=center nowrap>&nbsp;</TD>
    <TD width="1%" align=center nowrap>&nbsp;</TD>
    <TD width="5%" align=center nowrap>&nbsp; </TD>
    <TD width="2%" align=center nowrap>&nbsp;</TD>
    <TD width="1%" align=center nowrap>&nbsp;</TD>
    <TD width="5%" align=center nowrap>&nbsp; </TD>
    <TD width="2%" align=center nowrap>&nbsp;</TD>
    <TD width="1%" align=center nowrap>&nbsp;</TD>
    <TD width="5%" align=center nowrap><B><I>Other</I></B> </TD>
    <TD width="2%" align=center nowrap>&nbsp;</TD>
    <TD width="1%" align=center nowrap>&nbsp;</TD>
    <TD width="5%" align=center nowrap>&nbsp; </TD>
    <TD width="2%" align=center nowrap>&nbsp;</TD>
    <TD width="1%" align=center nowrap>&nbsp;</TD>
    <TD width="5%" align=center nowrap>&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD width="5%" align=center nowrap><B><I>Limon</I></B> </TD>
    <TD width="2%" align=center nowrap>&nbsp;</TD>
    <TD width="1%" align=center nowrap>&nbsp;</TD>
    <TD width="5%" align=center nowrap><B><I>Libertad</I></B> </TD>
    <TD width="2%" align=center nowrap>&nbsp;</TD>
    <TD width="1%" align=center nowrap>&nbsp;</TD>
    <TD width="5%" align=center nowrap><B><I>Masbate</I></B></TD>
    <TD width="2%" align=center nowrap>&nbsp;</TD>
    <TD width="1%" align=center nowrap>&nbsp;</TD>
    <TD width="5%" align=center nowrap><STRONG><EM>Otjikoto</EM></STRONG></TD>
    <TD width="2%" align=center nowrap>&nbsp;</TD>
    <TD width="1%" align=center nowrap>&nbsp;</TD>
    <TD width="5%" align=center nowrap><STRONG><EM>Gramalote</EM></STRONG></TD>
    <TD width="2%" align=center nowrap>&nbsp;</TD>
    <TD width="1%" align=center nowrap>&nbsp;</TD>
    <TD width="5%" align=center nowrap><STRONG><EM>Kiaka</EM></STRONG> </TD>
    <TD width="2%" align=center nowrap>&nbsp;</TD>
    <TD width="1%" align=center nowrap>&nbsp;</TD>
    <TD width="5%" align=center nowrap><B><I>Mineral</I></B></TD>
    <TD width="2%" align=center nowrap>&nbsp;</TD>
    <TD width="1%" align=center nowrap>&nbsp;</TD>
    <TD width="5%" align=center nowrap><STRONG><EM>Corporate</EM></STRONG> </TD>
    <TD width="2%" align=center nowrap>&nbsp;</TD>
    <TD width="1%" align=center nowrap>&nbsp;</TD>
    <TD width="5%" align=center nowrap>&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD width="5%" align=center nowrap><B><I>Mine</I></B> </TD>
    <TD width="2%" align=center nowrap>&nbsp;</TD>
    <TD width="1%" align=center nowrap>&nbsp;</TD>
    <TD width="5%" align=center nowrap><B><I>Mine</I></B> </TD>
    <TD width="2%" align=center nowrap>&nbsp;</TD>
    <TD width="1%" align=center nowrap>&nbsp;</TD>
    <TD width="5%" align=center nowrap><B><I>Mine</I></B> </TD>
    <TD width="2%" align=center nowrap>&nbsp;</TD>
    <TD width="1%" align=center nowrap>&nbsp;</TD>
    <TD width="5%" align=center nowrap><B><I>Project</I></B> </TD>
    <TD width="2%" align=center nowrap>&nbsp;</TD>
    <TD width="1%" align=center nowrap>&nbsp;</TD>
    <TD width="5%" align=center nowrap><B><I>Project</I></B> </TD>
    <TD width="2%" align=center nowrap>&nbsp;</TD>
    <TD width="1%" align=center nowrap>&nbsp;</TD>
    <TD width="5%" align=center nowrap><B><I>Project</I></B> </TD>
    <TD width="2%" align=center nowrap>&nbsp;</TD>
    <TD width="1%" align=center nowrap>&nbsp;</TD>
    <TD width="5%" align=center nowrap><STRONG><EM>Properties</EM></STRONG></TD>
    <TD width="2%" align=center nowrap>&nbsp;</TD>
    <TD width="1%" align=center nowrap>&nbsp;</TD>
    <TD width="5%" align=center nowrap><STRONG><EM>&amp; Other</EM></STRONG></TD>
    <TD width="2%" align=center nowrap>&nbsp;</TD>
    <TD width="1%" align=center nowrap>&nbsp;</TD>
    <TD width="5%" align=center nowrap><B><I>Total</I></B> </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      width="1%"><B><I></I></B></TD>
    <TD
      width="5%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"><STRONG><EM>$</EM></STRONG></TD>
    <TD
    width="2%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD
      width="1%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"><B><I></I></B></TD>
    <TD
      width="5%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"><STRONG><EM>$</EM></STRONG></TD>
    <TD
    width="2%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD
      width="1%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"><B><I></I></B></TD>
    <TD
      width="5%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"><STRONG><EM>$</EM></STRONG></TD>
    <TD
    width="2%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD
      width="1%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"><B><I></I></B></TD>
    <TD
      width="5%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"><STRONG><EM>$</EM></STRONG></TD>
    <TD
    width="2%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD
      width="1%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"><B><I></I></B></TD>
    <TD
      width="5%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"><STRONG><EM>$</EM></STRONG></TD>
    <TD
    width="2%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD
      width="1%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"><B><I></I></B></TD>
    <TD
      width="5%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"><STRONG><EM>$</EM></STRONG></TD>
    <TD
    width="2%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD
      width="1%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"><B><I></I></B></TD>
    <TD
      width="5%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"><STRONG><EM>$</EM></STRONG></TD>
    <TD
    width="2%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD
      width="1%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"><B><I></I></B></TD>
    <TD
      width="5%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"><STRONG><EM>$</EM></STRONG></TD>
    <TD
    width="2%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD
      width="1%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"><B><I></I></B></TD>
    <TD
      width="5%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"><STRONG><EM>$</EM></STRONG></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff><B><I>Assets</I></B> </TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="5%" align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="5%" align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="5%" align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="5%" align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="5%" align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="5%" align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="5%" align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="5%" align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="5%" align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;&nbsp;Cash </TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="5%" align=right valign="bottom">6,982 </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="5%" align=right valign="bottom">43,434 </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="5%" align=right valign="bottom">40,514 </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="5%" align=right valign="bottom">19,201 </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="5%" align=right valign="bottom">- </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="5%" align=right valign="bottom">55 </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="5%" align=right valign="bottom">351 </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="5%" align=right valign="bottom">142,199 </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="5%" align=right valign="bottom">252,736 </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp;&nbsp;Accounts receivable &amp;
      prepaids </TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="5%" align=right valign="bottom" bgColor=#e6efff>3,634 </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="5%" align=right valign="bottom" bgColor=#e6efff>5,640 </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="5%" align=right valign="bottom" bgColor=#e6efff>9,812 </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="5%" align=right valign="bottom" bgColor=#e6efff>6,319 </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="5%" align=right valign="bottom" bgColor=#e6efff>- </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="5%" align=right valign="bottom" bgColor=#e6efff>31 </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="5%" align=right valign="bottom" bgColor=#e6efff>32 </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="5%" align=right valign="bottom" bgColor=#e6efff>805 </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="5%" align=right valign="bottom" bgColor=#e6efff>26,273 </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;&nbsp;Value-added &amp; other tax receivables </TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="5%" align=right valign="bottom">3,971 </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="5%" align=right valign="bottom">7,955 </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="5%" align=right valign="bottom">- </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="5%" align=right valign="bottom">7,657 </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="5%" align=right valign="bottom">- </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="5%" align=right valign="bottom">- </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="5%" align=right valign="bottom">- </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="5%" align=right valign="bottom">240 </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="5%" align=right valign="bottom">19,823 </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp;&nbsp;Inventories </TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="5%" align=right valign="bottom" bgColor=#e6efff>14,218 </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="5%" align=right valign="bottom" bgColor=#e6efff>26,036 </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="5%" align=right valign="bottom" bgColor=#e6efff>35,411 </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="5%" align=right valign="bottom" bgColor=#e6efff>- </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="5%" align=right valign="bottom" bgColor=#e6efff>- </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="5%" align=right valign="bottom" bgColor=#e6efff>- </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="5%" align=right valign="bottom" bgColor=#e6efff>- </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="5%" align=right valign="bottom" bgColor=#e6efff>- </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="5%" align=right valign="bottom" bgColor=#e6efff>75,665 </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;&nbsp;Mining interests </TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="5%" align=right valign="bottom">75,169 </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="5%" align=right valign="bottom">175,591 </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="5%" align=right valign="bottom">858,871 </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="5%" align=right valign="bottom">289,945 </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="5%" align=right valign="bottom">148,967 </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="5%" align=right valign="bottom">50,550 </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="5%" align=right valign="bottom">64,751 </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="5%" align=right valign="bottom">3,601 </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="5%" align=right valign="bottom">1,667,445 </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp;&nbsp;Investments </TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="5%" align=right valign="bottom" bgColor=#e6efff>- </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="5%" align=right valign="bottom" bgColor=#e6efff>- </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="5%" align=right valign="bottom" bgColor=#e6efff>- </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="5%" align=right valign="bottom" bgColor=#e6efff>- </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="5%" align=right valign="bottom" bgColor=#e6efff>- </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="5%" align=right valign="bottom" bgColor=#e6efff>- </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="5%" align=right valign="bottom" bgColor=#e6efff>- </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="5%" align=right valign="bottom" bgColor=#e6efff>20,769 </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="5%" align=right valign="bottom" bgColor=#e6efff>20,769 </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;&nbsp;Long-term value- added tax receivables </TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="5%" align=right valign="bottom">- </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="5%" align=right valign="bottom">- </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="5%" align=right valign="bottom">28,875 </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="5%" align=right valign="bottom">- </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="5%" align=right valign="bottom">- </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="5%" align=right valign="bottom">- </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="5%" align=right valign="bottom">- </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="5%" align=right valign="bottom">- </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="5%" align=right valign="bottom">28,875 </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp;&nbsp;Goodwill </TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="5%" align=right valign="bottom" bgColor=#e6efff>- </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="5%" align=right valign="bottom" bgColor=#e6efff>- </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="5%" align=right valign="bottom" bgColor=#e6efff>202,070 </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="5%" align=right valign="bottom" bgColor=#e6efff>- </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="5%" align=right valign="bottom" bgColor=#e6efff>- </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="5%" align=right valign="bottom" bgColor=#e6efff>- </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="5%" align=right valign="bottom" bgColor=#e6efff>- </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="5%" align=right valign="bottom" bgColor=#e6efff>- </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="5%" align=right valign="bottom" bgColor=#e6efff>202,070 </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;&nbsp;Other assets </TD>
    <TD
    width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="5%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">- </TD>
    <TD
    width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="5%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">- </TD>
    <TD
    width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="5%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">994</TD>
    <TD
    width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="5%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">13,048    </TD>
    <TD
    width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="5%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">- </TD>
    <TD
    width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="5%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">- </TD>
    <TD
    width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="5%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">548</TD>
    <TD
    width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="5%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">1,480    </TD>
    <TD
    width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="5%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">16,070    </TD>
    <TD
    width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; </TD>
    <TD width="1%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="5%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">103,974 </TD>
    <TD width="2%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="5%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">258,656 </TD>
    <TD width="2%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="5%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">1,176,547 </TD>
    <TD width="2%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="5%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">336,170 </TD>
    <TD width="2%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="5%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">148,967 </TD>
    <TD width="2%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="5%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">50,636 </TD>
    <TD width="2%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="5%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">65,682 </TD>
    <TD width="2%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="5%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">169,094 </TD>
    <TD width="2%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="5%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">2,309,726 </TD>
    <TD width="2%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left><B><I>Capital</I></B> <B><I>expenditures</I></B> </TD>
    <TD
    width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="5%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">21,064    </TD>
    <TD
    width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD
    width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="5%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">36,676    </TD>
    <TD
    width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD
    width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="5%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">39,766    </TD>
    <TD
    width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD
    width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD
      width="5%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">173,658 </TD>
    <TD
    width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD
    width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="5%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">47,979    </TD>
    <TD
    width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD
    width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="5%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">- </TD>
    <TD
    width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD
    width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="5%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">4,755    </TD>
    <TD
    width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD
    width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="5%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">525</TD>
    <TD
    width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD
    width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD
      width="5%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">324,423 </TD>
    <TD
    width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff><B><I>Gold revenue</I></B> </TD>
    <TD width="1%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="5%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">80,151 </TD>
    <TD width="2%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="5%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">190,021 </TD>
    <TD width="2%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="5%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">274,100 </TD>
    <TD width="2%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="5%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">- </TD>
    <TD width="2%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="5%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">- </TD>
    <TD width="2%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="5%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">- </TD>
    <TD width="2%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="5%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">- </TD>
    <TD width="2%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="5%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">- </TD>
    <TD width="2%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="5%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">544,272 </TD>
    <TD width="2%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left><B><I>Production costs</I></B> </TD>
    <TD
    width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="5%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">37,758    </TD>
    <TD
    width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD
    width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="5%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">79,086    </TD>
    <TD
    width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD
    width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD
      width="5%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">145,052 </TD>
    <TD
    width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD
    width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="5%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">- </TD>
    <TD
    width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD
    width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="5%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">- </TD>
    <TD
    width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD
    width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="5%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">- </TD>
    <TD
    width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD
    width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="5%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">- </TD>
    <TD
    width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD
    width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="5%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">- </TD>
    <TD
    width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD
    width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD
      width="5%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">261,896 </TD>
    <TD
    width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff><B><I>Depreciation &amp;</I></B>
      <B><I>depletion</I></B> </TD>
    <TD width="1%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="5%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">17,031 </TD>
    <TD width="2%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="5%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">32,067 </TD>
    <TD width="2%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="5%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">36,757 </TD>
    <TD width="2%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="5%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">- </TD>
    <TD width="2%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="5%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">- </TD>
    <TD width="2%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="5%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">- </TD>
    <TD width="2%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="5%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">- </TD>
    <TD width="2%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="5%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">170 </TD>
    <TD width="2%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="5%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">86,025 </TD>
    <TD width="2%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left><B><I>Current income tax,</I></B> <B><I>withholding
      and</I></B> <B><I>other taxes</I></B> </TD>
    <TD
    width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="5%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">4,224    </TD>
    <TD
    width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD
    width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="5%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">17,572    </TD>
    <TD
    width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD
    width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="5%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">1,103    </TD>
    <TD
    width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD
    width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="5%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">- </TD>
    <TD
    width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD
    width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="5%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">- </TD>
    <TD
    width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD
    width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="5%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">- </TD>
    <TD
    width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD
    width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="5%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">- </TD>
    <TD
    width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD
    width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="5%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">- </TD>
    <TD
    width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD
    width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="5%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">22,899    </TD>
    <TD
    width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff><B><I>Net income
      (loss)</I></B><B><I><SUP>2</SUP></I></B> </TD>
    <TD width="1%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="5%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">12,177 </TD>
    <TD width="2%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="5%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">45,057 </TD>
    <TD width="2%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="5%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">23,381 </TD>
    <TD width="2%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="5%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">- </TD>
    <TD width="2%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="5%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">- </TD>
    <TD width="2%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="5%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">- </TD>
    <TD width="2%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="5%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">(10,177</TD>
    <TD width="2%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">) </TD>
    <TD width="1%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="5%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">(3,135</TD>
    <TD width="2%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">) </TD>
    <TD width="1%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="5%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">67,303 </TD>
<TD width="2%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
  </TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>____________________</P>
<P style="MARGIN-LEFT: 5%" align=justify><SUP>2 </SUP>Included in the net loss
of Other Mineral Properties is a $9.6 million write-off relating to the
Cebollati property. See Note 11 for further details.</P>
<P align=right>42</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_50></A>
<P align=justify><B><I>B2GOLD CORP.</I></B></P>
<P align=justify><B><I>NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS</I></B><BR><B><I>December 31, 2013 and 2012</I></B><BR>(All tabular
amounts are in thousands of United States dollars unless otherwise stated)</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 8pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD width="69%" colSpan=25 align=center nowrap><B><I>2012</I></B> </TD>
    <TD align=center width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD width="5%" align=center nowrap>&nbsp; </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="5%" align=center nowrap>&nbsp; </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="5%" align=center nowrap>&nbsp; </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="5%" align=center nowrap>&nbsp; </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="5%" align=center nowrap>&nbsp; </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="5%" align=center nowrap>&nbsp; </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="5%" align=center nowrap><B><I>Other</I></B> </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="5%" align=center nowrap>&nbsp; </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="5%" align=center nowrap>&nbsp; </TD>
    <TD align=center width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD width="5%" align=center nowrap><B><I>Limon</I></B> </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="5%" align=center nowrap><B><I>Libertad</I></B> </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="5%" align=center nowrap><B><I>Masbate</I></B></TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="5%" align=center nowrap><STRONG><EM>Otjikoto</EM></STRONG></TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="5%" align=center nowrap><STRONG><EM>Gramalote</EM></STRONG></TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="5%" align=center nowrap><STRONG><EM>Kiaka</EM></STRONG> </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="5%" align=center nowrap><B><I>Mineral</I></B></TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="5%" align=center nowrap><STRONG><EM>Corporate</EM></STRONG> </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="5%" align=center nowrap>&nbsp; </TD>
    <TD align=center width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD width="5%" align=center nowrap><B><I>Mine</I></B> </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="5%" align=center nowrap><B><I>Mine</I></B> </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="5%" align=center nowrap><B><I>Mine</I></B> </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="5%" align=center nowrap><B><I>Project</I></B> </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="5%" align=center nowrap><B><I>Project</I></B> </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="5%" align=center nowrap><B><I>Project</I></B> </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="5%" align=center nowrap><STRONG><EM>Properties</EM></STRONG></TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="5%" align=center nowrap><STRONG><EM>&amp; Other</EM></STRONG></TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="5%" align=center nowrap><B><I>Total</I></B> </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    ><B><I></I></B></TD>
    <TD
      width="5%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"><STRONG><EM>$</EM></STRONG></TD>
    <TD width="2%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="1%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"
    ><B><I></I></B></TD>
    <TD
      width="5%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"><STRONG><EM>$</EM></STRONG></TD>
    <TD width="2%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="1%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"
    ><B><I></I></B></TD>
    <TD
      width="5%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"><STRONG><EM>$</EM></STRONG></TD>
    <TD width="2%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="1%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"
    ><B><I></I></B></TD>
    <TD
      width="5%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"><STRONG><EM>$</EM></STRONG></TD>
    <TD width="2%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="1%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"
    ><B><I></I></B></TD>
    <TD
      width="5%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"><STRONG><EM>$</EM></STRONG></TD>
    <TD width="2%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="1%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"
    ><B><I></I></B></TD>
    <TD
      width="5%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"><STRONG><EM>$</EM></STRONG></TD>
    <TD width="2%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="1%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"
    ><B><I></I></B></TD>
    <TD
      width="5%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"><STRONG><EM>$</EM></STRONG></TD>
    <TD width="2%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="1%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"
    ><B><I></I></B></TD>
    <TD
      width="5%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"><STRONG><EM>$</EM></STRONG></TD>
    <TD width="2%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="1%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"
    ><B><I></I></B></TD>
    <TD
      width="5%" align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"><STRONG><EM>$</EM></STRONG></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff><B><I>Assets</I></B> </TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="5%" align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="5%" align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="5%" align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="5%" align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="5%" align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="5%" align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="5%" align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="5%" align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="5%" align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;&nbsp;Cash </TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="5%" align=right valign="bottom">7,657 </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="5%" align=right valign="bottom">47,176 </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="5%" align=right valign="bottom">- </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="5%" align=right valign="bottom">5,561 </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="5%" align=right valign="bottom">- </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="5%" align=right valign="bottom">- </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="5%" align=right valign="bottom">809 </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="5%" align=right valign="bottom">6,746 </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="5%" align=right valign="bottom">67,949 </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp;&nbsp;Accounts receivable &amp;
      prepaids </TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="5%" align=right valign="bottom" bgColor=#e6efff>1,978 </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="5%" align=right valign="bottom" bgColor=#e6efff>5,347 </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="5%" align=right valign="bottom" bgColor=#e6efff>- </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="5%" align=right valign="bottom" bgColor=#e6efff>156 </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="5%" align=right valign="bottom" bgColor=#e6efff>- </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="5%" align=right valign="bottom" bgColor=#e6efff>- </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="5%" align=right valign="bottom" bgColor=#e6efff>33 </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="5%" align=right valign="bottom" bgColor=#e6efff>181 </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="5%" align=right valign="bottom" bgColor=#e6efff>7,695 </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;&nbsp;Value-added &amp; other tax receivables </TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="5%" align=right valign="bottom">7,246 </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="5%" align=right valign="bottom">10,428 </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="5%" align=right valign="bottom">- </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="5%" align=right valign="bottom">902 </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="5%" align=right valign="bottom">- </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="5%" align=right valign="bottom">- </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="5%" align=right valign="bottom">- </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="5%" align=right valign="bottom">161 </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="5%" align=right valign="bottom">18,737 </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp;&nbsp;Inventories </TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="5%" align=right valign="bottom" bgColor=#e6efff>16,748 </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="5%" align=right valign="bottom" bgColor=#e6efff>24,860 </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="5%" align=right valign="bottom" bgColor=#e6efff>- </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="5%" align=right valign="bottom" bgColor=#e6efff>- </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="5%" align=right valign="bottom" bgColor=#e6efff>- </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="5%" align=right valign="bottom" bgColor=#e6efff>- </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="5%" align=right valign="bottom" bgColor=#e6efff>- </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="5%" align=right valign="bottom" bgColor=#e6efff>- </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="5%" align=right valign="bottom" bgColor=#e6efff>41,608 </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;&nbsp;Mining interests </TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="5%" align=right valign="bottom">78,378 </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="5%" align=right valign="bottom">164,268 </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="5%" align=right valign="bottom">- </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="5%" align=right valign="bottom">118,798 </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="5%" align=right valign="bottom">100,798 </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="5%" align=right valign="bottom">- </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="5%" align=right valign="bottom">69,236 </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="5%" align=right valign="bottom">3,246 </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="5%" align=right valign="bottom">534,724 </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp;&nbsp;Investment </TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="5%" align=right valign="bottom" bgColor=#e6efff>- </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="5%" align=right valign="bottom" bgColor=#e6efff>- </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="5%" align=right valign="bottom" bgColor=#e6efff>- </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="5%" align=right valign="bottom" bgColor=#e6efff>- </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="5%" align=right valign="bottom" bgColor=#e6efff>- </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="5%" align=right valign="bottom" bgColor=#e6efff>- </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="5%" align=right valign="bottom" bgColor=#e6efff>- </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="5%" align=right valign="bottom" bgColor=#e6efff>3,661 </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="5%" align=right valign="bottom" bgColor=#e6efff>3,661 </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;&nbsp;Other assets </TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="5%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">- </TD>
    <TD width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="5%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">- </TD>
    <TD width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="5%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">- </TD>
    <TD width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="5%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">- </TD>
    <TD width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="5%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">- </TD>
    <TD width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="5%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">- </TD>
    <TD width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="5%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">640</TD>
    <TD width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="5%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">1,451    </TD>
    <TD width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="5%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">2,091    </TD>
    <TD width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; </TD>
    <TD width="1%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="5%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">112,007 </TD>
    <TD width="2%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="5%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">252,079 </TD>
    <TD width="2%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="5%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">- </TD>
    <TD width="2%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="5%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">125,417 </TD>
    <TD width="2%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="5%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">100,798 </TD>
    <TD width="2%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="5%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">- </TD>
    <TD width="2%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="5%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">70,718 </TD>
    <TD width="2%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="5%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">15,446 </TD>
    <TD width="2%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="5%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">676,465 </TD>
    <TD width="2%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left><B><I>Capital</I></B> <B><I>expenditures</I></B> </TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="5%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">26,106    </TD>
    <TD width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="5%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">48,991    </TD>
    <TD width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="5%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">- </TD>
    <TD width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="5%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">20,424    </TD>
    <TD width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="5%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">30,872    </TD>
    <TD width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="5%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">- </TD>
    <TD width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="5%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">15,433    </TD>
    <TD width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="5%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">67 </TD>
    <TD width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD
      width="5%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">141,893 </TD>
    <TD width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff><B><I>Gold revenue</I></B> </TD>
    <TD width="1%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="5%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">79,493 </TD>
    <TD width="2%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="5%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">179,558 </TD>
    <TD width="2%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="5%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">- </TD>
    <TD width="2%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="5%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">- </TD>
    <TD width="2%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="5%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">- </TD>
    <TD width="2%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="5%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">- </TD>
    <TD width="2%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="5%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">- </TD>
    <TD width="2%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="5%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">- </TD>
    <TD width="2%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="5%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">259,051 </TD>
    <TD width="2%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left><B><I>Production costs</I></B> </TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="5%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">34,331    </TD>
    <TD width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="5%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">55,173    </TD>
    <TD width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="5%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">- </TD>
    <TD width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="5%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">- </TD>
    <TD width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="5%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">- </TD>
    <TD width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="5%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">- </TD>
    <TD width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="5%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">- </TD>
    <TD width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="5%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">- </TD>
    <TD width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="5%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">89,504    </TD>
    <TD width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff><B><I>Depreciation &amp;</I></B>
      <B><I>depletion</I></B> </TD>
    <TD width="1%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="5%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">10,180 </TD>
    <TD width="2%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="5%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">22,881 </TD>
    <TD width="2%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="5%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">- </TD>
    <TD width="2%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="5%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">- </TD>
    <TD width="2%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="5%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">- </TD>
    <TD width="2%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="5%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">- </TD>
    <TD width="2%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="5%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">- </TD>
    <TD width="2%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="5%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">154 </TD>
    <TD width="2%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="5%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">33,215 </TD>
    <TD width="2%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left><B><I>Current income tax,</I></B> <B><I>withholding
      and</I></B> <B><I>other taxes</I></B> </TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="5%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">2,004    </TD>
    <TD width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="5%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">15,849    </TD>
    <TD width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="5%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">- </TD>
    <TD width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="5%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">- </TD>
    <TD width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="5%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">- </TD>
    <TD width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="5%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">- </TD>
    <TD width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="5%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">- </TD>
    <TD width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="5%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">- </TD>
    <TD width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="5%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">17,853    </TD>
    <TD width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff><B><I>Net income (loss)</I></B> </TD>
    <TD width="1%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="5%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">17,338 </TD>
    <TD width="2%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="5%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">65,670 </TD>
    <TD width="2%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="5%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">- </TD>
    <TD width="2%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="5%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">- </TD>
    <TD width="2%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="5%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">- </TD>
    <TD width="2%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="5%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">- </TD>
    <TD width="2%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="5%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">(1,049</TD>
    <TD width="2%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">) </TD>
    <TD width="1%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="5%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">(30,052</TD>
    <TD width="2%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">) </TD>
    <TD width="1%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="5%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">51,907 </TD>
<TD width="2%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
  </TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>The Company&#146;s mining interests are
located in the following geographical locations</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=center width="12%"><B><I>As at</I></B> </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="12%"><B><I>As at</I></B> </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=center width="12%"><B><I>December 31,</I></B> </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="12%"><B><I>December 31,</I></B> </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=center width="12%"><B><I>2013</I></B> </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="12%"><B><I>2012</I></B> </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    ><B><I></I></B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="12%"><STRONG><EM>$</EM></STRONG></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="1%"
    ><B><I></I></B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="12%"><STRONG><EM>$</EM></STRONG></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=center bgColor=#e6efff>
      <P align=justify>Mining interests </P></TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp;Philippines </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%"><B>858,871</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Nicaragua </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff><B>286,110</B> </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>274,091 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp;Namibia </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%"><B>289,945</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">118,798 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Colombia </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff><B>178,368</B> </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>129,538 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp;Burkina Faso </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%"><B>50,550</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Costa Rica </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff><B>2,611</B> </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>2,601 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp;Uruguay </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%"><B>-</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">9,051 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Canada </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff><B>990</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>645 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff><B>1,667,445</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>534,724 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR></TABLE>
<P align=right>43</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_51></A>
<P align=justify><B><I>B2GOLD CORP.</I></B></P>
<P align=justify><B><I>NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS</I></B><BR><B><I>December 31, 2013 and 2012</I></B><BR>(All tabular
amounts are in thousands of United States dollars unless otherwise stated)</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify><I>Non-controlling interest</I></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>The Company holds an indirect 95% interest in Triton
      Minera S.A. (&#147;TMSA&#148;), which owns and operates the Limon Mine. The
      remaining 5% interest in TMSA is held by Inversiones Mineras S.A.
      (&#147;IMISA&#148;), of Nicaragua. No dividends are payable on the 5% interest held
      by TMSA until all capital expenditures (100% funded by the Company) have
      been repaid. IMISA has consistently expressed concern regarding its rights
      under its 5% interest. As a result, pursuant to settlement agreements with
      IMISA, the Company paid (or expects to pay) to IMISA, monthly payments,
      totalling approximately $0.2 million and $0.4 million in 2013 and 2012,
      respectively. These amounts have been expensed within the Consolidated
      Statement of Operations.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%"><B><I>24</I></B> </TD>
    <TD>
      <P align=justify><B><I>Contingent gains (losses)</I></B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify><I>Bellavista claim</I></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>By Statement of Claim dated March 16, 2009, Central Sun
      commenced a legal proceeding in Ontario (the &#147;Engineering Action&#148;) against
      several engineering firms and certain individual engineers alleging that
      the Defendants were negligent and breached their contractual obligations
      with respect to the siting, design, construction, assessment and
      monitoring of the Bellavista gold mine in Costa Rica, and that the mine
      was affected by a landslide as a result closed and placed on care and
      maintenance. As a result of the Defendants&#146; alleged negligence and/or
      breach of contract, the Company claims damages. The Engineering Action is
      still at the pleadings stage. Preliminary motions brought by certain
      defendants have resulted in an Order that the Ontario Courts do not have
      jurisdiction to hear the claims against those defendants. That Order was
      overturned on appeal in October 2013, but certain defendants have sought
      leave to appeal to the Supreme Court of Canada, whose decision as to leave
      is under reserve. The outcome of this claim is not determinable at this
      time and no accrual for this contingent gain has been made in the
      consolidated financial statements.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify><I>Masbabte SAG mill insurance claim</I></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>The Company has commenced legal proceedings to claim
      compensation for property damage and business interruption losses incurred
      by Philippine Gold Processing &amp; Refining Corporation in connection
      with a failure of a semi-autonomous grinding mill at the Masbate Mine in
      the Philippines in 2011. The proceedings are at an early stage and the
      outcome cannot be determined at this time and accordingly no accrual for
      this contingent gain has been made in the consolidated financial
      statements.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify><I>La Libertad tax audit</I></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>During 2013, a tax audit of the La Libertad operations
      for 2008 commenced by the Nicaraguan tax authorities. As at year-end, the
      tax audit had not yet been completed and the Company has not accrued any
      liability in respect of any issues which may result from the tax
    audit.</P></TD></TR></TABLE>
<P align=right>44</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_52></A>
<P align=justify><B><I>B2GOLD CORP.</I></B></P>
<P align=justify><B><I>MINING INTERESTS SCHEDULE (NOTE 25)</I></B><BR><B><I>For
the year ended December 31, 2013</I></B><BR><B>(All tabular amounts are in
thousands of United States dollars)</B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 7pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="27%"
    colSpan=13><B><I>Cost</I></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="21%"
    colSpan=10><B><I>Accumulated depreciation</I></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="9%"
    colSpan=4><B><I>Net carrying value</I></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%"
    >&nbsp;</TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD noWrap align=center width="3%">&nbsp; </TD>
    <TD noWrap align=center width="2%" >&nbsp;</TD>
    <TD noWrap align=center width="1%" >&nbsp;</TD>
    <TD noWrap align=center width="3%">&nbsp; </TD>
    <TD noWrap align=center width="2%" >&nbsp;</TD>
    <TD noWrap align=center width="1%" >&nbsp;</TD>
    <TD noWrap align=center width="3%">&nbsp; </TD>
    <TD noWrap align=center width="2%" >&nbsp;</TD>
    <TD noWrap align=center width="1%" >&nbsp;</TD>
    <TD noWrap align=center width="3%">&nbsp; </TD>
    <TD noWrap align=center width="2%" >&nbsp;</TD>
    <TD noWrap align=center width="1%" >&nbsp;</TD>
    <TD noWrap align=center width="3%">&nbsp; </TD>
    <TD noWrap align=center width="2%" >&nbsp;</TD>
    <TD noWrap align=center width="1%" >&nbsp;</TD>
    <TD noWrap align=center width="3%">&nbsp; </TD>
    <TD noWrap align=center width="2%" >&nbsp;</TD>
    <TD noWrap align=center width="1%" >&nbsp;</TD>
    <TD noWrap align=center width="3%">&nbsp; </TD>
    <TD noWrap align=center width="2%" >&nbsp;</TD>
    <TD noWrap align=center width="1%" >&nbsp;</TD>
    <TD noWrap align=center width="3%">&nbsp; </TD>
    <TD noWrap align=center width="2%" >&nbsp;</TD>
    <TD noWrap align=center width="1%" >&nbsp;</TD>
    <TD noWrap align=center width="3%">&nbsp; </TD>
    <TD noWrap align=center width="2%" >&nbsp;</TD>
    <TD noWrap align=center width="1%" >&nbsp;</TD>
    <TD noWrap align=center width="3%">&nbsp; </TD>
    <TD noWrap align=center width="2%" >&nbsp;</TD>
    <TD noWrap align=center width="1%" >&nbsp;</TD>
    <TD noWrap align=center width="3%">&nbsp; </TD>
    <TD noWrap align=center width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD noWrap align=center width="3%"><B><I>Opening</I></B> </TD>
    <TD noWrap align=center width="2%" >&nbsp;</TD>
    <TD noWrap align=center width="1%" >&nbsp;</TD>
    <TD noWrap align=center width="3%"><B><I>Acquisition</I></B> </TD>
    <TD noWrap align=center width="2%" >&nbsp;</TD>
    <TD noWrap align=center width="1%" >&nbsp;</TD>
    <TD noWrap align=center width="3%">&nbsp; </TD>
    <TD noWrap align=center width="2%" >&nbsp;</TD>
    <TD noWrap align=center width="1%" >&nbsp;</TD>
    <TD noWrap align=center width="3%"><B><I>Cumulative</I></B> </TD>
    <TD noWrap align=center width="2%" >&nbsp;</TD>
    <TD noWrap align=center width="1%" >&nbsp;</TD>
    <TD noWrap align=center width="3%"><B><I>Closing</I></B> </TD>
    <TD noWrap align=center width="2%" >&nbsp;</TD>
    <TD noWrap align=center width="1%" >&nbsp;</TD>
    <TD noWrap align=center width="3%"><B><I>Opening</I></B> </TD>
    <TD noWrap align=center width="2%" >&nbsp;</TD>
    <TD noWrap align=center width="1%" >&nbsp;</TD>
    <TD noWrap align=center width="3%">&nbsp; </TD>
    <TD noWrap align=center width="2%" >&nbsp;</TD>
    <TD noWrap align=center width="1%" >&nbsp;</TD>
    <TD noWrap align=center width="3%"></TD>
    <TD noWrap align=center width="2%" >&nbsp;</TD>
    <TD noWrap align=center width="1%" >&nbsp;</TD>
    <TD noWrap align=center width="3%"
      ><STRONG><EM>Closing</EM></STRONG> </TD>
    <TD noWrap align=center width="2%" >&nbsp;</TD>
    <TD noWrap align=center width="1%" >&nbsp;</TD>
    <TD noWrap align=center width="3%">&nbsp; </TD>
    <TD noWrap align=center width="2%" >&nbsp;</TD>
    <TD noWrap align=center width="1%" >&nbsp;</TD>
    <TD noWrap align=center width="3%">&nbsp; </TD>
    <TD noWrap align=center width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD noWrap align=center width="3%"><B><I>balance at</I></B> </TD>
    <TD noWrap align=center width="2%" >&nbsp;</TD>
    <TD noWrap align=center width="1%" >&nbsp;</TD>
    <TD noWrap align=center width="3%"><B><I>costs/</I></B> </TD>
    <TD noWrap align=center width="2%" >&nbsp;</TD>
    <TD noWrap align=center width="1%" >&nbsp;</TD>
    <TD noWrap align=center width="3%"><B><I>Disposals/</I></B> </TD>
    <TD noWrap align=center width="2%" >&nbsp;</TD>
    <TD noWrap align=center width="1%" >&nbsp;</TD>
    <TD noWrap align=center width="3%"><B><I>translation</I></B> </TD>
    <TD noWrap align=center width="2%" >&nbsp;</TD>
    <TD noWrap align=center width="1%" >&nbsp;</TD>
    <TD noWrap align=center width="3%"><B><I>balance at</I></B> </TD>
    <TD noWrap align=center width="2%" >&nbsp;</TD>
    <TD noWrap align=center width="1%" >&nbsp;</TD>
    <TD noWrap align=center width="3%"><B><I>balance at</I></B> </TD>
    <TD noWrap align=center width="2%" >&nbsp;</TD>
    <TD noWrap align=center width="1%" >&nbsp;</TD>
    <TD noWrap align=center width="3%">&nbsp; </TD>
    <TD noWrap align=center width="2%" >&nbsp;</TD>
    <TD noWrap align=center width="1%" >&nbsp;</TD>
    <TD noWrap align=center width="3%"><STRONG><EM>Disposals/</EM></STRONG>
</TD>
    <TD noWrap align=center width="2%" >&nbsp;</TD>
    <TD noWrap align=center width="1%" >&nbsp;</TD>
    <TD noWrap align=center width="3%" ><STRONG><EM>balance
      at</EM></STRONG> </TD>
    <TD noWrap align=center width="2%" >&nbsp;</TD>
    <TD noWrap align=center width="1%" >&nbsp;</TD>
    <TD noWrap align=center width="3%"><B><I>As at</I></B> </TD>
    <TD noWrap align=center width="2%" >&nbsp;</TD>
    <TD noWrap align=center width="1%" >&nbsp;</TD>
    <TD noWrap align=center width="3%"><B><I>As at</I></B> </TD>
    <TD noWrap align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD noWrap align=center width="3%"><B><I>Dec. 31, 2012</I></B> </TD>
    <TD noWrap align=center width="2%" >&nbsp;</TD>
    <TD noWrap align=center width="1%" >&nbsp;</TD>
    <TD noWrap align=center width="3%"><B><I>Additions</I></B> </TD>
    <TD noWrap align=center width="2%" >&nbsp;</TD>
    <TD noWrap align=center width="1%" >&nbsp;</TD>
    <TD noWrap align=center width="3%"><B><I>write-offs</I></B> </TD>
    <TD noWrap align=center width="2%" >&nbsp;</TD>
    <TD noWrap align=center width="1%" >&nbsp;</TD>
    <TD noWrap align=center width="3%"><B><I>adjustments</I></B> </TD>
    <TD noWrap align=center width="2%" >&nbsp;</TD>
    <TD noWrap align=center width="1%" >&nbsp;</TD>
    <TD noWrap align=center width="3%"><B><I>Dec. 31, 2013</I></B> </TD>
    <TD noWrap align=center width="2%" >&nbsp;</TD>
    <TD noWrap align=center width="1%" >&nbsp;</TD>
    <TD noWrap align=center width="3%"><B><I>Dec. 31, 2012</I></B> </TD>
    <TD noWrap align=center width="2%" >&nbsp;</TD>
    <TD noWrap align=center width="1%" >&nbsp;</TD>
    <TD noWrap align=center width="3%"><B><I>Depreciation</I></B> </TD>
    <TD noWrap align=center width="2%" >&nbsp;</TD>
    <TD noWrap align=center width="1%" >&nbsp;</TD>
    <TD noWrap align=center width="3%"><STRONG><EM>write-offs</EM></STRONG>
</TD>
    <TD noWrap align=center width="2%" >&nbsp;</TD>
    <TD noWrap align=center width="1%" >&nbsp;</TD>
    <TD noWrap align=center width="3%" ><STRONG><EM>Dec. 31,
      2013</EM></STRONG> </TD>
    <TD noWrap align=center width="2%" >&nbsp;</TD>
    <TD noWrap align=center width="1%" >&nbsp;</TD>
    <TD noWrap align=center width="3%"><B><I>Dec. 31, 2013</I></B> </TD>
    <TD noWrap align=center width="2%" >&nbsp;</TD>
    <TD noWrap align=center width="1%" >&nbsp;</TD>
    <TD noWrap align=center width="3%"><B><I>Dec. 31, 2012</I></B> </TD>
    <TD noWrap align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="1%" ><B></B></TD>
    <TD noWrap align=center width="3%"><STRONG>$</STRONG></TD>
    <TD noWrap align=center width="2%" >&nbsp;</TD>
    <TD noWrap align=center width="1%" ><B></B></TD>
    <TD noWrap align=center width="3%"><STRONG>$</STRONG></TD>
    <TD noWrap align=center width="2%" >&nbsp;</TD>
    <TD noWrap align=center width="1%" ><B></B></TD>
    <TD noWrap align=center width="3%"><STRONG>$</STRONG></TD>
    <TD noWrap align=center width="2%" >&nbsp;</TD>
    <TD noWrap align=center width="1%" ><B></B></TD>
    <TD noWrap align=center width="3%"><STRONG>$</STRONG></TD>
    <TD noWrap align=center width="2%" >&nbsp;</TD>
    <TD noWrap align=center width="1%" ><B></B></TD>
    <TD noWrap align=center width="3%"><STRONG>$</STRONG></TD>
    <TD noWrap align=center width="2%" >&nbsp;</TD>
    <TD noWrap align=center width="1%" ><B></B></TD>
    <TD noWrap align=center width="3%"><STRONG>$</STRONG></TD>
    <TD noWrap align=center width="2%" >&nbsp;</TD>
    <TD noWrap align=center width="1%" ><B></B></TD>
    <TD noWrap align=center width="3%"><STRONG>$</STRONG></TD>
    <TD noWrap align=center width="2%" >&nbsp;</TD>
    <TD noWrap align=center width="1%" ><STRONG></STRONG></TD>
    <TD noWrap align=center width="3%"><STRONG>$</STRONG></TD>
    <TD noWrap align=center width="2%" >&nbsp;</TD>
    <TD noWrap align=center width="1%" ><B></B></TD>
    <TD noWrap align=center width="3%"><STRONG>$</STRONG></TD>
    <TD noWrap align=center width="2%" >&nbsp;</TD>
    <TD noWrap align=center width="1%" ><B></B></TD>
    <TD noWrap align=center width="3%"><STRONG>$</STRONG></TD>
    <TD noWrap align=center width="2%" >&nbsp;</TD>
    <TD noWrap align=center width="1%" ><B></B></TD>
    <TD noWrap align=center width="3%"><STRONG>$</STRONG></TD>
    <TD noWrap align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >Property, plant &amp;
      equipment </TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;Masbate <I>(Note 7)</I> </TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="3%" align=left valign="bottom">&nbsp; </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="3%" align=left valign="bottom">&nbsp; </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="3%" align=left valign="bottom">&nbsp; </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="3%" align=left valign="bottom">&nbsp; </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="3%" align=left valign="bottom">&nbsp; </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="3%" align=left valign="bottom">&nbsp; </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="3%" align=left valign="bottom">&nbsp; </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="3%" align=left valign="bottom">&nbsp; </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="3%" align=left valign="bottom">&nbsp; </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="3%" align=left valign="bottom">&nbsp; </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="3%" align=left valign="bottom">&nbsp; </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >&nbsp; &nbsp;- Masbate Mine
    </TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" align=right valign="bottom" bgColor=#e6efff>- </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" align=right valign="bottom" bgColor=#e6efff>723,155 </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" align=right valign="bottom" bgColor=#e6efff>- </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" align=right valign="bottom" bgColor=#e6efff>- </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" align=right valign="bottom" bgColor=#e6efff>723,155 </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" align=right valign="bottom" bgColor=#e6efff>- </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" align=right valign="bottom" bgColor=#e6efff>(40,744</TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>) </TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" align=right valign="bottom" bgColor=#e6efff>- </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" align=right valign="bottom" bgColor=#e6efff>(40,744</TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>) </TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" align=right valign="bottom" bgColor=#e6efff>682,411 </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" align=right valign="bottom" bgColor=#e6efff>- </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; &nbsp;- Undeveloped mineral interests
    </TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="3%" align=right valign="bottom">- </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="3%" align=right valign="bottom">176,460 </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="3%" align=right valign="bottom">- </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="3%" align=right valign="bottom">- </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="3%" align=right valign="bottom">176,460 </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="3%" align=right valign="bottom">- </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="3%" align=right valign="bottom">- </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="3%" align=right valign="bottom">- </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="3%" align=right valign="bottom">- </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="3%" align=right valign="bottom">176,460 </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="3%" align=right valign="bottom">- </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >&nbsp;Libertad (including
      Jabali) </TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" align=right valign="bottom" bgColor=#e6efff>215,941 </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" align=right valign="bottom" bgColor=#e6efff>43,577 </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" align=right valign="bottom" bgColor=#e6efff>- </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" align=right valign="bottom" bgColor=#e6efff>- </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" align=right valign="bottom" bgColor=#e6efff>259,518 </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" align=right valign="bottom" bgColor=#e6efff>(51,673</TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>) </TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" align=right valign="bottom" bgColor=#e6efff>(32,254</TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>) </TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" align=right valign="bottom" bgColor=#e6efff>- </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" align=right valign="bottom" bgColor=#e6efff>(83,927</TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>) </TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" align=right valign="bottom" bgColor=#e6efff>175,591 </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" align=right valign="bottom" bgColor=#e6efff>164,268 </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;Limon </TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD
      width="3%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">105,727 </TD>
    <TD width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="3%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">14,412    </TD>
    <TD width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="3%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">- </TD>
    <TD width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="3%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">- </TD>
    <TD width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD
      width="3%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">120,139 </TD>
    <TD width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD
    width="3%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">(27,349</TD>
    <TD width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >) </TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD
    width="3%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">(17,621</TD>
    <TD width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >) </TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="3%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">- </TD>
    <TD width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD
    width="3%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">(44,970</TD>
    <TD width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >) </TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="3%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">75,169    </TD>
    <TD width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="3%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">78,378    </TD>
    <TD width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
  </TR>
  <TR>
    <TD bgColor=#e6efff >&nbsp; </TD>
    <TD width="1%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD
      width="3%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">321,668 </TD>
    <TD width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD
      width="3%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">957,604 </TD>
    <TD width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="3%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">- </TD>
    <TD width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="3%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">- </TD>
    <TD width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD
      width="3%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">1,279,272 </TD>
    <TD width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD
    width="3%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">(79,022</TD>
    <TD width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >) </TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD
    width="3%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">(90,619</TD>
    <TD width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >) </TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="3%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">- </TD>
    <TD width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD
      width="3%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">(169,641</TD>
    <TD width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >) </TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD
      width="3%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">1,109,631 </TD>
    <TD width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD
      width="3%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">242,646 </TD>
    <TD width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
  </TR>
  <TR>
    <TD bgColor=#e6efff >&nbsp; </TD>
    <TD width="1%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left >Mineral properties &#147;exploration &amp;
      evaluation&#148; </TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="3%" align=left valign="bottom"></TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="3%" align=left valign="bottom"></TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="3%" align=left valign="bottom"></TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="3%" align=left valign="bottom"></TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="3%" align=left valign="bottom"></TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="3%" align=left valign="bottom"></TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="3%" align=left valign="bottom"></TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="3%" align=left valign="bottom"></TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="3%" align=left valign="bottom"></TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="3%" align=left valign="bottom"></TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="3%" align=left valign="bottom"></TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >&nbsp;Otjikoto </TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" align=right valign="bottom" bgColor=#e6efff>118,798 </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" align=right valign="bottom" bgColor=#e6efff>210,252 </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" align=right valign="bottom" bgColor=#e6efff>- </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" align=right valign="bottom" bgColor=#e6efff>(39,105</TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>) </TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" align=right valign="bottom" bgColor=#e6efff>289,945 </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" align=right valign="bottom" bgColor=#e6efff>- </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" align=right valign="bottom" bgColor=#e6efff>- </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" align=right valign="bottom" bgColor=#e6efff>- </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" align=right valign="bottom" bgColor=#e6efff>- </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" align=right valign="bottom" bgColor=#e6efff>289,945 </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" align=right valign="bottom" bgColor=#e6efff>118,798 </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;Kiaka <I>(Note 8)</I> </TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="3%" align=right valign="bottom">- </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="3%" align=right valign="bottom">50,550 </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="3%" align=right valign="bottom">- </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="3%" align=right valign="bottom">- </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="3%" align=right valign="bottom">50,550 </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="3%" align=right valign="bottom">- </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="3%" align=right valign="bottom">- </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="3%" align=right valign="bottom">- </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="3%" align=right valign="bottom">- </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="3%" align=right valign="bottom">50,550 </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="3%" align=right valign="bottom">- </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >&nbsp;Mocoa </TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" align=right valign="bottom" bgColor=#e6efff>27,539 </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" align=right valign="bottom" bgColor=#e6efff>661 </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" align=right valign="bottom" bgColor=#e6efff>- </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" align=right valign="bottom" bgColor=#e6efff>- </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" align=right valign="bottom" bgColor=#e6efff>28,200 </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" align=right valign="bottom" bgColor=#e6efff>- </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" align=right valign="bottom" bgColor=#e6efff>- </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" align=right valign="bottom" bgColor=#e6efff>- </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" align=right valign="bottom" bgColor=#e6efff>- </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" align=right valign="bottom" bgColor=#e6efff>28,200 </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" align=right valign="bottom" bgColor=#e6efff>27,539 </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;Trebol &amp; Pavon </TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="3%" align=right valign="bottom">24,333 </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="3%" align=right valign="bottom">537 </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="3%" align=right valign="bottom">- </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="3%" align=right valign="bottom">- </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="3%" align=right valign="bottom">24,870 </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="3%" align=right valign="bottom">- </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="3%" align=right valign="bottom">- </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="3%" align=right valign="bottom">- </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="3%" align=right valign="bottom">- </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="3%" align=right valign="bottom">24,870 </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="3%" align=right valign="bottom">24,333 </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >&nbsp;San Jose </TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" align=right valign="bottom" bgColor=#e6efff>- </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" align=right valign="bottom" bgColor=#e6efff>1,123 </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" align=right valign="bottom" bgColor=#e6efff>- </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" align=right valign="bottom" bgColor=#e6efff>- </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" align=right valign="bottom" bgColor=#e6efff>1,123 </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" align=right valign="bottom" bgColor=#e6efff>- </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" align=right valign="bottom" bgColor=#e6efff>- </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" align=right valign="bottom" bgColor=#e6efff>- </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" align=right valign="bottom" bgColor=#e6efff>- </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" align=right valign="bottom" bgColor=#e6efff>1,123 </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" align=right valign="bottom" bgColor=#e6efff>- </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;Cebollati </TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="3%" align=right valign="bottom">9,051 </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="3%" align=right valign="bottom">513 </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="3%" align=right valign="bottom">(9,564</TD>
    <TD width="2%" align=left valign="bottom" >) </TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="3%" align=right valign="bottom">- </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="3%" align=right valign="bottom">- </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="3%" align=right valign="bottom">- </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="3%" align=right valign="bottom">- </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="3%" align=right valign="bottom">- </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="3%" align=right valign="bottom">- </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="3%" align=right valign="bottom">- </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="3%" align=right valign="bottom">9,051 </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >&nbsp;Calibre </TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" align=right valign="bottom" bgColor=#e6efff>7,112 </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" align=right valign="bottom" bgColor=#e6efff>1,384 </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" align=right valign="bottom" bgColor=#e6efff>- </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" align=right valign="bottom" bgColor=#e6efff>- </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" align=right valign="bottom" bgColor=#e6efff>8,496 </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" align=right valign="bottom" bgColor=#e6efff>- </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" align=right valign="bottom" bgColor=#e6efff>- </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" align=right valign="bottom" bgColor=#e6efff>- </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" align=right valign="bottom" bgColor=#e6efff>- </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" align=right valign="bottom" bgColor=#e6efff>8,496 </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" align=right valign="bottom" bgColor=#e6efff>7,112 </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;Other </TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="3%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">- </TD>
    <TD width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="3%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">861</TD>
    <TD width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="3%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">- </TD>
    <TD width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="3%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">- </TD>
    <TD width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="3%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">861</TD>
    <TD width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="3%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">- </TD>
    <TD width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="3%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">- </TD>
    <TD width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="3%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">- </TD>
    <TD width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="3%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">- </TD>
    <TD width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="3%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">861</TD>
    <TD width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="3%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">- </TD>
    <TD width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
  </TR>
  <TR>
    <TD bgColor=#e6efff >&nbsp; </TD>
    <TD width="1%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD
      width="3%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">186,833 </TD>
    <TD width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD
      width="3%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">265,881 </TD>
    <TD width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD
    width="3%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">(9,564</TD>
    <TD width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >) </TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD
    width="3%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">(39,105</TD>
    <TD width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >) </TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD
      width="3%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">404,045 </TD>
    <TD width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="3%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">- </TD>
    <TD width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="3%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">- </TD>
    <TD width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="3%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">- </TD>
    <TD width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="3%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">- </TD>
    <TD width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD
      width="3%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">404,045 </TD>
    <TD width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD
      width="3%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">186,833 </TD>
    <TD width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
  </TR>
  <TR>
    <TD bgColor=#e6efff >&nbsp; </TD>
    <TD width="1%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left >Corporate &amp; other </TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="3%" align=left valign="bottom">&nbsp; </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="3%" align=left valign="bottom">&nbsp; </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="3%" align=left valign="bottom">&nbsp; </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="3%" align=left valign="bottom">&nbsp; </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="3%" align=left valign="bottom">&nbsp; </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="3%" align=left valign="bottom">&nbsp; </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="3%" align=left valign="bottom">&nbsp; </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="3%" align=left valign="bottom">&nbsp; </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="3%" align=left valign="bottom">&nbsp; </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="3%" align=left valign="bottom">&nbsp; </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="3%" align=left valign="bottom">&nbsp; </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >&nbsp;Bellavista </TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" align=right valign="bottom" bgColor=#e6efff>2,601 </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" align=right valign="bottom" bgColor=#e6efff>10 </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" align=right valign="bottom" bgColor=#e6efff>- </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" align=right valign="bottom" bgColor=#e6efff>- </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" align=right valign="bottom" bgColor=#e6efff>2,611 </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" align=right valign="bottom" bgColor=#e6efff>- </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" align=right valign="bottom" bgColor=#e6efff>- </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" align=right valign="bottom" bgColor=#e6efff>- </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" align=right valign="bottom" bgColor=#e6efff>- </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" align=right valign="bottom" bgColor=#e6efff>2,611 </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" align=right valign="bottom" bgColor=#e6efff>2,601 </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;Office, furniture &amp; equipment </TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="3%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">1,173    </TD>
    <TD width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="3%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">515</TD>
    <TD width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="3%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">- </TD>
    <TD width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="3%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">- </TD>
    <TD width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="3%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">1,688    </TD>
    <TD width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD
width="3%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">(528</TD>
    <TD width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >) </TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD
width="3%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">(170</TD>
    <TD width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >) </TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="3%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">- </TD>
    <TD width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD
width="3%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">(698</TD>
    <TD width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >) </TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="3%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">990</TD>
    <TD width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="3%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">645</TD>
    <TD width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
  </TR>
  <TR>
    <TD bgColor=#e6efff >&nbsp; </TD>
    <TD width="1%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="3%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">3,774    </TD>
    <TD width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="3%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">525</TD>
    <TD width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="3%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">- </TD>
    <TD width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="3%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">- </TD>
    <TD width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="3%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">4,299    </TD>
    <TD width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD
width="3%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">(528</TD>
    <TD width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >) </TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD
width="3%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">(170</TD>
    <TD width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >) </TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="3%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">- </TD>
    <TD width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD
width="3%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">(698</TD>
    <TD width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >) </TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="3%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">3,601    </TD>
    <TD width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="3%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">3,246    </TD>
    <TD width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
  </TR>
  <TR>
    <TD bgColor=#e6efff >&nbsp; </TD>
    <TD width="1%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left >Investments (incorporated joint ventures) </TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="3%" align=left valign="bottom"></TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="3%" align=left valign="bottom"></TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="3%" align=left valign="bottom"></TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="3%" align=left valign="bottom"></TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="3%" align=left valign="bottom"></TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="3%" align=left valign="bottom"></TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="3%" align=left valign="bottom"></TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="3%" align=left valign="bottom"></TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="3%" align=left valign="bottom"></TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="3%" align=left valign="bottom"></TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="3%" align=left valign="bottom"></TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >&nbsp;Gramalote </TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" align=right valign="bottom" bgColor=#e6efff>100,798 </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" align=right valign="bottom" bgColor=#e6efff>48,169 </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" align=right valign="bottom" bgColor=#e6efff>- </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" align=right valign="bottom" bgColor=#e6efff>- </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" align=right valign="bottom" bgColor=#e6efff>148,967 </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" align=right valign="bottom" bgColor=#e6efff>- </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" align=right valign="bottom" bgColor=#e6efff>- </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" align=right valign="bottom" bgColor=#e6efff>- </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" align=right valign="bottom" bgColor=#e6efff>- </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" align=right valign="bottom" bgColor=#e6efff>148,967 </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" align=right valign="bottom" bgColor=#e6efff>100,798 </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;Quebradona </TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="3%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">1,201    </TD>
    <TD width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="3%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">- </TD>
    <TD width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="3%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">- </TD>
    <TD width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="3%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">- </TD>
    <TD width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="3%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">1,201    </TD>
    <TD width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="3%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">- </TD>
    <TD width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="3%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">- </TD>
    <TD width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="3%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">- </TD>
    <TD width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="3%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">- </TD>
    <TD width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="3%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">1,201    </TD>
    <TD width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="3%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">1,201    </TD>
    <TD width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
  </TR>
  <TR>
    <TD bgColor=#e6efff >&nbsp; </TD>
    <TD width="1%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD
      width="3%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">101,999 </TD>
    <TD width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="3%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">48,169    </TD>
    <TD width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="3%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">- </TD>
    <TD width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="3%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">- </TD>
    <TD width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD
      width="3%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">150,168 </TD>
    <TD width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="3%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">- </TD>
    <TD width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="3%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">- </TD>
    <TD width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="3%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">- </TD>
    <TD width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="3%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">- </TD>
    <TD width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD
      width="3%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">150,168 </TD>
    <TD width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD
      width="3%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">101,999 </TD>
    <TD width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
  </TR>
  <TR>
    <TD bgColor=#e6efff >&nbsp; </TD>
    <TD width="1%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD
      width="3%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">614,274 </TD>
    <TD width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD
      width="3%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">1,272,179 </TD>
    <TD width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD
    width="3%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">(9,564</TD>
    <TD width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid"
    >) </TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD
    width="3%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">(39,105</TD>
    <TD width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid"
    >) </TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD
      width="3%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">1,837,784 </TD>
    <TD width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD
    width="3%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">(79,550</TD>
    <TD width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid"
    >) </TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD
    width="3%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">(90,789</TD>
    <TD width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid"
    >) </TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="3%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">- </TD>
    <TD width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD
      width="3%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">(170,339</TD>
    <TD width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid"
    >) </TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD
      width="3%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">1,667,445 </TD>
    <TD width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD
      width="3%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">534,724 </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
  </TR></TABLE>
<P align=right>45</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_53></A>
<P align=justify><B><I>B2GOLD CORP.</I></B></P>
<P align=justify><B><I>MINING INTERESTS SCHEDULE (NOTE 25)</I></B><BR><B><I>For
the year ended December 31, 2012</I></B><BR><B>(All tabular amounts are in
thousands of United States dollars)</B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 7pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="27%"
    colSpan=13><B><I>Cost</I></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="21%"
    colSpan=10><B><I>Accumulated depreciation</I></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="9%"
    colSpan=4><B><I>Net carrying value</I></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left
    width="2%">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD noWrap align=center width="3%">&nbsp; </TD>
    <TD noWrap align=center width="2%">&nbsp;</TD>
    <TD noWrap align=center width="1%">&nbsp;</TD>
    <TD noWrap align=center width="3%">&nbsp; </TD>
    <TD noWrap align=center width="2%">&nbsp;</TD>
    <TD noWrap align=center width="1%">&nbsp;</TD>
    <TD noWrap align=center width="3%">&nbsp; </TD>
    <TD noWrap align=center width="2%">&nbsp;</TD>
    <TD noWrap align=center width="1%">&nbsp;</TD>
    <TD noWrap align=center width="3%">&nbsp; </TD>
    <TD noWrap align=center width="2%">&nbsp;</TD>
    <TD noWrap align=center width="1%">&nbsp;</TD>
    <TD noWrap align=center width="3%">&nbsp; </TD>
    <TD noWrap align=center width="2%">&nbsp;</TD>
    <TD noWrap align=center width="1%">&nbsp;</TD>
    <TD noWrap align=center width="3%">&nbsp; </TD>
    <TD noWrap align=center width="2%">&nbsp;</TD>
    <TD noWrap align=center width="1%">&nbsp;</TD>
    <TD noWrap align=center width="3%">&nbsp; </TD>
    <TD noWrap align=center width="2%">&nbsp;</TD>
    <TD noWrap align=center width="1%">&nbsp;</TD>
    <TD noWrap align=center width="3%">&nbsp; </TD>
    <TD noWrap align=center width="2%">&nbsp;</TD>
    <TD noWrap align=center width="1%">&nbsp;</TD>
    <TD noWrap align=center width="3%">&nbsp; </TD>
    <TD noWrap align=center width="2%">&nbsp;</TD>
    <TD noWrap align=center width="1%">&nbsp;</TD>
    <TD noWrap align=center width="3%">&nbsp; </TD>
    <TD noWrap align=center width="2%">&nbsp;</TD>
    <TD noWrap align=center width="1%">&nbsp;</TD>
    <TD noWrap align=center width="3%">&nbsp; </TD>
    <TD noWrap align=center width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD noWrap align=center width="3%"><B><I>Opening</I></B> </TD>
    <TD noWrap align=center width="2%">&nbsp;</TD>
    <TD noWrap align=center width="1%">&nbsp;</TD>
    <TD noWrap align=center width="3%"><B><I>Acquisition</I></B> </TD>
    <TD noWrap align=center width="2%">&nbsp;</TD>
    <TD noWrap align=center width="1%">&nbsp;</TD>
    <TD noWrap align=center width="3%">&nbsp; </TD>
    <TD noWrap align=center width="2%">&nbsp;</TD>
    <TD noWrap align=center width="1%">&nbsp;</TD>
    <TD noWrap align=center width="3%"><B><I>Cumulative</I></B> </TD>
    <TD noWrap align=center width="2%">&nbsp;</TD>
    <TD noWrap align=center width="1%">&nbsp;</TD>
    <TD noWrap align=center width="3%"><B><I>Closing</I></B> </TD>
    <TD noWrap align=center width="2%">&nbsp;</TD>
    <TD noWrap align=center width="1%">&nbsp;</TD>
    <TD noWrap align=center width="3%"><B><I>Opening</I></B> </TD>
    <TD noWrap align=center width="2%">&nbsp;</TD>
    <TD noWrap align=center width="1%">&nbsp;</TD>
    <TD noWrap align=center width="3%">&nbsp; </TD>
    <TD noWrap align=center width="2%">&nbsp;</TD>
    <TD noWrap align=center width="1%">&nbsp;</TD>
    <TD noWrap align=center width="3%"></TD>
    <TD noWrap align=center width="2%">&nbsp;</TD>
    <TD noWrap align=center width="1%">&nbsp;</TD>
    <TD noWrap align=center width="3%"><STRONG><EM>Closing</EM></STRONG> </TD>
    <TD noWrap align=center width="2%">&nbsp;</TD>
    <TD noWrap align=center width="1%">&nbsp;</TD>
    <TD noWrap align=center width="3%">&nbsp; </TD>
    <TD noWrap align=center width="2%">&nbsp;</TD>
    <TD noWrap align=center width="1%">&nbsp;</TD>
    <TD noWrap align=center width="3%">&nbsp; </TD>
    <TD noWrap align=center width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD noWrap align=center width="3%"><B><I>balance at</I></B> </TD>
    <TD noWrap align=center width="2%">&nbsp;</TD>
    <TD noWrap align=center width="1%">&nbsp;</TD>
    <TD noWrap align=center width="3%"><B><I>costs/</I></B> </TD>
    <TD noWrap align=center width="2%">&nbsp;</TD>
    <TD noWrap align=center width="1%">&nbsp;</TD>
    <TD noWrap align=center width="3%"><B><I>Disposals/</I></B> </TD>
    <TD noWrap align=center width="2%">&nbsp;</TD>
    <TD noWrap align=center width="1%">&nbsp;</TD>
    <TD noWrap align=center width="3%"><B><I>translation</I></B> </TD>
    <TD noWrap align=center width="2%">&nbsp;</TD>
    <TD noWrap align=center width="1%">&nbsp;</TD>
    <TD noWrap align=center width="3%"><B><I>balance at</I></B> </TD>
    <TD noWrap align=center width="2%">&nbsp;</TD>
    <TD noWrap align=center width="1%">&nbsp;</TD>
    <TD noWrap align=center width="3%"><B><I>balance at</I></B> </TD>
    <TD noWrap align=center width="2%">&nbsp;</TD>
    <TD noWrap align=center width="1%">&nbsp;</TD>
    <TD noWrap align=center width="3%">&nbsp; </TD>
    <TD noWrap align=center width="2%">&nbsp;</TD>
    <TD noWrap align=center width="1%">&nbsp;</TD>
    <TD noWrap align=center width="3%"><STRONG><EM>Disposals/</EM></STRONG>
</TD>
    <TD noWrap align=center width="2%">&nbsp;</TD>
    <TD noWrap align=center width="1%">&nbsp;</TD>
    <TD noWrap align=center width="3%"><STRONG><EM>balance at</EM></STRONG>
</TD>
    <TD noWrap align=center width="2%">&nbsp;</TD>
    <TD noWrap align=center width="1%">&nbsp;</TD>
    <TD noWrap align=center width="3%"><B><I>As at</I></B> </TD>
    <TD noWrap align=center width="2%">&nbsp;</TD>
    <TD noWrap align=center width="1%">&nbsp;</TD>
    <TD noWrap align=center width="3%"><B><I>As at</I></B> </TD>
    <TD noWrap align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD noWrap align=center width="3%"><B><I>Dec. 31, 2012</I></B> </TD>
    <TD noWrap align=center width="2%">&nbsp;</TD>
    <TD noWrap align=center width="1%">&nbsp;</TD>
    <TD noWrap align=center width="3%"><B><I>Additions</I></B> </TD>
    <TD noWrap align=center width="2%">&nbsp;</TD>
    <TD noWrap align=center width="1%">&nbsp;</TD>
    <TD noWrap align=center width="3%"><B><I>write-offs</I></B> </TD>
    <TD noWrap align=center width="2%">&nbsp;</TD>
    <TD noWrap align=center width="1%">&nbsp;</TD>
    <TD noWrap align=center width="3%"><B><I>adjustments</I></B> </TD>
    <TD noWrap align=center width="2%">&nbsp;</TD>
    <TD noWrap align=center width="1%">&nbsp;</TD>
    <TD noWrap align=center width="3%"><B><I>Dec. 31, 2013</I></B> </TD>
    <TD noWrap align=center width="2%">&nbsp;</TD>
    <TD noWrap align=center width="1%">&nbsp;</TD>
    <TD noWrap align=center width="3%"><B><I>Dec. 31, 2012</I></B> </TD>
    <TD noWrap align=center width="2%">&nbsp;</TD>
    <TD noWrap align=center width="1%">&nbsp;</TD>
    <TD noWrap align=center width="3%"><B><I>Depreciation</I></B> </TD>
    <TD noWrap align=center width="2%">&nbsp;</TD>
    <TD noWrap align=center width="1%">&nbsp;</TD>
    <TD noWrap align=center width="3%"><STRONG><EM>write-offs</EM></STRONG>
</TD>
    <TD noWrap align=center width="2%">&nbsp;</TD>
    <TD noWrap align=center width="1%">&nbsp;</TD>
    <TD noWrap align=center width="3%"><STRONG><EM>Dec. 31, 2013</EM></STRONG>
    </TD>
    <TD noWrap align=center width="2%">&nbsp;</TD>
    <TD noWrap align=center width="1%">&nbsp;</TD>
    <TD noWrap align=center width="3%"><B><I>Dec. 31, 2013</I></B> </TD>
    <TD noWrap align=center width="2%">&nbsp;</TD>
    <TD noWrap align=center width="1%">&nbsp;</TD>
    <TD noWrap align=center width="3%"><B><I>Dec. 31, 2012</I></B> </TD>
    <TD noWrap align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%"><B></B></TD>
    <TD noWrap align=center width="3%"><STRONG>$</STRONG></TD>
    <TD noWrap align=center width="2%">&nbsp;</TD>
    <TD noWrap align=center width="1%"><B></B></TD>
    <TD noWrap align=center width="3%"><STRONG>$</STRONG></TD>
    <TD noWrap align=center width="2%">&nbsp;</TD>
    <TD noWrap align=center width="1%"><B></B></TD>
    <TD noWrap align=center width="3%"><STRONG>$</STRONG></TD>
    <TD noWrap align=center width="2%">&nbsp;</TD>
    <TD noWrap align=center width="1%"><B></B></TD>
    <TD noWrap align=center width="3%"><STRONG>$</STRONG></TD>
    <TD noWrap align=center width="2%">&nbsp;</TD>
    <TD noWrap align=center width="1%"><B></B></TD>
    <TD noWrap align=center width="3%"><STRONG>$</STRONG></TD>
    <TD noWrap align=center width="2%">&nbsp;</TD>
    <TD noWrap align=center width="1%"><B></B></TD>
    <TD noWrap align=center width="3%"><STRONG>$</STRONG></TD>
    <TD noWrap align=center width="2%">&nbsp;</TD>
    <TD noWrap align=center width="1%"><B></B></TD>
    <TD noWrap align=center width="3%"><STRONG>$</STRONG></TD>
    <TD noWrap align=center width="2%">&nbsp;</TD>
    <TD noWrap align=center width="1%"><STRONG></STRONG></TD>
    <TD noWrap align=center width="3%"><STRONG>$</STRONG></TD>
    <TD noWrap align=center width="2%">&nbsp;</TD>
    <TD noWrap align=center width="1%"><B></B></TD>
    <TD noWrap align=center width="3%"><STRONG>$</STRONG></TD>
    <TD noWrap align=center width="2%">&nbsp;</TD>
    <TD noWrap align=center width="1%"><B></B></TD>
    <TD noWrap align=center width="3%"><STRONG>$</STRONG></TD>
    <TD noWrap align=center width="2%">&nbsp;</TD>
    <TD noWrap align=center width="1%"><B></B></TD>
    <TD noWrap align=center width="3%"><STRONG>$</STRONG></TD>
    <TD noWrap align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Property, plant &amp; equipment
      (depletable) </TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff></TD>
    <TD width="3%" align=left valign="bottom" bgColor=#e6efff></TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff></TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff></TD>
    <TD width="3%" align=left valign="bottom" bgColor=#e6efff></TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff></TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff></TD>
    <TD width="3%" align=left valign="bottom" bgColor=#e6efff></TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff></TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff></TD>
    <TD width="3%" align=left valign="bottom" bgColor=#e6efff></TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff></TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff></TD>
    <TD width="3%" align=left valign="bottom" bgColor=#e6efff></TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff></TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff></TD>
    <TD width="3%" align=left valign="bottom" bgColor=#e6efff></TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff></TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff></TD>
    <TD width="3%" align=left valign="bottom" bgColor=#e6efff></TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff></TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff></TD>
    <TD width="3%" align=left valign="bottom" bgColor=#e6efff></TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff></TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff></TD>
    <TD width="3%" align=left valign="bottom" bgColor=#e6efff></TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff></TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff></TD>
    <TD width="3%" align=left valign="bottom" bgColor=#e6efff></TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff></TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff></TD>
    <TD width="3%" align=left valign="bottom" bgColor=#e6efff></TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="3%" align=left valign="bottom">&nbsp; </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="3%" align=left valign="bottom">&nbsp; </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="3%" align=left valign="bottom">&nbsp; </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="3%" align=right valign="bottom">- </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="3%" align=left valign="bottom">&nbsp; </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="3%" align=left valign="bottom">&nbsp; </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="3%" align=left valign="bottom">&nbsp; </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="3%" align=left valign="bottom">&nbsp; </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="3%" align=left valign="bottom">&nbsp; </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="3%" align=left valign="bottom">&nbsp; </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="3%" align=left valign="bottom">&nbsp; </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp;Libertad (including Jabali) </TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" align=right valign="bottom" bgColor=#e6efff>172,568 </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" align=right valign="bottom" bgColor=#e6efff>47,057 </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" align=right valign="bottom" bgColor=#e6efff>(3,684</TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>) </TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" align=right valign="bottom" bgColor=#e6efff>215,941 </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" align=right valign="bottom" bgColor=#e6efff>(28,773</TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>) </TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" align=right valign="bottom" bgColor=#e6efff>(23,437</TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>) </TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" align=right valign="bottom" bgColor=#e6efff>537 </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" align=right valign="bottom" bgColor=#e6efff>(51,673</TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>) </TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" align=right valign="bottom" bgColor=#e6efff>164,268 </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" align=right valign="bottom" bgColor=#e6efff>143,795 </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="3%" align=left valign="bottom">&nbsp; </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="3%" align=left valign="bottom">&nbsp; </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="3%" align=left valign="bottom">&nbsp; </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="3%" align=right valign="bottom">- </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="3%" align=left valign="bottom">&nbsp; </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="3%" align=left valign="bottom">&nbsp; </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="3%" align=left valign="bottom">&nbsp; </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="3%" align=left valign="bottom">&nbsp; </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="3%" align=left valign="bottom">&nbsp; </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="3%" align=left valign="bottom">&nbsp; </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="3%" align=left valign="bottom">&nbsp; </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp;Limon </TD>
    <TD width="1%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="3%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">72,229 </TD>
    <TD width="2%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="3%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">33,498 </TD>
    <TD width="2%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="3%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">- </TD>
    <TD width="2%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="3%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp; </TD>
    <TD width="2%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="3%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">105,727 </TD>
    <TD width="2%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="3%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">(16,719</TD>
    <TD width="2%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">) </TD>
    <TD width="1%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="3%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">(10,630</TD>
    <TD width="2%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">) </TD>
    <TD width="1%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="3%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">- </TD>
    <TD width="2%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="3%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">(27,349</TD>
    <TD width="2%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">) </TD>
    <TD width="1%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="3%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">78,378 </TD>
    <TD width="2%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="3%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">55,510 </TD>
    <TD width="2%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%" valign="bottom">&nbsp;</TD>
    <TD width="3%" valign="bottom">&nbsp; </TD>
    <TD width="2%" valign="bottom">&nbsp;</TD>
    <TD width="1%" valign="bottom">&nbsp;</TD>
    <TD width="3%" valign="bottom">&nbsp; </TD>
    <TD width="2%" valign="bottom">&nbsp;</TD>
    <TD width="1%" valign="bottom">&nbsp;</TD>
    <TD width="3%" valign="bottom">&nbsp; </TD>
    <TD width="2%" valign="bottom">&nbsp;</TD>
    <TD width="1%" valign="bottom">&nbsp;</TD>
    <TD width="3%" valign="bottom">&nbsp; </TD>
    <TD width="2%" valign="bottom">&nbsp;</TD>
    <TD width="1%" valign="bottom">&nbsp;</TD>
    <TD width="3%" valign="bottom">&nbsp; </TD>
    <TD width="2%" valign="bottom">&nbsp;</TD>
    <TD width="1%" valign="bottom">&nbsp;</TD>
    <TD width="3%" valign="bottom">&nbsp; </TD>
    <TD width="2%" valign="bottom">&nbsp;</TD>
    <TD width="1%" valign="bottom">&nbsp;</TD>
    <TD width="3%" valign="bottom">&nbsp; </TD>
    <TD width="2%" valign="bottom">&nbsp;</TD>
    <TD width="1%" valign="bottom">&nbsp;</TD>
    <TD width="3%" valign="bottom">&nbsp; </TD>
    <TD width="2%" valign="bottom">&nbsp;</TD>
    <TD width="1%" valign="bottom">&nbsp;</TD>
    <TD width="3%" valign="bottom">&nbsp; </TD>
    <TD width="2%" valign="bottom">&nbsp;</TD>
    <TD width="1%" valign="bottom">&nbsp;</TD>
    <TD width="3%" valign="bottom">&nbsp; </TD>
    <TD width="2%" valign="bottom">&nbsp;</TD>
    <TD width="1%" valign="bottom">&nbsp;</TD>
    <TD width="3%" valign="bottom">&nbsp; </TD>
    <TD width="2%" valign="bottom">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; </TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" align=right valign="bottom" bgColor=#e6efff>- </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD
    width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
      width="3%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">244,797 </TD>
    <TD
    width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="3%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">80,555    </TD>
    <TD
    width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="3%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">(3,684</TD>
    <TD width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">) </TD>
    <TD
    width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="3%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;    </TD>
    <TD
    width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
      width="3%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">321,668 </TD>
    <TD
    width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="3%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">(45,492</TD>
    <TD width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">) </TD>
    <TD
    width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="3%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">(34,067</TD>
    <TD width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">) </TD>
    <TD
    width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="3%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">537</TD>
    <TD
    width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="3%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">(79,022</TD>
    <TD width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">) </TD>
    <TD
    width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
      width="3%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">242,646 </TD>
    <TD
    width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
      width="3%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">199,305 </TD>
    <TD
    width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
  </TR>
  <TR>
    <TD bgColor=#e6efff>&nbsp; </TD>
    <TD width="1%" valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" valign="bottom" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Mineral properties (non-depletable) </TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="3%" align=left valign="bottom">&nbsp; </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="3%" align=left valign="bottom">&nbsp; </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="3%" align=left valign="bottom">&nbsp; </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="3%" align=left valign="bottom">&nbsp; </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="3%" align=left valign="bottom">&nbsp; </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="3%" align=left valign="bottom">&nbsp; </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="3%" align=left valign="bottom">&nbsp; </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="3%" align=left valign="bottom">&nbsp; </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="3%" align=left valign="bottom">&nbsp; </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="3%" align=left valign="bottom">&nbsp; </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="3%" align=left valign="bottom">&nbsp; </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp;Otjikoto </TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" align=right valign="bottom" bgColor=#e6efff>102,804 </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" align=right valign="bottom" bgColor=#e6efff>21,683 </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" align=right valign="bottom" bgColor=#e6efff>- </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" align=right valign="bottom" bgColor=#e6efff>(5,689</TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>) </TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" align=right valign="bottom" bgColor=#e6efff>118,798 </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" align=right valign="bottom" bgColor=#e6efff>- </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" align=right valign="bottom" bgColor=#e6efff>- </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" align=right valign="bottom" bgColor=#e6efff>- </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" align=right valign="bottom" bgColor=#e6efff>- </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" align=right valign="bottom" bgColor=#e6efff>118,798 </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" align=right valign="bottom" bgColor=#e6efff>102,804 </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;Mocoa </TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="3%" align=right valign="bottom">23,795 </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="3%" align=right valign="bottom">3,744 </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="3%" align=right valign="bottom">- </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="3%" align=right valign="bottom">- </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="3%" align=right valign="bottom">27,539 </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="3%" align=right valign="bottom">- </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="3%" align=right valign="bottom">- </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="3%" align=right valign="bottom">- </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="3%" align=right valign="bottom">- </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="3%" align=right valign="bottom">27,539 </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="3%" align=right valign="bottom">23,795 </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp;Cebollati </TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" align=right valign="bottom" bgColor=#e6efff>5,565 </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" align=right valign="bottom" bgColor=#e6efff>3,486 </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" align=right valign="bottom" bgColor=#e6efff>- </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" align=right valign="bottom" bgColor=#e6efff>- </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" align=right valign="bottom" bgColor=#e6efff>9,051 </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" align=right valign="bottom" bgColor=#e6efff>- </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" align=right valign="bottom" bgColor=#e6efff>- </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" align=right valign="bottom" bgColor=#e6efff>- </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" align=right valign="bottom" bgColor=#e6efff>- </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" align=right valign="bottom" bgColor=#e6efff>9,051 </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" align=right valign="bottom" bgColor=#e6efff>5,565 </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;Trebol &amp; Pavon <I>(Note 11)</I> </TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="3%" align=right valign="bottom">4,667 </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="3%" align=right valign="bottom">19,666 </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="3%" align=right valign="bottom">- </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="3%" align=right valign="bottom">- </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="3%" align=right valign="bottom">24,333 </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="3%" align=right valign="bottom">- </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="3%" align=right valign="bottom">- </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="3%" align=right valign="bottom">- </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="3%" align=right valign="bottom">- </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="3%" align=right valign="bottom">24,333 </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="3%" align=right valign="bottom">4,667 </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp;Calibre </TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" align=right valign="bottom" bgColor=#e6efff>1,590 </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" align=right valign="bottom" bgColor=#e6efff>5,522 </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" align=right valign="bottom" bgColor=#e6efff>- </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" align=right valign="bottom" bgColor=#e6efff>- </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" align=right valign="bottom" bgColor=#e6efff>7,112 </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" align=right valign="bottom" bgColor=#e6efff>- </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" align=right valign="bottom" bgColor=#e6efff>- </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" align=right valign="bottom" bgColor=#e6efff>- </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" align=right valign="bottom" bgColor=#e6efff>- </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" align=right valign="bottom" bgColor=#e6efff>7,112 </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" align=right valign="bottom" bgColor=#e6efff>1,590 </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;Other </TD>
    <TD
    width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="3%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">228</TD>
    <TD
    width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="3%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">812</TD>
    <TD
    width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="3%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">(1,040</TD>
    <TD width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">) </TD>
    <TD
    width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="3%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">- </TD>
    <TD
    width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="3%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">- </TD>
    <TD
    width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="3%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">- </TD>
    <TD
    width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="3%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">- </TD>
    <TD
    width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="3%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">- </TD>
    <TD
    width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="3%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">- </TD>
    <TD
    width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="3%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">- </TD>
    <TD
    width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="3%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">228</TD>
    <TD
    width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
  </TR>
  <TR>
    <TD bgColor=#e6efff>&nbsp; </TD>
    <TD width="1%" valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" valign="bottom" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD
    width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
      width="3%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">138,649 </TD>
    <TD
    width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="3%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">54,913    </TD>
    <TD
    width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="3%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">(1,040</TD>
    <TD width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">) </TD>
    <TD
    width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="3%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">(5,689</TD>
    <TD width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">) </TD>
    <TD
    width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
      width="3%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">186,833 </TD>
    <TD
    width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="3%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">- </TD>
    <TD
    width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="3%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">- </TD>
    <TD
    width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="3%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">- </TD>
    <TD
    width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="3%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">- </TD>
    <TD
    width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
      width="3%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">186,833 </TD>
    <TD
    width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
      width="3%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">138,649 </TD>
    <TD
    width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
  </TR>
  <TR>
    <TD bgColor=#e6efff>&nbsp; </TD>
    <TD width="1%" valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" valign="bottom" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Corporate &amp; other </TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="3%" align=left valign="bottom">&nbsp; </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="3%" align=left valign="bottom">&nbsp; </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="3%" align=left valign="bottom">&nbsp; </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="3%" align=left valign="bottom">&nbsp; </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="3%" align=left valign="bottom">&nbsp; </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="3%" align=left valign="bottom">&nbsp; </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="3%" align=left valign="bottom">&nbsp; </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="3%" align=left valign="bottom">&nbsp; </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="3%" align=left valign="bottom">&nbsp; </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="3%" align=left valign="bottom">&nbsp; </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="3%" align=left valign="bottom">&nbsp; </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp;Bellavista </TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" align=right valign="bottom" bgColor=#e6efff>3,071 </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" align=right valign="bottom" bgColor=#e6efff>2 </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" align=right valign="bottom" bgColor=#e6efff>(472</TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>) </TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" align=right valign="bottom" bgColor=#e6efff>- </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" align=right valign="bottom" bgColor=#e6efff>2,601 </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" align=right valign="bottom" bgColor=#e6efff>- </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" align=right valign="bottom" bgColor=#e6efff>- </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" align=right valign="bottom" bgColor=#e6efff>- </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" align=right valign="bottom" bgColor=#e6efff>- </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" align=right valign="bottom" bgColor=#e6efff>2,601 </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" align=right valign="bottom" bgColor=#e6efff>3,071 </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;Office, furniture &amp; equipment </TD>
    <TD
    width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="3%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">1,106    </TD>
    <TD
    width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="3%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">67 </TD>
    <TD
    width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="3%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">- </TD>
    <TD
    width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="3%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">- </TD>
    <TD
    width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="3%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">1,173    </TD>
    <TD
    width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
width="3%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">(374</TD>
    <TD width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">) </TD>
    <TD
    width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
width="3%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">(154</TD>
    <TD width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">) </TD>
    <TD
    width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="3%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">- </TD>
    <TD
    width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
width="3%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">(528</TD>
    <TD width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">) </TD>
    <TD
    width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="3%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">645</TD>
    <TD
    width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="3%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">732</TD>
    <TD
    width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
  </TR>
  <TR>
    <TD bgColor=#e6efff>&nbsp; </TD>
    <TD width="1%" valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="3%" valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" valign="bottom" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="3%" align=left valign="bottom">&nbsp; </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="3%" align=left valign="bottom">&nbsp; </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="3%" align=left valign="bottom">&nbsp; </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="3%" align=right valign="bottom">- </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="3%" align=left valign="bottom">&nbsp; </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="3%" align=left valign="bottom">&nbsp; </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="3%" align=left valign="bottom">&nbsp; </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="3%" align=left valign="bottom">&nbsp; </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="3%" align=left valign="bottom">&nbsp; </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="3%" align=left valign="bottom">&nbsp; </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="3%" align=left valign="bottom">&nbsp; </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; </TD>
    <TD width="1%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="3%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">4,177 </TD>
    <TD width="2%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="3%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">69 </TD>
    <TD width="2%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="3%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">(472</TD>
    <TD width="2%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">) </TD>
    <TD width="1%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="3%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp; </TD>
    <TD width="2%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="3%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">3,774 </TD>
    <TD width="2%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="3%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">(374</TD>
    <TD width="2%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">) </TD>
    <TD width="1%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="3%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">(154</TD>
    <TD width="2%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">) </TD>
    <TD width="1%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="3%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">- </TD>
    <TD width="2%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="3%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">(528</TD>
    <TD width="2%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">) </TD>
    <TD width="1%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="3%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">3,246 </TD>
    <TD width="2%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="3%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">3,803 </TD>
    <TD width="2%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%" valign="bottom">&nbsp;</TD>
    <TD width="3%" valign="bottom">&nbsp; </TD>
    <TD width="2%" valign="bottom">&nbsp;</TD>
    <TD width="1%" valign="bottom">&nbsp;</TD>
    <TD width="3%" valign="bottom">&nbsp; </TD>
    <TD width="2%" valign="bottom">&nbsp;</TD>
    <TD width="1%" valign="bottom">&nbsp;</TD>
    <TD width="3%" valign="bottom">&nbsp; </TD>
    <TD width="2%" valign="bottom">&nbsp;</TD>
    <TD width="1%" valign="bottom">&nbsp;</TD>
    <TD width="3%" valign="bottom">&nbsp; </TD>
    <TD width="2%" valign="bottom">&nbsp;</TD>
    <TD width="1%" valign="bottom">&nbsp;</TD>
    <TD width="3%" valign="bottom">&nbsp; </TD>
    <TD width="2%" valign="bottom">&nbsp;</TD>
    <TD width="1%" valign="bottom">&nbsp;</TD>
    <TD width="3%" valign="bottom">&nbsp; </TD>
    <TD width="2%" valign="bottom">&nbsp;</TD>
    <TD width="1%" valign="bottom">&nbsp;</TD>
    <TD width="3%" valign="bottom">&nbsp; </TD>
    <TD width="2%" valign="bottom">&nbsp;</TD>
    <TD width="1%" valign="bottom">&nbsp;</TD>
    <TD width="3%" valign="bottom">&nbsp; </TD>
    <TD width="2%" valign="bottom">&nbsp;</TD>
    <TD width="1%" valign="bottom">&nbsp;</TD>
    <TD width="3%" valign="bottom">&nbsp; </TD>
    <TD width="2%" valign="bottom">&nbsp;</TD>
    <TD width="1%" valign="bottom">&nbsp;</TD>
    <TD width="3%" valign="bottom">&nbsp; </TD>
    <TD width="2%" valign="bottom">&nbsp;</TD>
    <TD width="1%" valign="bottom">&nbsp;</TD>
    <TD width="3%" valign="bottom">&nbsp; </TD>
    <TD width="2%" valign="bottom">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Investments (incorporated joint ventures)
    </TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff></TD>
    <TD width="3%" align=left valign="bottom" bgColor=#e6efff></TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff></TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff></TD>
    <TD width="3%" align=left valign="bottom" bgColor=#e6efff></TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff></TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff></TD>
    <TD width="3%" align=left valign="bottom" bgColor=#e6efff></TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff></TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff></TD>
    <TD width="3%" align=left valign="bottom" bgColor=#e6efff></TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff></TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff></TD>
    <TD width="3%" align=left valign="bottom" bgColor=#e6efff></TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff></TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff></TD>
    <TD width="3%" align=left valign="bottom" bgColor=#e6efff></TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff></TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff></TD>
    <TD width="3%" align=left valign="bottom" bgColor=#e6efff></TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff></TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff></TD>
    <TD width="3%" align=left valign="bottom" bgColor=#e6efff></TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff></TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff></TD>
    <TD width="3%" align=left valign="bottom" bgColor=#e6efff></TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff></TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff></TD>
    <TD width="3%" align=left valign="bottom" bgColor=#e6efff></TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff></TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff></TD>
    <TD width="3%" align=left valign="bottom" bgColor=#e6efff></TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;Gramalote </TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="3%" align=right valign="bottom">69,579 </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="3%" align=right valign="bottom">31,219 </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="3%" align=right valign="bottom">- </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="3%" align=right valign="bottom">- </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="3%" align=right valign="bottom">100,798 </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="3%" align=right valign="bottom">- </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="3%" align=right valign="bottom">- </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="3%" align=right valign="bottom">- </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="3%" align=right valign="bottom">- </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="3%" align=right valign="bottom">100,798 </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="3%" align=right valign="bottom">69,579 </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp;Quebradona </TD>
    <TD width="1%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="3%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">1,201 </TD>
    <TD width="2%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="3%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">- </TD>
    <TD width="2%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="3%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">- </TD>
    <TD width="2%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="3%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">- </TD>
    <TD width="2%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="3%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">1,201 </TD>
    <TD width="2%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="3%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">- </TD>
    <TD width="2%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="3%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">- </TD>
    <TD width="2%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="3%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">- </TD>
    <TD width="2%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="3%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">- </TD>
    <TD width="2%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="3%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">1,201 </TD>
    <TD width="2%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="3%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">1,201 </TD>
    <TD width="2%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%" valign="bottom">&nbsp;</TD>
    <TD width="3%" valign="bottom">&nbsp; </TD>
    <TD width="2%" valign="bottom">&nbsp;</TD>
    <TD width="1%" valign="bottom">&nbsp;</TD>
    <TD width="3%" valign="bottom">&nbsp; </TD>
    <TD width="2%" valign="bottom">&nbsp;</TD>
    <TD width="1%" valign="bottom">&nbsp;</TD>
    <TD width="3%" valign="bottom">&nbsp; </TD>
    <TD width="2%" valign="bottom">&nbsp;</TD>
    <TD width="1%" valign="bottom">&nbsp;</TD>
    <TD width="3%" valign="bottom">&nbsp; </TD>
    <TD width="2%" valign="bottom">&nbsp;</TD>
    <TD width="1%" valign="bottom">&nbsp;</TD>
    <TD width="3%" valign="bottom">&nbsp; </TD>
    <TD width="2%" valign="bottom">&nbsp;</TD>
    <TD width="1%" valign="bottom">&nbsp;</TD>
    <TD width="3%" valign="bottom">&nbsp; </TD>
    <TD width="2%" valign="bottom">&nbsp;</TD>
    <TD width="1%" valign="bottom">&nbsp;</TD>
    <TD width="3%" valign="bottom">&nbsp; </TD>
    <TD width="2%" valign="bottom">&nbsp;</TD>
    <TD width="1%" valign="bottom">&nbsp;</TD>
    <TD width="3%" valign="bottom">&nbsp; </TD>
    <TD width="2%" valign="bottom">&nbsp;</TD>
    <TD width="1%" valign="bottom">&nbsp;</TD>
    <TD width="3%" valign="bottom">&nbsp; </TD>
    <TD width="2%" valign="bottom">&nbsp;</TD>
    <TD width="1%" valign="bottom">&nbsp;</TD>
    <TD width="3%" valign="bottom">&nbsp; </TD>
    <TD width="2%" valign="bottom">&nbsp;</TD>
    <TD width="1%" valign="bottom">&nbsp;</TD>
    <TD width="3%" valign="bottom">&nbsp; </TD>
    <TD width="2%" valign="bottom">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; </TD>
    <TD width="1%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="3%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">70,780 </TD>
    <TD width="2%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="3%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">31,219 </TD>
    <TD width="2%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="3%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">- </TD>
    <TD width="2%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="3%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">- </TD>
    <TD width="2%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="3%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">101,999 </TD>
    <TD width="2%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="3%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">- </TD>
    <TD width="2%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="3%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">- </TD>
    <TD width="2%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="3%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">- </TD>
    <TD width="2%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="3%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">- </TD>
    <TD width="2%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="3%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">101,999 </TD>
    <TD width="2%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="3%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">70,780 </TD>
    <TD width="2%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%" valign="bottom">&nbsp;</TD>
    <TD width="3%" valign="bottom">&nbsp; </TD>
    <TD width="2%" valign="bottom">&nbsp;</TD>
    <TD width="1%" valign="bottom">&nbsp;</TD>
    <TD width="3%" valign="bottom">&nbsp; </TD>
    <TD width="2%" valign="bottom">&nbsp;</TD>
    <TD width="1%" valign="bottom">&nbsp;</TD>
    <TD width="3%" valign="bottom">&nbsp; </TD>
    <TD width="2%" valign="bottom">&nbsp;</TD>
    <TD width="1%" valign="bottom">&nbsp;</TD>
    <TD width="3%" valign="bottom">&nbsp; </TD>
    <TD width="2%" valign="bottom">&nbsp;</TD>
    <TD width="1%" valign="bottom">&nbsp;</TD>
    <TD width="3%" valign="bottom">&nbsp; </TD>
    <TD width="2%" valign="bottom">&nbsp;</TD>
    <TD width="1%" valign="bottom">&nbsp;</TD>
    <TD width="3%" valign="bottom">&nbsp; </TD>
    <TD width="2%" valign="bottom">&nbsp;</TD>
    <TD width="1%" valign="bottom">&nbsp;</TD>
    <TD width="3%" valign="bottom">&nbsp; </TD>
    <TD width="2%" valign="bottom">&nbsp;</TD>
    <TD width="1%" valign="bottom">&nbsp;</TD>
    <TD width="3%" valign="bottom">&nbsp; </TD>
    <TD width="2%" valign="bottom">&nbsp;</TD>
    <TD width="1%" valign="bottom">&nbsp;</TD>
    <TD width="3%" valign="bottom">&nbsp; </TD>
    <TD width="2%" valign="bottom">&nbsp;</TD>
    <TD width="1%" valign="bottom">&nbsp;</TD>
    <TD width="3%" valign="bottom">&nbsp; </TD>
    <TD width="2%" valign="bottom">&nbsp;</TD>
    <TD width="1%" valign="bottom">&nbsp;</TD>
    <TD width="3%" valign="bottom">&nbsp; </TD>
    <TD width="2%" valign="bottom">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; </TD>
    <TD width="1%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="3%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">458,403 </TD>
    <TD width="2%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="3%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">166,756 </TD>
    <TD width="2%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="3%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">(5,196</TD>
    <TD width="2%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">) </TD>
    <TD width="1%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="3%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">(5,689</TD>
    <TD width="2%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">) </TD>
    <TD width="1%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="3%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">614,274 </TD>
    <TD width="2%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="3%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">(45,866</TD>
    <TD width="2%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">) </TD>
    <TD width="1%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="3%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">(34,221</TD>
    <TD width="2%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">) </TD>
    <TD width="1%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="3%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">537 </TD>
    <TD width="2%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="3%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">(79,550</TD>
    <TD width="2%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">) </TD>
    <TD width="1%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="3%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">534,724 </TD>
    <TD width="2%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="3%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">412,537 </TD>
    <TD width="2%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
  </TR></TABLE>
<P align=right>46</P>
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<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>exhibit99-2.htm
<DESCRIPTION>EXHIBIT 99.2
<TEXT>
<HTML>
<HEAD>
   <TITLE>B2Gold Corp.: Exhibit 99.2 - Filed by newsfilecorp.com</TITLE>
</HEAD>
<BODY style="font-size:10pt;">
<HR noshade align="center" width=100% size=3 color="black">
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<P align=center><B><FONT size=3>B2GOLD CORP. </FONT></B><BR><B><FONT
size=3>MANAGEMENT&#146;S DISCUSSION AND ANALYSIS </FONT></B><BR><B>For the year ended
December 31, 2013 </B><BR>(All tabular amounts are expressed in thousands of
United States dollars, unless otherwise stated) </P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>This
Management&#146;s Discussion and Analysis (&#147;MD&amp;A&#148;) has been prepared as at March
12, 2014 and contains certain &#147;forward-looking statements&#148; under Canadian and
United States securities laws. All statements, other than statements of
historical fact, included herein, including without limitation statements
regarding potential mineralization, exploration results and future plans and
objectives of B2Gold Corp. (the &#147;Company&#148; or &#147;B2Gold&#148;) are forward-looking
statements that involve various risks, uncertainties and assumptions. See
&#147;Caution on Forward-Looking Information&#148; section. There can be no assurance that
such statements will prove to be accurate and actual results and future events
could differ materially from those anticipated in such statements, as a result
of a number of factors, including those set out in &#147;Risks and Uncertainties&#148;.
</I></P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>The
following discussion of the operating results and financial position of the
Company should be read in conjunction with the audited consolidated financial
statements and the notes thereto of the Company for the year ended December 31,
2013. These consolidated financial statements have been prepared in accordance
with International Financial Reporting Standards (&#147;GAAP&#148; or &#147;IFRS&#148;) as issued by
the International Accounting Standards Board (&#147;IASB&#148;). All amounts are expressed
in United States dollars, unless otherwise stated. </I></P>
<P align=justify><B>OVERVIEW </B></P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B2Gold
Corp. (&#147;B2Gold&#148; or the &#147;Company&#148;) is a Vancouver-based gold producer with mining
operations in Nicaragua and the Philippines, exploration and development
projects in Namibia, Colombia, and Burkina Faso and a portfolio of exploration
assets in Namibia, Colombia, Burkina Faso, and Nicaragua. The Company currently
operates the Libertad Mine and the Limon Mine in Nicaragua, and, commencing on
January 16, 2013, the Masbate Mine in the Philippines (see &#147;Acquisitions&#148;
section). The Company has a 90% interest in the Ojtikoto gold project in
Namibia, currently under construction (see &#147;Otjikoto Property &#150; Namibia&#148;
section), an 81% interest in the Kiaka gold project in Burkina Faso (see
&#147;Acquisitions&#148; section), a 49% interest in the Gramalote property in Colombia,
and an interest in the Quebradona property in Colombia. The Company owns the
Trebol and Pavon properties in Nicaragua and the Bellavista property in Costa
Rica. The Company also has a 51% interest in a joint venture in Nicaragua with
Calibre Mining Corp. (&#147;Calibre&#148;), with an option to acquire an additional 19%
interest, and a 60% interest in two joint projects in Nicaragua with Radius Gold
Inc. (&#147;Radius&#148;).</P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
June 4, 2013, the Company announced that its common shares had been approved to
list on the NYSE MKT LLC (&#147;NYSE MKT&#148;) and subsequently began trading under
symbol &#147;BTG&#148; on June 6, 2013. The Company&#146;s shares will continue to be listed on
the Toronto Stock Exchange under symbol &#147;BTO&#148; and on the Namibian Stock Exchange
under the symbol &#147;B2G&#148;. The Company withdrew its shares from listing on the
OTCQX concurrent with listing its shares on the NYSE MKT. </P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company is projecting another record year for gold production in 2014.
Company-wide production in 2014 from the Masbate, La Libertad and Limon Mines is
expected to be in the range of 395,000 to 420,000 ounces of gold, an increase of
approximately 8% to 15% over 2013 attributable production. The production
forecast for 2014 does not include any estimated gold production from the
Otjikoto development project in Namibia as revenue earned from the sale of
pre-commercial production will be credited to mineral property development costs
prior to commercial production. Consolidated cash operating costs are expected
to be in the range of $667 to $695 per ounce (a similar range as in 2013). With
the first full year of gold production from the Otjikoto gold project in Namibia
scheduled for 2015, the Company is projecting 2015 gold production of 555,000
ounces, based on current assumptions.</P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
January 16, 2013, the Company acquired CGA Mining Limited (&#147;CGA&#148;). Under the
terms of the Scheme of Arrangement, the Company acquired all of the issued and
outstanding ordinary shares of CGA based on an exchange ratio of 0.74 of a
common share of B2Gold for each CGA ordinary share. The primary asset acquired
was CGA&#146;s Masbate Mine located in the Philippines. With the completion of the
transaction, B2Gold became an intermediate gold producer, achieving geographic and
operational diversity including the potential to add significant future cash
flow towards the Company&#146;s development projects. </P>
<P align=right>1 </P>
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<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
January 10, 2013, the Company announced the commencement of construction at the
Otjikoto project. Pre-development cost estimates of $244 million and deferred
stripping estimates of $33 million remain in line with original pre-feasibility
study estimates. In addition to these costs, the Company had planned to lease
finance a total of $60 million for mobile mining equipment and power plant
construction costs. However, as a result of Namibian regulations governing the
securitization of certain assets, the Company now plans to lease only the mobile
mining fleet for a total of $41 million. The balance of the power plant costs
has been funded from the Company&#146;s existing cash flows and credit facilities.
Leasing arrangements for the mining fleet were concluded in the fourth quarter
of 2013 and are expected to be fully drawn and utilized by mid-2015.
Construction is scheduled for completion in the fourth quarter of 2014 when mill
production is expected to begin and the first gold production from the Otjikoto
project is scheduled. The Company expects to ramp up to full production in early
2015. </P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based
on the positive drill results from the Wolfshag zone to date, on January 21,
2014 the Company announced plans to expand the Otjikoto mine in 2015, increasing
ore throughput from 2.5 million tonnes per year to 3 million tonnes. The
increased throughput will be achieved through the installation of a pebble
crusher, additional leach tanks and mining equipment at a total cost of
approximately $15 million. Once the expansion is completed at the end of 2015,
the Company expects that the annual gold production from the main Otjikoto pit
would increase to approximately 170,000 ounces. </P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
April 16, 2013, the Company announced the closing of a new senior secured
revolving credit facility (&#147;Senior Credit Facility&#148;) with a syndicate of banks.
The Senior Credit Facility is comprised of three tranches of $50 million each
for a total of $150 million and has replaced the prior $25 million revolving
credit facility with Macquarie Bank Limited. The Senior Credit Facility will be
used to fund construction and development costs related to Otjikoto and for
general corporate purposes. Subsequent to December 31, 2013, the Company entered
into an amending agreement pursuant to which the facility amount of the Senior
Credit Facility was increased by $50 million to a total amount of $200 million,
subject to updating security documents to reflect the increased amount of the
facility. </P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
August 23, 2013, the Company issued convertible senior subordinated notes with
an aggregate principal amount of $258.75 million (see &#147;Liquidity and Capital
Resources&#148; section). The notes bear interest at a rate of 3.25% per annum,
payable semi-annually on April 1st and October 1st of each year commencing from
April 1, 2014. The notes will mature on October 1, 2018.</P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
December 20, 2013, the Company acquired Volta Resources Inc. (&#147;Volta&#148;). Pursuant
to the plan of arrangement and effective upon closing of the transaction, Volta
has become a wholly-owned subsidiary of B2Gold and all of the issued and
outstanding common shares of Volta have been transferred to B2Gold in
consideration for the issuance by B2Gold of 0.15 of a common share of B2Gold,
for each Volta common share held. The acquisition of Volta has resulted in
B2Gold acquiring an 81% interest in the Kiaka Project in Burkina Faso, Africa
and a 100% interest in four additional exploration projects in Burkina Faso and
exploration projects in Ghana. The Kiaka project is an advanced stage project
that includes a large high quality gold deposit containing measured and
indicated resources of 4.86 million ounces (153.3 million tonnes grading 0.99
g/t) with the potential to sustain an average annual production rate of
approximately 340,000 ounces of gold over a 10 year mine life based on a
pre-feasibility study released in May 2012 and an independent technical report
released in January 2013. </P>
<P align=justify><B>ACQUISITIONS</B></P>
<P align=justify><I>Acquisition of CGA Mining Limited</I></P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
January 31, 2013, the Company and CGA announced that they had completed the
combination of the two companies (the &#147;Merger&#148;) by way of a court-approved
scheme of arrangement (the &#147;Scheme of Arrangement&#148;) and the merger
implementation agreement dated September 18, 2012 between the Company and CGA
(the &#147;Merger Implementation Agreement&#148;). Under the terms of the Merger, the
Company acquired all of the issued and outstanding ordinary shares of CGA based
on an exchange ratio of 0.74 of a common share of B2Gold for each CGA ordinary
share. In addition, all of the outstanding stock options of CGA were cancelled
and the former holders thereof received that number of B2Gold shares that corresponded
to the value of the &#147;in-the-money&#148; portion of their CGA options. Upon closing of
the Merger, CGA became a wholly-owned subsidiary of B2Gold. </P>
<P align=right>2 </P>
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<A name=page_3></A>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
a result, B2Gold issued an aggregate of 250,040,275 common shares to the former
CGA shareholders, representing approximately 39% of B2Gold&#146;s common shares
issued and outstanding upon closing the Merger. An additional 1,933,557 common
shares of B2Gold were issued to former CGA option holders upon cancellation of
their stock options. As at January 31, 2013, following completion of the Merger,
there were approximately 645,382,471 issued and outstanding common shares of
B2Gold.</P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
business combination was accounted for using the acquisition method, with B2Gold
as the acquirer of CGA. For accounting purposes, the Acquisition Date was
determined to be January 16, 2013, the date at which the Company obtained
control of CGA. The primary asset acquired was CGA&#146;s Masbate Mine located in the
Philippines.</P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
cost of the acquisition was approximately $985 million, being the fair value of
B2Gold shares issued, based on the issuance of 251,973,832 B2Gold shares at
Cdn.$3.85 per share (the opening share price on the TSX on January 16, 2013) and
a foreign exchange rate of Cdn.$0.985 to $1. B2Gold&#146;s acquisition related costs
of $5.9 million in 2013 and $1.6 million in 2012 have been charged to
acquisition costs in the consolidated statement of operations. The Company&#146;s
consolidated financial statements include CGA&#146;s results commencing from January
16, 2013. The revenue included in the consolidated statement of operations since
January 16, 2013 contributed by CGA was $274.1 million for the year ended
December 31, 2013. Had CGA been consolidated from the start of January 1, 2013,
the consolidated statement of operations would include additional revenue of
$nil (no gold sales were made by CGA from January 1, 2013 to January 15,
2013).</P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following table sets forth the final allocation of the purchase price to assets
and liabilities acquired, based on estimates of fair value. The purchase price
allocation was finalized as at December 31, 2013. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=center width="12%">&nbsp;$</TD>
    <TD align=right width="2%" >&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD align=center width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Purchase price allocation: </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=center width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp; &nbsp;Cash and cash equivalents </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%"><B>56,088</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp;Restricted cash </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff><B>9,000</B> </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp; &nbsp;Accounts receivable and prepaids </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%"><B>11,368</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp;Inventories </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - Product inventory
</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%"><B>55,036</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - Ore
      stockpile inventory, current portion </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff><B>6,955</B> </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - Supplies inventory
    </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%"><B>11,677</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp;Note receivable from
      RTG Mining Inc. </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff><B>2,560</B> </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp; &nbsp;Mining interests </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -
      Masbate Mine </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff><B>688,524</B> </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - Masbate undeveloped
      mineral interest </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%"><B>176,460</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp;Long-term investments
    </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - St. Augustine Gold
      &amp; Copper Limited </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%"><B>20,193</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -
      Sierra Mining Limited </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff><B>6,038</B> </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - RTG Mining Inc. </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%"><B>4,806</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp;Value-added tax
      receivables, long-term </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff><B>21,749</B> </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp; &nbsp;Other long-term assets </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%"><B>1,727</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp;Accounts payable and
      accrued liabilities </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff><B>(31,982</B></TD>
    <TD align=left width="2%"  bgColor=#e6efff><B>)</B> </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp; &nbsp;Current tax payable </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%"><B>(1,674</B></TD>
    <TD align=left width="2%" ><B>)</B> </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp;Masbate project loan
      facility </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff><B>(18,524</B></TD>
    <TD align=left width="2%"  bgColor=#e6efff><B>)</B> </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp; &nbsp;Deferred revenue - fair value of gold
      contracts </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%"><B>(37,404</B></TD>
    <TD align=left width="2%" ><B>)</B> </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp;Finance lease
      obligations, including current portion </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff><B>(25,228</B></TD>
    <TD align=left width="2%"  bgColor=#e6efff><B>)</B> </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp; &nbsp;Mine restoration provisions, including
      current portion </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%"><B>(16,504</B></TD>
    <TD align=left width="2%" ><B>)</B> </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp;Deferred income taxes
    </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff><B>(157,494</B></TD>
    <TD align=left width="2%"  bgColor=#e6efff><B>)</B> </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp; &nbsp;Other long-term liabilities </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%"><B>(571</B></TD>
    <TD align=left width="2%" ><B>)</B> </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp;Goodwill </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff><B>202,070</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Purchase price - 251,973,832 common shares
      of B2Gold issued on acquisition </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right width="12%"
    bgColor=#e6efff><B>984,870</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR></TABLE>
<P align=right>3 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_4></A>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Included
in CGA&#146;s accounts payable and accrued liabilities on January 16, 2013 was $10.1
million for CGA&#146;s transaction costs relating to the business combination (all of
which was paid subsequently in the first quarter of 2013). </P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Masbate Mine&#146;s gold bullion inventory and current portion of ore stockpile
inventory were increased by $32.9 million to reflect their fair values on
acquisition, which was all expensed and included in cost of sales in 2013. </P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
goodwill of $202.1 million resulting from the acquisition arises mainly on the
recognition of deferred income tax liabilities on the transaction due to the
requirement to record a deferred tax liability for the difference between the
assigned values and the tax bases of assets acquired and liabilities assumed at
amounts that do not reflect fair value. None of the goodwill is deductible for
tax purposes. </P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
value of approximately $176.5 million assigned to undeveloped mineral interest
at the Masbate Mine was attributable to (i) mineralized material within mineral
resources that management believes can be brought into production and (ii)
exploration potential for deposits the Company has the legal right to access,
and based on interpretation of information and results, including geological
data, that were available at the acquisition date. Amounts assigned to
undeveloped mineral interest are not expensed (or depreciated) until the
undeveloped mineral interest either becomes associated with additional proven
and probable reserves and the reserves are produced or the undeveloped mineral
interest is determined to be impaired.</P>
<P align=justify><I>Acquisition of Volta Resources Inc.</I></P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
December 20, 2013, B2Gold and Volta completed the combination of the two
companies by way of a plan of arrangement under the Business Corporations Act
(Ontario). Pursuant to the plan of arrangement and effective upon closing of the
transaction, Volta has become a wholly-owned subsidiary of B2Gold and all of the
issued and outstanding common shares of Volta have been transferred to B2Gold in
consideration for the issuance by B2Gold of 0.15 of a common share of B2Gold,
for each Volta common share held (the &#147;Exchange Ratio&#148;). All of the outstanding
options of Volta have been exchanged under the arrangement and the holders of
the Volta options have received options to purchase common shares of B2Gold
based on the Exchange Ratio. The arrangement has been accounted for by B2Gold as
a purchase of net assets. </P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
acquisition of Volta has resulted in B2Gold acquiring an 81% interest in the
Kiaka Project in Burkina Faso, Africa and a 100% interest in four additional
exploration projects in Burkina Faso and exploration projects in Ghana.</P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
connection with the closing of the transaction, B2Gold has issued an aggregate
of 23,331,805 common shares of B2Gold to the former shareholders of Volta and
has authorized the issuance of an additional 2,079,000 common shares upon the
exercise of the stock options held by the former security holders of Volta. On
closing of the transaction, B2Gold had approximately 675 million common shares
issued and outstanding, with former Volta shareholders holding approximately
3.4% of the fully- diluted in-the-money shares outstanding of B2Gold. </P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
cost of the acquisition was approximately $48.3 million, and included the fair
value of B2Gold shares issued of $46.4 million, based on the issuance of
23,331,805 B2Gold shares at Cdn.$2.12 per share (the opening share price on the
TSX on December 20, 2013) and a foreign exchange rate of Cdn.$1.0648 to $1, the
fair value of B2Gold replacement options of $0.9 million, plus B2Gold
transaction costs of $1 million.</P>
<P align=right>4 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_5></A>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following table sets forth the allocation of the purchase price to the fair
value of the assets and liabilities acquired.</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=center width="12%">$</TD>
    <TD align=right width="2%" >&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>Purchase price allocation: </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp;Cash and cash
      equivalents </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff><B>4,184</B> </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp; &nbsp;Accounts receivable and prepaids </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%"><B>408</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp;Long-term investments &#150;
      GoldStone Resources Ltd. </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff><B>20</B> </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp; &nbsp;Other long-term assets </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%"><B>60</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp;Mining interests &#150;
      Kiaka &#150; development property </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff><B>50,550</B> </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp; &nbsp;Accounts payable and accrued
      liabilities </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%"><B>(6,183</B></TD>
    <TD align=left width="2%" ><B>)</B> </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp;Current tax payable </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff><B>(700</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff><B>)</B> </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right width="12%"
    bgColor=#e6efff><B>48,339</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR></TABLE>
<P align=right>5 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_6></A>
<P align=justify><B>REVIEW OF FINANCIAL RESULTS </B></P>
<P align=justify><B><I>Selected Quarterly Financial and Operating
Results:</I></B></P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD colspan="4" align=center nowrap><B>Three months ended</B> </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD colspan="7" align=center nowrap> <B>Years ended</B>  </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD colspan="4" align=center nowrap><B>December 3</B><B>1</B></TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD colspan="7" align=center nowrap> <B>December 31</B>  </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD height="16" align=left>&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD colspan="4" align=center nowrap><B>(unaudited)</B> </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD colspan="7" align=center nowrap> <B>(unaudited)</B>  </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD width="9%" align=center nowrap >&nbsp;</TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="9%" align=center nowrap >&nbsp;</TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="9%" align=center nowrap >&nbsp;</TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="9%" align=center nowrap >&nbsp;</TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="9%" align=center nowrap >&nbsp;</TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD width="9%" align=center nowrap><B><U>2013</U></B> </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="9%" align=center nowrap><B><U>2012</U></B> </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="9%" align=center nowrap><B><U>2013</U></B> </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="9%" align=center nowrap><B><U>2012</U></B> </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="9%" align=center nowrap><B><U>2011</U></B> </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=center width="9%" >&nbsp;</TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="9%" >&nbsp;</TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="9%" >&nbsp;</TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="9%" >&nbsp;</TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="9%" >&nbsp;</TD>
    <TD align=right width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Gold revenue ($ in thousands) </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>138,054 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>70,783 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>544,272 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>259,051 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>225,352 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Gold sold (ounces) </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>106,185 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>41,627 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>380,895 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>155,008 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>144,013 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Average realized gold price ($/ounce) </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>1,300 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>1,700 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>1,429 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>1,671 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>1,565 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Gold produced (ounces) </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>105,577 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>44,324 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>366,313 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>157,885 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>144,604 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Cash operating costs ($/ounce gold) </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>638 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>604 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>681 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>587 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>527 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Total cash costs ($/ounce gold) </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>678 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>657 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>727 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>640 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>612 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Adjusted net income <I><SUP>1</SUP></I>($
      in thousands) </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>3,711 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>18,009 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>63,754 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>79,748 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>80,521 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Adjusted net income per share &#150; basic
      ($/share) </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>0.01 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>0.05 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>0.10 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>0.21 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>0.24 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Net income ($ in thousands) </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>26,220 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>10,948 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>67,303 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>51,907 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>56,300 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Earnings per share &#150; basic ($/share) </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>0.04 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>0.03 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>0.11 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>0.13 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>0.17 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Earnings per share &#150; diluted ($/share) </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>0.02 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>0.03 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>0.07 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>0.13 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>0.16 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Cash flows from operating activities ($ in
      thousands) &#150;
      <BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      before changes in non- cash working capital </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>35,703 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>31,124 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>144,343 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>114,399 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>108,930 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Cash flows from operating activities &#150;
      before
      changes&nbsp;<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;in
      non-cash working capital ($/share) </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>0.05 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>0.08 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>0.23 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>0.30 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>0.32 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR></TABLE>
</DIV>
<P align=justify><B><I>Fourth quarter 2013 and 2012 </I></B></P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With
the acquisition of the Masbate Mine on January 16, 2013 (upon completion of the
acquisition of CGA Mining Limited) and continued strong performance from its
Nicaraguan operations, the Company achieved another new quarterly production
record. Consolidated gold production in the fourth quarter of 2013 was a record
105,577 ounces, an increase of 138% compared to the same period in 2012. Gold
production from the Masbate Mine in the Philippines accounted for 106% of the
increase, and gold production from the Company&#146;s La Libertad and Limon Mines in
Nicaragua increased by 32% over the fourth quarter in 2012. </P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company is projecting another record year for gold production in 2014.
Company-wide production in 2014 from the Masbate, La Libertad and Limon Mines is
expected to be in the range of 395,000 to 420,000 ounces of gold, an increase of
approximately 8% to 15% over 2013 attributable production. The production
forecast for 2014 does not include any estimated gold production from the
Otjikoto development project in Namibia as revenue earned from the sale of
pre-commercial production will be credited to mineral property development costs
prior to commercial production. Consolidated cash operating costs are
expected to be in the range of $667 to $695 per ounce (a similar range as in
2013). With the first full year of gold production from the Otjikoto gold
project in Namibia scheduled for 2015, the Company is projecting 2015 gold
production of 555,000 ounces, based on current assumptions.</P>
<P align=justify><SUP>_____________________________________________<BR>1</SUP>
Attributable to the shareholders of the Company.</P>
<P align=right>6 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_7></A>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gold
revenue for the fourth quarter of 2013 was $138.1 million on sales of 106,185
ounces at an average price of $1,300 per ounce compared to $70.8 million on
sales of 41,627 ounces at an average price of $1,700 per ounce in the 2012
fourth quarter. The significant increase of 95% in revenue (despite a 24%
decrease in the average realized gold price) was driven by gold production from
the Company&#146;s Masbate Mine as well as increased production from the Nicaraguan
operations.</P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gold
revenue of $138.1 million included a non-cash amount of $9.3 million related to
the recognition of deferred revenue, associated with the fair value adjustment
of the gold forward contracts acquired as part of the CGA acquisition. On
January 16, 2013, the Company assumed the gold forward contracts related to the
Masbate project of 50,225 ounces of gold with settlements scheduled between
January 31, 2013 and December 31, 2013 at an average price of $913 per ounce.
The fair value of these contracts (required to be recognized as part of the
Company's acquisition accounting) was estimated to be negative $37.4 million on
January 16, 2013. For accounting purposes, these contracts are not subsequently
re-measured at fair value after initial recognition and are reduced through a
corresponding adjustment to revenue consistent with the timing of revenue
recognition criteria being met for the gold deliveries made under the terms of
contract. During the quarter, 12,661 ounces of gold were delivered under the
gold forward contracts at an average settlement price of $927 per ounce.</P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
the fourth quarter of 2013, the Masbate Mine accounted for $65 million (which
included a non-cash amount of $9.3 million described above) of gold revenue from
the sale of 47,536 ounces, La Libertad Mine accounted for $56 million (Q4 2012 -
$50.5 million) of gold revenue from the sale of 44,649 ounces (Q4 2012 &#150; 29,727
ounces) while $17.5 million (Q4 2012 - $20.2 million) was contributed by the
Limon Mine from the sale of 14,000 ounces of gold (Q4 2012 &#150; 11,900 ounces).</P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consolidated
cash operating costs for the fourth quarter of 2013 were $638 per ounce of gold
which compares to budget of $686 per ounce and $604 per ounce in the same
quarter last year. Gold production from the Company&#146;s three mines exceeded each
of the mine&#146;s budgeted production in the fourth quarter of 2013, and all three
mines achieved lower than budgeted per ounce cash operating costs.</P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash
flow from operating activities before changes in non-cash working capital was
$35.7 million ($0.05 per share) in the fourth quarter of 2013 compared to $31.1
million ($0.08 per share) in the same quarter last year, an increase of 15%. The
cash flow in the quarter was the second highest in the Company&#146;s history,
despite a 29% decrease in the average realized gold price (on a cash basis,
excluding the non-cash deferred revenue). The increase was mainly due to the
recent acquisition of the Masbate Mine and increased gold production from the
Libertad and Limon mines.</P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
at December 31, 2013, the Company remained in a strong financial position with
cash of $252.7 million. Total liquidity available at December 31, 2013 was
approximately $383 million consisting of cash of $252.7 million, $100 million
available for drawdown under the Company&#146;s Senior Credit Facility and $30
million available under the equipment finance lease with CAT Financial. </P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjusted
net income was $3.7 million ($0.01 per share) compared to $18 million ($0.05 per
share) in the same period of 2012 (see &#147;Non-IFRS Measures&#148; section for
reconciliation of net income to adjusted net income). Adjusted net income was
lower in the current quarter mainly due to a significant decline in the average
realized gold price and to slightly higher operating costs and depreciation
charged per ounce of gold sold. General and administrative costs also increased
by $3.4 million in the quarter, and realized derivative losses and interest
expense were higher by $1.5 million and $1 million, respectively. </P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
the fourth quarter of 2013, the Company generated (GAAP) net income of $26.2
million ($0.04 per share) compared to $10.9 million ($0.03 per share) in the
equivalent period of 2012. Included in net income was a gain of $14.2 million in
the current quarter relating to the overall change in fair value of the
Company&#146;s convertible senior subordinated notes issued on August 23, 2013. The
convertible notes are measured at fair value on each financial reporting
period-end date.</P>
<P align=right>7 </P>
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<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General
and administrative costs relate to the Company&#146;s head office in Vancouver, the
Managua office in Nicaragua, and the Makati office in the Philippines.
Consolidated general and administrative costs increased in the fourth quarter of
2013 compared to the year ago period by approximately $3.4 million, of which
$1.3 million related mainly to Makati administrative costs and $1.6 million to
Vancouver Corporate costs including increased salaries and professional
consulting fees. </P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
the three months ended December 31, 2013, the Company recorded realized
derivative losses of $1.6 million and unrealized derivative gains of $3 million
(see &#147;Liquidity and capital resources &#150; derivative financial instruments&#148;
section). The realized derivative losses relate to the Company&#146;s foreign
currency contracts, entered into to manage its foreign currency exposure
relating to the development of its Otjikoto project. These contracts reduce the
Company&#146;s foreign currency exposure to the Rand below the budgeted rate of 8.5
Rand to the United States dollar, the conversion ratio used for the Otjikoto
construction budget. These contracts were entered into to protect against
capital cost over-runs that may otherwise occur due to currency
fluctuations.</P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company also reported $1.1 million (net of capitalized interest) in interest
expense as compared with $0.1 million in the fourth quarter of 2012. The
increase in interest expense was due to increased debt, relating mainly to the
revolving corporate credit facility and finance lease obligations. Interest
expense (net of capitalized interest) relating to the convertible senior
subordinated notes issued on August 23, 2013 was recorded as part of the overall
change in fair value of the notes in the statement of operations. During the
three months ended December 31, 2013, the Company capitalized interest costs on
its borrowings attributable to funds spent on Otjikoto (subsequent to the
issuance of the related loans) in the amount of $2.2 million. This interest was
calculated on an effective interest basis on the Company&#146;s aggregate borrowings
which includes the convertible senior subordinated notes and the Senior Credit
Facility.</P>
<P align=justify><B><I>Fiscal Years 2013 and 2012</I></B></P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consolidated
attributable gold production for 2013 was a record 366,313 ounces. Including
non- attributable pre-acquisition production of 7,087 ounces from Masbate (from
January 1, 2013 to January 15, 2013), consolidated gold production for 2013 was
373,400 ounces, which compares favorably to the Company&#146;s guidance range of
360,000 to 380,000 ounces.</P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consolidated
cash operating costs were $681 per ounce and were at the lower end of the
Company&#146;s guidance range of $675 to $690 per ounce of gold for 2013. </P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
the full-year 2013, consolidated gold revenue was a record $544.3 million
compared to $259.1 million in the same period in 2012. The significant increase
of 110% in revenue was driven by gold production from the Company&#146;s newly
acquired Masbate Mine as well as increased production from its Nicaraguan
operations.</P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
2013, the Masbate Mine accounted for $274.1 million (which included a non-cash
amount of $37.4 million relating to the recognition of deferred revenue) of gold
revenue from the sale of 184,737 ounces, La Libertad Mine accounted for $190
million (2012 - $179.6 million) of gold revenue from the sale of 138,758 ounces
(2012 &#150; 107,398 ounces) while $80.2 million (2012 - $79.5 million) was
contributed by the Limon Mine from the sale of 57,400 ounces of gold (2012 &#150;
47,610 ounces).</P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjusted
net income in 2013 was $63.8 million ($0.10 per share) compared to $79.7 million
($0.21 per share) in 2012 (see &#147;Non-IFRS Measures&#148; section for reconciliation of
net income to adjusted net income). Adjusted net income was lower mainly due to
a significant decline in the average realized gold price, partially offset by
higher gold sales volumes. General and administrative costs also increased by
$14.3 million in the year, and realized derivative losses and interest expense
were higher by $4.6 million and $2.8 million, respectively. In addition, current
income tax expense increased by $5 million in the year over 2012 mainly due to
higher gold production in Nicaragua.</P>
<P align=right>8 </P>
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<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
2013, the Company generated (GAAP) net income of $67.3 million ($0.11 per share)
compared to $51.9 million ($0.13 per share) in 2012. </P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General
and administrative costs increased by $14.3 million in 2013, of which $4.9
million related mainly to Makati administrative costs and $5.4 million related
to increased salaries and benefits costs, including $3.3 million to cash bonuses
paid to senior management in the second quarter of 2013. The remainder related
mainly to increased corporate growth and development activities, including
professional fees relating to the Company&#146;s Sarbanes Oxley documentation and
legal fees with respect to the Company&#146;s claims (see &#147;Contingent Gains&#148;
section).</P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
May 13, 2013, the Company completed the sale to Franco-Nevada Corporation of all
of its right, title and interest in and to an existing 1.2% net smelter returns
royalty (&#147;NSR&#148;), covering Pretium Resources Inc.&#146;s (&#147;Pretium&#148;) Brucejack gold
project in northwestern British Columbia for $45 million in cash. The sale was
completed pursuant to the terms of a royalty purchase agreement between the
Company and Franco-Nevada Corporation dated May 8, 2013. The Brucejack royalty
had been acquired by B2Gold in connection with the acquisition of Central Sun
Mining Inc. (&#147;Central Sun&#148;) in March 2009. For accounting purposes, no value of
the total purchase price relating to the business combination with Central Sun
had been allocated to the NSR, based upon an evaluation of the likely cash flows
arising from the NSR. In the period since the original accounting for the
business combination the Company determined that the NSR did not fulfil the
threshold for recognition as an asset as it did not have sufficient assurance
over the likelihood of future cash flows from the NSR to record an asset,
consistent with the original business combination accounting. As a result, in
the second quarter of 2013, the Company recorded a $44.5 million pre-tax gain on
disposal of the NSR, net of related transaction costs of $0.5 million.</P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
the third quarter of 2013, the Company made a decision to curtail exploration on
the Cebollati property and to search for a joint venture partner willing to
continue to explore the property for an economic gold deposit. As a result, the
carrying value of the Cebollati property was written off and a charge of $9.6
million was recorded in the statement of operations. </P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total
assets increased to $2,310 million at December 31, 2013 from $676 million at
December 31, 2012, mainly due to the acquisition of CGA on January 16, 2013. In
addition, on August 23, 2013, the Company issued convertible senior subordinated
notes for net proceeds of $249.7 million.</P>
<P align=justify><B><I>Fiscal Years 2012 and 2011</I></B></P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total
gold production for 2012 was 157,885 ounces, (previously an annual record) and
was within the Company&#146;s 2012 guidance.</P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total
gold revenue was $259.1 million on sales of 155,008 ounces at an average price
of $1,671 per ounce compared to $225.4 million on sales of 144,013 ounces at an
average price of $1,565 per ounce in 2011. The Libertad Mine accounted for
$179.6 million (2011 - $154.8 million) of gold revenue from the sale of 107,398
ounces (2011 &#150; 98,797 ounces) while $79.5 million (2011 - $70.6 million) was
contributed by the Limon Mine from the sale of 47,610 ounces (2011 &#150; 45,216
ounces). </P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company&#146;s consolidated gold production in 2012 was 157,885 ounces at an
operating cash cost of $587 per ounce compared to 144,604 ounces being produced
in 2011 at an operating cash cost of $527 per ounce.</P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash
flow from operating activities before non-cash working capital changes increased
to $114.4 million ($0.30 per share) in 2012 from $108.9 million ($0.32 per
share) in the previous year. The increase reflects the Company&#146;s strong
operating performance from both its La Libertad and Limon Mines and strength in
gold prices, partially offset by higher Nicaraguan income taxes payable. The
Company had used most of its non-capital loss carry forwards, relating to La
Libertad Mine, in the fourth quarter of 2011 to significantly offset its 2011
Nicaraguan taxable income.</P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjusted
net income was $79.7 million ($0.21 per share) in 2012 compared to $80.5 million
($0.24 per share) in 2011. Adjusted net income was calculated by excluding
non-cash share-based compensation expense of $16.6 million (2011 - $6.2 million), non-cash deferred income
tax expense of $7.5 million (2011 - $17.9 million), write-off of mineral
property option costs of $1.5 million (2011 - $nil), CGA acquisition costs of
$1.6 million (2011 - $nil), and foreign exchange losses of $0.5 million (2011 -
$0.1 million). The decrease in adjusted net income was mainly due to an $11.6
million increase in current tax expense (as described in the paragraph
above).</P>
<P align=right>9 </P>
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<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
2012, the Company generated (GAAP) net income of $51.9 million ($0.13 per share)
compared to $56.3 million ($0.17 per share) in 2011. </P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Royalty
and production tax expense decreased to $8.5 million from $12.2 million in 2011,
attributable to the revised tax treatment of ad-valorem taxes (see below).</P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
Nicaragua, the State is entitled to a proportional extraction royalty
(&#147;ad-valorem&#148; tax) over the substances extracted from a mineral concession. The
amount of ad-valorem tax is 3% for minerals. Under Nicaraguan law, the
ad-valorem tax paid is considered a deductible expense for purposes of computing
corporate income tax. However, when this law was enacted, it included a
grandfathering rule which allowed concessions granted prior to this law to
continue operating under its existing regime. Under the mining law applicable to
Desarrollo Minero de Nicaragua S.A. (&#147;Desminic&#148;), the Company&#146;s indirect
subsidiary which owns and operates the Libertad Mine, the amount paid as
ad-valorem tax could be applied as a direct credit against corporate income
tax.</P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
May 25, 2012, the Nicaraguan tax administration notified Desminic that it
accepted Desminic&#146;s request to treat ad-valorem taxes paid by Desminic as direct
credits against Desminic&#146;s corporate income tax due, rather than as a deductible
expense in computing its corporate income tax. Prior to the acceptance of
Desminic&#146;s request, the Company had taken a conservative position treating its
ad-valorem payments as a deductible expense rather than as a tax credit. In the
second quarter of 2012, the Company began recording these payments as tax
credits. Ad-valorem taxes paid in the first quarter of 2012 of $1.3 million were
also reclassified from royalty and production tax expense on the consolidated
statement of operations to reducing the estimated current taxes payable on the
consolidated balance sheet.</P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company also filed amended 2011 and 2010 income tax returns for Desminic to
report the ad-valorem taxes as direct credits. This resulted in a $1.7 million
reduction in current income taxes and a $2.6 million reduction in deferred
income taxes. These reductions were recorded in the second quarter of 2012.</P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company&#146;s subsidiary which owns and operates the Limon Mine, Triton Minera S.A.,
continues to record its ad-valorem payments as a deductible expense rather than
a tax credit as it operates under the new mining law. </P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Share-based
payment expense increased to $16.6 million in 2012 from $6.2 million in 2011.
The increase was due to the issuance of 2.4 million RSU in the second quarter of
2012 and 10 million additional stock options in the first quarter of 2012 (the
fair values of both the RSU and stock options are being recognized over their
respective vesting periods). The share-based compensation expense in 2012
relating to RSU was $5 million (2011 - $nil) and $10 million (2011 - $2.8
million) to stock options. Also included in share-based compensation expense was
$1.6 million, the market value of 0.5 million common shares awarded under the
Company&#146;s Incentive Plan to a senior employee, George Johnson, on May 28, 2012.
None of the stock options granted were awarded to senior employees who were
founders of the Company.</P>
<P align=justify><B>HEALTH, SAFETY, ENVIRONMENTAL AND CORPORATE SOCIAL
RESPONSIBILITY (&#147;HSES&#148;)</B></P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B2Gold
is committed to responsible environmental stewardship, protection of human
health and safety, and social responsibility (&#147;HSES&#148;) in its approach to
business. The Company has a strong safety and environmental track record and
continues to build on its strong historical commitment to HSES responsibility.
</P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
2013, the Company achieved another exceptional safety record throughout its
operations. Site-wide Lost Time Accident (&#147;LTA&#148;) frequencies in Nicaragua were
1.13 for La Libertad (open pit mine) and 1.8 for El Limon (underground and open
pit). In the Philippines, the accident frequency for Masbate (open pit
operation) was 0.03 LTA which is a site record for that operation. </P>
<P align=right>10 </P>
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<P align=justify><B>MASBATE MINE &#150; PHILIPPINES</B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD colspan="4" align=center nowrap><B>Three months ended</B> </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD colspan="4" align=center nowrap><B>Years ended</B> </TD>
  <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD colspan="4" align=center nowrap><B>December 31</B> </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD colspan="4" align=center nowrap><B>December 31</B> </TD>
  <TD align=center width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD colspan="4" align=center nowrap><B>(unaudited)</B> </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD colspan="4" align=center nowrap><B>(unaudited)</B> </TD>
  <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD width="12%" align=center nowrap><B><U>2013</U></B> </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="12%" align=center nowrap><B><U>2012</U></B> </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="12%" align=center nowrap><B><U>2013</U></B> </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="12%" align=center nowrap><B><U>2012</U></B> </TD>
  <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="12%" >&nbsp;</TD>
    <TD align=right width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%" >&nbsp;</TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="12%" >&nbsp;</TD>
    <TD align=right width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%" >&nbsp;</TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Gold revenue ($ in thousands) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>64,989 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>274,100 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="12%" >&nbsp;</TD>
    <TD align=right width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%" >&nbsp;</TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="12%" >&nbsp;</TD>
    <TD align=right width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%" >&nbsp;</TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Gold sold (ounces) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>47,536 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>184,737 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="12%" >&nbsp;</TD>
    <TD align=right width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%" >&nbsp;</TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="12%" >&nbsp;</TD>
    <TD align=right width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%" >&nbsp;</TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Average realized gold price ($/ounce) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>1,367 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>1,484 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="12%" >&nbsp;</TD>
    <TD align=right width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%" >&nbsp;</TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="12%" >&nbsp;</TD>
    <TD align=right width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%" >&nbsp;</TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Tonnes of ore milled </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>1,713,319 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>5,889,273 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="12%" >&nbsp;</TD>
    <TD align=right width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%" >&nbsp;</TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="12%" >&nbsp;</TD>
    <TD align=right width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%" >&nbsp;</TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Grade (grams/ tonne) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>1.03 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>1.07 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="12%" >&nbsp;</TD>
    <TD align=right width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%" >&nbsp;</TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="12%" >&nbsp;</TD>
    <TD align=right width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%" >&nbsp;</TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Recovery (%) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>82.8 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>83.2 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="12%" >&nbsp;</TD>
    <TD align=right width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%" >&nbsp;</TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="12%" >&nbsp;</TD>
    <TD align=right width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%" >&nbsp;</TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Gold production (ounces) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>46,963 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>169,396 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="12%" >&nbsp;</TD>
    <TD align=right width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%" >&nbsp;</TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="12%" >&nbsp;</TD>
    <TD align=right width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%" >&nbsp;</TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Cash operating costs ($/ounce gold) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>779 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>788 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="12%" >&nbsp;</TD>
    <TD align=right width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%" >&nbsp;</TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="12%" >&nbsp;</TD>
    <TD align=right width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%" >&nbsp;</TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Total cash costs ($/ounce gold) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>822 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>834 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="12%" >&nbsp;</TD>
    <TD align=right width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%" >&nbsp;</TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="12%" >&nbsp;</TD>
    <TD align=right width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%" >&nbsp;</TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Capital expenditures ($ in thousands) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>10,498 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>31,344 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="12%" >&nbsp;</TD>
    <TD align=right width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%" >&nbsp;</TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="12%" >&nbsp;</TD>
    <TD align=right width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%" >&nbsp;</TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Exploration ($ in thousands) &#150; including
      Pajo exploration </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>2,316 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>8,422 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"
  bgColor=#e6efff>&nbsp;</TD></TR></TABLE>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
the full-year 2013, the Masbate Mine in the Philippines, including
non-attributable pre-acquisition production of 7,087 ounces, produced 176,483
ounces of gold, within the Company&#146;s previously released guidance range of
175,000 to 185,000 ounces. As previously announced, second quarter gold
production at the Masbate Mine was approximately 7,000 ounces of gold less than
forecast due to a temporary suspension of mining operations in June 2013 to
replace a process pipeline. However, due to higher than budgeted production in
the second half of 2013, the Masbate Mine was able to meet its 2013 guidance
range.</P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gold
sales from the Masbate Mine totaled 47,536 ounces in the fourth quarter of 2013
at an average realized price of $1,367 per ounce, generating revenue of $65
million (which included a non-cash amount of $9.3 million related to the
amortization of deferred revenue). For the full-year of 2013, the Masbate Mine
generated gold revenue of $274.1 million (which included a non-cash amount of
$37.4 million related to the amortization of deferred revenue) from the sale of
184,737 ounces at an average price of $1,484 per ounce.</P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fourth
quarter production at the Masbate Mine was 46,963 ounces of gold at a cash
operating cost of $779 per ounce from 1,713,319 tonnes of ore milled at an
average grade of 1.03 grams per tonne (&#147;g/t&#148;) gold. This compares to budget of
46,280 ounces at a cash operating cost of $833 per ounce. Mining areas and
material types differed from budget resulting in higher gold production, and
lower haulage costs. </P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During
2013, attributable production at the Masbate Mine was 169,396 ounces of gold at
a cash operating cost of $788 per ounce, compared to budgeted attributable
production of 172,917 ounces at a budgeted cash operating cost of $854 per
ounce. The main reason for lower than expected production was the temporary
suspension of mining operations for seventeen days in June 2013, to replace a
process pipeline. Cash operating costs were lower than budget due to less
budgeted waste being mined and hauled (as mining areas and material types
differed from budget). </P>
<P align=right>11 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_12></A>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital
expenditures in the three and twelve months ended December 31, 2013 totaled
$10.5 million and $31.3 million, respectively, mainly for the tailings dam
expansion, major overhauls to mining equipment and generators, a metallurgical
test work program to be used for the expansion study, design and initiation of
construction for a water treatment plant and the purchase of a new SAG mill.</P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Masbate Mine is projected to produce approximately 190,000 to 200,000 ounces of
gold in 2014, 8% to 13% higher than in 2013, at an operating cash cost of
approximately $765 to $800 per ounce. In the second quarter of 2014, the
existing SAG mill is planned to be replaced. On restart, the operation will gain
approximately 300,000 tonnes per year of operating capacity. The Masbate Mine is
budgeted to process an average of 17,646 tonnes of ore per day for a total of
approximately 6.44 million tonnes of ore for the year at an average grade of
1.15 g/t gold. </P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
2013, the Company began a metallurgical sampling and analysis program in order
to assess the potential for a mill expansion at the Masbate Mine. The mill
expansion project remains under evaluation and conclusions are expected in the
third quarter of 2014. </P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
2014, the Company has budgeted capital costs at the Masbate Mine of
approximately $37 million. Major capital expenditures include completion of
Stage 9 and some infrastructure work relating to the tailings facility,
completion of a tailings water treatment plant (which will assist in water
management in the tailings facility), equipment purchases, continued
infrastructure improvement, and land purchases for development. </P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;An
aggressive 2014 exploration program totaling $6.2 million is underway with five
diamond drill rigs currently working. The 2014 program will comprise
metallurgical and reserve/resource drilling on numerous mine Veins including
Montana, Main Vein, Libra East, Grandview, Colorado and Panique. Exploration
drilling designed to outline new resources will be carried out on near mine
Veins outside of the current reserve/resource such as the Grandview East area
which is open east of hole GVRC027 which intersected 75 metres grading 0.91 g/t
gold and the Pajo South extension where trenching has intersected up to 15
metres grading 1.04 g/t Au.</P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition to drilling, geochemical sampling and follow-up trenching will be
carried out on a number of priority target areas outside of the current
resource. B2Gold's geologic team believes there is good potential to increase
the Masbate reserves and resources with additional exploration drilling. </P>
<P align=justify><I>Masbate Reserves Update </I></P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
new mineral reserve estimate for the Masbate Mine was completed based on the
existing mineral resource model as of December 31, 2012. Mineral reserves were
calculated using current site operating costs, revised metallurgical recoveries
and a gold price of $1,350 per ounce. The new mineral reserve contains 3.2
million ounces which is a 7.5% increase over the previous reserve statement (as
reported) at a significantly improved grade of 0.97 g/t (previous reserve
estimate 0.82 g/t).</P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Another
new mineral reserve estimate for Masbate is currently underway and is expected
to be released in the second quarter of 2014. </P>
<P align=right>12 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_13></A>
<P align=justify><B>LIBERTAD MINE &#150; NICARAGUA</B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD colspan="4" align=center nowrap><B>Three months ended</B> </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD colspan="4" align=center nowrap><B>Years ended</B> </TD>
  <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD colspan="4" align=center nowrap><B>December 31</B> </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD colspan="4" align=center nowrap><B>December 31</B> </TD>
  <TD align=center width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD colspan="4" align=center nowrap><B>(unaudited)</B> </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD colspan="4" align=center nowrap><B>(unaudited)</B> </TD>
  <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD width="12%" align=center nowrap><B><U>2013</U></B> </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="12%" align=center nowrap><B><U>2012</U></B> </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="12%" align=center nowrap><B><U>2013</U></B> </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="12%" align=center nowrap><B><U>2012</U></B> </TD>
  <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="12%" >&nbsp;</TD>
    <TD align=right width="2%" >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="12%" >&nbsp;</TD>
    <TD align=right width="2%" >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="12%" >&nbsp;</TD>
    <TD align=right width="2%" >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="12%" >&nbsp;</TD>
    <TD align=right width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Gold revenue ($ in thousands) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>55,591 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>50,549 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>190,021 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>179,558 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="12%" >&nbsp;</TD>
    <TD align=right width="2%" >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="12%" >&nbsp;</TD>
    <TD align=right width="2%" >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="12%" >&nbsp;</TD>
    <TD align=right width="2%" >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="12%" >&nbsp;</TD>
    <TD align=right width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Gold sold (ounces) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>44,649 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>29,727 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>138,758 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>107,398 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="12%" >&nbsp;</TD>
    <TD align=right width="2%" >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="12%" >&nbsp;</TD>
    <TD align=right width="2%" >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="12%" >&nbsp;</TD>
    <TD align=right width="2%" >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="12%" >&nbsp;</TD>
    <TD align=right width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Average realized gold price ($/ounce) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>1,245 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>1,700 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>1,369 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>1,672 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="12%" >&nbsp;</TD>
    <TD align=right width="2%" >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="12%" >&nbsp;</TD>
    <TD align=right width="2%" >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="12%" >&nbsp;</TD>
    <TD align=right width="2%" >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="12%" >&nbsp;</TD>
    <TD align=right width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Tonnes of ore milled </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>522,846 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>512,603 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>2,014,838 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>2,041,415 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="12%" >&nbsp;</TD>
    <TD align=right width="2%" >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="12%" >&nbsp;</TD>
    <TD align=right width="2%" >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="12%" >&nbsp;</TD>
    <TD align=right width="2%" >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="12%" >&nbsp;</TD>
    <TD align=right width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Grade (grams/tonne) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>2.75 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>1.94 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>2.29 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>1.80 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="12%" >&nbsp;</TD>
    <TD align=right width="2%" >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="12%" >&nbsp;</TD>
    <TD align=right width="2%" >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="12%" >&nbsp;</TD>
    <TD align=right width="2%" >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="12%" >&nbsp;</TD>
    <TD align=right width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Recovery (%) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>92.5 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>94.1 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>93.8 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>92.5 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="12%" >&nbsp;</TD>
    <TD align=right width="2%" >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="12%" >&nbsp;</TD>
    <TD align=right width="2%" >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="12%" >&nbsp;</TD>
    <TD align=right width="2%" >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="12%" >&nbsp;</TD>
    <TD align=right width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Gold production (ounces) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>42,709 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>30,113 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>138,726 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>108,935 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="12%" >&nbsp;</TD>
    <TD align=right width="2%" >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="12%" >&nbsp;</TD>
    <TD align=right width="2%" >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="12%" >&nbsp;</TD>
    <TD align=right width="2%" >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="12%" >&nbsp;</TD>
    <TD align=right width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Cash operating costs ($/ounce gold) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>495 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>589 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>563 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>529 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="12%" >&nbsp;</TD>
    <TD align=right width="2%" >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="12%" >&nbsp;</TD>
    <TD align=right width="2%" >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="12%" >&nbsp;</TD>
    <TD align=right width="2%" >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="12%" >&nbsp;</TD>
    <TD align=right width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Total cash costs ($/ounce gold) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>522 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>626 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>592 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>564 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="12%" >&nbsp;</TD>
    <TD align=right width="2%" >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="12%" >&nbsp;</TD>
    <TD align=right width="2%" >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="12%" >&nbsp;</TD>
    <TD align=right width="2%" >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="12%" >&nbsp;</TD>
    <TD align=right width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Capital expenditures ($ in thousands) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>3,057 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>6,696 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>17,506 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>29,586 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="12%" >&nbsp;</TD>
    <TD align=right width="2%" >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="12%" >&nbsp;</TD>
    <TD align=right width="2%" >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="12%" >&nbsp;</TD>
    <TD align=right width="2%" >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="12%" >&nbsp;</TD>
    <TD align=right width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Capital expenditures ($ in thousands) &#150;
      Jabali development </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>3,211 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>4,146 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>14,514 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>12,693 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="12%" >&nbsp;</TD>
    <TD align=right width="2%" >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="12%" >&nbsp;</TD>
    <TD align=right width="2%" >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="12%" >&nbsp;</TD>
    <TD align=right width="2%" >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="12%" >&nbsp;</TD>
    <TD align=right width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Exploration ($ in thousands) &#150; including
      Jabali exploration </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>567 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>1,219 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>4,656 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>6,712 </TD>
    <TD align=left width="2%"
  bgColor=#e6efff>&nbsp;</TD></TR></TABLE>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total
production for 2013 from La Libertad was a record 138,726 ounces of gold,
exceeding the 2013 guidance range of 131,000 to 137,000 ounces, and
approximately 27% higher than in 2012. Fourth quarter gold production was also a
new quarterly record of 42,709 ounces of gold, an increase of 42% over the same
quarter in 2012. The main reasons for the improved production at La Libertad
Mine in 2013 were better grade performance from pit sources and better
recoveries. </P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gold
sales from La Libertad Mine totaled 44,649 ounces (Q4 2012 &#150; 29,727 ounces) in
the fourth quarter of 2013 at an average realized price of $1,245 per ounce (Q4
2012 - $1,700 per ounce), generating revenue of $55.6 million (Q4 2012 - $50.5
million).</P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
the fourth quarter of 2013, La Libertad Mine produced 42,709 ounces of gold at a
cash operating cost of $495 per ounce and a total cash cost of $522 per ounce
from 522,846 tonnes of ore milled at an average grade of 2.75 g/t gold. This
compares to budget of 40,759 ounces at a cash operating cost of $497 per ounce.
Gold production in the fourth quarter exceeded budget mainly due to better grade
performance from pit sources (2.75 g/t compared to budget of 2.48 g/t),
especially in the Crimea and Santa Maria pits during November and December, as
well as to higher than budgeted gold recoveries (92.5% compared to budget of
92%). Ore in the quarter was sourced from all operating pits including Jabali.
Gold recovery continues to outperform budget as the Company optimizes its plant
processes. Mill throughput averaged 5,692 tonnes per day for the quarter and is
expected to increase to 6,099 tonnes per day as a result of the addition of
process tanks. In December, throughput averaged 5,973 tonnes per day (excluding
40 hours of programmed maintenance).</P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During
2013, La Libertad Mine generated gold revenue of $190 million from the sale of
138,758 ounces at an average price of $1,369 per ounce, compared to $179.6
million from the sale of 107,398 ounces at an average price of $1,672 per ounce in the same period of 2012. Total
gold production was 138,726 ounces at a cash operating cost of $563 per ounce
and total cash cost of $592 per ounce from 2,014,838 tonnes of ore milled at an
average grade of 2.29 g/t gold. This compares to budget of 135,571 ounces at a
cash operating cost of $575 per ounce. Gold production for the year was higher
than budget as a result of better grade performance from pit sources (2.29 g/t
compared to budget of 2.19 g/t) and to higher gold recoveries (93.8% compared to
budget of 92%). Compared to 2012, all pits at La Libertad contributed better
grades, especially the Santa Maria pit where average grades mined for 2013 were
4.1 g/t. For pit grade reconciliation (reconciling between estimated grades
modelled and actual grades mined), Mojon is producing expected tonnages at
better grades, Crimea and Santa Maria lower tonnages but better grades, and
Jabali both more tonnes and better grades. Overall the net result was improved
ounce delivery of approximately 15% compared to modelled areas for La Libertad
pits.</P>
<P align=right>13 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_14></A>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total
capital expenditures in the fourth quarter of 2013 were $6.3 million, with the
main capital items consisting of $2.1 million for the Jabali feasibility and
development (primarily land purchases), $0.9 million for deferred stripping
costs in various pits, $1.1 million for infrastructure in Jabali Central, $0.5
million for mine camp improvements, and the remaining expenditures for a variety
of equipment and small projects. Total capital expenditures for 2013 were $32
million which included $11.3 million related to Jabali feasibility and
development (including construction of a 15 kilometre private haul road for
transporting the Jabali deposit ore to the Libertad mill and land purchases for
waste dumps), $9.4 million to deferred stripping, $3.2 million for
infrastructure in Jabali Central, $4.2 million for mine equipment, $2.2 million
for mill expansion, $0.7 million for camp improvements and the remainder to
varied small equipment and small capital projects.</P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;La
Libertad Mine is projected to produce approximately 143,000 to 150,000 ounces of
gold in 2014 at an operating cash cost of approximately $545 to $565 per ounce.
Gold production in 2014 at La Libertad is expected to increase by approximately
3% to 8% over 2013 production. La Libertad Mine is budgeted to process an
average of 6,099 tonnes of ore per day for a total of approximately 2.2 million
tonnes of ore for the year at an average grade of 2.17 g/t gold. </P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company has budgeted capital costs at La Libertad in 2014 of approximately $36.3
million. The majority of this capital cost will be expended on pre-stripping at
the Mojon (south-west) and Jabali pits, land purchases, expansion of the
existing tailings dam (Stage 4), and mine equipment.</P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;La
Libertad exploration budget for 2014 is approximately $4.3 million for a total
of approximately 10,500 metres of planned drilling. The program includes
resource drilling on the Mojon high grade underground targets and continued
exploration on a number of regional targets. The focus of this year&#146;s
exploration drilling is directed towards mainly brownfields drilling and
evaluation of regional targets in the search for more open pit feed for the
mill. </P>
<P align=right>14 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_15></A>
<P align=justify><B>LIMON MINE &#150; NICARAGUA </B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD colspan="4" align=center nowrap><B>Three months ended</B> </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD colspan="4" align=center nowrap><B>Years ended</B> </TD>
  <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD colspan="4" align=center nowrap><B>December 31</B> </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD colspan="4" align=center nowrap><B>December 31</B> </TD>
  <TD align=center width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD colspan="4" align=center nowrap><B>(unaudited)</B> </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD colspan="4" align=center nowrap><B>(unaudited)</B> </TD>
  <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD width="12%" align=center nowrap><B><U>2013</U></B> </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="12%" align=center nowrap><B><U>2012</U></B> </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="12%" align=center nowrap><B><U>2013</U></B> </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="12%" align=center nowrap><B><U>2012</U></B> </TD>
  <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="12%" >&nbsp;</TD>
    <TD align=right width="2%" >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="12%" >&nbsp;</TD>
    <TD align=right width="2%" >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="12%" >&nbsp;</TD>
    <TD align=right width="2%" >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="12%" >&nbsp;</TD>
    <TD align=right width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Gold revenue ($ in thousands) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>17,474 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>20,234 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>80,151 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>79,493 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="12%" >&nbsp;</TD>
    <TD align=right width="2%" >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="12%" >&nbsp;</TD>
    <TD align=right width="2%" >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="12%" >&nbsp;</TD>
    <TD align=right width="2%" >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="12%" >&nbsp;</TD>
    <TD align=right width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Gold sold (ounces) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>14,000 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>11,900 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>57,400 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>47,610 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="12%" >&nbsp;</TD>
    <TD align=right width="2%" >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="12%" >&nbsp;</TD>
    <TD align=right width="2%" >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="12%" >&nbsp;</TD>
    <TD align=right width="2%" >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="12%" >&nbsp;</TD>
    <TD align=right width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Average realized gold price ($/ ounce) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>1,248 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>1,700 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>1,396 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>1,670 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="12%" >&nbsp;</TD>
    <TD align=right width="2%" >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="12%" >&nbsp;</TD>
    <TD align=right width="2%" >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="12%" >&nbsp;</TD>
    <TD align=right width="2%" >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="12%" >&nbsp;</TD>
    <TD align=right width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Tonnes of ore milled </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>119,487 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>107,034 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>445,001 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>397,438 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="12%" >&nbsp;</TD>
    <TD align=right width="2%" >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="12%" >&nbsp;</TD>
    <TD align=right width="2%" >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="12%" >&nbsp;</TD>
    <TD align=right width="2%" >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="12%" >&nbsp;</TD>
    <TD align=right width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Grade (grams/ tonne) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>4.53 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>4.53 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>4.46 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>4.22 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="12%" >&nbsp;</TD>
    <TD align=right width="2%" >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="12%" >&nbsp;</TD>
    <TD align=right width="2%" >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="12%" >&nbsp;</TD>
    <TD align=right width="2%" >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="12%" >&nbsp;</TD>
    <TD align=right width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Recovery (%) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>91.4 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>91.4 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>91.4 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>91.1 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="12%" >&nbsp;</TD>
    <TD align=right width="2%" >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="12%" >&nbsp;</TD>
    <TD align=right width="2%" >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="12%" >&nbsp;</TD>
    <TD align=right width="2%" >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="12%" >&nbsp;</TD>
    <TD align=right width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Gold production (ounces) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>15,905 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>14,211 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>58,191 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>48,950 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="12%" >&nbsp;</TD>
    <TD align=right width="2%" >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="12%" >&nbsp;</TD>
    <TD align=right width="2%" >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="12%" >&nbsp;</TD>
    <TD align=right width="2%" >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="12%" >&nbsp;</TD>
    <TD align=right width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Cash operating costs ($/ ounce) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>608 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>635 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>652 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>715 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="12%" >&nbsp;</TD>
    <TD align=right width="2%" >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="12%" >&nbsp;</TD>
    <TD align=right width="2%" >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="12%" >&nbsp;</TD>
    <TD align=right width="2%" >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="12%" >&nbsp;</TD>
    <TD align=right width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Total cash costs ($/ ounce) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>667 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>723 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>735 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>811 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="12%" >&nbsp;</TD>
    <TD align=right width="2%" >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="12%" >&nbsp;</TD>
    <TD align=right width="2%" >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="12%" >&nbsp;</TD>
    <TD align=right width="2%" >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="12%" >&nbsp;</TD>
    <TD align=right width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Capital expenditures ($ in thousands) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>4,463 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>4,570 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>16,992 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>21,461 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="12%" >&nbsp;</TD>
    <TD align=right width="2%" >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="12%" >&nbsp;</TD>
    <TD align=right width="2%" >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="12%" >&nbsp;</TD>
    <TD align=right width="2%" >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="12%" >&nbsp;</TD>
    <TD align=right width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Exploration ($ in thousands) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>610 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>1,161 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>4,072 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>4,645 </TD>
    <TD align=left width="2%"
  bgColor=#e6efff>&nbsp;</TD></TR></TABLE>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Limon open pit and underground mine recorded its most successful year in the
past 12 years, producing 58,191 ounces of gold, exceeding the 2013 guidance
range of 54,000 to 58,000 ounces, and approximately 19% higher than in 2012.
Fourth quarter gold production was 15,905 ounces of gold, Limon&#146;s best quarter
in 12 years. The improved production at the Limon Mine in 2013 was mainly the
result of delivering higher grade ore, primarily from the Santa Pancha
underground mine and Veta Nueva open pit, and higher plant throughput.</P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gold
sales from the Limon Mine totaled 14,000 ounces in the fourth quarter of 2013
(Q4 2012 &#150; 11,900 ounces) at an average realized price of $1,248 per ounce (Q4
2012 - $1,700 per ounce), generating revenue of $17.5 million (Q4 2012 - $20.2
million).</P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
the fourth quarter of 2013, the Limon Mine produced 15,905 ounces of gold at a
cash operating cost of $608 per ounce and a total cash cost of $667 per ounce
from 119,487 tonnes of ore milled at an average grade of 4.53 g/t at a processed
gold recovery of 91.4%, compared to budget of 14,326 ounces at a cash operating
cost of $750 per ounce. Grade from surface and underground operations was better
than forecast, throughput was higher (1,299 tonnes per day) as a consequence of
mill liner design change and downstream process optimization. Underground
operations comprised 65% of mill feed. Lower than budgeted operating costs also
contributed to the favourable reduction in cash operating costs per ounce.
Principal savings for underground mining costs were from reduced energy costs
(both for quantity and price). Savings for energy were also observed at the
process plant, and in addition there were lower costs for liners and some
consumables. Reduction of outside services and freight also contributed to lower
costs.</P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During
2013, the Limon Mine generated gold revenue of $80.2 million (2012 - $79.5
million) from the sale of 57,400 ounces (2012 &#150; 47,610 ounces) at an average
price of $1,396 per ounce (2012 - $1,670 per ounce). Total gold production was
58,191 ounces at a cash operating cost of $652 per ounce and total cash cost of
$735 per ounce from 445,001 tonnes of ore milled at an average grade of 4.46 g/t
gold. This compares to budget of 55,031 ounces at a cash operating cost of $727
per ounce. </P>
<P align=right>15 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_16></A>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
the fourth quarter of 2013, capital expenditures totaled $4.5 million, which
included $1.2 million of deferred underground mine development, deferred
stripping of $0.5 million, completion of the leach and CIP tank project of $0.6
million, mine equipment of $0.6 million and ongoing plant improvement
initiatives. Total capital expenditures for 2013 were $17 million, which
included deferred underground development of $4.3 million, deferred stripping of
$2.8 million, plant tankage expansion and improvements of $2.1 million, mine
equipment of $2 million and plant improvements (including electrical, equipment
and automation) of $2.7 million.</P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Limon Mine is projected to produce approximately 62,000 to 70,000 ounces of gold
in 2014 at an operating cash cost of approximately $650 to $675 per ounce. Gold
production in 2014 at the Limon Mine is expected to increase by approximately 7%
to 20% over 2013 production. In 2014, the Limon Mine is budgeted to process
approximately 0.5 million tonnes of ore at an average grade of 4.36 g/t gold.
</P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company plans to undertake capital expenditures at the Limon Mine in 2014
totaling approximately $19.7 million. Capital expenditures in 2014 will include
significant underground development, particularly for Santa Pancha 2,
underground equipment purchases and continued plant/infrastructure improvements.
</P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
2014 Limon exploration budget is approximately $4.3 million to fund
approximately 10,700 metres of drilling. The program includes infill drilling
along the Santa Pancha Pozo 4 structure to sufficient drill spacing to allow
preliminary mine planning, infill drilling areas of the Pozo 8-2-1 and some
drilling on regional targets. Follow up of other interesting regional targets
across the Limon claim area is also planned.</P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based
on results to date, B2Gold&#146;s exploration team believes there is potential to
further increase the current mine life of the Limon Mine and also discover
higher grade open pit and underground deposits that could potentially further
increase annual gold production. </P>
<P align=justify><B>OTJIKOTO PROJECT &#150; NAMIBIA</B></P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Otjikoto gold project is located 300 kilometres north of Namibia's capital city
of Windhoek between the towns of Otjiwarongo and Otavi. The project benefits
significantly from Namibia's well established infrastructure with paved
highways, a railway, power grids, and process water all close by. Located in the
western part of southern Africa, Namibia is one of the continent's most
politically and socially stable jurisdictions. </P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
On January 10, 2013, the Company announced the commencement of construction at
the Otjikoto project. based on the feasibility study, the results of which were
released in February 2013. Pre-development cost estimates of $244 million and
deferred stripping estimates of $33 million remain in line with original
pre-feasibility study estimates. In addition to these costs, the Company had
planned to lease finance a total of $60 million for mobile mining equipment and
power plant construction costs. However, as a result of Namibian regulations
governing the securitization of certain assets, the Company now plans to lease
only the mobile mining fleet for a total of $41 million. The balance of the
power plant costs has been funded from the Company&#146;s existing cash flows and
credit facilities. Leasing arrangements for the mining fleet were concluded in
the fourth quarter of 2013 and are expected to be fully drawn and utilized by
mid-2015. Construction is scheduled for completion in the fourth quarter of 2014
when mill production is expected to begin and the first gold production from the
Otjikoto project is scheduled. The Company expects to ramp up to full production
in early 2015. </P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
mineral reserve for the Otjikoto Project was generated as part of the Otjikoto
feasibility study. The current mine plan is based on probable mineral reserves
of 29.4 million tonnes at a grade of 1.42 g/t containing 1.341 million ounces of
gold at a stripping ratio of 5.59:1 to be mined over an initial 12 year period.
The average annual production for the first five years was estimated to be
approximately 141,000 ounces (see paragraph below) of gold per year at an
average cash operating cost of $524 per ounce and for the life of mine
approximately 112,000 ounces of gold per year at an average cash operating cost
of $689 per ounce.</P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based
on the positive drill results from the Wolfshag zone to date, on January 21,
2014 the Company announced plans to expand the Otjikoto mine in 2015, increasing
ore throughput from 2.5 million tonnes per year to 3 million tonnes. The
increased throughput will be achieved through the installation of a pebble
crusher, additional leach tanks and mining equipment at a total cost of
approximately $15 million. Once the expansion is completed at the end of 2015,
the Company expects that the annual gold production from the main Otjikoto pit
would increase to approximately 170,000 ounces. In addition, the Company
announced an inferred resource estimate for the Wolfshag zone in January 2014.
The newly discovered Wolfshag zone is a 1,600 metre long zone that is as close
as 250 metres east of the Otjikoto deposit. The estimated inferred mineral
resource for the Wolfshag zone is 6.8 million tonnes grading 3.2 g/t gold
containing 703,000 ounces of gold (on a 100% basis). The inferred mineral
resource is reported within a $1,550 per ounce gold optimized Whittle pit shell
above a cut-off grade of 0.5 g/t gold. </P>
<P align=right>16 </P>
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<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Construction
of the Otjikoto Gold Mine is ongoing, on schedule and on budget. Construction
commenced January 2013 and will continue into the fourth quarter of 2014.
Excavation at the mill area is complete and a concrete batch plant is in
continuous use to assist with the pouring of foundations. A total of about
15,000 cubic metres of concrete will be poured during construction, and a total
of 10,500 cubic metres of concrete has been poured through 2013. The mill and
mining offices have already been completed by an Otavi contractor, and the
construction of all the other administration buildings are progressing well.
Most of the equipment and supplies to build the mill have been purchased and are
arriving daily at site. Mill construction activities are progressing well, with
7,500 cubic metres of concrete having been poured in this area, and four leach
tanks having been erected to date. To date, the pit area has been de-bushed and
stripped. The stripped topsoil (100,000 tonnes) from the mine and waste dump is
stockpiled so that these areas can be re-vegetated after mine closure. The total
volume of material moved from the pit area to date is approximately 4.7 million
tonnes. In addition, the tailings impoundment has been constructed and lined.
This facility is materially complete and will be used to capture water to start
the mill in 2014. </P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pre-production
expenditures for the year ended December 31, 2013 totaled approximately $167.3
million (on a cash basis), including mobile equipment purchases of $46.5
million, power plant costs of $30.6 million and prestripping costs of $6.7
million.</P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
2014 Otjikoto exploration program is budgeted at $8 million. The exploration
drilling program will focus primarily on infill drilling on the northern portion
of the Wolfshag zone to increase the drilling density to 50 x 25 metres, and
will further test the extension of the Wolfshag zone to the South. The Company
anticipates being in a position to upgrade the mineral resource classification
to the indicated category by the end of 2014. The 2014 program will also include
metallurgical and geotechnical test work for the Wolfshag zone. </P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
March 20, 2013, B2Gold Namibia (Proprietary) Limited (&#147;B2Gold Namibia&#148;), a
subsidiary of the Company, acquired from two Namibian banks all of the issued
and outstanding Class A and Class B preference shares (&#147;Preference Shares&#148;) in
the capital of EVI Gold (Proprietary) Limited (&#147;EVI&#148;) for total consideration of
approximately 59.3 million Namibian dollars ($6.5 million). B2Gold Namibia was
then owned indirectly 92% by B2Gold and 8% by EVI, a Namibian black empowerment
company. Subsequent to December 31, 2013, on February 24, 2014, EVI purchased
the Preference Shares from B2Gold Namibia for 59.3 million Namibian dollars
($5.5 million).</P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
April 10, 2013, the Company entered into an investment agreement (the
&#147;Investment Agreement&#148;) with EVI pursuant to which, among other things, EVI
agreed to purchase common shares of the Company with an aggregate subscription
price of $7.6 million. The subscription price was satisfied by a note receivable
of $6.6 million to the Company and a $1 million payment as consideration for EVI
assigning to the Company its existing right to acquire an additional 5% interest
in the Otjikoto gold project. The proceeds from the sale of the common shares of
the Company were used by EVI to redeem the preference shares held by B2Gold
Namibia in February 2014. In addition, EVI also agreed to exercise its right to
acquire an additional 2% interest in the Otjikoto gold project for a purchase
price of $5 million. </P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
April 10, 2013, BKWE Ventures Limited (&#147;BKWE&#148;), a wholly-owned subsidiary of the
Company, entered into a loan agreement with EVI pursuant to which BKWE agreed to
loan up to $11.6 million to EVI so that EVI could satisfy the payments required
under the Investment Agreement, including the cash payment for the purchase for
common shares and the acquisition of the additional 2% interest in the Otjikoto
gold project. The loans accrue interest at a rate of up to 5% per annum and are
secured by a pledge of the shares of the Company and B2Gold Namibia that are
held by EVI. The loan is expected to be repaid from EVI&#146;s share of available
cash from the operations of the Otjikoto gold mine. </P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
July 9, 2013, EVI exercised its right to acquire the additional 2% interest in
the Otjikoto Project. Accordingly, the Company and EVI now hold a 90% and 10%
interest, respectively, in the Otjikoto Project and EVI has no further right to increase its interest in the Otjikoto
Project. For accounting purposes, as the issuance of common shares in the
Company&#146;s subsidiary, B2Gold Namibia, did not result in a loss of control, the
dilution of the Company's aggregate interest in its subsidiary and corresponding
increase in the non-controlling interest of $2.6 million was accounted for
within Shareholders' Equity in accordance with the consideration received.</P>
<P align=right>17 </P>
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<P align=justify><B>GRAMALOTE PROJECT &#150; COLOMBIA </B></P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
March 12, 2014, the Company announced positive results from the Preliminary
Economic Assessment (&#147;PEA&#148;) for the Gramalote gold project in Colombia. The
Gramalote property is a 51% AngloGold Ashanti Ltd. (&#147;AngloGold Ashanti&#148;) and 49%
B2Gold joint venture with AngloGold Ashanti as the project manager. Gramalote is
located 230 kilometres northwest of Bogota and 80 kilometres northeast of
Medellin in central Colombia.</P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Highlights of the Gramalote Preliminary Economic Assessment on a 100% basis
are:</P>
<UL style="TEXT-ALIGN: justify">
  <LI>Open pit gold mine with an initial life of mine (&#147;LOM&#148;) of 14 years based
  on Measured, Indicated and Inferred Mineral Resources
  <LI>Average annual gold production LOM of 317,500 ounces at $664 direct cash
  cost per ounce
  <LI>Average annual gold production of 373,300 ounces per year for the first 5
  years of production
  <LI>LOM gold production of 4.445 million ounces
  <LI>Average LOM total operating costs (including sustaining capital) of $736
  per ounce of gold
  <LI>Annual processing rate of 16 million tonnes per year
  <LI>Average LOM gold recovery of 95% from conventional milling, flotation and
  cyanide leach of the flotation concentrate
  <LI>Estimated pre-production capital cost of $1,176 million
  <LI>LOM pre-tax net cash flow of $1,521 million, and after tax net cash flow
  of $990 million at a gold price of $1,351 per ounce
  <LI>Net present value (&#147;NPV&#148;) pre-tax of $714 million and after-tax of $398
  million at a 5.06% discount rate and gold price of $1,351 per ounce generating
  an after-tax internal rate of return (&#147;IRR&#148;) of 11.5%
  <LI>Project payback of 4.8 years </LI></UL>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
trade-off study was completed to determine the optimum throughput rate for the
Gramalote project. Throughput rates between 10 million and 24 million tonnes per
year were evaluated at gold prices of $1,100 per ounce of gold, $1,300 per ounce
and $1,500 per ounce utilizing Inferred Mineral Resources. The results of this
study indicate that 16 million tonnes per year provides the best project
economics and allows for the use of conventional dual pinion drive grinding
mills. </P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company was pleased to announce AngloGold Ashanti has completed a new JORC and
National Instrument 43-101 compliant Mineral Resource estimate for Gramalote
Central Zone, Monjas West and Trinidad. Total Measured and Indicated Mineral
Resources at Gramalote Central and Monjas West at a 0.15 gram g/t gold cutoff,
within a $1,600 per ounce gold optimized Whittle pit consists of 132.7 million
tonnes grading 0.63 g/t gold for a total of 2.69 million troy ounces of gold.
The Gramalote Central, Monjas West and Trinidad Inferred Mineral Resource is
239.7 million tonnes grading 0.44 g/t gold for a total of 3.36 million troy
ounces of gold using similar parameters as the Measured and Indicated Mineral
Resource. </P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At
current gold price levels, the Gramalote Project economics are positive but at
this time do not move the project to the top of the Company&#146;s priority list for
continued development towards a Final Feasibility. The JV partners have agreed
on a work program for 2014 that advances the Environmental Impact Study so it
can be formally submitted to the Colombian regulators by the second quarter of
2014 which is key to advancing the permitting process. Focus will also be given
on addressing other project risk issues such as infill drilling of Inferred
Mineral Resources, social programs, environmental monitoring and government
relations. Gramalote owns two diamond drills and will utilize those two machines
to target 8,000 to 10,000 meters of infill drilling in 2014. At this time, a
final budget for 2014 has not been agreed on but this should be finalized within
the next month. The project will be reviewed again in the fourth quarter of 2014
to determine if moving to Final Feasibility is warranted at that time.</P>
<P align=right>18 </P>
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<P align=justify><B>KIAKA PROJECT &#150; BURKINA FASO</B></P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company owns an 81% interest in the Kiaka project following its acquisition of
Volta in December 2013. The property is located in south central Burkina Faso in
the regional province of Boulgou and Zoundweogo, approximately 140 kilometres
southeast of the capital Ouagadougou. The current exploration licence (the
&#147;Kiaka Licence&#148;) for the Kiaka Project covers an area of approximately 184
square kilometres and is 100% owned by the Company (indirectly through its
subsidiary Kiaka Gold SARL), subject to 10% carried interest held by GAMS &#150;
Mining F&amp;I Ltd. (&#147;GAMS&#148;), a Cypriot company with local Burkinabe affiliates.
This carried interest entitles GAMS, following the completion of a definitive
feasibility study, to participate pro-rata in the development and construction
of a mine. Pursuant to applicable mining law, when the project advances to
development and production stage, an operating company will be formed with each
of Kiaka Gold SARL and GAMS contributing 9% and 1%, respectively, to the
Burkinabe government&#146;s 10% carried interest. </P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Kiaka prefeasibility study was completed by Volta in May 2012, delivering a
proven and probable mineral reserve estimate for the Kiaka project of 126.08
million tonnes at a grade of 0.96 g/t gold containing 3.89 million ounces of
gold within an open pit with a strip ratio of 2.95:1. The Kiaka prefeasibility
study indicated a greater than 10 year mine life based on processing 12 million
tonnes of ore per year for average annual production of 340,000 ounces of gold
per year. The Kiaka prefeasibility study indicated a pre-tax NPV 8% of $548
million, an internal rate of return after-tax of 23.3% over 10.3 years and
estimated initial capital costs of $609 million and average on-site operating
costs of $671 per ounce of gold. A revised permitting study is currently
underway, based on processing 6 million tonnes per annum of higher grade ore at
the plant while the lower grade ore is stockpiled. The Company is progressing on
a feasibility study based on the higher grade section of the resources of 54
million tonnes at an average grade of 1.49 g/t gold for 2.58 million ounces in
measured and indicated.</P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
measured and indicated resource estimate for the Kiaka project is 153.26 million
tonnes at a diluted grade of 0.99 g/t for 4.862 million ounces of gold and
inferred resources of 33.74 million tonnes at 0.93 g/t for 1.006 million ounces
of gold. The Kiaka mineral resource estimate is based on a cut-off grade of 0.4
g/t gold within mineralized wireframes, within a conceptual Whittle pit shell
based on a gold price of $1,400 per ounce, marginal operating costs of $11.89
per tonne for processing and general and administrative expenses, $1.58 per
tonne for mining and assumes a process recovery of 89.8%. </P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
2014 development budget for Kiaka and West Africa is $8.7 million, mainly for
completing the permitting study and advancing the Kiaka exploration license to
an exploitation license, completing a feasibility level study for Kiaka based on
lower throughput options (including additional metallurgical programs), keeping
the tenements in good standing and for overhead and administration.</P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
2014, the $3.6 million exploration program at Kiaka will focus on drilling of
the inferred resource to upgrade areas of inferred to indicated, complete a
geological interpretation of the deposit and continue to evaluate some of the
regional targets within the claim area. </P>
<P align=justify><B>BELLAVISTA PROPERTY &#150; COSTA RICA</B></P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
June 21, 2013, the Company completed an option to purchase agreement with Alray
Investments Inc. (the "Optionee"), a private company, pursuant to which the
Company agreed to grant the Optionee an option to purchase a 100% interest in
the Company's Bellavista project located in Miramar, Costa Rica. The Optionee
has the right to exercise the option at any time prior to October 22, 2014. On
the exercise of the option, the transaction will be structured as an acquisition
by the Optionee of 100% of the issued and outstanding shares of Central Sun
Mining Enterprises Ltd. (&#147;CSME&#148;), which indirectly holds the 100% interest in
the Bellavista project. During the term of the option, the Optionee will be
entitled to undertake project assessment work, including conducting diamond
drilling, metallurgical testing and other exploration programs. In order to
exercise the option, the Optionee is required to pay to the Company an
administration fee, grant the Company a 2% NSR on the sale of minerals produced
from the Bellavista project and pay certain amounts in respect of equipment that
is owned by CSME and its subsidiaries at the time that the option is
exercised.</P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Two
drilling stages have been completed by the Optionee, consisting of 16 diamond
drill holes totalling 1,128 metres. Future drilling and additional field
investigations will depend on the on the results of the programs completed to date. Samples have been sent to Canada for assay
and metallurgical testing. A third phase of drilling and an underground
exploration program are scheduled to begin by the second quarter of 2014.</P>
<P align=right>19 </P>
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<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;An
action was filed against the National Technical Secretariat of the Environment
(&#147;SETENA&#148;) and the Ministry of Environment, Energy and Telecommunications
(&#147;MINAET&#148;) of Costa Rica on May 31, 2013. This is an action under administrative
law against Costa Rica and resolutions adopted by SETENA and MINAET, in
rejecting the environmental assessment document for a new processing plant for
the Bellavista mine. The action asks that the court order SETENA to deliver the
terms of reference for the new processing plant, or that the Company be
compensated by Costa Rica for being denied the opportunity to benefit from the
Company&#146;s valid mining concession. The outcome of this claim is not determinable
at this time and no accrual for this contingency has been made in the
consolidated financial statements. </P>
<P align=justify><B>CONTINGENT GAINS AND LOSSES</B></P>
<P align=justify><I>Bellavista claim </I></P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By
Statement of Claim dated March 16, 2009, Central Sun commenced a legal
proceeding in Ontario (the &#147;Engineering Action&#148;) against several engineering
firms and certain individual engineers alleging that the Defendants were
negligent and breached their contractual obligations with respect to the siting,
design, construction, assessment and monitoring of the Bellavista gold mine in
Costa Rica, and that the mine was affected by a landslide as a result closed and
placed on care and maintenance. As a result of the Defendants&#146; alleged
negligence and/or breach of contract, the Company claims damages. The
Engineering Action is still at the pleadings stage. Preliminary motions brought
by certain defendants have resulted in an Order that the Ontario Courts do not
have jurisdiction to hear the claims against those defendants. That Order was
overturned on appeal in October 2013, but certain defendants have sought leave
to appeal to the Supreme Court of Canada, whose decision as to leave is under
reserve. The outcome of this claim is not determinable at this time and no
accrual for this contingent gain has been made in the consolidated financial
statements. </P>
<P align=justify><I>Masbabte SAG mill insurance claim</I></P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company has commenced legal proceedings to claim compensation for property
damage and business interruption losses incurred by Philippine Gold Processing
&amp; Refining Corporation in connection with a failure of a semi-autonomous
grinding mill at the Masbate Mine in the Philippines in 2011. The proceedings
are at an early stage and the outcome cannot be determined at this time and
accordingly no accrual for this contingent gain has been made in the
consolidated financial statements. </P>
<P align=justify><I>La Libertad tax audit</I></P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During
2013, a tax audit of the La Libertad operations for 2008 commenced by the
Nicaraguan tax authorities. As at year-end, the tax audit had not yet been
completed and the Company has not accrued any liability in respect of any issues
which may result from the tax audit.</P>
<P align=justify><B>LIQUIDITY AND CAPITAL RESOURCES </B></P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company ended the year with cash and cash equivalents of $252.7 million compared
to cash and cash equivalents of $283.7 million at the end of the third quarter
of 2013 and $67.9 million at December 31, 2012. Working capital at the end of
the year was $275.7 million compared to working capital of $314.2 million at the
end of September 30, 2013 and $92.1 million at December 31, 2012. On August 23,
2013, the Company issued convertible senior subordinated notes for net proceeds
of $249.7 million.</P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
at December 31, 2013, the Company had available a $150 million Senior Credit
Facility of which $50 million had been utilized. Subsequent to December 31,
2013, the Company entered into an amending agreement pursuant to which the
facility amount of the Senior Credit Facility was increased by $50 million to a
total amount of $200 million, subject to updating security documents to reflect
the increased amount of the facility. The Company also has a $40.9 million
Otjikoto equipment loan facility available, of which $10.2 million had been
drawn down by year-end.</P>
<P align=right>20 </P>
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<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash
provided by operating activities before changes in non-cash working capital
totaled a record $144.3 million for the year ended December 31, 2013. </P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company is projecting another record year for gold production in 2014.
Company-wide production in 2014 from the Masbate, La Libertad and Limon Mines is
expected to be in the range of 395,000 to 420,000 ounces of gold, an increase of
approximately 8% to 15% over 2013 attributable production. The production
forecast for 2014 does not include any estimated gold production from the
Otjikoto development project in Namibia as revenue earned from the sale of
pre-commercial production will be credited to mineral property development costs
prior to commercial production. Consolidated operating cash costs are expected
to be in the range of $667 to $695 per ounce (a similar range as in 2013).</P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
August 23, 2013, the Company issued convertible senior subordinated notes (&#147;the
notes&#148;) with an aggregate principal amount of $258.75 million. The notes bear
interest at a rate of 3.25% per annum, payable semi-annually on April 1st and
October 1st of each year commencing from April 1, 2014. The notes will mature on
October 1, 2018. The notes are subordinated in right of payment to any existing
and future senior indebtedness, including indebtedness under the Senior Credit
Facility. The notes will rank senior in right of payment to any future
subordinated borrowings. The notes are effectively junior to any secured
indebtedness and the notes are structurally subordinated to all indebtedness and
other liabilities of the Company&#146;s subsidiaries. Transaction costs directly
attributable to the issuance of the notes were immediately expensed in the
statement of operations in the amount of $9.7 million.</P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Holders
of the notes may convert the notes at their option at any time from July 1, 2018
to the maturity date. The notes will be convertible, at the holder&#146;s option, at
a conversion rate of 254.2912 common shares for every $1,000 principal amount of
notes (equal to an initial conversion price of approximately $3.93 per common
share), subject to adjustments in certain events. In addition, the holder has
the right to exercise the conversion option from January 1, 2014 to July 1,
2018, if (i) the market price of B2Gold common shares for at least 20 trading
days during the period of 30 consecutive trading days is greater than or equal
to 130% of the conversion price on each applicable trading day, (ii) during the
5 business day period after any consecutive 5 trading day period (the
&#147;measurement period&#148;) in which the trading price per $1,000 principal amount of
the notes for each trading day in the measurement period was less than 98% of
the product of the last reported sales price of B2Gold common shares and the
conversion rate on each such trading day, (iii) the notes are called for
redemption or (iv) upon occurrence of certain contingent corporate events. The
Company may upon conversion by the holder, elect to settle in either cash,
common shares, or a combination of cash and common shares, subject to certain
circumstances.</P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company may not redeem the notes prior to October 6, 2016, except in the event
of certain changes in Canadian tax law. On or after October 6, 2016, the Company
may redeem for cash, subject to certain conditions, any or all of the notes, at
its option, if the last reported sales price of the Company&#146;s common shares for
at least 20 trading days during any 30 consecutive trading day period ending
within 5 trading days immediately preceding the date on which the Company
provides notice of redemption exceeds 130% of the applicable conversion price on
each applicable trading day. The Company may also redeem the notes, if tax laws
related to Canadian withholding tax change subject to certain further
conditions. </P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
April 16, 2013, the Company announced the closing of a new senior secured
revolving credit facility with a syndicate of banks. The Senior Credit Facility
is comprised of three tranches of $50 million each for a total of $150 million
and has replaced the prior $25 million revolving credit facility with Macquarie
Bank Limited. The term of the Senior Credit Facility will be for a period of
four years with a final repayment date of March 28, 2017. The facility has an
interest rate of LIBOR plus a margin of 3.5%. The Senior Credit Facility is a
revolving facility and is being used to fund construction and development costs
related to the Otjikoto Project in Namibia and for general corporate
purposes.</P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Senior Credit Facility is secured by a general security agreement from the
Company granting a security interest over the Company&#146;s assets, pledges creating
a charge over the&nbsp;shares of certain of the Company&#146;s direct and indirect
subsidiaries and guarantees from certain of the Company&#146;s subsidiaries
guaranteeing the obligations of the Company relating to the Senior Credit
Facility and in certain cases, security from the guarantors, all in favour of
the Lenders. Transaction costs relating to the Senior Credit Facility totaled $4
million and are being amortized over the term of the facility. The principal
amount owing under the Senior Credit Facility has been presented on the
consolidated Balance Sheet net of the unamortized balance of transaction
costs.</P>
<P align=right>21 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_22></A>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
December 4, 2013, a subsidiary of the Company, B2Gold Namibia Minerals
(Proprietary) Limited (the "Borrower") entered into a &#36;40.9 million term
loan facility with Caterpillar Financial SARL, as arranger, and Caterpillar
Financial Services Corporation, as original lender, to finance or refinance
equipment at the Company's Otjikoto project. Loans may be advanced under the
facility until June, 30 2015, and each loan is repayable in 20 equal quarterly
installments. The final repayment date shall be the earlier of the date when the
last loan advanced under the facility falls due and June 30, 2020. The facility
has an interest rate of LIBOR plus a margin of 3.85% on loans advanced under the
facility and a commitment fee of 1.2% per annum on the undrawn balance of the
facility, each payable quarterly. At December 31, 2013, the Borrower had drawn
&#36;10.2 million under the facility. Transaction
costs relating to the facility totaled approximately &#36;1 million and are
being recognized over the term of the facility using the effective interest rate
method. The principal amount owing under the facility has been presented on the
consolidated Balance Sheet net of the unamortized balance of transaction costs.
</P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Borrower is required to maintain a deposit in a debt service reserve account
("DSRA") with HSBC Bank Bermuda Limited equal at all times to the total of the
principal, interest and other payments that become payable over the next six
month period. At December 31, 2013, the balance in the DSRA was $1.1 million.
</P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
indebtedness of the Borrower under the facility is secured by a Namibian law
general notarial bond granting security over all of the movable assets of the
Borrower and by guarantees of the Company and B2Gold Namibia (Proprietary)
Limited.</P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following table summarizes the Company&#146;s scheduled debt repayments on its
outstanding debt as at December 31, 2013: </P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="9%"><B><U>2014</U></B> </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="9%"><B><U>2015</U></B> </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="9%"><B><U>2016</U></B> </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="9%"><B><U>2017</U></B> </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="9%"><B><U>2018</U></B> </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="9%"><B><U>Total</U></B> </TD>
    <TD align=center width="2%" >&nbsp;</TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="9%">&nbsp; </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="9%">&nbsp; </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="9%">&nbsp; </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="9%">&nbsp; </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="9%">&nbsp; </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="9%">&nbsp; </TD>
    <TD align=center width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=center width="9%">$&nbsp;</TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="9%">$</TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="9%">$</TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="9%">$</TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="9%"><B>$</B></TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="9%"><B>$</B></TD>
    <TD align=center width="2%" >&nbsp;</TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="9%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="9%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="9%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="9%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="9%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="9%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Convertible senior subordinated notes: </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="9%" bgColor=#e6efff></TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="9%" bgColor=#e6efff></TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="9%" bgColor=#e6efff></TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="9%" bgColor=#e6efff></TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="9%" bgColor=#e6efff></TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="9%" bgColor=#e6efff></TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>- Principal </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">258,750 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">258,750 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>- Interest </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>9,321 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>8,409 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>8,409 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>8,409 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>8,409 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>42,957 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="9%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="9%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="9%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="9%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="9%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="9%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Revolving corporate credit facility: </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="9%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="9%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="9%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="9%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="9%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="9%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>- Principal </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">50,000 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">50,000 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>- Interest &amp; commitment fees
      (estimated) </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>2,251 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>2,251 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>2,251 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>876 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>7,629 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="9%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="9%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="9%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="9%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="9%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="9%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Finance lease obligations<SUP>2</SUP>: </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="9%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="9%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="9%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="9%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="9%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="9%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>- Principal </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">7,307 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">5,268 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">1,314 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">3,384 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">17,273 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>- Interest </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>557 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>378 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>289 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>92 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>1,316 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="9%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="9%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="9%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="9%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="9%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="9%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Otjikoto equipment loan facility: </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="9%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="9%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="9%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="9%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="9%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="9%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>- Principal </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">2,030 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">2,030 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">2,030 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">2,030 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">2,030 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">10,150 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>- Interest </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>731 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>516 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>218 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>135 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>52 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>1,652 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="9%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="9%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="9%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="9%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="9%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="9%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Equipment loan: </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="9%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="9%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="9%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="9%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="9%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="9%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>- Principal </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">605 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">665 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">665 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">665 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">216 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">2,816 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>- Interest (estimated) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="9%" bgColor=#e6efff>104 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="9%" bgColor=#e6efff>86 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="9%" bgColor=#e6efff>57 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="9%" bgColor=#e6efff>28 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="9%" bgColor=#e6efff>2 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="9%" bgColor=#e6efff>277 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="9%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="9%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="9%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="9%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="9%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="9%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=right
    width="9%" bgColor=#e6efff>22,906 </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=right
    width="9%" bgColor=#e6efff>19,603 </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=right
    width="9%" bgColor=#e6efff>15,233 </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=right
    width="9%" bgColor=#e6efff>65,619 </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=right
    width="9%" bgColor=#e6efff>269,459 </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=right
    width="9%" bgColor=#e6efff>392,820 </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD></TR></TABLE></DIV>
<P
align=justify>_________________________________<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<SUP>2</SUP>
Subsequent to December 31, 2013, the Company notified Leighton that it has
exercised its option to terminate the mining services agreement effective
December 31, 2014 and will purchase the leased assets under the agreement
commencing on June 30, 2014.</P>
<P align=right>22 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_23></A>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
at December 31, 2013, the Company had the following additional commitments (in
addition to those disclosed elsewhere in the MD&amp;A): </P>
<UL style="TEXT-ALIGN: justify">
  <LI>
  <P>For the purchase of $10.9 million of equipment for the construction of the
  mill at the Otjikoto project in Namibia. The timing and amount of these costs
  will depend on delivery of the components but it is expected that the entire
  $10.9 million will be incurred in the first half of 2014. </P>
  <LI>
  <P>For further payments of $7.4 million for the construction of a power plant
  at the Otjikoto project in Namibia. The timing and amount of these costs will
  depend on delivery of the components but it is expected that the entire $7.4
  million will be incurred in the first half of 2014. </P>
  <LI>
  <P>For further payments of $9.1 million (the Company&#146;s 49% share) with respect
  to the acquisition of land at the Gramalote project in Colombia. It is
  expected that $2.7 million will be paid in 2014, $6.1 million in 2015 and the
  remaining $0.3 million in 2016. </P></LI></UL>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
2014, the Company has budgeted capital expenditures at the Masbate Mine of
approximately $37 million. Annual capital expenditures at the Libertad and Limon
mines for 2014 are budgeted to be approximately $36.3 million and $19.7 million,
respectively.</P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Construction
at Otjikoto is progressing well and total expenditure estimates remain within
previous guidance. Pre-development cost estimates of $244 million and deferred
stripping estimates of $33 million remain in line with original pre-feasibility
study estimates. In addition to these costs, the Company had planned to lease
finance a total of $60 million for mobile mining equipment and power plant
construction costs. However, as a result of Namibian regulations governing the
securitization of certain assets, the Company now plans to lease only the mobile
mining fleet for a total of $41 million. The balance of the power plant costs
has been funded from the Company&#146;s existing cash flows and credit facilities.
Leasing arrangements for the mining fleet were concluded in the fourth quarter
of 2013 and are expected to be fully drawn and utilized by mid-2015.</P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The 2014 development budget for Kiaka is $8.7 million.</P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company&#146;s total 2014 exploration budget is approximately $32 million that will
fund approximately 94,000 metres of drilling mainly on brownfield projects.</P>
<P align=justify><I>Derivative financial instruments</I></P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company has entered into foreign currency contracts to manage its foreign
currency exposure of forecast expenditures denominated in Namibian dollars
relating to the development of its Otjikoto project. As the Namibian dollar is
pegged to the South African rand, the Company enters into foreign currency
contracts between the South African rand and the United States dollar due to
their greater liquidity. </P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At
December 31, 2013, forward currency contracts totalling $6 million at an average
rate of 9.68 rand were outstanding with maturity dates ranging from January 2014
to December 2014. In addition, &#147;zero-cost put/ call&#148; collar contracts totalling
$49 million were outstanding with maturity dates ranging from January 2014 to
December 2014 with an average floor price of 9.68 rand and an average ceiling
price of 10.74 rand. These contracts reduce the Company&#146;s foreign currency
exposure to the Rand below the budgeted rate of 8.5 Rand to the United States
dollar, the conversion ratio used for the Otjikoto construction budget. These
contracts were entered into to protect against capital cost over-runs that may
otherwise occur due to currency fluctuations.</P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
foreign currency contracts were not designated as hedges by the Company and are
recorded at their fair value at the end of each reporting period. Changes in the
fair value are included in the statement of operations for the period. For the
year ended December 31, 2013, the Company recorded an unrealized derivative loss
of $2.5 million (2012 - $0.1 million) and a realized derivative loss of $4.8
million (2012 - $0.3 million) on these contracts.</P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At
December 31, 2013, the Company&#146;s foreign currency contracts had an estimated
fair value of negative $2.6 million (2012 &#150; negative $0.1 million).</P>
<P align=right>23 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_24></A>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
the second and third quarters of 2013, as a result of the requirements under the
Senior Credit Facility, the Company also entered into a series of &#147;zero-cost
put/call&#148; collar contracts for gold with settlements scheduled between January
30, 2015 and December 31, 2018 with an average floor price of $1,000 per ounce
and an average ceiling price of $1,721 per ounce. These derivative instruments
were not designated as hedges by the Company and recorded at their fair value at
the end of each reporting period with changes in fair value recorded in the
statement of operations. Adjustments to the market value are included in the
statement of operations. For the year ended December 31, 2013, the Company
recorded an unrealized derivative loss of $0.2 million in the statement of
operations on these contracts. </P>
<P align=justify><I>Deferred revenue and gold commitments</I></P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
a result of the acquisition of CGA, the Company assumed its gold forward
contracts relating to the Masbate project for 50,225 ounces of gold with
settlements scheduled between January 31, 2013 and December 31, 2013 at an
average price of $913 per ounce. The fair value of these contracts (required to
be recognized as part of the Company's acquisition accounting as the fixed terms
of the contracts were unfavourable compared to market terms for similar
contracts) was estimated to be negative $37.4 million on January 16, 2013. The
fair value was calculated using spot and forward prices and volatilities.</P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
acquired gold forward contracts were excluded from the scope of IAS 39
&#147;Financial Instruments: Recognition and Measurement&#148;, as they were non-financial
instruments that qualified for the own use exemption and did not contain any
embedded derivatives which would require to be accounted for separately from the
executory host contracts. As a result, these contracts were not subsequently
re-measured at fair value after initial recognition and were reduced through a
corresponding increase to revenue consistent with the timing of revenue
recognition criteria being met for the gold deliveries made under the terms of
contract. At December 31, 2013, all of the gold forward contracts had been
delivered into during the year and the related fair value of negative $37.4
million on acquisition had been fully recognized in gold revenue.</P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under
the terms of the Senior Credit Facility, the Company is required to maintain
gold contracts, within certain parameters, over the term of the facility in
order to manage the risk of volatility in the Company&#146;s future operating income
and reduce risk in respect of debt service obligations. As a result, the Company
entered into a series of rand denominated gold forward contracts in the second
quarter of 2013 for 117,984 ounces of gold with settlements scheduled between
January 30, 2015 and December 31, 2018 at an average price of 14,912 rand per
ounce. These contracts are excluded from the scope of IAS 39, accounted for as
executory contracts as they were entered into and continue to be held for the
purpose of delivery in accordance with the Company&#146;s expected production
schedule. No fair value gains and losses on these commodity contracts have been
recorded in the financial statement. The effect of these contracts will be to
provide a fixed price in rand for a portion of gold sales.</P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subsequent
to December 31, 2013, the Company entered into rand denominated gold forward
contracts for a further 74,430 ounces at an average price of 16,359 rand per
ounce with settlement dates scheduled between July 31, 2015 and December 31,
2018. </P>
<P align=justify><B><I>Operating activities </I></B></P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash
flow from operating activities before changes in non-cash working capital was
$35.7 million ($0.05 per share) in the fourth quarter of 2013 compared to $31.1
million ($0.08 per share) in the same quarter last year, an increase of 15%. The
cash flow in the quarter was the second highest in the Company&#146;s history,
despite a 29% decrease in the average realized gold price (on a cash basis,
excluding the amortization of deferred revenue). The increase was mainly due to
the recent acquisition of the Masbate Mine and increased gold production from
the Libertad and Limon mines.</P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash
flow from operating activities before changes in non-cash working capital for
the year ended December 31, 2013 was a record $144.3 million ($0.23 per share)
compared to $114.4 million ($0.30 per share) in the comparable period last year.
The increase was mainly due to the recent acquisition of the Masbate Mine and
increased gold production from the Libertad and Limon mines.</P>
<P align=right>24 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_25></A>
<P align=justify><B><I>Financing activities</I></B></P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
August 23, 2013, the Company issued convertible senior subordinated notes for
net proceeds of $249.7 million (see &#147;Liquidity and Capital Resources&#148;
section).</P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
at December 31, 2013, the Company had drawn down a net total of $50 million
under the Senior Credit Facility, leaving an unused balance of $100 million. In
the first quarter of 2013, the Company drew down $25 million under its then
existing revolving credit facility. This facility was repaid in April 2013 with
drawdowns on the new $150 million Senior Credit Facility. In addition, in the
second and third quarters of 2013, the Company drew down another $25 million and
$50 million, respectively. On August 26, 2013, the Company repaid $50 million
using a portion of the proceeds from the issuance of the convertible notes.</P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
the fourth quarter of 2013, the Company had drawn $10.2 million under the
Otjikoto equipment loan facility, leaving an unused balance of $30.7 million at
December 31, 2013. Transaction costs relating to the facility totaled
approximately $1 million and are being recognized over the term of the facility
using the effective interest rate method. At December 31, 2013, the balance in
the related DSRA was $1.1 million. </P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
March 28, 2013, the Company made a principal repayment of $4.5 million on the
Masbate Facility. On June 28, 2013, the Company made a final repayment of
approximately $14 million, paying off the Masbate Facility in full. Restricted
cash of $9 million which had been held with BNP Paribas Bank as required under
the Masbate Facility Project facility agreement was released to the Company.
</P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
the three and twelve month period ended December 31, 2013, the Company made
repayments under its finance lease obligations of $2 million and $8 million,
respectively, mainly in connection with the Masbate mining fleet which has been
leased.</P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
June 14, 2013, pursuant to an Investment Agreement with EVI, the Company issued
approximately 2.5 million common shares to EVI in consideration for a promissory
note of $6.6 million from EVI and a $1 million payment to EVI as consideration
for EVI assigning to the Company of its existing right to acquire an additional
5% interest in the Otjikoto gold project. In addition, on July 9, 2013, EVI
exercised its right to acquire an additional 2% interest in the Otjikoto gold
project for a purchase price of $5 million. </P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During
2013, the Company received $2.4 million (2012 - $5.2 million) pursuant to the
exercise of 1.6 million (2012 &#150; 3.6 million) stock options. During 2012, the
Company received $3.5 million pursuant to the exercise of 1.6 million
warrants.</P>
<P align=justify><B><I>Investing activities </I></B></P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
the fourth quarter of 2013, capital expenditures on sustaining capital,
pre-stripping and development at the Masbate Mine (see &#147;Masbate Mine&#148; section)
totaled $10.5 million, the Libertad Mine (see &#147;Libertad Mine&#148; section) totaled
$3.1 million (Q4 2012 - $6.7 million), and the Limon Mine (see &#147;Limon Mine&#148;
section) totaled $4.5 million (Q4 2012 - $4.6 million). Jabali development
totaled $3.2 million in the quarter (Q4 2012 - $4.1 million). In addition,
Gramalote prefeasibility (see &#147;Gramalote Property&#148; section) and Otjikoto mine
construction (excluding mobile equipment, power plant construction and
prestripping) (see &#147;Otjikoto Property&#148; section) totaled $3.9 million (Q4 2012 -
$12 million) and $22.7 million, respectively. Resource property expenditures on
exploration totaled approximately $5.5 million (Q4 2012 - $12.1 million),
including Otjikoto development/feasibility, as disclosed in the table below.</P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During
the year ended December 31, 2013, capital expenditures on sustaining capital,
pre-stripping and development at the Masbate Mine (see &#147;Masbate Mine&#148; section)
totaled $31.3 million, the Libertad Mine (see &#147;Libertad Mine&#148; section) totaled
$17.5 million (2012 - $29.6 million), and the Limon Mine (see &#147;Limon Mine&#148;
section) totaled $17 million (2012 - $21.5 million). Jabali development totaled
$14.5 million in the year (2012 - $12.7 million). In addition, Gramalote
prefeasibility (see &#147;Gramalote Property&#148; section) totaled $48 million (2012 -
$30.9 million). Capital expenditures at Otjikoto (see &#147;Otjikoto Property&#148;
section) in 2013 were $120.8 million and included power plant costs of $30.6
million and pre-stripping of $6.7 million. In addition, mobile equipment
purchases were $46.5 million, most of which will be covered by the Otjikoto
equipment loan facility concluded in </P>
<P align=right>25 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_26></A>
<P align=justify>late December. Resource property expenditures on exploration
totaled approximately $28.2 million (2012 - $47.2 million), including Otjikoto
development/feasibility, as disclosed in the table below.</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="10%"  >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD colspan="4" align=center nowrap><B>Three months ended</B> </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD colspan="4" align=center nowrap><B>Years ended</B> </TD>
  <TD align=center width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD colspan="4" align=center nowrap><B>December 31</B> </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD colspan="4" align=center nowrap><B>December 31</B> </TD>
  <TD align=center width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD colspan="4" align=center nowrap><B>(unaudited)</B> </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD colspan="4" align=center nowrap><B>(unaudited)</B> </TD>
  <TD align=center width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD width="12%" align=center nowrap><B><U>2013</U></B> </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="12%" align=center nowrap><B><U>2012</U></B> </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="12%" align=center nowrap><B><U>2013</U></B> </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="12%" align=center nowrap><B><U>2012</U></B> </TD>
  <TD align=center width="2%" >&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%" align=center nowrap>&nbsp; </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="12%" align=center nowrap>&nbsp; </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="12%" align=center nowrap>&nbsp; </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="12%" align=center nowrap>&nbsp;</TD>
  <TD align=center width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD width="12%" align=center nowrap><b>$</b></TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="12%" align=center nowrap><b>$</b></TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="12%" align=center nowrap><b>$</b></TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="12%" align=center nowrap><b>$</b></TD>
  <TD align=center width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD width="12%" align=center nowrap><B>(000&#146;s)</B></TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="12%" align=center nowrap><B>(000&#146;s)</B></TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="12%" align=center nowrap><B>(000&#146;s)</B></TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="12%" align=center nowrap><B>(000&#146;s)</B></TD>
    <TD align=center width="2%" >&nbsp;</TD>
  </TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD align=center width="12%">&nbsp; </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="12%">&nbsp; </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="12%">&nbsp; </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="12%">&nbsp; </TD>
    <TD align=center width="2%" >&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Masbate, exploration (including Pajo) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff><B>2,316</B> </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff><B>8,422</B> </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD align=left>Otjikoto exploration/ feasibility </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%"><B>926</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">5,450 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%"><B>6,318</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">20,424 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Libertad Mine, exploration </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff><B>567</B> </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>1,219 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff><B>4,656</B> </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>6,712 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD align=left>Limon Mine, exploration </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%"><B>610</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">1,161 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%"><B>4,072</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">4,645 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Trebol/Pavon </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff><B>65</B> </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>406 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff><B>417</B> </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>2,552 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD align=left>Calibre joint operation (Primavera) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%"><B>354</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">1,698 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%"><B>1,330</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">5,376 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Radius joint operation (San Jose) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff><B>87</B> </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff><B>1,123</B> </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD align=left>Mocoa </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%"><B>77</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">748 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%"><B>596</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">3,607 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Cebollati </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff><B>-</B> </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>1,475 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff><B>425</B> </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>3,091 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD align=left>Other </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%"><B>525</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%"><B>863</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">808    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD bgColor=#e6efff>&nbsp; </TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right
      width="12%"><B>5,527</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right
      width="12%">12,157 </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right
      width="12%"><B>28,222</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right
      width="12%">47,215 </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="2%"
    >&nbsp;</TD></TR></TABLE>
<P align=justify><I>Libertad Mine </I></P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
2013 exploration campaign at La Libertad Mine focused largely on mine related
drill testing of potential underground targets below the Mojon open pit, Jabali
Antenna and the Santa Maria open pit. </P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At
Mojon, a total of 13 holes were drilled for 3,422 metres on three main
underground areas below the current resource pit, and these will be followed up
with definition programs during 2014. The Western shoot received the most
drilling (six holes) and highlights of this drilling is hole MJ13-053 with 4.78
g/t gold over 3.0 metres true width. This shoot is approximately 200 metres
wide. The Central shoot was tested with four holes and highlights from this
drilling are holes MJ13-061 with 9.71 g/t gold over 4.5 metres true width and
MJ13-057 with 3.29 g/t gold over 4.5 metres true width. The Eastern shoot was
only drill tested with one hole. </P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At
Jabali Antenna, a similar program was initiated with a total of 10 holes drilled
for 3,104 metres. The target for this program was the down plunge extension of
the main Antenna shoot where historical drilling and underground exploitation
indicated the potential for good grades. The highlights of this drilling program
are holes JB13-418 with 103.8 g/t gold over 1.5 metres true width, JB13-418 with
10.67 g/t gold over 3.1 metres true width just 7 metres deeper and JB13-410 with
5.72 g/t gold over 5.89 metres true width. </P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
four hole, 466 metre, drill program was completed at the Santa Maria open pit.
The highlight of this program is hole SM13-008, which returned 95.31 g/t gold
over 3.4 metres. The purpose of this program was to define the eastern boundary
of the pit. </P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Regionally,
there were numerous evaluations completed. Surface and small underground samples
indicated the potential for relatively narrow, high grade structures and a five
hole, 413 metre, drill program was completed late in the year over approximately
400 metre strike length of the vein. Highlights from this drill program are
holes CV13-002 with 9.51 g/t gold (capped at 25 g/t gold) over 4.4 metres down
hole interval and CV13-004 with 5.78 g/t gold over 5.78 metres down hole
interval. These results will be followed up with additional drilling in 2014.
</P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Libertad exploration budget for 2014 is approximately $4.3 million for a total
of approximately 10,500 metres of planned drilling. The program includes
resource drilling on the Mojon high grade underground targets and continued
exploration on a number of regional targets. The focus of this year&#146;s
exploration drilling is directed towards mainly brownfields drilling and evaluation of regional
targets in the search for more open pit feed for the mill. </P>
<P align=right>26 </P>
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<P align=justify><I>Limon Mine</I></P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
2013 exploration program at the Limon Mine focused largely on mine related
resource infill drilling of the Pozo #5 shaft and evaluation drilling further
south of the same Santa Pancha structure at Pozo #4 shaft. The Mercedes &#150;
Aparejo structure in the furthest north part of Santa Pancha was also tested. A
total of 85 drill holes were completed for 15,102 metres with the bulk of the
drilling on the Pozo #4 and #5 shaft programs. </P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
infill drilling on Pozo #5 shaft was completed during the year and highlights of
this are holes LIM-13-3751 with 17.98 g/t gold over 2.9 metres true width,
LIM-13-3757 with 5.68 g/t gold over 3.55 true width, LIM-13-3765 with 12.94 g/t
gold over 2.2 metres true width, LIM-13-3783 with 14.17 g/t gold over 6.9 metres
true width, LIM-13-3785 with 10.19 g/t gold over 6.65 metres true width,
LIM-13-3786 with 14.4 g/t gold over 5.3 metres true width and LIM-13-3787 with
5.06 g/t gold over 9.75 metres true width. The purpose of this drilling was to
convert inferred to indicated resources by increasing the density of drilling
throughout the approximately 450 metres of strike length. </P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Pozo #4 shaft drilling program was designed to be resource infill drilling of
this area and highlights of this program are holes LIM-13-3752 with 6.36 g/t
gold over 6.45 metres true width, LIM-13-3801 with 7.49 g/t gold over 6.8 metres
true width, LIM-13-3804 with 8.78 g/t gold over 7.3 metres true width,
LIM-13-3808 with 8.2 g/t gold over 4.45 metres true width and LIM-13-3810 with
10.58 g/t gold over 2.8 metres true width. This drilling covered approximately
300 metres of strike length. </P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additional
drilling was completed over the Aparejo &#150; Mercedes structure with 14 holes
drilled on two parallel structures. The highlight of this program is hole
LIM-13-3818 which returned 3.28 g/t gold over 0.95 metres true width. This
program was designed to test for shallow, open pit targets. </P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
regional focus of the exploration program was concentrated on near mine open pit
targets as well as evaluating the best targets for drilling in 2014-2015.</P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
2014 Limon exploration budget is approximately $4.3 million to fund
approximately 10,700 metres of drilling. The program includes infill drilling
along the Santa Pancha Pozo 4 structure to sufficient drill spacing to allow
preliminary mine planning, infill drilling areas of the Pozo 8-2-1 and some
drilling on regional targets. Follow up of other interesting regional targets
across the Limon claim area is also planned.</P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based
on results to date, B2Gold&#146;s exploration team believes there is potential to
further increase the current mine life of the Limon Mine and also discover
higher grade open pit and underground deposits that could potentially further
increase annual gold production. </P>
<P align=justify><I>Masbate Mine</I> </P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
2013 drill program comprising 26,902 metres has defined an extension to the
previously mined Montana Vein, extending more than 850 metres northwest from the
Montana open pit, extending the strike length of the Montana Vein to 1,300
metres. The extension is located 600 metres west of the Colorado pit along the
main haulage road to the mill, and as a result will provide a closer, higher
grade source of ore for the Masbate mill. The Montana Vein remains open at depth
and additional drilling is planned for the second quarter of 2014. </P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
new mineral resource estimate for the Montana Vein is currently underway and is
expected to be released in the second quarter of 2014. </P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Significant
drill intersections from the 2013 drill program on the new Montana Vein
extension include hole MONRC021 which intersected 9.5 metres true width (all
drill intersections reported are true width) grading 27.73 g/t gold, MONRC092
which intersected 23.4 metres grading 7.31 g/t gold, MONRC070 which intersected
15.5 metres grading 7.41 g/t gold, MONRC093 which intersected 16.7 metres
grading 5.63 g/t gold and MONRC053 which intersected 19.1 metres grading 4.65 g/t gold. The
current average grade of the Masbate Mine reserves is 0.97 g/t gold. </P>
<P align=right>27 </P>
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<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;An
aggressive 2014 exploration program totaling $6.2 million is underway with five
diamond drill rigs currently working. The 2014 program will comprise
metallurgical and reserve/resource drilling on numerous mine Veins including
Montana, Main Vein, Libra East, Grandview, Colorado and Panique. Exploration
drilling designed to outline new resources will be carried out on near mine
Veins outside of the current reserve/resource such as the Grandview East area
which is open east of hole GVRC027 which intersected 75 metres grading 0.91 g/t
gold and the Pajo South extension where trenching has intersected up to 15
metres grading 1.04 g/t Au. </P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition to drilling, geochemical sampling and follow-up trenching will be
carried out on a number of priority target areas outside of the current
resource. B2Gold&#146;s geologic team believes there is good potential to increase
the Masbate reserves and resources with additional exploration drilling. </P>
<P align=justify><I>Otjikoto</I></P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The 2013 Otjikoto Project drilling program, comprising 134 drill holes totaling
23,602.24 metres, was finished in late July and the majority of assay results
have been returned. Drilling was focused on the recently discovered Wolfshag
zone, situated immediately to the east and northeast of the planned open pit on
the main Otjikoto deposit, where 80 holes totaling 20,920 metres were completed
in 2013. An additional 21 holes were drilled as infill in the main Otjikoto pit
area and adjacent to the Wolfshag zone, to aid in mine planning. Four holes were
drilled for condemnation of the revised waste dump area and 29 shallow holes
were completed for civil engineering studies. </P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Drilling
at Wolfshag concentrated on the northern 1 kilometre of the 1.6 kilometre long
zone from section lines 7800N to 8800N. Drill holes were completed on 100 metres
spaced sections and 25 metres spacing on section lines.</P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Select
significant results (uncapped) released on November 5, 2013 from the Wolfshag
drilling include, from north to south: </P>
<UL style="TEXT-ALIGN: justify">
  <LI>WH13-103 with 16.20 metres at 9.39 g/t gold, including 12.80 metres at
  11.27 g/t gold;
  <LI>WH13-098 with 30.10 metres at 6.02 g/t gold, including 15.85 metres at
  10.55 g/t gold;
  <LI>WH13-094 with 25.00 metres at 4.13 g/t gold; including 4.10 metres at 9.30
  g/t gold;
  <LI>OT13-367 with 24.20 metres at 6.73 g/t gold, including 14.50 metres at
  10.41 g/t gold;
  <LI>OT13-368 with 13.00 metres at 6.37 g/t gold; and,
  <LI>OT13-376 with 16.30 metres at 9.37 g/t, including 12.70 metres at 11.89
  g/t gold. </LI></UL>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Drill
hole WH13-103 represents the best hole to date in the northern most portion of
the Wolfshag zone. Holes OT13-368 and OT13-376 are the first holes drilled on
sections 7500N and 7300N, respectively, on the southern extension of the
Wolfshag zone. OT13-367 was drilled 25 metres west of OT12-344 (27.10 metres at
2.05 g/t gold, including 6.55 metres at 5.19 g/t gold; see news release dated
April 10, 2013) and returned 24.20 metres grading 6.73 g/t gold, including 14.50
metres grading 10.41 g/t gold. These holes on the southern extension of the
Wolfshag zone will be followed up with additional drilling next year to
potentially bring this portion of the zone into a mineral resource category.
</P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
drilling on the Wolfshag zone continues to return high grade gold over
significant thicknesses in a series of en-echelon stacked, shallow easterly
dipping mineralized shoots. The shoots plunge at 10 to 15 degrees to the
southwest and have been traced to the south down plunge for 1,600 metres strike
length. Mineralization consists of pyrite-magnetite-calcite in veins, steep
tension gashes and replacement zones hosted within albitite + calcite + clay
altered metasediments and marble lenses. The Wolfshag mineralized zone is
bounded by folded, recrystallized and sheared marbles, the West and East
marbles, within a sheared thrust ramp duplex. The highest grades occur in the
western and central portion of the WA shoot, the uppermost mineralized shoot
within the Wolfshag zone. The WA shoot ranges in thickness from 10 to 35 metres
over widths of 70 to 110 metres. The WB shoot is situated 5 to 15 metres below the WA shoot and varies from 3 to 15 metres
thickness over 50 to 75 metres width. Several additional stacked shoots occur
below the WA and WB shoots but are not as well defined at the present. </P>
<P align=right>28 </P>
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<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Historic
hole OTG2, on section line 6800N, was deepened and intersected Wolfshag style
mineralization, grading 9.55 metres at 1.69 g/t gold, including 2.45 metres at
5.62 g/t gold, starting at a depth of 695 metres below surface. This
intersection, four hundred metres south of OT13-366B (11.00 metres at 6.04 g/t
gold; see July 17, 2013 news release), indicates that the gold bearing
mineralized system is still open at depth to the south and that there is
potential to extend the Wolfshag zone to in excess of 2,000 metres. </P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Several
holes were drilled to follow up on zones of mineralization previously identified
to the east of the Wolfshag zone. Hole WH13-121 intersected 1.50 metres grading
10.28 g/t gold in the up plunge extension of the WH41 zone, 125 metres east of
the Wolfshag zone. The WH41 zone has now been traced in excess of 300 metres
strike length. A new zone of veining was intersected in hole WH13-128, on
section line 8900N, 300 metres to the east of the main Wolfshag zone. Abundant
VG was present in an oxidized hematitic zone which returned 2.40 metres at 64.57
g/t gold starting at a depth of 63 metres. The significance of this new zone of
mineralization is unknown at this time. </P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company also announced an inferred resource estimate for the Wolfshag zone in
January 2014. The newly discovered Wolfshag zone is a 1,600 kilometre long zone
that is as close as 250 metres east of the Otjikoto deposit. The estimated
inferred mineral resource for the Wolfshag zone is 6.8 million tonnes grading
3.2 g/t gold containing 703,000 ounces gold (on a 100% basis). The inferred
mineral resource is reported within a $1,550 per ounce gold optimized Whittle
pit shell above a cut-off grade of 0.5 g/t gold. </P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;It
is important to note that the average mineable grade of the adjacent main
Otjikoto deposit is 1.42 g/t gold as stated in the feasibility study. Based on
the proximity of the Wolfshag zone to the planned Otjikoto open pit, the Company
believes a significant amount of the Wolfshag mineralization could be included
in an expanded pit, subject to further drilling and final mine plan. The Company
intends to update the mine plan to incorporate the Wolfshag zone once infill
drilling has upgraded the resource to indicated next year. </P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
2014 Otjikoto exploration program is budgeted for $8 million. The exploration
drilling program will focus primarily on infill drilling on the northern portion
of the Wolfshag zone to increase the drilling density to 50 x 25 metres, and
will further test the extension of the Wolfshag zone to the South. The Company
anticipates being in a position to upgrade the mineral resource classification
to the indicated category by the end of 2014. The 2014 program will also include
metallurgical and geotechnical test work for the Wolfshag zone. </P>
<P align=justify><I>Gramalote</I></P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prefeasibility
and exploration work recommenced at the Gramalote project in the second half of
2010 with exploration, infill drilling and metallurgical test sample drilling
and preliminary engineering investigations. Highlights from the 2012 and 2013
prefeasibility and exploration work on the Gramalote property include positive
metallurgical test results showing in excess of 95% recovery and encouraging
drill results from Gramalote Central and outside targets indicating the
potential for a larger resource.</P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
exploration strategy in 2013 was focused on infill and resource expansion
drilling on Gramalote Central and Monjas West and on the conversion of
prospective zones to inferred mineral resources, confirmation of the oxide ore
cap on Gramalote Ridge with reverse circulation drilling and investigation of
several low grade zones currently included in the inferred mineral resource.
</P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Both
AngloGold&#146;s and the Company&#146;s surface exploration and drilling programs have
successfully outlined a significant gold system and resource known as Gramalote
Central extending over an area of more than one square kilometre centered about
Gramalote Ridge. A total of 30,172 metres in 68 holes have been completed in the
infill and resource expansion drill program on Gramalote Central resource area
since October 2010 including 15,069 metres in 31 holes in 2013. The results to
date of the drilling correlates well with the previous drilling on Gramalote
Central and show the potential to increase the resource and 2013 results include
up to 28.0 metres at 1.37 g/t gold and 50.0 metres at 1.00 g/t gold in hole
GR-162, 22.0 metres at 1.60 g/t gold in hole GR-163, 110.00 metres at 0.78 g/t
gold in hole GR-166, 36.0 metres at 1.02 g/t gold in hole GR-170, 26.0 metres at
3.23 g/t gold and 34.0 metres at 1.62 gold in hole GR-164, 232.0 metres at 0.71 g/t gold
including 38.0 metres at 1.26 g/t gold in hole GR-172, 34.0 metres at 0.99 g/t
gold in hole GR-174, 36.0 metres at 4.86 g/t gold in hole GR-175, 70.0 metres at
1.65 g/t gold in hole GR-179, and 38.0 metres at 1.22 g/t gold in hole GR-180.
Infill and resource expansion drilling with two core rigs continues on Gramalote
Central with the goal of increasing ounces in the resource and converting the
resource from inferred into measured and indicated. In addition a total of 5,630
metres of reverse circulation drilling was completed in two areas in Gramalote
Central as part of a grade control program designed to test the uniform
conditioning resource model in a higher grade zone of Gramalote Central. </P>
<P align=right>29 </P>
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<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
March 12, 2014, the Company announced positive results from the Preliminary
Economic Assessment (&#147;PEA&#148;) for the Gramalote gold project in Colombia. The
Gramalote property is a 51% AngloGold Ashanti Ltd. (&#147;AngloGold Ashanti&#148;) and 49%
B2Gold joint venture with AngloGold Ashanti as the project manager. Gramalote is
located 230 kilometres northwest of Bogota and 80 kilometres northeast of
Medellin in central Colombia.</P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At
current gold price levels, the Gramalote Project economics are positive but at
this time do not move the project to the top of the Company&#146;s priority list for
continued development towards a Feasibility Study. The JV partners have agreed
on a work program for 2014 that advances the Environmental Impact Study so it
can be formally submitted to the Colombian regulators by the second quarter of
2014 which is the key to advancing the permitting process. The project will be
reviewed again in the fourth quarter of 2014 to determine if moving to a
Feasibility Study is warranted at that time.</P>
<P align=justify><I>Calibre Joint Venture</I></P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
2013 campaign focused on evaluating the potential across the region with mapping
and sampling of the remaining target areas on both the main Primavera concession
and an area to the north called Minnesota. </P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At
Primavera, no obvious drill targets were generated during the regional program.
However, the main Primavera area was re-evaluated with a comprehensive
stratigraphic mapping and pit sampling campaign to determine the best drill
target for the faulted portion of the mineralization.</P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Minnesota area lies approximately 18 kilometres NNW of Primavera and was the
focus of an early campaign by Calibre Mining. The area appears to be Gramalote
style, intrusive hosted target with a strong NE-SW structural control. Abundant
small miner activity and a coherent gold &#150; copper &#150; molybdenum soil anomaly
encouraged a return to the area and though a lot remains to be done, the deep
pitting and weathered bedrock sampling campaign along with some trenching of the
local small miner workings has returned grab samples with good gold values and
trenching up to 3.7 g/t gold over 10.5 metres. Current 2014 activity is focused
on determining the thickness of the mineralized structure, the structural
controls on mineralization and the potential for grade continuity across the
area using long trenches. </P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
2014 exploration program for Primavera/Minnesota has a budget of approximately
$1.2 million, which will fund detailed mapping and trenching as well as
structural study and a detailed geological interpretation. </P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
September 9, 2013, the Company and Calibre entered into a joint operation
agreement (the &#147;JV Agreement&#148;), which superseded the letter agreement between
the parties dated April 24, 2013 (the &#147;Letter Agreement&#148;), to govern the joint
operation between the parties with respect to the operations at the Primavera
Gold-Copper Porphyry Project in northeast Nicaragua. Calibre currently has a 49%
interest in the project, while the Company has a 51% interest and is the project
operator. Under the terms of the JV Agreement, the Company was granted an option
to earn an additional 19% interest in and to the project, for a total interest
of 70%, by spending Cdn.$6 million in additional project expenditures on or
prior to April 24, 2016. Upon entering into the JV Agreement, the original
Option Agreement between the Company and Calibre (entered into in June 2009 and
amended in July 2010 and October 2010) was terminated and superseded in its
entirety by the JV Agreement. </P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
conjunction with the Letter Agreement, Calibre applied to the TSX Venture
Exchange (the &#147;Exchange&#148;) to approve amendments to the terms of 10 million
common share purchase warrants (the &#147;Warrants&#148;) of Calibre held by the Company.
The Warrants were issued to the Company pursuant to a non-brokered private
placement of 20 million units at a price of Cdn.$0.25 per unit, which closed on
May 2, 2012. Each unit consisted of one common share and one-half of one
Warrant, with each Warrant entitling the Company to purchase an additional
common share of Calibre until May 2, 2013 at an exercise price of
Cdn.$0.50. Pursuant to the amendments, the Warrants were amended by extending
the term of the Warrants by one additional year from May 2, 2013 to May 2, 2014
(the &#147;Amended Expiry Date&#148;) and by reducing the exercise price of the Warrants
from Cdn.$0.50 to Cdn.$0.10 (the &#147;Amended Exercise Price&#148;). </P>
<P align=right>30 </P>
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<P align=justify><I>Cebollati</I></P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company is currently evaluating a number of options for the Cebollati property
including potential joint ventures with other parties. In the third quarter of
2013, the Company made a decision not to continue exploring the Cebollati
property. As a result, the carrying value of the Cebollati property was written
off in the amount of $9.6 million. </P>
<P align=justify><I>Mocoa</I></P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At
the 100% owned Mocoa copper molybdenum (&#147;Cu-Mo&#148;) deposit the Company carried out
detailed surface mapping and geochemistry in the north and northeast extensions
of the deposit area. Mapping has shown porphyry-style alteration (phyllic) and
mineralization (up to 5% pyrite and local chalcopyrite and secondary copper
minerals) in volcanics and dacite porphyry in a roughly 2.5 by 2.5 km area
centered over the main resource area. </P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Work
in 2012 included drilling two diamond drill holes totaling 1,351.3 metres in the
main zone and surface mapping and geochemical sampling of the entire 11,391
hectare property.</P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;It
was the first drilling since 2008 when the Company drilled 5,123 metres and was
successful to confirm previous drilling and expand copper-molybdenum
mineralization to the north. The limited amount of infill drilling conducted by
the Company in 2008 showed a good degree of continuity of mineralization. The
step out holes drilled to the north and northeast as part of the 2008 drill
program indicate the Mocoa Cu-Mo mineralization remains open to the north,
northeast and to depth.</P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
2012 hole MC12DH041/41A was a step-out 150 metres to the north of 2008 drilling
and was successful in showing the Cu-Mo mineralization continued further to the
north and northeast. This hole cored good copper and lesser molybdenum
mineralization in potassic-altered dacite porphyry and volcanics with assays
returning 387.5 metres at 0.48% Cu and 0.015% Mo from 616 metres to the end of
the hole at 1,003.5 metres including 272.5 metres at 0.58% Cu and 0.017% Mo from
731 metres to 1,003.5 metres. The deposit remains open to the north, northeast
and to depth.</P>
<P align=right>31 </P>
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<P align=justify><B>CRITICAL ACCOUNTING ESTIMATES </B></P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Full
disclosure of the Company&#146;s accounting policies in accordance with IFRS can be
found in Notes 3 and 4 of its audited consolidated financial statements as at
December 31, 2013. Management considers the following policies to be the most
critical in understanding the judgments that are involved in the preparation of
the Company&#146;s consolidated financial statements and the uncertainties that could
impact its results of operations, financial condition and cash flows:</P>
<UL style="TEXT-ALIGN: justify">
  <LI>Review of long-lived asset and goodwill carrying values and impairment
  charges;
  <LI>Ore reserve and resource estimates;
  <LI>Exploration and evaluation expenditures;
  <LI>Mine restoration provisions;
  <LI>Deferred income taxes; and
  <LI>Fair values of assets and liabilities acquired in business combinations.
  </LI></UL>
<P align=justify><I>Review of long-lived asset and goodwill carrying values and
impairment charges</I></P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goodwill
and non-current assets are tested for impairment if there is an indicator of
impairment, and in the case of goodwill, annually. Calculating the estimated
fair values of cash generating units (&#147;CGU&#148;) for non-current asset impairment
tests and CGUs for goodwill impairment tests requires management to make
estimates and assumptions with respect to future production levels, operating
and capital costs in its life-of-mine (&#147;LOM&#148;) plans, future metal prices,
foreign exchange rates, net asset value (&#147;NAV&#148;) multiples, and discount rates.
Changes in any of the assumptions or estimates used in determining the fair
values could impact the impairment analysis.</P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At
December 31, 2013, the entire carrying amount of the Company&#146;s goodwill of
$202.1 million related to its Masbate Mine, acquired on January 16, 2013.
Goodwill was assessed for impairment in the fourth quarter of 2013. Key
assumptions used for impairment testing were:</P>
<DIV align=center>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="80%" border=0>

  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>- Gold price </TD>
    <TD align=right width="50%" bgColor=#e6efff>$1,350/ounce </TD></TR>
  <TR vAlign=top>
    <TD align=left>- Silver price </TD>
    <TD align=right width="50%">$20/ounce </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>- Discount rate </TD>
    <TD align=right width="50%" bgColor=#e6efff>5% - 7% </TD></TR>
  <TR vAlign=top>
    <TD align=left>- NAV multiple </TD>
    <TD align=right width="50%">1.1 </TD></TR></TABLE></DIV>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based
on the goodwill impairment test performed, the Company concluded that the
goodwill was not impaired.</P>
<P align=justify><I>Ore reserve and resource estimates </I></P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ore
reserves are estimates of the amount of ore that can be economically and legally
extracted from the Company&#146;s mining properties. The Company estimates its ore
reserves and a mineral resource based on information compiled by appropriately
qualified persons relating to the geological data on the size, depth and shape
of the ore body, and requires complex geological judgments to interpret the
data. The estimation of recoverable reserves is based upon factors such as
estimates of foreign exchange rates, commodity prices, future capital
requirements, and production costs along with geological assumptions and
judgments made in estimating the size and grade of the ore body. Changes in the
reserve or resource estimates may impact the carrying value of mining interests,
mine restoration provisions, recognition of deferred tax assets, and
depreciation and amortization charges. </P>
<P align=justify><I>Exploration and evaluation expenditures </I></P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
application of the Company&#146;s accounting policy for exploration and evaluation
expenditures requires judgment in determining whether it is likely that future
economic benefits are likely either from future exploitation or sale or where
activities have not reached a stage which permits a reasonable assessment of the
existence of reserves. The Company&#146;s cost deferral policy requires management to
make certain estimates and assumptions about future events or circumstances, in
particular whether an economically viable extraction operation can be
established. Estimates and assumptions made may change if new information
becomes available. If, after an expenditure is capitalized, information becomes available suggesting that the
recovery of expenditure is unlikely, the amount capitalized is written off in
the statement of operations in the period when the new information becomes
available. </P>
<P align=right>32 </P>
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<P align=justify><I>Mine restoration provisions</I></P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company&#146;s mining and exploration activities are subject to various laws and
regulations governing the protection of the environment. Significant judgments
and estimates are made when estimating the nature and costs associated with mine
restoration provisions. Due to the nature of mine closure plans, cash
expenditures are expected to occur over a significant period of time with the
majority of the expenditures expected to occur in the years from 2018 to 2041.
When considering the effect of the extended time period over which costs are
expected to be incurred, combined with the estimated discount rate and inflation
factors, the fair value of the mine restoration provisions could materially
change from period to period due to changes in the underlying assumptions. </P>
<P align=justify><I>Deferred income taxes</I></P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company is periodically required to estimate the tax basis of assets and
liabilities. Where applicable tax laws and regulations are either unclear or
subject to varying interpretations, it is possible that changes in these
estimates could occur that materially affect the amounts of deferred income tax
assets and liabilities recorded in the financial statements. Changes in deferred
tax assets and liabilities generally have a direct impact on earnings in the
period that the changes occur.</P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
period, the Company evaluates the likelihood of whether some portion or all of
each deferred tax asset will not be realized. This evaluation is based on
historic and future expected levels of taxable income, the pattern and timing of
reversals of taxable temporary timing differences that give rise to deferred tax
liabilities, and tax planning initiatives. Levels of future taxable income are
affected by, among other things, market gold prices, production costs,
quantities of proven and probable gold reserves, interest rates and foreign
currency exchange rates. </P>
<P align=justify><I>Fair values of assets and liabilities acquired in business
combinations </I></P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
a business combination, it generally takes time to obtain the information
necessary to measure the fair values of assets acquired and liabilities assumed
and the resulting goodwill, if any. Changes to the provisional measurements of
assets and liabilities acquired including the associated deferred income taxes
and resulting goodwill may be retrospectively adjusted when new information is
obtained until the final measurements are determined (within one year of
acquisition date). The determination of fair value as of the acquisition date
requires management to make certain judgments and estimates about future events,
including, but not restricted to, estimates of mineral reserves and resources
acquired, exploration potential, future operating costs and capital
expenditures, future metal prices, long-term foreign exchange rates, and
discount rates.</P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
determining the amount for goodwill, the Company&#146;s management makes estimates of
the discounted future after-tax cash flows expected to be derived from the
acquired business based on estimates of future revenues, expected conversions of
resources to reserves, future production costs and capital expenditures, based
on a life of mine plan. The excess of acquisition cost over the net identifiable
assets acquired represents goodwill. </P>
<P align=justify><B>RECENT ACCOUNTING PRONOUNCEMENTS</B></P>
<P align=justify><I>Consolidated Financial Statements &#150; IFRS 10</I></P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
standard establishes control as the basis for an investor to consolidate its
investee; it defines control as an investor&#146;s power over the investee with
exposure, or rights, to variable returns from the investee and the ability to
affect the investor&#146;s return through its power over the investee. At January 1,
2013, the Company adopted this standard and there was no impact on its
comparative consolidated financial statements. </P>
<P align=right>33 </P>
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<P align=justify><I>Joint Arrangements &#150; IFRS 11 </I></P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
standard replaces the guidance in IAS 31 Interests in Joint Ventures. Under IFRS
11, joint arrangements are classified as either joint operations (the Company
presently does not have any joint operations) or joint ventures. Joint venture
entities are now accounted for using the equity method. </P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon
application of IFRS 11, entities which had previously accounted for joint
ventures using proportionate consolidation shall present the proportionately
consolidated net asset value as a single investment balance at the beginning of
the earliest period presented. The investment&#146;s opening balance is tested for
impairment in accordance with IAS 28 and IAS 36 &#147;Impairment of Assets&#148;. </P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
impairment losses are recognized as an adjustment to opening retained earnings
at the beginning of the earliest period presented. At January 1, 2013, the
Company adopted this standard and there was no impact on its consolidated
financial statements. </P>
<P align=justify><I>Disclosure of Interests in Other Entities &#150; IFRS 12 </I></P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
IFRS shall be applied by companies with an interest in subsidiaries, joint
arrangements, associates or unconsolidated structured entities. The application
of this standard intends to enable users of the financial statements to evaluate
the nature of and risks associated with a Company&#146;s interests in other entities,
and the effects of those interests on its financial position, financial
performance and cash flows. Companies will be required to disclose information
about significant judgments and assumptions made in determining the control of
another entity, the joint control of an arrangement or significant influence
over another entity and the type of joint arrangement when the arrangement has
been structured through a separate vehicle. This standard is effective for years
beginning on or after January 1, 2013. At January 1, 2013, the Company adopted
this standard and there was no impact on its consolidated financial
statements.<B><I> </I></B></P>
<P align=justify><I>Fair value measurement &#150; IFRS 13 </I></P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
IFRS aims to improve consistency and reduce complexity by providing a precise
definition of fair value and a single source of fair value measurement and
disclosure requirements for use across IFRS. The requirements do not extend the
use of fair value accounting but provide guidance on how it should be applied
where its use is already required or permitted by other standards within IFRS.
This standard is effective for years beginning on or after January 1, 2013. At
January 1, 2013, the Company adopted this standard and the required
disclosures.</P>
<P align=justify><I>Stripping Costs in the Production Phase of a Surface Mine &#150;
IFRIC 20 </I></P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
interpretation applies to waste removal costs that are incurred in open pit
mining activity during the production phase of the mine. Recognition of a
stripping activity asset requires the asset to be related to an identifiable
component of the ore body. Stripping costs that relate to inventory produced
should be accounted for as a current production cost in accordance with IAS 2,
&#147;Inventories&#148;. Stripping costs that generate a benefit of improved access and
meet the definition of an asset should be accounted for as an addition to an
existing asset. Existing stripping costs on the balance sheet at transition that
do not relate to a specific ore body should be written off to opening retained
earnings. The stripping activity asset shall be depreciated on a systematic
basis, over the expected useful life of the identified component of the ore body
that becomes more accessible as a result of the stripping activity. This
interpretation is effective for years beginning on or after January 1, 2013. At
January 1, 2013, the Company adopted this standard and there was no impact on
its consolidated financial statements. </P>
<P align=right>34 </P>
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<P align=justify><B>RISKS AND UNCERTAINTIES </B></P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>The
exploration and development of natural resources are highly speculative in
nature and are subject to significant risks. The risk factors noted below do not
necessarily comprise all those faced by the Company. The Company is faced with a
number of other risk factors, including these described under the &#147;Risk Factors&#148;
document attached to the Company&#146;s Material Change Report filed on SEDAR at
www.sedar.com on August 23, 2013, and filed as Form 6-K with the United States
Securities and Exchange Commission on EDGAR at www.sec.gov/edgar.html on August
23, 2013. Additional risks and uncertainties not presently known to the Company
or that the Company currently considers immaterial may also impair the business,
operations and future prospects of the Company. If any of the risks actually
occur, including but not limited to the risks set forth below, the business of
the Company may be harmed and its financial condition and results of operations
may suffer significantly.</I></P>
<P align=justify><I>Exploration, Development and Operating Risks </I></P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mining
operations generally involve a high degree of risk. The Company&#146;s operations are
subject to all the hazards and risks normally encountered in the exploration,
development and production of gold, including unusual and unexpected geologic
formations, seismic activity, rock bursts, cave-ins, flooding, pit wall failure
and other conditions involved in drilling and removal of material, any of which
could result in damage to, or destruction of, mines and other producing
facilities, damage to life or property, environmental damage and possible legal
liability. Although the Company believes that adequate measures to minimize risk
are being taken, milling operations are subject to hazards such as fire,
equipment failure or failure of retaining dams around tailings disposal areas
which may result in environmental pollution and consequent liability. </P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
exploration for and development of mineral deposits involves significant risks
which even a combination of careful evaluation, experience and knowledge may not
eliminate. While the discovery of an ore body may result in substantial rewards,
few properties that are explored are ultimately developed into producing mines
and no assurance can be given that minerals will be discovered in sufficient
quantities or having sufficient grade to justify commercial operations or that
funds required for development can be obtained on a timely basis. Major expenses
may be required to locate and establish mineral reserves, to develop
metallurgical processes and to construct mining and processing facilities at a
particular site. It is impossible to ensure that the exploration or development
programs planned by the Company will result in a profitable commercial mining
program. The economics of developing gold and other mineral properties are
affected by many factors including the cost of operations, variations of the
grade of ore mined, fluctuations in the price of gold or other minerals
produced, costs of processing equipment and such other factors as government
regulations, including regulations relating to royalties, allowable production,
importing and exporting of minerals and environmental protection. The exact
effect of these factors cannot be accurately predicted but the combination of
these factors may result in the Company not receiving an adequate return on
invested capital. </P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There
is no certainty that the expenditures made by the Company towards the search for
and evaluation of mineral deposits will result in discoveries or development of
commercial quantities of ore.</P>
<P align=justify><I>Foreign Countries and Mining Risks </I></P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company&#146;s production activities are currently conducted in Nicaragua and the
Philippines and, as such, the Company&#146;s operations are exposed to various levels
of political, economic and other risks and uncertainties. These risks and
uncertainties vary from country to country and include, but are not limited to,
terrorism, hostage taking, military repression, extreme fluctuations in currency
exchange rates, high rates of inflation, labour unrest, the risks of war or
civil unrest, expropriation and nationalization, uncertainty as to the outcome
of any litigation in foreign jurisdictions, uncertainty as to enforcement of
local laws, renegotiation or nullification of existing concessions, licences,
permits and contracts, illegal mining, changes in taxation or royalty policies,
restrictions on foreign exchange and repatriation, and changing political
conditions, currency controls and governmental regulations that favour or
require the awarding of contracts to local contractors or require foreign
contractors to employ citizens of, or purchase supplies from, a particular
jurisdiction.</P>
<P align=right>35 </P>
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<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company has interests in exploration/development properties that are located in
developing countries, including Namibia, Burkina Faso, Nicaragua, Philippines
and Colombia, and the mineral exploration and mining activities of the Company
may be affected in varying degrees by political instability and government
regulations relating to foreign investment and the mining industry. Changes, if
any, in mining or investment policies or shifts in political attitude in
Namibia, Burkina Faso, Nicaragua or Colombia may adversely affect the Company&#146;s
operations or profitability. Operations may be affected in varying degrees by
government regulations with respect to, but not limited to, restrictions on
production, price controls, export controls, currency remittance, income taxes,
royalties, expropriation of property, foreign investment, maintenance of claims,
environmental legislation, land use, land claims of local people, water use and
mine safety.</P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Failure
to comply with applicable laws, regulations, and permitting requirements may
result in enforcement actions there under, including orders issued by regulatory
or judicial authorities causing operations to cease or be curtailed, and may
include corrective measures requiring capital expenditures, installation of
additional equipment, or remedial actions. Parties engaged in mining operations
may be required to compensate those suffering loss or damage by reason of the
mining activities and may have civil or criminal fines or penalties imposed for
violations of applicable laws or regulations. Amendments to current laws,
regulations and permits governing operations and activities of mining companies,
or more stringent implementation thereof, could have a material adverse impact
on the Company and cause increases in capital expenditures or production costs
or reduction in levels of production at producing properties or require
abandonment or delays in development of new mining properties. </P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
occurrence of these various factors and uncertainties cannot be accurately
predicted and could have an adverse effect on the Company&#146;s business, financial
condition and results of operations. </P>
<P align=justify><I>Property Interests</I></P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
ability of the Company to carry out successful mineral exploration and
development activities and mining operations will depend on a number of factors.
No guarantee can be given that the Company will be in a position to comply with
all conditions and obligations, or to require third parties to comply with their
obligations with respect to such properties. Furthermore, while it is common
practice that permits and licenses may be renewed, extended or transferred into
other forms of licenses appropriate for ongoing operations, no guarantee can be
given that a renewal, extension or a transfer will be granted to the Company or,
if they are granted, that the Company will be in a position to comply with all
conditions that are imposed. A number of the Company&#146;s interests are the subject
of pending applications to register assignments, extend the term, increase the
area or to convert licenses to concession contracts and there is no assurance
that such applications will be approved as submitted. </P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company is satisfied, based on due diligence conducted by the Company, that its
interests in the properties are valid and exist. There can be no assurances,
however, that the interests in the Company&#146;s properties are free from defects or
that the material contracts between the Company and a foreign government or the
entities owned or controlled by it will not be unilaterally altered or revoked.
There is no assurance that such rights and title interests will not be revoked
or significantly altered to the detriment of the Company. There can be no
assurances that the Company's rights and title interests will not be challenged
or impugned by third parties. The Company&#146;s interests in properties may be
subject to prior unregistered agreements or transfers and title may be affected
by undetected defects or governmental actions.</P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certain
of the Company&#146;s property interests are also the subject of joint ventures that
give the Company the right to earn an interest in the properties. To maintain a
right to earn an interest in the properties, the Company may be required to make
certain expenditures in respect of the property maintenance by paying government
claim and other fees. If the Company fails to make the expenditures or fails to
maintain the properties in good standing, the Company may lose its right to such
properties and forfeit any funds expended to such time.</P>
<P align=justify><I>Commodity Prices</I></P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
profitability of the Company&#146;s operations will be dependent upon the market
price of mineral commodities. Mineral prices fluctuate widely and are affected
by numerous factors beyond the control of the Company. The level of interest
rates, the rate of inflation, world supply of mineral commodities, consumption
patterns, sales of gold by central banks, forward sales by producers,
production, industrial and jewelry demand, speculative activities and stability of exchange rates can all
cause significant fluctuations in prices. Such external economic factors are in
turn influenced by changes in international investment patterns, monetary
systems and political developments. The prices of mineral commodities have
fluctuated widely in recent years. Current and future price declines could cause
commercial production to be impracticable.</P>
<P align=right>36 </P>
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<A name=page_37></A>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company&#146;s revenues and earnings also could be affected by the prices of other
commodities such as fuel and other consumable items, although to a lesser extent
than by the price of gold. The prices of these commodities are affected by
numerous factors beyond the Company&#146;s control. </P>
<P align=justify><I>Currency Risks </I></P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company&#146;s operations in foreign countries are subject to currency fluctuations
and such fluctuations may materially affect the Company&#146;s financial position and
results. The Company reports its financial results in United States dollars and
incurs expenses in United States dollars, Canadian dollars, Philippine pesos
(commencing January 16, 2013), Colombian pesos, Namibian dollars and Burkina
Faso francs (commencing December 20, 2013). As the exchange rates between the
Canadian dollar, Philippine peso, Colombian peso, Namibian dollar and Burkina
Faso francs fluctuate against the United States dollar, the Company will
experience foreign exchange gains and losses. The Nicaraguan c&#243;rdoba has been
annually devalued versus the United States dollar by means of a crawling peg
mechanism which currently stands at 5%. All of the Company&#146;s gold production
activities are currently conducted in Nicaragua and the Philippines.</P>
<P align=justify><I>Environmental Compliance </I></P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company&#146;s operations are subject to local laws and regulations regarding
environmental matters, the abstraction of water, and the discharge of mining
wastes and materials. Any changes in these laws could affect the Company&#146;s
operations and economics. Environmental laws and regulations change frequently,
and the implementation of new, or the modification of existing, laws or
regulations could harm the Company. The Company cannot predict how agencies or
courts in foreign countries will interpret existing laws and regulations or the
effect that these adoptions and interpretations may have on the Company&#146;s
business or financial condition.</P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company may be required to make significant expenditures to comply with
governmental laws and regulations. Any significant mining operations will have
some environmental impact, including land and habitat impact, arising from the
use of land for mining and related activities, and certain impact on water
resources near the project sites, resulting from water use, rock disposal and
drainage run-off. No assurances can be given that such environmental issues will
not have a material adverse effect on the Company&#146;s operations in the future.
While the Company believes it does not currently have any material environmental
obligations, exploration activities may give rise in the future to significant
liabilities on the Company&#146;s part to the government and third parties and may
require the Company to incur substantial costs of remediation. Additionally, the
Company does not maintain insurance against environmental risks. As a result,
any claims against the Company may result in liabilities the Company will not be
able to afford, resulting in the failure of the Company&#146;s business. Failure to
comply with applicable laws, regulations, and permitting requirements may result
in enforcement actions thereunder, including orders issued by regulatory or
judicial authorities causing operations to cease or be curtailed, and may
include corrective measures requiring capital expenditures, installation of
additional equipment, or remedial actions. Parties engaged in exploration
operations may be required to compensate those suffering loss or damage by
reason of the exploration activities and may have civil or criminal fines or
penalties imposed for violations of applicable laws or regulations and, in
particular, environmental laws. </P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amendments
to current laws, regulations and permits governing operations and activities of
exploration companies, or more stringent implementation thereof, could have a
material adverse impact on the Company and cause increases in expenditures and
costs or require abandonment or delays in developing new mining properties. </P>
<P align=justify><I>Regulations in the Philippines</I></P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Philippines Constitution provides that all natural resources are owned by the
State which may enter into a co-production, joint venture or production sharing
agreement with citizens of the Philippines or corporations or associations whose
capital is at least 60% owned by Philippine citizens.</P>
<P align=right>37 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_38></A>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commonwealth
Act No. 108, as amended (the &#147;Anti-Dummy Act&#148;), provides penalties for, amongst
others: (a) Filipinos who permit aliens to use them as nominees or dummies so
that the aliens could enjoy privileges otherwise reserved for Filipinos or
Filipino corporations, and (b) aliens or foreigners who profit from the adoption
of these dummy relationships. It also penalises the act of falsely simulating
the existence of minimum stock or capital as owned by citizens of the
Philippines or any other country in cases in which a constitutional or legal
provision requires that, before a corporation or association may exercise or
enjoy a right, franchise or privilege, not less than a certain percentage of its
capital must be owned by such citizens.</P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Anti-Dummy Act likewise prohibits aliens from intervening in the management,
operation, administration or control of nationalized business or enterprises,
whether as officers, employees or labourers, with or without remuneration,
except that aliens may take part in technical aspects only, provided (a) no
Filipino can do such technical work, and (b) it is with express authority from
the Secretary of Justice. The Anti-Dummy Act also allows the election of aliens
as members of the boards of directors or governing bodies of corporations or
associations engaged in partially nationalized activities in proportion to their
allowable participation or share in the capital of such entities. Although the
Company believes its structure complies with all Philippine regulations, there
is a risk that, given the limited precedents to date in the country, it could be
changed or challenged. </P>
<P align=justify><B>INTERNAL CONTROLS</B></P>
<P align=justify><I>Management report on internal control over financial
reporting</I> </P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;National
Instrument 52-109 requires public companies in Canada to submit interim and
annual certificates relating to the design of internal control over financial
reporting (&#147;ICFR&#148;) and an annual certificate that includes evaluating the
effectiveness of ICFR. The Company&#146;s ICFR is designed to provide reasonable
assurance regarding the reliability of financial reporting and the preparation
of financial statements for external purposes in accordance with IFRS.
Management is responsible for establishing and maintaining ICFR. The Company has
continued to use the "Internal Control - Integrated Framework (1992)" published
by the Commission of Sponsoring Organizations of the Treadway Commission (COSO)
as the basis for designing its ICFR. Due to its inherent limitations, ICFR may
not prevent or detect misstatements on a timely basis as such systems can only
be designed to provide reasonable as opposed to absolute assurance. Also,
projections of any evaluation of the effectiveness of ICFR to future periods are
subject to the risk that the controls may become inadequate because of changes
in conditions, or that the degree of compliance with the policies or procedures
may deteriorate. The Company&#146;s Chief Executive Officer and Chief Financial
Officer have each evaluated the effectiveness of the Company&#146;s ICFR as at the
end of the period covered by this MD&amp;A and the accompanying consolidated
financial statements and have concluded that these controls and procedures are
effective. As a company newly reporting with the U.S. Securities and Exchange
Commission (the &#147;SEC&#148;), the Company is not yet subject to the requirement to
provide a report on the effectiveness of its internal control over financial
reporting within the meaning of the U.S. Securities Exchange Act of 1934, as
amended, and the rules adopted by the SEC thereunder (collectively, the &#147;U.S.
Exchange Act&#148;). </P>
<P align=justify><I>Changes in internal control over financial reporting</I>
</P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;National
Instrument 52-109 also requires public companies in Canada to disclose in their
MD&amp;A any change in ICFR during the most recent fiscal quarter that has
materially affected, or is reasonably likely to materially affect, ICFR. There
were no changes in ICFR during the quarter or year ended December 31, 2013 that
materially affected or are reasonably likely to materially affect the Company&#146;s
ICFR. In addition, the U.S. Exchange Act requires the Company to disclose any
change in ICFR, within the meaning of the U.S. Exchange Act, that has occurred
during the year ended December 31, 2013 that has materially affected, or is
reasonably likely to materially affect, the Company&#146;s ICFR within the meaning
the U.S. Exchange Act. There were no such changes. </P>
<P align=justify><I>Disclosure controls and procedures </I></P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company maintains a set of disclosure controls and procedures designed to ensure
that information required to be disclosed in filings made pursuant to both U.S.
Exchange Act and Canadian Securities Administrators requirements are recorded,
processed, summarized and reported in the manner specified by the relevant
securities laws applicable to the Company. Disclosure controls and procedures
include, without limitation, controls and procedures designed to ensure that
information required to be disclosed by an issuer in the reports that it files
or submits under the applicable securities legislation is
accumulated and communicated to the issuer&#146;s management, including its principal
executive and principal financial officers, or persons performing similar
functions, as appropriate to allow timely decisions regarding required
disclosure. The CEO and CFO have evaluated the Company&#146;s disclosure control
procedures as of December 31, 2013 through inquiry, review and testing, as well
as by drawing upon their own relevant experience. The CEO and CFO have concluded
that as at December 31, 2013 the Company&#146;s disclosure control procedures were
effective. </P>
<P align=right>38 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_39></A>
<P align=justify><B>NON-IFRS MEASURES </B></P>
<P align=justify><I>Cash operating costs per gold ounce and total cash costs per
gold ounce </I></P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#145;&#145;Cash
operating costs per gold ounce&#146;&#146; and &#147;total cash costs per gold ounce&#148; are
common financial performance measures in the gold mining industry but with no
standard meaning under IFRS. Management believes that, in addition to
conventional measures prepared in accordance with IFRS, certain investors use
this information to evaluate our performance and ability to generate cash flow.
Accordingly, it is intended to provide additional information and should not be
considered in isolation or as a substitute for measures of performance prepared
in accordance with IFRS. The measure, along with sales, is considered to be a
key indicator of a Company&#146;s ability to generate earnings and cash flow from its
mining operations. </P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash
cost figures are calculated in accordance with a standard developed by The Gold
Institute, which was a worldwide association of suppliers of gold and gold
products and included leading North American gold producers. The Gold Institute
ceased operations in 2002, but the standard is the accepted standard of
reporting cash cost of production in North America. Adoption of the standard is
voluntary and the cost measures presented may not be comparable to other
similarly titled measures of other companies. Other companies may calculate
these measures differently. Cash operating costs and total cash costs per ounce
is derived from amounts included in the statement of operations and include mine
site operating costs such as mining, processing, smelting, refining,
transportation costs, royalties and production taxes, less silver by-product
credits. Set forth in the table below is a reconciliation of cash operating
costs per ounce and total cash costs per ounce to production costs: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD colspan="4" align=center nowrap><B>Three months ended </B></TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD colspan="4" align=center nowrap><B>Years ended </B></TD>
  <TD align=center width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD colspan="4" align=center nowrap><B>December 31 </B></TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD colspan="4" align=center nowrap><B>December 31 </B></TD>
  <TD align=center width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD colspan="4" align=center nowrap><B>(unaudited) </B></TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD colspan="4" align=center nowrap><B>(unaudited) </B></TD>
  <TD align=center width="2%" >&nbsp;</TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD width="12%" align=center nowrap >&nbsp;</TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="12%" align=center nowrap >&nbsp;</TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="12%" align=center nowrap >&nbsp;</TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="12%" align=center nowrap >&nbsp;</TD>
  <TD align=center width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD width="12%" align=center nowrap><B><U>2013 </U></B></TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="12%" align=center nowrap><B><U>2012 </U></B></TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="12%" align=center nowrap><B><U>2013 </U></B></TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="12%" align=center nowrap><B><U>2012 </U></B></TD>
  <TD align=center width="2%" >&nbsp;</TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD width="12%" align=center nowrap >&nbsp;</TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="12%" align=center nowrap >&nbsp;</TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="12%" align=center nowrap >&nbsp;</TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="12%" align=center nowrap >&nbsp;</TD>
  <TD align=center width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD width="12%" align=center nowrap><B>$</B></TD>
    <TD width="2%" align=center nowrap ><B>&nbsp;</B></TD>
    <TD width="1%" align=center nowrap ><B>&nbsp;</B></TD>
    <TD width="12%" align=center nowrap><B>$</B></TD>
    <TD width="2%" align=center nowrap ><B>&nbsp;</B></TD>
    <TD width="1%" align=center nowrap ><B>&nbsp;</B></TD>
    <TD width="12%" align=center nowrap><B>$</B></TD>
    <TD width="2%" align=center nowrap ><B>&nbsp;</B></TD>
    <TD width="1%" align=center nowrap ><B>&nbsp;</B></TD>
    <TD width="12%" align=center nowrap><B>$</B></TD>
  <TD align=center width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD width="12%" align=center nowrap><B>(000&#146;s)</B></TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="12%" align=center nowrap><B>(000&#146;s)</B></TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="12%" align=center nowrap><B>(000&#146;s)</B></TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="12%" align=center nowrap><B>(000&#146;s)</B></TD>
    <TD align=center width="2%" >&nbsp;</TD>
  </TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="12%" >&nbsp;</TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="12%" >&nbsp;</TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="12%" >&nbsp;</TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="12%" >&nbsp;</TD>
    <TD align=center width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Production costs per consolidated financial
      statements </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff><B>66,341 </B></TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>22,506 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff><B>261,896 </B></TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>89,504 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="12%" >&nbsp;</TD>
    <TD align=right width="2%" >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="12%" >&nbsp;</TD>
    <TD align=right width="2%" >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="12%" >&nbsp;</TD>
    <TD align=right width="2%" >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="12%" >&nbsp;</TD>
    <TD align=right width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Inventory sales adjustment </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff><B>1,050 </B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>4,254 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff><B>(12,349</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff><B>) </B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>3,111 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="12%" >&nbsp;</TD>
    <TD align=right width="2%" >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="12%" >&nbsp;</TD>
    <TD align=right width="2%" >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="12%" >&nbsp;</TD>
    <TD align=right width="2%" >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="12%" >&nbsp;</TD>
    <TD align=right width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff><B>Cash operating costs </B></TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff><B>67,391 </B></TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>26,760 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff><B>249,547 </B></TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>92,615 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="12%" >&nbsp;</TD>
    <TD align=right width="2%" >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="12%" >&nbsp;</TD>
    <TD align=right width="2%" >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="12%" >&nbsp;</TD>
    <TD align=right width="2%" >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="12%" >&nbsp;</TD>
    <TD align=right width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Royalties and production taxes per
      consolidated financial statements </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff><B>4,147 </B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>2,366 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff><B>16,706 </B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>8,503 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%" >&nbsp;</TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%" >&nbsp;</TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%" >&nbsp;</TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%" >&nbsp;</TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff><B>Total cash costs </B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right width="12%"
    bgColor=#e6efff><B>71,538 </B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right width="12%"
    bgColor=#e6efff>29,126 </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right width="12%"
    bgColor=#e6efff><B>266,253 </B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right width="12%"
    bgColor=#e6efff>101,118 </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Gold production (in ounces) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff><B>105,577 </B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>44,324 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff><B>366,313 </B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>157,885 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="12%" >&nbsp;</TD>
    <TD align=right width="2%" >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="12%" >&nbsp;</TD>
    <TD align=right width="2%" >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="12%" >&nbsp;</TD>
    <TD align=right width="2%" >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="12%" >&nbsp;</TD>
    <TD align=right width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff><B>Cash operating costs per ounce of gold
      production </B><B>($/ounce) </B></TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff><B>638 </B></TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>604 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff><B>681 </B></TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>587 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%" >&nbsp;</TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%" >&nbsp;</TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%" >&nbsp;</TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%" >&nbsp;</TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff><B>Total cash costs per ounce of gold
      production ($/ounce) </B></TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff><B>678 </B></TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>657 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff><B>727 </B></TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>640 </TD>
    <TD align=left width="2%"
  bgColor=#e6efff>&nbsp;</TD></TR></TABLE>
<P align=right>39 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_40></A>
<P align=justify><I>Adjusted net income </I></P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management
believes that the presentation of adjusted net income is appropriate to provide
additional information to investors regarding items that we do not expect to
continue at the same level in the future or that management does not believe to
be a reflection of the Company&#146;s ongoing operating performance. Management
further believes that its presentation of this non-IFRS financial measure
provides information that is useful to investors because it is an important
indicator of the strength of our operations and the performance of our core
business.</P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
A reconciliation of adjusted net income to net income is set out in the table
below.</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD colspan="4" align=center nowrap><B>Three months ended</B> </TD>
    <TD width="2%" align=center nowrap>&nbsp;</TD>
    <TD width="1%" align=center nowrap>&nbsp;</TD>
    <TD colspan="4" align=center nowrap><B>Years ended</B> </TD>
  <TD align=center width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD colspan="4" align=center nowrap><B>December 31</B> </TD>
    <TD width="2%" align=center nowrap>&nbsp;</TD>
    <TD width="1%" align=center nowrap>&nbsp;</TD>
    <TD colspan="4" align=center nowrap><B>December 31</B> </TD>
  <TD align=center width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD colspan="4" align=center nowrap><B>(unaudited)</B> </TD>
    <TD width="2%" align=center nowrap>&nbsp;</TD>
    <TD width="1%" align=center nowrap>&nbsp;</TD>
    <TD colspan="4" align=center nowrap><B>(unaudited)</B> </TD>
  <TD align=center width="2%">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="12%" align=center nowrap>&nbsp; </TD>
    <TD width="2%" align=center nowrap>&nbsp;</TD>
    <TD width="1%" align=center nowrap>&nbsp;</TD>
    <TD width="12%" align=center nowrap>&nbsp; </TD>
    <TD width="2%" align=center nowrap>&nbsp;</TD>
    <TD width="1%" align=center nowrap>&nbsp;</TD>
    <TD width="12%" align=center nowrap>&nbsp; </TD>
    <TD width="2%" align=center nowrap>&nbsp;</TD>
    <TD width="1%" align=center nowrap>&nbsp;</TD>
    <TD width="12%" align=center nowrap>&nbsp; </TD>
  <TD align=center width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD width="12%" align=center nowrap><B><U>2013</U></B> </TD>
    <TD width="2%" align=center nowrap>&nbsp;</TD>
    <TD width="1%" align=center nowrap>&nbsp;</TD>
    <TD width="12%" align=center nowrap><B><U>2012</U></B> </TD>
    <TD width="2%" align=center nowrap>&nbsp;</TD>
    <TD width="1%" align=center nowrap>&nbsp;</TD>
    <TD width="12%" align=center nowrap><B><U>2013</U></B> </TD>
    <TD width="2%" align=center nowrap>&nbsp;</TD>
    <TD width="1%" align=center nowrap>&nbsp;</TD>
    <TD width="12%" align=center nowrap><B><U>2012</U></B> </TD>
  <TD align=center width="2%">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="12%" align=center nowrap>&nbsp; </TD>
    <TD width="2%" align=center nowrap>&nbsp;</TD>
    <TD width="1%" align=center nowrap>&nbsp;</TD>
    <TD width="12%" align=center nowrap>&nbsp; </TD>
    <TD width="2%" align=center nowrap>&nbsp;</TD>
    <TD width="1%" align=center nowrap>&nbsp;</TD>
    <TD width="12%" align=center nowrap>&nbsp; </TD>
    <TD width="2%" align=center nowrap>&nbsp;</TD>
    <TD width="1%" align=center nowrap>&nbsp;</TD>
    <TD width="12%" align=center nowrap>&nbsp; </TD>
  <TD align=center width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD width="12%" align=center nowrap>$</TD>
    <TD width="2%" align=center nowrap>&nbsp;</TD>
    <TD width="1%" align=center nowrap>&nbsp;</TD>
    <TD width="12%" align=center nowrap>$</TD>
    <TD width="2%" align=center nowrap>&nbsp;</TD>
    <TD width="1%" align=center nowrap>&nbsp;</TD>
    <TD width="12%" align=center nowrap>$</TD>
    <TD width="2%" align=center nowrap>&nbsp;</TD>
    <TD width="1%" align=center nowrap>&nbsp;</TD>
    <TD width="12%" align=center nowrap>$</TD>
  <TD align=center width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD width="12%" align=center nowrap><B>(000&#146;s)</B></TD>
    <TD width="2%" align=center nowrap>&nbsp;</TD>
    <TD width="1%" align=center nowrap>&nbsp;</TD>
    <TD width="12%" align=center nowrap><B>(000&#146;s)</B></TD>
    <TD width="2%" align=center nowrap>&nbsp;</TD>
    <TD width="1%" align=center nowrap>&nbsp;</TD>
    <TD width="12%" align=center nowrap><B>(000&#146;s)</B></TD>
    <TD width="2%" align=center nowrap>&nbsp;</TD>
    <TD width="1%" align=center nowrap>&nbsp;</TD>
    <TD width="12%" align=center nowrap><B>(000&#146;s)</B></TD>
    <TD align=center width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="12%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="12%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="12%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="12%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Net income for the period </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff><B>26,220</B></TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>10,948 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff><B>67,303</B></TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>51,907 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Adjustments: </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp;Gain on sale of Brucejack royalty </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff><B>-</B> </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%"
bgColor=#e6efff><B>(44,496</B></TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff><B>)</B> </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;Inventory fair value adjustments on CGA acquisition    </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%"><B>-</B> </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%"><B>32,869</B> </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp;Amortization of deferred revenue </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff><B>(9,254</B></TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff><B>)</B> </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%"
bgColor=#e6efff><B>(37,404</B></TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff><B>)</B> </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;Gain on fair value of convertible notes </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%"><B>(14,182</B></TD>
    <TD vAlign=bottom align=left width="2%"><B>)</B> </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%"><B>(22,815</B></TD>
    <TD vAlign=bottom align=left width="2%"><B>)</B> </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp;Write-down of long-term investments    </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff><B>2,071</B> </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff><B>20,552</B></TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;Share-based payments </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%"><B>4,687</B> </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">2,881 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%"><B>18,328</B> </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">16,635 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp;Convertible notes transaction costs    </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff><B>657</B> </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff><B>9,683</B> </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;Write-off of mineral property interests </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%"><B>-</B> </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">1,512 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%"><B>9,564</B> </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">1,512 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp;CGA acquisition costs </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff><B>-</B> </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>1,059 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff><B>5,859</B> </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>1,556 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;Foreign exchange losses </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%"><B>3,092</B> </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">627 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%"><B>4,748</B> </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">479 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp;Deferred income tax
      (recovery)/expense </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff><B>(6,575</B></TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff><B>)</B> </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>615 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff><B>(3,097</B></TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff><B>)</B> </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>7,510 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;Unrealized (gains)/losses on derivative instruments    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%"><B>(3,005</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"><B>)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%">367 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%"><B>2,660</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%">149 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD></TR>
  <TR>
    <TD bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Adjusted net income</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=right
    width="12%"><B>3,711</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=right
    width="12%">18,009 </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=right
    width="12%"><B>63,754</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=right
    width="12%">79,748 </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="2%">&nbsp;</TD></TR>
  <TR>
    <TD bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD>Basic weighted average number of common shares outstanding (in
      thousands) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%"><B>651,005</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%">389,725 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%"><B>636,130</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%">384,733 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD></TR>
  <TR>
    <TD bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Adjusted net income per share &#150; basic ($/share)</B> </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%"><B>0.01</B> </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">0.05 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%"><B>0.10</B> </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">0.21 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR></TABLE>
<P align=center>40 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_41></A>
<P align=justify><B>SUMMARY OF UNAUDITED QUARTERLY RESULTS</B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=center width="6%"><B><U>Q4</U></B> </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="6%"><B><U>Q3</U></B> </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="6%"><B><U>Q2</U></B> </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="6%"><B><U>Q1</U></B> </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="6%"><B><U>Q4</U></B> </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="6%"><B><U>Q3</U></B> </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="6%"><B><U>Q2</U></B> </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="6%"><B><U>Q1</U></B> </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=center width="6%" >&nbsp;</TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="6%" >&nbsp;</TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="6%" >&nbsp;</TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="6%" >&nbsp;</TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="6%" >&nbsp;</TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="6%" >&nbsp;</TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="6%" >&nbsp;</TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="6%" >&nbsp;</TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=center width="6%"><B><U>2013</U></B> </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="6%"><B><U>2013</U></B> </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="6%"><B><U>2013</U></B> </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="6%"><B><U>2013</U></B> </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="6%"><B><U>2012</U></B> </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="6%"><B><U>2012</U></B> </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="6%"><B><U>2012</U></B> </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="6%"><B><U>2012</U></B> </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR>
    <TD align=left  >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="6%" >&nbsp;</TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="6%" >&nbsp;</TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="6%" >&nbsp;</TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="6%" >&nbsp;</TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="6%" >&nbsp;</TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="6%" >&nbsp;</TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="6%" >&nbsp;</TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="6%" >&nbsp;</TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >Gold revenue ($ in thousands)
    </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#e6efff>138,054 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#e6efff>128,730 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#e6efff>122,635 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#e6efff>154,853 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#e6efff>70,783 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#e6efff>67,065 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#e6efff>57,330 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#e6efff>63,873 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD align=left  >&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >Gold sold (ounces) </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#e6efff>106,185 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#e6efff>93,429 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#e6efff>86,239 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#e6efff>95,042 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#e6efff>41,627 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#e6efff>39,668 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#e6efff>35,860 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#e6efff>37,853 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD align=left  >&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >Average realized gold price
      ($/ ounce) </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#e6efff>1,300 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#e6efff>1,378 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#e6efff>1,422 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#e6efff>1,629 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#e6efff>1,700 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#e6efff>1,691 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#e6efff>1,599 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#e6efff>1,687 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD align=left  >&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >Gold produced (ounces) </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#e6efff>105,577 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#e6efff>98,992 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#e6efff>82,083 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#e6efff>79,661 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#e6efff>44,324 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#e6efff>42,156 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#e6efff>36,803 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#e6efff>34,602 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD align=left  >&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >Cash operating costs ($/
      ounce gold) </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#e6efff>638 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#e6efff>653 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#e6efff>732 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#e6efff>722 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#e6efff>604 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#e6efff>571 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#e6efff>583 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#e6efff>587 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD align=left  >&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >Total cash costs ($/ ounce
      gold) </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#e6efff>678 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#e6efff>698 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#e6efff>782 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#e6efff>771 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#e6efff>657 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#e6efff>624 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#e6efff>601 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#e6efff>680 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD align=left  >&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >Net income for the period
      <I><SUP>(1)</SUP></I> <BR>&nbsp;&nbsp; ($ in thousands) </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#e6efff>26,220 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#e6efff>7,949 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#e6efff>33,071 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#e6efff>63 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#e6efff>10,948 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#e6efff>14,476 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#e6efff>11,937 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#e6efff>14,546 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD align=left  >&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >Earnings per share
      <I><SUP>(1) </SUP></I>&#150; basic ($) </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#e6efff>0.04 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#e6efff>0.01 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#e6efff>0.05 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#e6efff>0.00 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#e6efff>0.03 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#e6efff>0.04 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#e6efff>0.03 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#e6efff>0.04 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD align=left  >&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >Earnings per share
      <I><SUP>(1) </SUP></I>&#150; diluted ($) </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#e6efff>0.02 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#e6efff>0.00 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#e6efff>0.05 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#e6efff>0.00 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#e6efff>0.03 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#e6efff>0.04 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#e6efff>0.03 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#e6efff>0.04 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD align=left  >&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >Cash flows from operating
      activities <BR>($ in thousands) &#150; before changes in <BR>non-cash working
      capital </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#e6efff>35,703 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#e6efff>31,951 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#e6efff>31,546 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#e6efff>45,143 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#e6efff>31,124 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#e6efff>28,418 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#e6efff>27,791 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="6%" bgColor=#e6efff>27,066 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR></TABLE>
<P align=justify><I>(1) Attributable to the shareholders of the Company.</I></P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quarterly
gold revenue increased significantly in 2013, as a result of higher gold
production from the Company&#146;s newly acquired Masbate Mine on January 16, 2013 as
well as increased production from its Nicaraguan operations.</P>
<P align=justify><B>OUTLOOK</B> </P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company is projecting another record year for gold production in 2014.
Company-wide production in 2014 from the Masbate, La Libertad and Limon Mines is
expected to be in the range of 395,000 to 420,000 ounces of gold with
consolidated cash operating costs of $667 to $695 per ounce (a similar range as
in 2013).</P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With
the first full year of gold production from the Otjikoto gold project in Namibia
scheduled for 2015, the Company is projecting 2015 gold production of 555,000
ounces, based on current assumptions. The potential addition of production from
the recently acquired Kiaka Project could add an additional 200,000 ounces of
annual gold production in the future. </P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital
invested in 2013 to expand throughput and improve recoveries at both the
Libertad and Limon mine sites will continue to benefit future periods. The
Masbate Mine expansion study is expected to be completed by the third quarter of
2014, enabling us to make an expansion decision soon thereafter. An Otjikoto
expansion study has already been completed with expansion at that facility
planned for 2015. In all cases, operations continue to benefit from B2Gold&#146;s
ongoing exploration successes and experienced construction and operations teams.
Having the same teams complete the construction of successive mines and review
the operating effectiveness and efficiencies at each site affords B2Gold a
unique opportunity to benefit from shared knowledge and experience. This has
manifested itself most significantly in our ability to meet or exceed our
production and operating cash costs guidance in each of the last three fiscal
years. Training and empowerment of local mine site workers remains a core part
of B2Gold&#146;s operating philosophy and approach, resulting in minimal staff
turnover at all levels and effective local control of operations, supplemented
by our centralized team of experienced executives. </P>
<P align=right>41 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_42></A>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company continues its growth in financial performance with cash from operations
of $144.3 million in 2013 compared to $114.4 million in 2012, despite lower gold
prices. Total liquidity available at December 31, 2013 was approximately $383
million consisting of cash of $252.7 million, $100 million available for
drawdown under the Company&#146;s Senior Credit Facility and $30 million available
under the equipment finance lease with CAT Financial. </P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
light of the significant decline in gold price experienced in 2013, the Company
has modified its capital and exploration expenditures program for 2014. However,
the Company continues to prioritize maximizing strong operating and financial
performance, controlling costs, while remaining focused on developing its growth
projects, funding them partly from cash from operations and keeping debt at
manageable levels. Exploration will focus primarily on mine site and brownfields
exploration. </P>
<P align=justify><I>Growth Strategy </I></P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clearly
B2Gold&#146;s strategy of growth through accretive acquisitions and exploration
success to date speaks for itself. Over the last six years, the acquisitions of
Central Sun Mining Inc. (the Nicaraguan mines), Auryx Gold Corp. (the Otjikoto
Project, Namibia) and CGA Mining Limited (the Masbate Mine, Philippines) have
seen the Company grow annual production dramatically. The acquisition of Volta
Resources Inc. (the Kiaka Project, Burkina Faso), offers the potential for
significant additional production growth.</P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Due
to its strong cash position and cash flow from operations, the Company is fully
funded to complete its mine site capital expenditures, exploration, and the
construction of the Otjikoto mine, and finish 2014 with a strong cash balance.
In 2015, the Company&#146;s cash from operations will increase significantly due to
gold production from the Otjikoto mine.</P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Looking
ahead, B2Gold will continue to focus on accretive acquisitions and exploration
for continued growth. With a proven technical team, strong financial position
and access to capital, the Company is well positioned to utilize its model of
growth to continue building a profitable, growth oriented, sustainable
intermediate gold producer.</P>
<P align=justify><B>OUTSTANDING SHARE DATA </B></P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At
March 12, 2014 there were 675,739,204 common shares outstanding. In addition,
there were approximately 39 million stock options outstanding with exercise
prices ranging between Cdn.$0.80 to Cdn.$12.67 per share and 3 million RSU. More
information is disclosed in Note 15 of the Company&#146;s December 31, 2013 audited
consolidated financial statements.</P>
<P align=justify><B>CAUTION ON FORWARD-LOOKING INFORMATION </B></P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
Management&#146;s Discussion and Analysis contains forward-looking statements within
the meaning of applicable securities laws, which reflect management&#146;s
expectations regarding the Company&#146;s future growth, results of operations
(including, without limitation, future production and capital expenditures),
performance (both operational and financial), global prices for gold, changes in
currency exchange rates and business prospects (including the accuracy of
estimated mineral reserves and resources, metallurgical recoveries and operating
costs, the timing and development of new deposits and the success of exploration
activities) and opportunities. Wherever possible, words such as &#147;plans&#148;,
&#147;expects&#148; or &#147;does not expect&#148;, &#147;budget&#148;, &#147;scheduled&#148;, &#147;estimates&#148;, &#147;forecasts&#148;,
&#147;anticipate&#148; or &#147;does not anticipate&#148;, &#147;believe&#148;, &#147;intend&#148; and similar
expressions or statements that certain actions, events or results &#147;may&#148;,
&#147;could&#148;, &#147;would&#148;, &#147;might&#148; or &#147;will&#148; be taken, occur or be achieved, have been
used to identify these forward-looking statements. Although the forward-looking
statements contained in this Management&#146;s Discussion and Analysis reflect
management&#146;s current beliefs based upon information currently available to
management and based upon what management believes to be reasonable assumptions,
the Company cannot be certain that actual results will be consistent with
these forward-looking statements. A number of factors could cause actual
results, performance, or achievements to differ materially from the results
expressed or implied in the forward-looking statements including those listed in
the &#147;Risk Factors&#148; section of this management&#146;s discussion and analysis and the
document entitled &#147;Risk Factors&#148;, attached to the Company&#146;s Material Change
Report filed on SEDAR on August 23, 2013, and filed as Form 6-K on EDGAR on
August 23, 2013. These factors should be considered carefully and prospective
investors should not place undue reliance on the forward-looking statements.
Forward-looking statements necessarily involve significant known and unknown
risks, assumptions and uncertainties that may cause the Company&#146;s actual
results, performance, prospects and opportunities in future periods to differ
materially from those expressed or implied by such forward-looking statements.
Although the Company has attempted to identify important risks and factors that
could cause actual actions, events or results to differ materially from those
described in forward-looking statements, there may be other factors and risks
that cause actions, events or results not to be as anticipated, estimated or
intended. There can be no assurance that forward-looking statements will prove
to be accurate, as actual results and future events could differ materially from
those anticipated in such statements. Accordingly, shareholders should not place
undue reliance on forward-looking statements. These forward-looking statements
are made as of the date of this Management&#146;s Discussion and Analysis and, other
than as required by applicable securities laws, the Company assumes no
obligation to update or revise them to reflect new events or circumstances. </P>
<P align=right>42 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_43></A>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
a more comprehensive discussion of the risks faced by the Company, refer to the
document entitled &#147;Risk Factors,&#148; attached to the Company&#146;s Material Change
Report filed on SEDAR at www.sedar.com on August 23, 2013, and filed as Form 6-K
with the United States Securities and Exchange Commission (&#147;SEC&#148;) on EDGAR at
www.sec.gov/edgar.html on August 23, 2013.</P>
<P align=justify><B>CAUTIONARY STATEMENT REGARDING MINERAL RESERVE AND RESOURCE
ESTIMATES </B></P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
Management&#146;s Discussion and Analysis has been prepared in accordance with the
requirements of the securities laws in effect in Canada, which differ from the
requirements of U.S. securities laws. All resource and reserve estimates
included in this Management&#146;s Discussion and Analysis have been prepared in
accordance with National Instrument 43-101 Standards of Disclosure for Mineral
Projects (&#147;NI 43-101&#148;). NI 43-101 is a rule developed by the Canadian Securities
Administrators that establishes standards for all public disclosure an issuer
makes of scientific and technical information concerning mineral projects that
are considered material to the issuer. These standards differ significantly from
the mineral reserve disclosure requirements of the SEC set out in Industry Guide
7. Consequently, reserve and resource information contained in this Management&#146;s
Discussion and Analysis is not comparable to similar information that would
generally be disclosed by U.S. companies in accordance with the rules of the
SEC.</P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
particular, the SEC&#146;s Industry Guide 7 applies different standards in order to
classify mineralization as a reserve. As a result, the definitions of proven and
probable reserves used in NI 43-101 differ from the definitions in SEC Industry
Guide 7. Under SEC standards, mineralization may not be classified as a
&#147;reserve&#148; unless the determination has been made that the mineralization could
be economically and legally produced or extracted at the time the reserve
determination is made. Among other things, all necessary permits would be
required to be in hand or issuance imminent in order to classify mineralized
material as reserves under the SEC standards. Accordingly, mineral reserve
estimates contained in this Management&#146;s Discussion and Analysis may not qualify
as &#147;reserves&#148; under SEC standards. Disclosure of &#147;contained ounces&#148; is permitted
under the Canadian disclosure rules; however, the SEC normally only permits
issuers to report mineralization that do not constitute reserves as in place
tonnage and grade without reference to unit measures. </P>
<P align=right>43 </P>
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noShade SIZE=5>
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<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, this Management&#146;s Discussion and
Analysis uses the terms &#147;mineral resources&#148;, &#147;indicated mineral resources&#148; and
&#147;inferred mineral resources&#148; to comply with the reporting standards in Canada.
The SEC&#146;s Industry Guide 7 does not recognize mineral resources and U.S.
companies are generally not permitted to disclose resources in documents they
file with the SEC. Investors are specifically cautioned not to assume that any
part or all of the mineral deposits in these categories will ever be converted
into SEC defined mineral reserves. Further, &#147;inferred mineral resources&#148; have a
great amount of uncertainty as to their existence and as to whether they can be
mined legally or economically. Therefore, investors are also cautioned not to
assume that all or any part of an inferred resource exists. In accordance with
Canadian rules, estimates of &#147;inferred mineral resources&#148; cannot form the basis
of feasibility or other economic studies. It cannot be assumed that all or any
part of &#147;mineral resources&#148;, &#147;indicated mineral resources&#148;, or &#147;inferred mineral resources&#148;
will ever be upgraded to a higher category. Investors are cautioned not to
assume that any part of the reported &#147;mineral resources&#148;, &#147;indicated mineral
resources&#148;, or &#147;inferred mineral resources&#148; in this Management&#146;s Discussion and
Analysis is economically or legally mineable. In addition, the definitions of
&#147;proven mineral reserves&#148; and &#147;probable mineral reserves&#148; under reporting
standards in Canada differ in certain respects from the standards of the SEC.
For the above reasons, information contained in this Management&#146;s Discussion and
Analysis that describes the Company&#146;s mineral reserve and resource estimates is
not comparable to similar information made public by U.S. companies subject to
the reporting and disclosure requirements of the SEC. </P>
<P align=right>44 </P>
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</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.3
<SEQUENCE>4
<FILENAME>exhibit99-3.htm
<DESCRIPTION>EXHIBIT 99.3
<TEXT>
<HTML>
<HEAD>
   <TITLE>B2Gold Corp.: Exhibit 99.3 - Filed by newsfilecorp.com</TITLE>
</HEAD>
<BODY style="font-size:10pt;">
<HR noshade align="center" width=100% size=3 color="black">
<A name=page_1></A>
<P align=center><B><FONT color="#004080" size=4>FORM 13-502F1 </FONT></B><BR>
  <B><FONT color="#004080" size=4>CLASS 1 REPORTING
ISSUERS &#150; PARTICIPATION FEE </FONT></B></P>
<P align=justify>&nbsp;</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top bgcolor="#E6EFFF">
    <TD align=left >Reporting Issuer
Name<B>:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; B2Gold
Corp.</B><U> </U></TD>
    <TD align=right >&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right >&nbsp;</TD>
    <TD align=right >&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=right >&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right >&nbsp;</TD>
    <TD align=right >&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right >&nbsp;</TD>
  </TR>
  <TR vAlign=top bgcolor="#E6EFFF">
    <TD align=left >End date of last completed fiscal
year:<B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
December 31, 2013</B></TD>
    <TD align=right >&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right >&nbsp;</TD>
    <TD align=right >&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left ><U>Market value of listed or quoted
      securities: </U></TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="16%">&nbsp; </TD>
    <TD align=right width="2%" >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="16%">&nbsp;</TD>
    <TD align=right width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >Total number of securities of
      a class or series outstanding as at the end of the issuer&#146;s last completed
      fiscal year </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="16%" bgColor=#e6efff>674,719,721 </TD>
    <TD vAlign=bottom align=left width="2%"  bgColor=#e6efff>(i)    </TD>
    <TD vAlign=bottom align=right width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="16%" bgColor=#e6efff></TD>
    <TD vAlign=bottom align=right width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="16%">&nbsp; </TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="16%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >Simple average of the closing
      price of that class or series as of the last trading day of each month in
      the last completed fiscal year (See clauses 2.7(a)(ii)(A) and (B) of the
      Rule) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="16%" bgColor=#e6efff>$2.73&nbsp;&nbsp; &nbsp;</TD>
    <TD vAlign=bottom align=left width="2%"  bgColor=#e6efff>(ii)    </TD>
    <TD vAlign=bottom align=right width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="16%" bgColor=#e6efff></TD>
    <TD vAlign=bottom align=right width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="16%">&nbsp; </TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="16%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >Market value of class or
      series </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="16%" bgColor=#e6efff>(i) X (ii) = </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="16%" bgColor=#e6efff>1,841,984,838 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>(A) </TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="16%">&nbsp; </TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="16%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >(Repeat the above calculation
      for each other class or series of securities of the reporting issuer that
      was listed or quoted on a marketplace in Canada or the United States of
      America at the end of the last completed fiscal year) </TD>
    <TD vAlign=bottom align=right width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="16%" bgColor=#e6efff></TD>
    <TD vAlign=bottom align=right width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="16%" bgColor=#e6efff>N/A (B) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="16%">&nbsp; </TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="16%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff ><U>Market value of other
      securities at end of the last completed fiscal </U><U>year: </U></TD>
    <TD vAlign=bottom align=right width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="16%" bgColor=#e6efff></TD>
    <TD vAlign=bottom align=right width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="16%" bgColor=#e6efff></TD>
    <TD vAlign=bottom align=right width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >(See paragraph 2.7(b) of the Rule) </TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="16%">&nbsp; </TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="16%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >&nbsp; &nbsp; &nbsp;(Provide
      details of how value was determined) </TD>
    <TD vAlign=bottom align=right width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="16%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=right width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="16%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="16%">&nbsp; </TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="16%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff
      ><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Quoted Market Price from
      Bond Desk:&nbsp;</B><BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Convertible
      Senior Subordinated Notes </TD>
    <TD vAlign=bottom align=right width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="16%" bgColor=#e6efff><BR></TD>
    <TD vAlign=bottom align=right width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="16%" bgColor=#e6efff><BR>252,662,434 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>(C) </TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="16%">&nbsp; </TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="16%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >(Repeat for each other class
      or series of securities to which paragraph 2.7(b) of the Rule applies) </TD>
    <TD vAlign=bottom align=right width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="16%" bgColor=#e6efff></TD>
    <TD vAlign=bottom align=right width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="16%" bgColor=#e6efff>N/A (D) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="16%">&nbsp; </TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="16%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff ><B>Capitalization for the
      last completed fiscal year </B>(Add market value of all classes and series
      of securities) </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="16%" bgColor=#e6efff>(A) + (B) + (C)
      + (D) = </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="16%" bgColor=#e6efff>2,094,647,272 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="16%">&nbsp; </TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="16%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff ><B>Participation Fee
      </B><BR>(From Appendix A of the Rule, select the participation fee beside
      the capitalization calculated above) </TD>
    <TD vAlign=bottom align=right width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="16%" bgColor=#e6efff><BR></TD>
    <TD vAlign=bottom align=right width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="16%" bgColor=#e6efff><BR>53,145 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="16%">&nbsp; </TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="16%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff ><B>Late Fee, </B>if
      applicable <BR>(As determined under section 2.5 of the Rule) </TD>
    <TD vAlign=bottom align=right width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="16%" bgColor=#e6efff></TD>
    <TD vAlign=bottom align=right width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="16%" bgColor=#e6efff>&nbsp; &nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="2%"  bgColor=#e6efff>&nbsp;</TD></TR></TABLE>
<BR>
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<DOCUMENT>
<TYPE>EX-99.4
<SEQUENCE>5
<FILENAME>exhibit99-4.htm
<DESCRIPTION>EXHIBIT 99.4
<TEXT>
<HTML>
<HEAD>
   <TITLE>B2Gold Corp.: Exhibit 99.4 - Filed by newsfilecorp.com</TITLE>
   <META name="HandheldFriendly" content="true">
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<A name=page_1></A>
<P align=center><B><FONT color="#004080" size=4>FORM 13-502F1 </FONT></B><BR>
  <B><FONT color="#004080" size=4>CLASS 1 REPORTING
ISSUERS &#150; PARTICIPATION FEE </FONT></B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left bgColor=#e6efff><B>Reporting Issuer
      Name</B>:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      <U>B2Gold Corp. </U></TD></TR>
  <TR>
    <TD>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff><B>End date of last completed fiscal
      year</B>:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      <U>December 31, 2013 </U></TD></TR>
  <TR>
    <TD>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff><B>End date of reference fiscal year:
      </B><U>December 31, 2011 </U></TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (A reporting issuer&#146;s
      reference fiscal year is the reporting issuer&#146;s last fiscal year ending
      before May 1, 2012, provided that it was a reporting issuer at the end of
      that fiscal year and, if it became a reporting issuer in that year as a
      consequence of a prospectus receipt, all or substantially all of its
      securities were listed or quoted on a marketplace at the end of that
      fiscal year. In any other case, it is the reporting issuer&#146;s last
      completed fiscal year.) </TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left bgColor=#e6efff><U>Market value of listed or quoted
      securities</U>: </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Total number of securities of a class or series outstanding
      as at the end <BR>of the issuer&#146;s reference fiscal year </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    ><BR></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%"><BR>382,494,656 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    ><BR>(i) </TD>
    <TD align=left width="1%" ><BR></TD>
    <TD align=left width="12%"><BR></TD>
    <TD align=left width="2%" ><BR></TD></TR>
  <TR>
    <TD bgColor=#e6efff>&nbsp; </TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff></TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Simple average of the closing price of that class or series
      as of the last <BR>trading day of each month in the reference fiscal year,
      computed with <BR>reference to clauses 2.7(1)(a)(ii)(A) and (B) and
      subsection 2.7(2) of <BR>the Rule) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    ><BR><BR><BR></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%"><BR><BR><BR>3.2275 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    ><BR><BR><BR>(ii) </TD>
    <TD align=left width="1%" ><BR><BR><BR></TD>
    <TD align=right width="12%"><BR><BR><BR></TD>
    <TD align=left width="2%" ><BR><BR><BR></TD></TR>
  <TR>
    <TD bgColor=#e6efff>&nbsp; </TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff></TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Market value of class or series </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">(i) X (ii) = </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">1,234,501,502 (A) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    ></TD></TR>
  <TR>
    <TD bgColor=#e6efff>&nbsp; </TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff></TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>(Repeat the above calculation for each class or series of
      securities of the reporting issuer that <BR>was listed or quoted on a
      marketplace in Canada or the United States of America at the end of
      <BR>the reference fiscal year) </TD>
    <TD align=left width="1%" ><BR><BR></TD>
    <TD align=right width="12%" ><BR><BR></TD>
    <TD align=left width="2%" ><BR><BR></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    ><BR><BR></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%"><BR><BR>(B) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    ><BR><BR></TD></TR>
  <TR>
    <TD bgColor=#e6efff>&nbsp; </TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff></TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Market value of other securities not valued at the end of
      any trading <BR>day in a month: (See paragraph 2.7(1)(b) of the Rule) </TD>
    <TD align=left width="1%" ><BR></TD>
    <TD align=right width="12%"><BR></TD>
    <TD align=left width="2%" ><BR></TD>
    <TD align=left width="1%" ><BR></TD>
    <TD align=right width="12%"><BR></TD>
    <TD align=left width="2%" ><BR></TD></TR>
  <TR>
    <TD bgColor=#e6efff>&nbsp; </TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff></TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>(Provide details of how value was determined) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%"></TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">(C)
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR>
    <TD bgColor=#e6efff>&nbsp; </TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff></TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>(Repeat for each other class or series of securities to
      which paragraph <BR>2.7(1)(b) of the Rules applies) </TD>
    <TD align=left width="1%" ><BR></TD>
    <TD align=right width="12%"><BR></TD>
    <TD align=left width="2%" ><BR></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    ><BR></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%"><BR>(D) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    ><BR></TD></TR>
  <TR>
    <TD bgColor=#e6efff>&nbsp; </TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff></TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Capitalization for the reference fiscal year </B></TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%"></TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>(Add market value of all classes and series
      of securities) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(A) + (B) + (C) + (D) = </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right width="12%"
    bgColor=#e6efff>1,234,501,502 </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD align=right width="12%"></TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD align=right width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff><B>Participation Fee (determined without
      reference to subsection </B><BR><B>2.2(3.1) of the Rule </B></TD>
    <TD align=left width="1%"  bgColor=#e6efff><BR></TD>
    <TD align=right width="12%" bgColor=#e6efff><BR></TD>
    <TD align=left width="2%"  bgColor=#e6efff><BR></TD>
    <TD align=left width="1%"  bgColor=#e6efff><BR></TD>
    <TD align=right width="12%" bgColor=#e6efff><BR></TD>
    <TD align=left width="2%"  bgColor=#e6efff><BR></TD></TR>
  <TR vAlign=top>
    <TD align=left>(From Appendix A of the Rule, select the participation fee
      beside the <BR>capitalization calculated above) </TD>
    <TD align=left width="1%" ><BR></TD>
    <TD align=right width="12%"><BR></TD>
    <TD align=left width="2%" ><BR></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="1%"
    ><BR></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right
      width="12%"><BR>53,145(iii) </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="2%"
    ><BR></TD></TR>
  <TR>
    <TD bgColor=#e6efff>&nbsp; </TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff></TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Did the issuer become a reporting issuer in the previous
      fiscal year as <BR>a result of a prospectus receipt? If no, participation
      fee equals (iii) <BR>amount above. </TD>
    <TD align=left width="1%" ><BR><BR></TD>
    <TD align=right width="12%"><BR><BR></TD>
    <TD align=left width="2%" ><BR><BR></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="1%"
    ><BR><BR></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right
      width="12%"><BR><BR>(iii) </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="2%"
    ><BR><BR></TD></TR>
  <TR>
    <TD bgColor=#e6efff>&nbsp; </TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff></TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>If yes, prorate (iii) amount as calculated in subsection
      2.2(3.1) of the <BR>Rule to determine participation fee </TD>
    <TD align=left width="1%" ><BR></TD>
    <TD align=right width="12%"><BR></TD>
    <TD align=left width="2%" ><BR></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="1%"
    ><BR></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right
      width="12%"><BR>(iv) </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="2%"
    ><BR></TD></TR>
  <TR>
    <TD bgColor=#e6efff>&nbsp; </TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff></TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Late Fee</B>, if applicable </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%"></TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>(As determined under section 2.5 of the
      Rule) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff></TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="12%"
    bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR></TABLE><BR>
<HR align=center width="100%" color=black noShade SIZE=5>

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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
