<SEC-DOCUMENT>0001062993-15-001333.txt : 20150313
<SEC-HEADER>0001062993-15-001333.hdr.sgml : 20150313
<ACCEPTANCE-DATETIME>20150313144610
ACCESSION NUMBER:		0001062993-15-001333
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		6
CONFORMED PERIOD OF REPORT:	20141231
FILED AS OF DATE:		20150313
DATE AS OF CHANGE:		20150313

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:		15698921

	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">
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<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 2015</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>
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noShade SIZE=5>
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<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 13, 2015</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>
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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, 2014 and 2013</a> </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee ><a href="exhibit99-2.htm">99.2</a></TD>
    <TD align=left bgColor=#eeeeee><a href="exhibit99-2.htm">Management&#146;s Discussion and Analysis for the Year Ended December 31, 2014</a></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left>&nbsp;</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 &ndash; Participation Fee</a></TD>
  </TR>
</TABLE>
<BR>
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</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>
   <META name="HandheldFriendly" content="true">
</HEAD>

<BODY style="font-size:10pt;">

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<IMG border=0
src="exhibit99-1x1x1.jpg"> </p>
<p>&nbsp;</p>
<P align=justify><B>B2GOLD CORP. <BR></B><B>Consolidated Financial Statements
<BR>December 31, 2014 and 2013 </B></P>
<P align=justify>&nbsp;</P>
<P align=justify>&nbsp;</P>
<P align=justify>&nbsp;</P>
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width="100%" noShade>
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<br>
<IMG border=0 src="exhibit99-1x2x1.jpg"> <BR>
<P align=justify><B>March 12, 2015 </B></P>
<P align=justify><B>Independent Auditor&#146;s Report </B></P>
<P align=justify><B>To the Shareholders of B2Gold Corp.</B> </P>
<P align=justify>We have completed an integrated audit of B2Gold Corp&#146;s December
31, 2014 consolidated financial statements and its internal control over
financial reporting as at December 31, 2014 and an audit of its December 31,
2013 consolidated financial statements. Our opinions, based on our audits, are
presented below.</P>
<P align=justify><B>Report on the consolidated financial statements<BR></B>We
have audited the accompanying consolidated financial statements of B2Gold Corp.,
which comprise the consolidated balance sheets as at December 31, 2014 and
December 31, 2013 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 align=justify><B>Management&#146;s responsibility for the consolidated financial
statements <BR></B>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 align=justify><B>Auditor&#146;s responsibility <BR></B>Our responsibility is to
express an opinion on these consolidated financial statements based on our
audits. We conducted our audit as at December 31, 2014 and for the year then
ended in accordance with Canadian generally accepted auditing standards and the
standards of the Public Company Accounting Oversight Board (United States). We
conducted our audit of the company&#146;s consolidated financial statements for the
year ended December 31, 2013<B> </B>in accordance with Canadian generally
accepted auditing standards. Those standards require that we plan and perform
the audit to obtain reasonable assurance about whether the consolidated
financial statements are free from material misstatement. Canadian generally
accepted auditing standards also require that we comply with ethical
requirements. </P>
<P align=justify>An audit involves performing procedures to obtain audit
evidence, on a test basis, 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
company&#146;s preparation and fair presentation of the consolidated financial
statements in order to design audit procedures that are appropriate in the
circumstances. An audit also includes evaluating the appropriateness of
accounting principles and policies used and the reasonableness of accounting
estimates made by management, as well as evaluating the overall presentation of
the consolidated financial statements. </P>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-TOP: #000000 1px solid"
    borderColor=#800080 align=left><I>PricewaterhouseCoopers LLP</I> </TD></TR>
  <TR vAlign=top>
    <TD align=left><I>PricewaterhouseCoopers Place, 250 Howe Street, Suite
      700, Vancouver, British Columbia, Canada V6C 3S7</I> </TD></TR>
  <TR vAlign=top>
    <TD align=left><I>T: +1 604 806 7000, F: +1 604 806 7806,
      www.pwc.com/ca</I> </TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
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<br>
<IMG border=0
src="exhibit99-1x2x1.jpg"> <BR>
<P 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 on
the consolidated financial statements. </P>
<P align=justify><B>Opinion <BR></B>In our opinion, the consolidated financial
statements present fairly, in all material respects, the financial position of
B2Gold Corp. as at December 31, 2014 and December 31, 2013 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 align=justify><B>Report on internal control over financial
reporting<BR></B>We have also audited B2Gold Corp&#146;s internal control over
financial reporting as at December 31, 2014, based on criteria established in
Internal Control - Integrated Framework (2013) issued by the Committee of
Sponsoring Organizations of the Treadway Commission (COSO). </P>
<P align=justify><B>Management&#146;s responsibility for internal control over
financial reporting <BR></B>Management is responsible for maintaining effective
internal control over financial reporting and for its assessment of the
effectiveness of internal control over financial reporting, included in
Management&#146;s annual report on internal control over financial reporting. </P>
<P align=justify><B>Auditor&#146;s responsibility <BR></B>Our responsibility is to
express an opinion on the company&#146;s internal control over financial reporting
based on our audit. We conducted our audit of internal control over financial
reporting in accordance with the standards of the Public Company Accounting
Oversight Board (United States). Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether effective
internal control over financial reporting was maintained in all material
respects. </P>
<P align=justify>An audit of internal control over financial reporting includes
obtaining an understanding of internal control over financial reporting,
assessing the risk that a material weakness exists, testing and evaluating the
design and operating effectiveness of internal control based on the assessed
risk, and performing such other procedures as we consider necessary in the
circumstances. </P>
<P align=justify>We believe that our audit provides a reasonable basis for our
audit opinion on the company&#146;s internal control over financial reporting. </P>
<P align=justify><B>Definition of internal control over financial reporting
<BR></B>A company&#146;s internal control over financial reporting is a process
designed to provide reasonable assurance regarding the reliability of financial
reporting and the preparation of financial statements for external purposes in
accordance with generally accepted accounting principles. A company&#146;s internal
control over financial reporting includes those policies and procedures that:
(i) pertain to the maintenance of records that, in reasonable detail, accurately
and fairly reflect the transactions and dispositions of the assets of the
company; (ii) provide reasonable assurance that transactions are recorded as
necessary to permit preparation of financial statements in accordance with
generally accepted accounting principles, and that receipts and expenditures of
the company are being made only in accordance with authorizations of management
and directors of the company; and (iii) provide reasonable assurance regarding
prevention or timely detection of the unauthorized acquisition, use, or
disposition of the company&#146;s assets that could have a material effect on the
financial statements.</P>
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<br>
<IMG border=0
src="exhibit99-1x2x1.jpg"> <BR>
<P align=justify><B>Inherent limitations <BR></B>Because of its inherent
limitations, internal control over financial reporting may not prevent or detect
misstatements. Also, projections of any evaluation of effectiveness to future
periods are subject to the risk that controls may become inadequate because of
changes in conditions or that the degree of compliance with the policies or
procedures may deteriorate. </P>
<P align=justify>As described in Management&#146;s annual report on internal control
over financial reporting, management has excluded the company&#146;s wholly owned
subsidiary Papillon Resources Limited from its assessment of internal control
over financial reporting as at December 31, 2014 because it was acquired by the
company in during 2014. We have also excluded Papillon Resources Limited from
our audit of internal control over financial reporting. Papillon Resources
Limited is a wholly owned subsidiary whose total assets and revenues represent
24% and 0%, respectively, of the related consolidated financial statement
amounts as at and for the year ended December 31, 2014 </P>
<P align=justify><B>Opinion <BR></B>In our opinion, B2Gold Corp. maintained, in
all material respects, effective internal control over financial reporting as at
December 31, 2014, based on criteria established in Internal Control -
Integrated Framework (2013) issued by COSO. </P>
<P align=justify><I>signed &#147;PricewaterhouseCoopers LLP&#148;</I> <BR><B>Chartered
Accountants </B></P>
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width="100%" noShade>
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<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD align=left><B>B2GOLD CORP.</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>CONSOLIDATED STATEMENTS OF OPERATIONS</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>FOR THE YEARS ENDED DECEMBER 31</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left>(Expressed in thousands of United States dollars, except
      shares and per share amounts) </TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid"
  align=left>&nbsp;</TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD bgColor=#ffffff vAlign=bottom noWrap align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#ffffff vAlign=bottom
    width="1%" noWrap align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#ffffff vAlign=bottom
    width="12%" noWrap align=center><B><I>2014</I></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#ffffff vAlign=bottom
    width="2%" noWrap align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#ffffff vAlign=bottom
    width="1%" noWrap align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#ffffff vAlign=bottom
    width="12%" noWrap align=center><B><I>2013</I></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#ffffff vAlign=bottom
    width="2%" noWrap align=left>&nbsp;</TD></TR>
  <TR>
    <TD bgColor=#ffffff vAlign=bottom noWrap>&nbsp; </TD>
    <TD bgColor=#ffffff vAlign=bottom width="1%" noWrap>&nbsp;</TD>
    <TD bgColor=#ffffff vAlign=bottom width="12%" noWrap>&nbsp; </TD>
    <TD bgColor=#ffffff vAlign=bottom width="2%" noWrap>&nbsp;</TD>
    <TD bgColor=#ffffff vAlign=bottom width="1%" noWrap>&nbsp;</TD>
    <TD bgColor=#ffffff vAlign=bottom width="12%" noWrap>&nbsp; </TD>
    <TD bgColor=#ffffff vAlign=bottom width="2%" noWrap>&nbsp;</TD></TR>
  <TR>
    <TD bgColor=#ffffff vAlign=bottom>&nbsp; </TD>
    <TD bgColor=#ffffff vAlign=bottom width="1%">&nbsp;</TD>
    <TD bgColor=#ffffff vAlign=bottom width="12%">&nbsp; </TD>
    <TD bgColor=#ffffff vAlign=bottom width="2%">&nbsp;</TD>
    <TD bgColor=#ffffff vAlign=bottom width="1%">&nbsp;</TD>
    <TD bgColor=#ffffff vAlign=bottom width="12%">&nbsp; </TD>
    <TD bgColor=#ffffff vAlign=bottom width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff vAlign=bottom align=left><B>Gold revenue</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="1%" align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="12%" align=right><B>&nbsp;486,624</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="1%" align=left>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="12%" align=right>&nbsp;544,272 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="2%" align=left>&nbsp;</TD></TR>
  <TR>
    <TD bgColor=#ffffff vAlign=bottom>&nbsp; </TD>
    <TD bgColor=#ffffff vAlign=bottom width="1%">&nbsp;</TD>
    <TD bgColor=#ffffff vAlign=bottom width="12%">&nbsp; </TD>
    <TD bgColor=#ffffff vAlign=bottom width="2%">&nbsp;</TD>
    <TD bgColor=#ffffff vAlign=bottom width="1%">&nbsp;</TD>
    <TD bgColor=#ffffff vAlign=bottom width="12%">&nbsp; </TD>
    <TD bgColor=#ffffff vAlign=bottom width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff vAlign=bottom align=left><B>Cost of sales</B> </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR>
    <TD bgColor=#ffffff vAlign=bottom>&nbsp; </TD>
    <TD bgColor=#ffffff vAlign=bottom width="1%">&nbsp;</TD>
    <TD bgColor=#ffffff vAlign=bottom width="12%">&nbsp; </TD>
    <TD bgColor=#ffffff vAlign=bottom width="2%">&nbsp;</TD>
    <TD bgColor=#ffffff vAlign=bottom width="1%">&nbsp;</TD>
    <TD bgColor=#ffffff vAlign=bottom width="12%">&nbsp; </TD>
    <TD bgColor=#ffffff vAlign=bottom width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff vAlign=bottom align=left>&nbsp; &nbsp;
      &nbsp;Production costs <I>(Note 23)</I> </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%"
    align=right><B>(263,739</B></TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left><B>)</B> </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%" align=right>(261,896</TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>) </TD></TR>
  <TR vAlign=top>
    <TD bgColor=#ffffff vAlign=bottom align=left>&nbsp; &nbsp;
      &nbsp;Depreciation and depletion </TD>
    <TD bgColor=#ffffff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff vAlign=bottom width="12%"
    align=right><B>(112,556</B></TD>
    <TD bgColor=#ffffff vAlign=bottom width="2%" align=left><B>)</B> </TD>
    <TD bgColor=#ffffff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff vAlign=bottom width="12%" align=right>(85,855</TD>
    <TD bgColor=#ffffff vAlign=bottom width="2%" align=left>) </TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff vAlign=bottom align=left>&nbsp; &nbsp; &nbsp;Royalties
      and production taxes </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%"
align=right><B>(16,461</B></TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left><B>)</B> </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%" align=right>(16,706</TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>) </TD></TR>
  <TR vAlign=top>
    <TD bgColor=#ffffff vAlign=bottom align=left>&nbsp; &nbsp; &nbsp;Inventory
      fair value adjustments on CGA acquisition <I>(Note 8)</I> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff vAlign=bottom
    width="12%" align=right><B>-</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff vAlign=bottom
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff vAlign=bottom
    width="12%" align=right>(32,869</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff vAlign=bottom
    width="2%" align=left>) </TD></TR>
  <TR>
    <TD bgColor=#e6efff vAlign=bottom>&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%">&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%">&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#ffffff vAlign=bottom align=left><B>Total cost of sales</B>
</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff vAlign=bottom
    width="12%" align=right><B>(392,756</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff vAlign=bottom
    width="2%" align=left><B>)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff vAlign=bottom
    width="12%" align=right>(397,326</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff vAlign=bottom
    width="2%" align=left>) </TD></TR>
  <TR>
    <TD bgColor=#e6efff vAlign=bottom>&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%">&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%">&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#ffffff vAlign=bottom align=left><B>Gross profit</B> </TD>
    <TD bgColor=#ffffff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff vAlign=bottom width="12%" align=right><B>93,868</B>
</TD>
    <TD bgColor=#ffffff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff vAlign=bottom width="12%" align=right>146,946 </TD>
    <TD bgColor=#ffffff vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR>
    <TD bgColor=#e6efff vAlign=bottom>&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%">&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%">&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%">&nbsp;</TD></TR>
  <TR>
    <TD bgColor=#ffffff vAlign=bottom>&nbsp; </TD>
    <TD bgColor=#ffffff vAlign=bottom width="1%">&nbsp;</TD>
    <TD bgColor=#ffffff vAlign=bottom width="12%">&nbsp; </TD>
    <TD bgColor=#ffffff vAlign=bottom width="2%">&nbsp;</TD>
    <TD bgColor=#ffffff vAlign=bottom width="1%">&nbsp;</TD>
    <TD bgColor=#ffffff vAlign=bottom width="12%">&nbsp; </TD>
    <TD bgColor=#ffffff vAlign=bottom width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff vAlign=bottom align=left>General and administrative
</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%"
align=right><B>(37,977</B></TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left><B>)</B> </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%" align=right>(31,869</TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>) </TD></TR>
  <TR vAlign=top>
    <TD bgColor=#ffffff vAlign=bottom align=left>Share-based payments <I>(Note
      16)</I> </TD>
    <TD bgColor=#ffffff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff vAlign=bottom width="12%"
align=right><B>(16,105</B></TD>
    <TD bgColor=#ffffff vAlign=bottom width="2%" align=left><B>)</B> </TD>
    <TD bgColor=#ffffff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff vAlign=bottom width="12%" align=right>(18,328</TD>
    <TD bgColor=#ffffff vAlign=bottom width="2%" align=left>) </TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff vAlign=bottom align=left>Provision for non-recoverable
      input taxes </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%"
align=right><B>(16,264</B></TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left><B>)</B> </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%" align=right>(3,132</TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>) </TD></TR>
  <TR vAlign=top>
    <TD bgColor=#ffffff vAlign=bottom align=left>Foreign exchange losses </TD>
    <TD bgColor=#ffffff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff vAlign=bottom width="12%" align=right><B>(3,983</B></TD>
    <TD bgColor=#ffffff vAlign=bottom width="2%" align=left><B>)</B> </TD>
    <TD bgColor=#ffffff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff vAlign=bottom width="12%" align=right>(4,748</TD>
    <TD bgColor=#ffffff vAlign=bottom width="2%" align=left>) </TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff vAlign=bottom align=left>Impairment of goodwill and
      other long-lived assets <I>(Note 6)</I> </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%"
    align=right><B>(734,378</B></TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left><B>)</B> </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%" align=right>- </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#ffffff vAlign=bottom align=left>Write-off of mineral property
      interests <I>(Note 12)</I> </TD>
    <TD bgColor=#ffffff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff vAlign=bottom width="12%"
align=right><B>(21,465</B></TD>
    <TD bgColor=#ffffff vAlign=bottom width="2%" align=left><B>)</B> </TD>
    <TD bgColor=#ffffff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff vAlign=bottom width="12%" align=right>(9,564</TD>
    <TD bgColor=#ffffff vAlign=bottom width="2%" align=left>) </TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff vAlign=bottom align=left>CGA acquisition costs
      <I>(Note 8)</I> </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%" align=right><B>-</B> </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%" align=right>(5,859</TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>) </TD></TR>
  <TR vAlign=top>
    <TD bgColor=#ffffff vAlign=bottom align=left>Gain on sale of Brucejack
      royalty <I>(Note 12)</I> </TD>
    <TD bgColor=#ffffff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff vAlign=bottom width="12%" align=right><B>-</B> </TD>
    <TD bgColor=#ffffff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff vAlign=bottom width="12%" align=right>44,496 </TD>
    <TD bgColor=#ffffff vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff vAlign=bottom align=left>Other </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="12%" align=right><B>(4,994</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="2%" align=left><B>)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="12%" align=right>(1,744</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="2%" align=left>) </TD></TR>
  <TR>
    <TD bgColor=#ffffff vAlign=bottom>&nbsp; </TD>
    <TD bgColor=#ffffff vAlign=bottom width="1%">&nbsp;</TD>
    <TD bgColor=#ffffff vAlign=bottom width="12%">&nbsp; </TD>
    <TD bgColor=#ffffff vAlign=bottom width="2%">&nbsp;</TD>
    <TD bgColor=#ffffff vAlign=bottom width="1%">&nbsp;</TD>
    <TD bgColor=#ffffff vAlign=bottom width="12%">&nbsp; </TD>
    <TD bgColor=#ffffff vAlign=bottom width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff vAlign=bottom align=left><B>Operating (loss)
      income</B> </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%"
    align=right><B>(741,298</B></TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left><B>)</B> </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%" align=right>116,198 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR>
    <TD bgColor=#ffffff vAlign=bottom>&nbsp; </TD>
    <TD bgColor=#ffffff vAlign=bottom width="1%">&nbsp;</TD>
    <TD bgColor=#ffffff vAlign=bottom width="12%">&nbsp; </TD>
    <TD bgColor=#ffffff vAlign=bottom width="2%">&nbsp;</TD>
    <TD bgColor=#ffffff vAlign=bottom width="1%">&nbsp;</TD>
    <TD bgColor=#ffffff vAlign=bottom width="12%">&nbsp; </TD>
    <TD bgColor=#ffffff vAlign=bottom width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff vAlign=bottom align=left>Gain on fair value of
      convertible notes <I>(Note 14)</I> </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%" align=right><B>9,797</B> </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%" align=right>22,815 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#ffffff vAlign=bottom align=left>Community relations </TD>
    <TD bgColor=#ffffff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff vAlign=bottom width="12%" align=right><B>(7,529</B></TD>
    <TD bgColor=#ffffff vAlign=bottom width="2%" align=left><B>)</B> </TD>
    <TD bgColor=#ffffff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff vAlign=bottom width="12%" align=right>(8,079</TD>
    <TD bgColor=#ffffff vAlign=bottom width="2%" align=left>) </TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff vAlign=bottom align=left>Interest and financing
      expense </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%" align=right><B>(5,695</B></TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left><B>)</B> </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%" align=right>(5,597</TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>) </TD></TR>
  <TR vAlign=top>
    <TD bgColor=#ffffff vAlign=bottom align=left>Realized losses on derivative
      instruments <I>(Note 18)</I> </TD>
    <TD bgColor=#ffffff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff vAlign=bottom width="12%" align=right><B>(1,867</B></TD>
    <TD bgColor=#ffffff vAlign=bottom width="2%" align=left><B>)</B> </TD>
    <TD bgColor=#ffffff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff vAlign=bottom width="12%" align=right>(4,815</TD>
    <TD bgColor=#ffffff vAlign=bottom width="2%" align=left>) </TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff vAlign=bottom align=left>Unrealized losses on
      derivative instruments <I>(Note 18)</I> </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%" align=right><B>(50</B></TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left><B>)</B> </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%" align=right>(2,660</TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>) </TD></TR>
  <TR vAlign=top>
    <TD bgColor=#ffffff vAlign=bottom align=left>Write-down of long-term
      investments <I>(Note 11)</I> </TD>
    <TD bgColor=#ffffff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff vAlign=bottom width="12%" align=right><B>(7,194</B></TD>
    <TD bgColor=#ffffff vAlign=bottom width="2%" align=left><B>)</B> </TD>
    <TD bgColor=#ffffff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff vAlign=bottom width="12%" align=right>(20,552</TD>
    <TD bgColor=#ffffff vAlign=bottom width="2%" align=left>) </TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff vAlign=bottom align=left>Convertible notes transaction
      costs <I>(Note 14)</I> </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%" align=right><B>-</B> </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%" align=right>(9,683</TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>) </TD></TR>
  <TR vAlign=top>
    <TD bgColor=#ffffff vAlign=bottom align=left>Other </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff vAlign=bottom
    width="12%" align=right><B>2,386</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff vAlign=bottom
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff vAlign=bottom
    width="12%" align=right>(522</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff vAlign=bottom
    width="2%" align=left>) </TD></TR>
  <TR>
    <TD bgColor=#e6efff vAlign=bottom>&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%">&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%">&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#ffffff vAlign=bottom align=left><B>(Loss) income before
      taxes</B> </TD>
    <TD bgColor=#ffffff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff vAlign=bottom width="12%"
    align=right><B>(751,450</B></TD>
    <TD bgColor=#ffffff vAlign=bottom width="2%" align=left><B>)</B> </TD>
    <TD bgColor=#ffffff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff vAlign=bottom width="12%" align=right>87,105 </TD>
    <TD bgColor=#ffffff vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR>
    <TD bgColor=#e6efff vAlign=bottom>&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%">&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%">&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#ffffff vAlign=bottom align=left>Current income tax,
      withholding and other taxes <I>(Note 20)</I> </TD>
    <TD bgColor=#ffffff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff vAlign=bottom width="12%"
align=right><B>(24,251</B></TD>
    <TD bgColor=#ffffff vAlign=bottom width="2%" align=left><B>)</B> </TD>
    <TD bgColor=#ffffff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff vAlign=bottom width="12%" align=right>(22,899</TD>
    <TD bgColor=#ffffff vAlign=bottom width="2%" align=left>) </TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff vAlign=bottom align=left>Deferred income tax recovery
      <I>(Note 20)</I> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="12%" align=right><B>109,316</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="12%" align=right>3,097 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="2%" align=left>&nbsp;</TD></TR>
  <TR>
    <TD bgColor=#ffffff vAlign=bottom>&nbsp; </TD>
    <TD bgColor=#ffffff vAlign=bottom width="1%">&nbsp;</TD>
    <TD bgColor=#ffffff vAlign=bottom width="12%">&nbsp; </TD>
    <TD bgColor=#ffffff vAlign=bottom width="2%">&nbsp;</TD>
    <TD bgColor=#ffffff vAlign=bottom width="1%">&nbsp;</TD>
    <TD bgColor=#ffffff vAlign=bottom width="12%">&nbsp; </TD>
    <TD bgColor=#ffffff vAlign=bottom width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff vAlign=bottom align=left><B>Net (loss) income for the
      year</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#e6efff vAlign=bottom
    width="1%" align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#e6efff vAlign=bottom
    width="12%" align=right><B>&nbsp;(666,385</B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#e6efff vAlign=bottom
    width="2%" align=left><B>)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#e6efff vAlign=bottom
    width="1%" align=left>$</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#e6efff vAlign=bottom
    width="12%" align=right>&nbsp;67,303 </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#e6efff vAlign=bottom
    width="2%" align=left>&nbsp;</TD></TR>
  <TR>
    <TD bgColor=#ffffff vAlign=bottom>&nbsp; </TD>
    <TD bgColor=#ffffff vAlign=bottom width="1%">&nbsp;</TD>
    <TD bgColor=#ffffff vAlign=bottom width="12%">&nbsp; </TD>
    <TD bgColor=#ffffff vAlign=bottom width="2%">&nbsp;</TD>
    <TD bgColor=#ffffff vAlign=bottom width="1%">&nbsp;</TD>
    <TD bgColor=#ffffff vAlign=bottom width="12%">&nbsp; </TD>
    <TD bgColor=#ffffff vAlign=bottom width="2%">&nbsp;</TD></TR>
  <TR>
    <TD bgColor=#e6efff vAlign=bottom>&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%">&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%">&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#ffffff vAlign=bottom align=left><B>Attributable to:</B> </TD>
    <TD bgColor=#ffffff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff vAlign=bottom width="12%" align=left>&nbsp; </TD>
    <TD bgColor=#ffffff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff vAlign=bottom width="12%" align=left>&nbsp; </TD>
    <TD bgColor=#ffffff vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff vAlign=bottom align=left>&nbsp; &nbsp;
      &nbsp;Shareholders of the Company </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left><B>$</B></TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%"
      align=right><B>&nbsp;(665,273</B></TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left><B>)</B> </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>$</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%" align=right>&nbsp;67,303 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#ffffff vAlign=bottom align=left>&nbsp; &nbsp;
      &nbsp;Non-controlling interests </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff vAlign=bottom
    width="12%" align=right><B>(1,112</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff vAlign=bottom
    width="2%" align=left><B>)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff vAlign=bottom
    width="12%" align=right>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff vAlign=bottom
    width="2%" align=left>&nbsp;</TD></TR>
  <TR>
    <TD bgColor=#e6efff vAlign=bottom>&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%">&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%">&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#ffffff vAlign=bottom align=left><B>Net (loss) income for the
      year</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#ffffff vAlign=bottom
    width="1%" align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#ffffff vAlign=bottom
    width="12%" align=right><B>&nbsp;(666,385</B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#ffffff vAlign=bottom
    width="2%" align=left><B>)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#ffffff vAlign=bottom
    width="1%" align=left>$</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#ffffff vAlign=bottom
    width="12%" align=right>&nbsp;67,303 </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#ffffff vAlign=bottom
    width="2%" align=left>&nbsp;</TD></TR>
  <TR>
    <TD bgColor=#e6efff vAlign=bottom>&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%">&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%">&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%">&nbsp;</TD></TR>
  <TR>
    <TD bgColor=#ffffff vAlign=bottom>&nbsp; </TD>
    <TD bgColor=#ffffff vAlign=bottom width="1%">&nbsp;</TD>
    <TD bgColor=#ffffff vAlign=bottom width="12%">&nbsp; </TD>
    <TD bgColor=#ffffff vAlign=bottom width="2%">&nbsp;</TD>
    <TD bgColor=#ffffff vAlign=bottom width="1%">&nbsp;</TD>
    <TD bgColor=#ffffff vAlign=bottom width="12%">&nbsp; </TD>
    <TD bgColor=#ffffff vAlign=bottom width="2%">&nbsp;</TD></TR>
  <TR>
    <TD bgColor=#e6efff vAlign=bottom>&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%">&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%">&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#ffffff vAlign=bottom align=left><B>(Loss) earnings per share
      </B>(attributable to shareholders of the Company) <I>(Note 16)</I> </TD>
    <TD bgColor=#ffffff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff vAlign=bottom width="12%" align=left>&nbsp; </TD>
    <TD bgColor=#ffffff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff vAlign=bottom width="12%" align=left>&nbsp; </TD>
    <TD bgColor=#ffffff vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff vAlign=bottom align=left>&nbsp; &nbsp; &nbsp;Basic </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left><B>$</B></TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%"
      align=right><B>&nbsp;(0.90</B></TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left><B>)</B> </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>$</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%" align=right>&nbsp;0.11 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#ffffff vAlign=bottom align=left>&nbsp; &nbsp; &nbsp;Diluted
    </TD>
    <TD bgColor=#ffffff vAlign=bottom width="1%" align=left><B>$</B></TD>
    <TD bgColor=#ffffff vAlign=bottom width="12%"
      align=right><B>&nbsp;(0.90</B></TD>
    <TD bgColor=#ffffff vAlign=bottom width="2%" align=left><B>)</B> </TD>
    <TD bgColor=#ffffff vAlign=bottom width="1%" align=left>$</TD>
    <TD bgColor=#ffffff vAlign=bottom width="12%" align=right>&nbsp;0.07 </TD>
    <TD bgColor=#ffffff vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR>
    <TD bgColor=#e6efff vAlign=bottom>&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%">&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%">&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#ffffff vAlign=bottom align=left><B>Weighted average number of
      common shares outstanding </B>(in thousands) <I>(Note 16)</I> </TD>
    <TD bgColor=#ffffff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff vAlign=bottom width="12%" align=left>&nbsp; </TD>
    <TD bgColor=#ffffff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff vAlign=bottom width="12%" align=left>&nbsp; </TD>
    <TD bgColor=#ffffff vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff vAlign=bottom align=left>&nbsp; &nbsp; &nbsp;Basic </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%" align=right><B>741,097</B>
    </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%" align=right>636,130 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#ffffff vAlign=bottom align=left>&nbsp; &nbsp; &nbsp;Diluted
    </TD>
    <TD bgColor=#ffffff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff vAlign=bottom width="12%" align=right><B>741,097</B>
    </TD>
    <TD bgColor=#ffffff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff vAlign=bottom width="12%" align=right>663,785 </TD>
    <TD bgColor=#ffffff vAlign=bottom width="2%"
  align=left>&nbsp;</TD></TR></TABLE>
<P align=center>See accompanying notes to consolidated financial statements.
</P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<!--$$/page=--><A name=page_6></A><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD align=left><B>B2GOLD CORP.</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME</B>
  </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>FOR THE YEARS ENDED DECEMBER 31</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left>(Expressed in thousands of United States dollars) </TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid"
  align=left>&nbsp;</TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD align=left vAlign=bottom nowrap>&nbsp; </TD>
    <TD width="1%"
    align=center vAlign=bottom nowrap style="BORDER-BOTTOM: #000000 3px double">&nbsp;</TD>
    <TD width="12%"
    align=center vAlign=bottom nowrap style="BORDER-BOTTOM: #000000 3px double"><B><I>2014</I></B> </TD>
    <TD width="2%"
    align=center vAlign=bottom nowrap style="BORDER-BOTTOM: #000000 3px double">&nbsp;</TD>
    <TD width="1%"
    align=center vAlign=bottom nowrap style="BORDER-BOTTOM: #000000 3px double">&nbsp;</TD>
    <TD width="12%"
    align=center vAlign=bottom nowrap style="BORDER-BOTTOM: #000000 3px double"><B><I>2013</I></B> </TD>
  <TD width="2%"
    align=center vAlign=bottom nowrap style="BORDER-BOTTOM: #000000 3px double">&nbsp;</TD>
  </TR>
  <TR>
    <TD vAlign=bottom nowrap>&nbsp; </TD>
    <TD width="1%" vAlign=bottom nowrap>&nbsp;</TD>
    <TD width="12%" vAlign=bottom nowrap>&nbsp; </TD>
    <TD width="2%" vAlign=bottom nowrap>&nbsp;</TD>
    <TD width="1%" vAlign=bottom nowrap>&nbsp;</TD>
    <TD width="12%" vAlign=bottom nowrap>&nbsp; </TD>
  <TD width="2%" vAlign=bottom nowrap>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff vAlign=bottom align=left><B>Net (loss) income for the
      year</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="1%" align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="12%" align=right><B>&nbsp;(666,385</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="2%" align=left><B>)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="1%" align=left>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="12%" align=right>&nbsp;67,303 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left><B>Other comprehensive (loss) income</B> </TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="12%" align=left>&nbsp; </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="12%" align=left>&nbsp; </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff vAlign=bottom align=left>&nbsp; &nbsp; &nbsp;Items
      that may be reclassified subsequently to net income: </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;- Exchange
      differences on translating foreign operations </TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="12%" align=right><B>(32,051</B></TD>
    <TD vAlign=bottom width="2%" align=left><B>)</B> </TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="12%" align=right>(36,259</TD>
    <TD vAlign=bottom width="2%" align=left>) </TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff vAlign=bottom align=left>&nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp;- Unrealized gain on investments, net of deferred tax expense
      <I>(Note 11)</I> </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%" align=right><B>1,037</B> </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%" align=right>1,106 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp; &nbsp; &nbsp;Reclassification
      adjustment for impairment loss on investment to net income <I>(Note
      11)</I> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="12%"
    align=right><B>-</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="12%"
    align=right>1,407 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="2%"
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff vAlign=bottom align=left><B>Other comprehensive loss
      for the year</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="12%" align=right><B>(31,014</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="2%" align=left><B>)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="12%" align=right>(33,746</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="2%" align=left>) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left><B>Total comprehensive (loss) income for the
      year</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width="1%"
    align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width="12%"
    align=right><B>&nbsp;(697,399</B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width="2%"
    align=left><B>)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width="1%"
    align=left>$</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width="12%"
    align=right>&nbsp;33,557 </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width="2%"
    align=left>&nbsp;</TD></TR>
  <TR>
    <TD bgColor=#e6efff vAlign=bottom>&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%">&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%">&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left><B>Total other comprehensive loss
      attributable to:</B> </TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="12%" align=left>&nbsp; </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="12%" align=left>&nbsp; </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff vAlign=bottom align=left>&nbsp; &nbsp;
      &nbsp;Shareholders of the Company </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left><B>$</B></TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%"
      align=right><B>&nbsp;(30,331</B></TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left><B>)</B> </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>$</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%" align=right>&nbsp;(33,746</TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp; &nbsp; &nbsp;Non-controlling interests
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="12%"
    align=right><B>(683</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="2%"
    align=left><B>)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="12%"
    align=right>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="2%"
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff vAlign=bottom align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#e6efff vAlign=bottom
    width="1%" align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#e6efff vAlign=bottom
    width="12%" align=right><B>&nbsp;(31,014</B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#e6efff vAlign=bottom
    width="2%" align=left><B>)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#e6efff vAlign=bottom
    width="1%" align=left>$</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#e6efff vAlign=bottom
    width="12%" align=right>&nbsp;(33,746</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#e6efff vAlign=bottom
    width="2%" align=left>) </TD></TR>
  <TR>
    <TD vAlign=bottom>&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 bgColor=#e6efff vAlign=bottom align=left><B>Total comprehensive (loss)
      income attributable to:</B> </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp; &nbsp; &nbsp;Shareholders of the
      Company </TD>
    <TD vAlign=bottom width="1%" align=left><B>$</B></TD>
    <TD vAlign=bottom width="12%" align=right><B>&nbsp;(695,604</B></TD>
    <TD vAlign=bottom width="2%" align=left><B>)</B> </TD>
    <TD vAlign=bottom width="1%" align=left>$</TD>
    <TD vAlign=bottom width="12%" align=right>&nbsp;33,557 </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff vAlign=bottom align=left>&nbsp; &nbsp;
      &nbsp;Non-controlling interests </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="12%" align=right><B>(1,795</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="2%" align=left><B>)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="12%" align=right>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width="1%"
    align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width="12%"
    align=right><B>&nbsp;(697,399</B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width="2%"
    align=left><B>)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width="1%"
    align=left>$</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width="12%"
    align=right>&nbsp;33,557 </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width="2%"
    align=left>&nbsp;</TD></TR></TABLE>
<P align=center>See accompanying notes to consolidated financial statements.
</P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
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<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD align=left><B>B2GOLD CORP.</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>CONSOLIDATED STATEMENTS OF CASH FLOWS</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>FOR THE YEARS ENDED DECEMBER 31</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left>(Expressed in thousands of United States dollars) </TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid"
  align=left>&nbsp;</TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD vAlign=bottom noWrap align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width="1%"
    noWrap align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width="12%"
    noWrap align=center><B><I>2014</I></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width="2%"
    noWrap align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width="1%"
    noWrap align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width="12%"
    noWrap align=center><B><I>2013</I></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width="2%"
    noWrap align=left>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom noWrap>&nbsp; </TD>
    <TD vAlign=bottom width="1%" noWrap>&nbsp;</TD>
    <TD vAlign=bottom width="12%" noWrap>&nbsp; </TD>
    <TD vAlign=bottom width="2%" noWrap>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap>&nbsp;</TD>
    <TD vAlign=bottom width="12%" noWrap>&nbsp; </TD>
    <TD vAlign=bottom width="2%" noWrap>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left><B>Operating activities</B> </TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="12%" align=left>&nbsp; </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="12%" align=left>&nbsp; </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff vAlign=bottom align=left>&nbsp; &nbsp; &nbsp;Net
      (loss) income for the year </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left><B>$</B></TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%"
      align=right><B>&nbsp;(666,385</B></TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left><B>)</B> </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>$</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%" align=right>&nbsp;67,303 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp; &nbsp; &nbsp;Mine restoration
      provisions settled <I>(Note 15)</I> </TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="12%" align=right><B>(1,721</B></TD>
    <TD vAlign=bottom width="2%" align=left><B>)</B> </TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="12%" align=right>(1,073</TD>
    <TD vAlign=bottom width="2%" align=left>) </TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff vAlign=bottom align=left>&nbsp; &nbsp; &nbsp;Non-cash
      charges <I>(Note 21)</I> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="12%" align=right><B>790,827</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="12%" align=right>87,482 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="2%" align=left>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom>&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 bgColor=#e6efff vAlign=bottom align=left>&nbsp; &nbsp; &nbsp;Cash
      provided by operating activities before changes in non-cash working
      capital </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%" align=right><B>122,721</B>
    </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%" align=right>153,712 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom>&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 bgColor=#e6efff vAlign=bottom align=left>&nbsp; &nbsp; &nbsp;Changes
      in non-cash working capital <I>(Note 21)</I> </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%" align=right><B>3,773</B> </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%" align=right>3,484 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp; &nbsp; &nbsp;Changes in long-term
      value added tax receivables </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="12%"
    align=right><B>(12,794</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="2%"
    align=left><B>)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="12%"
    align=right>(9,369</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="2%"
    align=left>) </TD></TR>
  <TR>
    <TD bgColor=#e6efff vAlign=bottom>&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%">&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%">&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp; &nbsp; &nbsp;Cash provided by
      operating activities </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="12%"
    align=right><B>113,700</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="12%"
    align=right>147,827 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="2%"
    align=left>&nbsp;</TD></TR>
  <TR>
    <TD bgColor=#e6efff vAlign=bottom>&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%">&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%">&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left><B>Financing activities</B> </TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="12%" align=left>&nbsp; </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="12%" align=left>&nbsp; </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff vAlign=bottom align=left>&nbsp; &nbsp; &nbsp;Revolving
      credit facility, net drawdowns and transaction costs <I>(Note 14)</I> </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%" align=right><B>73,717</B>
</TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%" align=right>95,952 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp; &nbsp; &nbsp;Otjikoto equipment loan
      facility, drawdowns net of transaction costs <I>(Note 14)</I> </TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="12%" align=right><B>19,689</B> </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="12%" align=right>9,168 </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff vAlign=bottom align=left>&nbsp; &nbsp; &nbsp;Repayment
      of Otjikoto equipment loan facility <I>(Note 14)</I> </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%" align=right><B>(5,449</B></TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left><B>)</B> </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%" align=right>- </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp; &nbsp; &nbsp;Payment of finance lease
      obligations <I>(Note 14)</I> </TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="12%" align=right><B>(16,017</B></TD>
    <TD vAlign=bottom width="2%" align=left><B>)</B> </TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="12%" align=right>(7,955</TD>
    <TD vAlign=bottom width="2%" align=left>) </TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff vAlign=bottom align=left>&nbsp; &nbsp; &nbsp;Repayment
      of Libertad equipment loan <I>(Note 14)</I> </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%" align=right><B>(868</B></TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left><B>)</B> </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%" align=right>(562</TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp; &nbsp; &nbsp;Convertible notes, net of
      transaction costs <I>(Note 14)</I> </TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="12%" align=right><B>-</B> </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="12%" align=right>249,067 </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff vAlign=bottom align=left>&nbsp; &nbsp; &nbsp;Repayment
      of revolving credit facilities <I>(Note 14)</I> </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%" align=right><B>-</B> </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%" align=right>(50,000</TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp; &nbsp; &nbsp;Masbate project loan
      repayments <I>(Note 14)</I> </TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="12%" align=right><B>-</B> </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="12%" align=right>(18,524</TD>
    <TD vAlign=bottom width="2%" align=left>) </TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff vAlign=bottom align=left>&nbsp; &nbsp; &nbsp;Common
      shares issued for cash <I>(Note 16)</I> </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%" align=right><B>2,820</B> </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%" align=right>2,369 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp; &nbsp; &nbsp;Restricted cash </TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="12%" align=right><B>(3,725</B></TD>
    <TD vAlign=bottom width="2%" align=left><B>)</B> </TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="12%" align=right>7,851 </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff vAlign=bottom align=left>&nbsp; &nbsp; &nbsp;Interest
      and commitment fees paid </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%"
align=right><B>(13,896</B></TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left><B>)</B> </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%" align=right>(2,925</TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp; &nbsp; &nbsp;Common shares issued by
      subsidiary to EVI for cash <I>(Note 12)</I> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="12%"
    align=right><B>-</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="12%"
    align=right>5,095 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="2%"
    align=left>&nbsp;</TD></TR>
  <TR>
    <TD bgColor=#e6efff vAlign=bottom>&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%">&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%">&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp; &nbsp; &nbsp;Cash provided by
      financing activities </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="12%"
    align=right><B>56,271</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="12%"
    align=right>289,536 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="2%"
    align=left>&nbsp;</TD></TR>
  <TR>
    <TD bgColor=#e6efff vAlign=bottom>&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%">&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%">&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left><B>Investing activities</B> </TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="12%" align=left>&nbsp; </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="12%" align=left>&nbsp; </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff vAlign=bottom align=left>&nbsp; &nbsp;
      &nbsp;Expenditures on mining interests: </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp;Otjikoto, mine construction </TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="12%" align=right><B>(136,069</B></TD>
    <TD vAlign=bottom width="2%" align=left><B>)</B> </TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="12%" align=right>(83,469</TD>
    <TD vAlign=bottom width="2%" align=left>) </TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff vAlign=bottom align=left>&nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp;Otjikoto, mobile mine equipment </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%" align=right><B>(7,391</B></TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left><B>)</B> </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%" align=right>(46,539</TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp;Otjikoto, power plant </TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="12%" align=right><B>(6,677</B></TD>
    <TD vAlign=bottom width="2%" align=left><B>)</B> </TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="12%" align=right>(30,635</TD>
    <TD vAlign=bottom width="2%" align=left>) </TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff vAlign=bottom align=left>&nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp;Otjikoto, prestripping </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%"
align=right><B>(10,293</B></TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left><B>)</B> </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%" align=right>(6,697</TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp;Otjikoto, expansion </TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="12%" align=right><B>(1,518</B></TD>
    <TD vAlign=bottom width="2%" align=left><B>)</B> </TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="12%" align=right>- </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff vAlign=bottom align=left>&nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp;Otjikoto, pre-commercial production operating costs </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%"
align=right><B>(11,232</B></TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left><B>)</B> </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%" align=right>- </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp;Gramalote, prefeasibility and exploration </TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="12%" align=right><B>(14,015</B></TD>
    <TD vAlign=bottom width="2%" align=left><B>)</B> </TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="12%" align=right>(47,979</TD>
    <TD vAlign=bottom width="2%" align=left>) </TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff vAlign=bottom align=left>&nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp;Masbate Mine, development and sustaining capital </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%"
align=right><B>(39,889</B></TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left><B>)</B> </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%" align=right>(31,344</TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp;Libertad Mine, development and sustaining capital </TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="12%" align=right><B>(22,233</B></TD>
    <TD vAlign=bottom width="2%" align=left><B>)</B> </TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="12%" align=right>(17,506</TD>
    <TD vAlign=bottom width="2%" align=left>) </TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff vAlign=bottom align=left>&nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp;Libertad Mine, Jabali development </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%" align=right><B>(6,130</B></TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left><B>)</B> </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%" align=right>(14,514</TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp;Limon Mine, development and sustaining capital </TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="12%" align=right><B>(15,539</B></TD>
    <TD vAlign=bottom width="2%" align=left><B>)</B> </TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="12%" align=right>(16,992</TD>
    <TD vAlign=bottom width="2%" align=left>) </TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff vAlign=bottom align=left>&nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp;Other exploration and development <I>(Note 21)</I> </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%"
align=right><B>(40,670</B></TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left><B>)</B> </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%" align=right>(28,222</TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp; &nbsp; &nbsp;Sale (purchase) of EVI
      preference shares </TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="12%" align=right><B>5,487</B> </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="12%" align=right>(6,458</TD>
    <TD vAlign=bottom width="2%" align=left>) </TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff vAlign=bottom align=left>&nbsp; &nbsp; &nbsp;Loan to
      EVI </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%" align=right><B>-</B> </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%" align=right>(5,000</TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp; &nbsp; &nbsp;Cash acquired on Papillon
      acquisition <I>(Note 7)</I> </TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="12%" align=right><B>32,189</B> </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="12%" align=right>- </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff vAlign=bottom align=left>&nbsp; &nbsp; &nbsp;Papillon
      acquisition costs paid (Note 7) </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%"
align=right><B>(14,890</B></TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left><B>)</B> </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%" align=right>- </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp; &nbsp; &nbsp;Cash acquired on CGA
      acquisition <I>(Note 8)</I> </TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="12%" align=right><B>-</B> </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="12%" align=right>56,088 </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff vAlign=bottom align=left>&nbsp; &nbsp; &nbsp;CGA
      acquisition costs paid <I>(Note 8)</I> </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%" align=right><B>-</B> </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%" align=right>(16,012</TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp; &nbsp; &nbsp;Cash acquired on Volta
      acquisition, net of transaction costs <I>(Note 9)</I> </TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="12%" align=right><B>-</B> </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="12%" align=right>3,217 </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff vAlign=bottom align=left>&nbsp; &nbsp; &nbsp;Cash
      proceeds from sale of Brucejack royalty <I>(Note 12)</I> </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%" align=right><B>-</B> </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%" align=right>44,496 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp; &nbsp; &nbsp;Purchase of long-term
      investments </TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="12%" align=right><B>(1,694</B></TD>
    <TD vAlign=bottom width="2%" align=left><B>)</B> </TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="12%" align=right>(3,997</TD>
    <TD vAlign=bottom width="2%" align=left>) </TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff vAlign=bottom align=left>&nbsp; &nbsp; &nbsp;Other </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="12%" align=right><B>421</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="12%" align=right>(1,013</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="2%" align=left>) </TD></TR>
  <TR>
    <TD vAlign=bottom>&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 bgColor=#e6efff vAlign=bottom align=left>&nbsp; &nbsp; &nbsp;Cash used
      by investing activities </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="12%" align=right><B>(290,143</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="2%" align=left><B>)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="12%" align=right>(252,576</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="2%" align=left>) </TD></TR>
  <TR>
    <TD vAlign=bottom>&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 bgColor=#e6efff vAlign=bottom align=left><B>(Decrease) increase in
      cash and cash equivalents</B> </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%"
    align=right><B>(120,172</B></TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left><B>)</B> </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%" align=right>184,787 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom>&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 bgColor=#e6efff vAlign=bottom align=left><B>Cash and cash equivalents,
      beginning of year</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="12%" align=right><B>252,736</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="12%" align=right>67,949 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="2%" align=left>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom>&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 bgColor=#e6efff vAlign=bottom align=left><B>Cash and cash equivalents,
      end of year</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#e6efff vAlign=bottom
    width="1%" align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#e6efff vAlign=bottom
    width="12%" align=right><B>&nbsp;132,564</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#e6efff vAlign=bottom
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#e6efff vAlign=bottom
    width="1%" align=left>$</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#e6efff vAlign=bottom
    width="12%" align=right>&nbsp;252,736 </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#e6efff vAlign=bottom
    width="2%" align=left>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom>&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 bgColor=#e6efff vAlign=bottom align=left><B>Supplementary cash flow
      information </B><I>(Note 21)</I> </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%"
  align=left>&nbsp;</TD></TR></TABLE>
<P align=center>See accompanying notes to consolidated financial statements.
</P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<!--$$/page=--><A name=page_8></A><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD align=left><B>B2GOLD CORP.</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>CONSOLIDATED BALANCE SHEETS</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left>(Expressed in thousands of United States dollars) </TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid"
  align=left>&nbsp;</TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD vAlign=bottom noWrap align=left>&nbsp; </TD>
    <TD vAlign=bottom width="1%" noWrap align=left>&nbsp;</TD>
    <TD vAlign=bottom width="12%" noWrap align=center><B><I>As at</I></B> </TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="12%" noWrap align=center><B><I>As at</I></B> </TD>
    <TD vAlign=bottom width="2%" noWrap align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom noWrap align=left>&nbsp; </TD>
    <TD vAlign=bottom width="1%" noWrap align=left>&nbsp;</TD>
    <TD vAlign=bottom width="12%" noWrap align=center><B><I>December
      31,</I></B> </TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="12%" noWrap align=center><B><I>December
      31,</I></B> </TD>
    <TD vAlign=bottom width="2%" noWrap align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom noWrap align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="1%" noWrap
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="12%"
    noWrap align=center><B><I>2014</I></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="2%" noWrap
    align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="1%" noWrap
    align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="12%"
    noWrap align=center><B><I>2013</I></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="2%" noWrap
    align=left>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom noWrap>&nbsp; </TD>
    <TD vAlign=bottom width="1%" noWrap>&nbsp;</TD>
    <TD vAlign=bottom width="12%" noWrap>&nbsp; </TD>
    <TD vAlign=bottom width="2%" noWrap>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap>&nbsp;</TD>
    <TD vAlign=bottom width="12%" noWrap>&nbsp; </TD>
    <TD vAlign=bottom width="2%" noWrap>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left><B><I>Assets</I></B> </TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="12%" align=left>&nbsp; </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="12%" align=left>&nbsp; </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left><B>Current</B> </TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="12%" align=left>&nbsp; </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="12%" align=left>&nbsp; </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff vAlign=bottom align=left>&nbsp; &nbsp; &nbsp;Cash and
      cash equivalents </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left><B>$</B></TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%"
      align=right><B>&nbsp;132,564</B> </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>$</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%" align=right>&nbsp;252,736
</TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp; &nbsp; &nbsp;Accounts receivable and
      prepaids </TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="12%" align=right><B>14,446</B> </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="12%" align=right>26,273 </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff vAlign=bottom align=left>&nbsp; &nbsp;
      &nbsp;Value-added and other tax receivables </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%" align=right><B>16,671</B>
</TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%" align=right>19,823 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp; &nbsp; &nbsp;Inventories <I>(Note
      10)</I> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="12%"
    align=right><B>95,991</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="12%"
    align=right>75,665 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="2%"
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff vAlign=bottom align=left>&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%" align=right><B>259,672</B>
    </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%" align=right>374,497 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left><B>Assets classified as held for sale
      </B><I>(Note 12)</I> </TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="12%" align=right><B>2,787</B> </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="12%" align=right>- </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff vAlign=bottom align=left><B>Long-term investments
      </B><I>(Note 11)</I> </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%" align=right><B>18,408</B>
</TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%" align=right>20,769 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left><B>Value-added tax receivables</B> </TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="12%" align=right><B>25,405</B> </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="12%" align=right>28,875 </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff vAlign=bottom align=left><B>Mining interests
      </B><I>(Notes 6, 12 and Note 27 - Schedules)</I> </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=center>
      <P
      align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-
      Owned by subsidiaries </P></TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="12%" align=right><B>1,722,807</B> </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="12%" align=right>1,517,277 </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff vAlign=bottom align=right>
      <P
      align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-
      Investments in joint ventures </P></TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%" align=right><B>67,926</B>
</TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%" align=right>150,168 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left><B>Goodwill </B><I>(Notes 6 and 8)</I> </TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="12%" align=right><B>-</B> </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="12%" align=right>202,070 </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff vAlign=bottom align=left><B>Other assets </B><I>(Note
      13)</I> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="12%" align=right><B>21,593</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="12%" align=right>16,070 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width="1%"
    align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width="12%"
    align=right><B>&nbsp;2,118,598</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width="1%"
    align=left>$</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width="12%"
    align=right>&nbsp;2,309,726 </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width="2%"
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff vAlign=bottom align=left><B><I>Liabilities</I></B> </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left><B>Current</B> </TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="12%" align=left>&nbsp; </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="12%" align=left>&nbsp; </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff vAlign=bottom align=left>&nbsp; &nbsp; &nbsp;Accounts
      payable and accrued liabilities </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left><B>$</B></TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%"
      align=right><B>&nbsp;53,055</B> </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>$</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%" align=right>&nbsp;65,812 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp; &nbsp; &nbsp;Current taxes payable </TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="12%" align=right><B>16,610</B> </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="12%" align=right>15,658 </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff vAlign=bottom align=left>&nbsp; &nbsp; &nbsp;Current
      portion of long-term debt <I>(Note 14)</I> </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%" align=right><B>10,456</B>
</TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%" align=right>12,965 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp; &nbsp; &nbsp;Current portion of
      unrealized fair value of derivative instruments </TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="12%" align=right><B>2,406</B> </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="12%" align=right>2,563 </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff vAlign=bottom align=left>&nbsp; &nbsp; &nbsp;Current
      portion of mine restoration provisions <I>(Note 15)</I> </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%" align=right><B>1,062</B> </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%" align=right>1,351 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp; &nbsp; &nbsp;Other </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="12%"
    align=right><B>1,130</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="12%"
    align=right>472 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="2%"
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff vAlign=bottom align=left>&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%" align=right><B>84,719</B>
</TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%" align=right>98,821 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left><B>Liabilities associated with assets held
      for sale </B><I>(Note 12)</I> </TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="12%" align=right><B>4,009</B> </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="12%" align=right>- </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff vAlign=bottom align=left><B>Unrealized fair value of
      derivative instruments</B> </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%" align=right><B>694</B> </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%" align=right>205 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left><B>Long-term debt </B><I>(Note 14)</I> </TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="12%" align=right><B>368,832</B> </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="12%" align=right>300,447 </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff vAlign=bottom align=left><B>Mine restoration
      provisions </B><I>(Note 15)</I> </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%" align=right><B>51,957</B>
</TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%" align=right>45,449 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left><B>Deferred income taxes </B><I>(Note 20)</I>
    </TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="12%" align=right><B>77,579</B> </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="12%" align=right>186,811 </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff vAlign=bottom align=left><B>Employee benefits
      obligation</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="12%" align=right><B>5,468</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="12%" align=right>6,626 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="12%"
    align=right><B>593,258</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="12%"
    align=right>638,359 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="2%"
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff vAlign=bottom align=left><B><I>Equity</I></B> </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left><B>Shareholders&#146; equity</B> </TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="12%" align=left>&nbsp; </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="12%" align=left>&nbsp; </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff vAlign=bottom align=left>&nbsp; &nbsp; &nbsp;Share
      capital <I>(Note 16)</I> </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp; &nbsp; &nbsp;<I>Issued: 917,652,046
      </I>common shares <I>(Dec 31, 2013 &#150; 674,719,721)</I> </TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="12%" align=right><B>2,018,468</B> </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="12%" align=right>1,519,217 </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff vAlign=bottom align=left>&nbsp; &nbsp;
      &nbsp;Contributed surplus </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%" align=right><B>59,789</B>
</TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%" align=right>52,333 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp; &nbsp; &nbsp;Accumulated other
      comprehensive loss </TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="12%" align=right><B>(71,553</B></TD>
    <TD vAlign=bottom width="2%" align=left><B>)</B> </TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="12%" align=right>(40,539</TD>
    <TD vAlign=bottom width="2%" align=left>) </TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff vAlign=bottom align=left>&nbsp; &nbsp; &nbsp;Retained
      earnings (deficit) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="12%" align=right><B>(536,617</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="2%" align=left><B>)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="12%" align=right>132,640 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp; </TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="12%" align=right><B>1,470,087</B> </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="12%" align=right>1,663,651 </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff vAlign=bottom align=left><B>Non-controlling
      interests</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="12%" align=right><B>55,253</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="12%" align=right>7,716 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="12%"
    align=right><B>1,525,340</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="12%"
    align=right>1,671,367 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="2%"
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff vAlign=bottom align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#e6efff vAlign=bottom
    width="1%" align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#e6efff vAlign=bottom
    width="12%" align=right><B>&nbsp;2,118,598</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#e6efff vAlign=bottom
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#e6efff vAlign=bottom
    width="1%" align=left>$</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#e6efff vAlign=bottom
    width="12%" align=right>&nbsp;2,309,726 </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#e6efff vAlign=bottom
    width="2%" align=left>&nbsp;</TD></TR></TABLE>
<P align=justify><B>Subsequent events </B><I>(Notes 12 and 26) </I></P>
<DIV>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD align=left><B>Approved by the Board</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="24%" align=left
    ><I>&#147;Clive T. Johnson&#148;</I> </TD>
    <TD width="8%" align=left >Director </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="24%" align=left
    ><I>&#147;Robert J. Gayton&#148;</I> </TD>
    <TD width="8%" align=left >Director
</TD></TR></TABLE></DIV>
<P align=center>See accompanying notes to consolidated financial statements.
</P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<!--$$/page=--><A name=page_9></A><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD align=left><B>B2GOLD CORP.</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>FOR THE YEARS ENDED DECEMBER 31</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left>(Expressed in thousands of United States dollars) </TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid"
  align=left>&nbsp;</TD></TR></TABLE><BR>
<DIV>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 8pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD vAlign=bottom noWrap align=center>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="1%" noWrap
    align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="8%" noWrap
    align=center>&nbsp; </TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="66%"
    colSpan=18 noWrap align=center><B>2014</B> </TD>
  </TR>
  <TR>
    <TD vAlign=bottom noWrap align=center>&nbsp; </TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="8%" noWrap align=center>&nbsp; </TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="8%" noWrap align=center>&nbsp; </TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="8%" noWrap align=center>&nbsp; </TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="8%" noWrap align=center>&nbsp; </TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="8%" noWrap align=center>&nbsp; </TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="8%" noWrap align=center>&nbsp; </TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="8%" noWrap align=center>&nbsp; </TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom noWrap align=center>&nbsp; </TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="8%" noWrap align=center>&nbsp; </TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="8%" noWrap align=center>&nbsp; </TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="8%" noWrap align=center>&nbsp; </TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="8%" noWrap align=center><B>Accumulated</B> </TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="8%" noWrap align=center><B>Retained</B> </TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="8%" noWrap align=center><B>Non-</B> </TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="8%" noWrap align=center>&nbsp; </TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom noWrap align=center>&nbsp; </TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="8%" noWrap align=center><B>Shares</B> </TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="8%" noWrap align=center><B>Share</B> </TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="8%" noWrap align=center><B>Contributed</B> </TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="8%" noWrap align=center><B>other</B> </TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="8%" noWrap align=center>&nbsp;
      <STRONG>earnings</STRONG> </TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="8%" noWrap align=center>&nbsp;
      <STRONG>controlling</STRONG> </TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="8%" noWrap align=center><B>Total</B> </TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom noWrap align=center>&nbsp; </TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="8%" noWrap align=center>&nbsp;
      <STRONG>(&#145;000&#146;s)</STRONG> </TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="8%" noWrap align=center>&nbsp;
      <STRONG>capital</STRONG> </TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="8%" noWrap align=center>&nbsp; <STRONG>surplus
      </STRONG></TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="8%" noWrap align=center>&nbsp;
      <STRONG>comprehensive</STRONG> </TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="8%" noWrap
      align=center><STRONG>(deficit)</STRONG> </TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="8%" noWrap
      align=center><STRONG>interests</STRONG> </TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="8%" noWrap align=center>&nbsp;
      <STRONG>equity</STRONG> </TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="1%"
    align=left>&nbsp;</TD>
    <TD width="8%"
    align=right vAlign=bottom nowrap style="BORDER-BOTTOM: #000000 1px solid"></TD>
    <TD width="2%" align=left vAlign=bottom nowrap></TD>
    <TD width="1%"
    align=left vAlign=bottom nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%"
    align=right vAlign=bottom nowrap style="BORDER-BOTTOM: #000000 1px solid"></TD>
    <TD width="2%"
    align=left vAlign=bottom nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="1%"
    align=left vAlign=bottom nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%"
    align=right vAlign=bottom nowrap style="BORDER-BOTTOM: #000000 1px solid"></TD>
    <TD width="2%"
    align=right vAlign=bottom nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="1%"
    align=right vAlign=bottom nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%"
    align=center vAlign=bottom nowrap style="BORDER-BOTTOM: #000000 1px solid"><STRONG>loss</STRONG> </TD>
    <TD width="2%"
    align=left vAlign=bottom nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="1%"
    align=left vAlign=bottom nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%"
    align=left vAlign=bottom nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp; </TD>
    <TD width="2%"
    align=left vAlign=bottom nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="1%"
    align=left vAlign=bottom nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%"
    align=left vAlign=bottom nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp; </TD>
    <TD width="2%"
    align=left vAlign=bottom nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="1%"
    align=left vAlign=bottom nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%"
    align=right vAlign=bottom nowrap style="BORDER-BOTTOM: #000000 1px solid"></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="2%"
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff vAlign=bottom align=center>
      <P align=justify>Balance at December 31, 2013 <BR><I>Jan. 1, 2014 to Dec.
      31, 2014:</I> </P></TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left></TD>
    <TD bgColor=#e6efff vAlign=bottom width="8%" align=right><B>674,720</B>
</TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left></TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left><B>$</B> </TD>
    <TD bgColor=#e6efff vAlign=bottom width="8%" align=right><B>1,519,217</B>
    </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left></TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left><B>$</B> </TD>
    <TD bgColor=#e6efff vAlign=bottom width="8%" align=right><B>52,333</B> </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left></TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left><B>$</B> </TD>
    <TD bgColor=#e6efff vAlign=bottom width="8%" align=right><B>(40,539</B>
</TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left><B>)</B> </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left><B>$</B> </TD>
    <TD bgColor=#e6efff vAlign=bottom width="8%" align=right><B>132,640</B>
</TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left></TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left><B>$</B> </TD>
    <TD bgColor=#e6efff vAlign=bottom width="8%" align=right><B>7,716</B> </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left></TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left><B>$</B> </TD>
    <TD bgColor=#e6efff vAlign=bottom width="8%" align=right><B>1,671,367</B>
    </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left></TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp; &nbsp; &nbsp;Net loss for the year </TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="8%" align=right><B>-</B> </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="8%" align=right><B>-</B> </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="8%" align=right><B>-</B> </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="8%" align=right><B>-</B> </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="8%" align=right><B>(665,273</B></TD>
    <TD vAlign=bottom width="2%" align=left><B>)</B> </TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="8%" align=right><B>(1,112</B></TD>
    <TD vAlign=bottom width="2%" align=left><B>)</B> </TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="8%" align=right><B>(666,385</B></TD>
    <TD vAlign=bottom width="2%" align=left><B>)</B> </TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff vAlign=bottom
      align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares issued for
      Papillon&nbsp;<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;acquisition
      <I>(Note 7)</I> </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left></TD>
    <TD bgColor=#e6efff vAlign=bottom width="8%" align=right><B>237,391</B>
</TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=right></TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=right></TD>
    <TD bgColor=#e6efff vAlign=bottom width="8%" align=right><B>484,277</B>
</TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=right></TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=right></TD>
    <TD bgColor=#e6efff vAlign=bottom width="8%" align=right><B>-</B> </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=right></TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=right></TD>
    <TD bgColor=#e6efff vAlign=bottom width="8%" align=right><B>-</B> </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=right></TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=right></TD>
    <TD bgColor=#e6efff vAlign=bottom width="8%" align=right><B>-</B> </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=right></TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=right></TD>
    <TD bgColor=#e6efff vAlign=bottom width="8%" align=right><B>-</B> </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=right></TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=right></TD>
    <TD bgColor=#e6efff vAlign=bottom width="8%" align=right><B>484,277</B>
</TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left></TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-controlling
      interest arising
      on&nbsp;<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;acquisition
      <I>(Note 7)</I> </TD>
    <TD vAlign=bottom width="1%" align=left></TD>
    <TD vAlign=bottom width="8%" align=right><B>-</B> </TD>
    <TD vAlign=bottom width="2%" align=right></TD>
    <TD vAlign=bottom width="1%" align=right></TD>
    <TD vAlign=bottom width="8%" align=right><B>-</B> </TD>
    <TD vAlign=bottom width="2%" align=right></TD>
    <TD vAlign=bottom width="1%" align=right></TD>
    <TD vAlign=bottom width="8%" align=right><B>-</B> </TD>
    <TD vAlign=bottom width="2%" align=right></TD>
    <TD vAlign=bottom width="1%" align=right></TD>
    <TD vAlign=bottom width="8%" align=right><B>-</B> </TD>
    <TD vAlign=bottom width="2%" align=right></TD>
    <TD vAlign=bottom width="1%" align=right></TD>
    <TD vAlign=bottom width="8%" align=right><B>-</B> </TD>
    <TD vAlign=bottom width="2%" align=right></TD>
    <TD vAlign=bottom width="1%" align=right></TD>
    <TD vAlign=bottom width="8%" align=right><B>45,348</B> </TD>
    <TD vAlign=bottom width="2%" align=right></TD>
    <TD vAlign=bottom width="1%" align=right></TD>
    <TD vAlign=bottom width="8%" align=right><B>45,348</B> </TD>
    <TD vAlign=bottom width="2%" align=left></TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff vAlign=bottom
      align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Funding of non-controlling
      interests </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left></TD>
    <TD bgColor=#e6efff vAlign=bottom width="8%" align=right><B>-</B> </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=right></TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=right></TD>
    <TD bgColor=#e6efff vAlign=bottom width="8%" align=right><B>-</B> </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=right></TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=right></TD>
    <TD bgColor=#e6efff vAlign=bottom width="8%" align=right><B>-</B> </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=right></TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=right></TD>
    <TD bgColor=#e6efff vAlign=bottom width="8%" align=right><B>-</B> </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=right></TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=right></TD>
    <TD bgColor=#e6efff vAlign=bottom width="8%" align=right><B>(3,984</B></TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left><B>)</B> </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left></TD>
    <TD bgColor=#e6efff vAlign=bottom width="8%" align=right><B>3,984</B> </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=right></TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=right></TD>
    <TD bgColor=#e6efff vAlign=bottom width="8%" align=right><B>-</B> </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left></TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp; &nbsp; &nbsp;Cumulative translation
      adjustment </TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="8%" align=right><B>-</B> </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="8%" align=right><B>-</B> </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="8%" align=right><B>-</B> </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="8%" align=right><B>(32,051</B></TD>
    <TD vAlign=bottom width="2%" align=left><B>)</B> </TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="8%" align=right><B>-</B> </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="8%" align=right><B>(683</B></TD>
    <TD vAlign=bottom width="2%" align=left><B>)</B> </TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="8%" align=right><B>(32,734</B></TD>
    <TD vAlign=bottom width="2%" align=left><B>)</B> </TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff vAlign=bottom align=left>&nbsp; &nbsp;
      &nbsp;Unrealized gain on investments </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="8%" align=right><B>-</B> </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="8%" align=right><B>-</B> </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="8%" align=right><B>-</B> </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="8%" align=right><B>1,037</B> </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="8%" align=right><B>-</B> </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="8%" align=right><B>-</B> </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="8%" align=right><B>1,037</B> </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares issued
      on exercise of stock options </TD>
    <TD vAlign=bottom width="1%" align=left></TD>
    <TD vAlign=bottom width="8%" align=right><B>2,926</B> </TD>
    <TD vAlign=bottom width="2%" align=right></TD>
    <TD vAlign=bottom width="1%" align=right></TD>
    <TD vAlign=bottom width="8%" align=right><B>2,820</B> </TD>
    <TD vAlign=bottom width="2%" align=right></TD>
    <TD vAlign=bottom width="1%" align=right></TD>
    <TD vAlign=bottom width="8%" align=right><B>-</B> </TD>
    <TD vAlign=bottom width="2%" align=right></TD>
    <TD vAlign=bottom width="1%" align=right></TD>
    <TD vAlign=bottom width="8%" align=right><B>-</B> </TD>
    <TD vAlign=bottom width="2%" align=right></TD>
    <TD vAlign=bottom width="1%" align=right></TD>
    <TD vAlign=bottom width="8%" align=right><B>-</B> </TD>
    <TD vAlign=bottom width="2%" align=right></TD>
    <TD vAlign=bottom width="1%" align=right></TD>
    <TD vAlign=bottom width="8%" align=right><B>-</B> </TD>
    <TD vAlign=bottom width="2%" align=right></TD>
    <TD vAlign=bottom width="1%" align=right></TD>
    <TD vAlign=bottom width="8%" align=right><B>2,820</B> </TD>
    <TD vAlign=bottom width="2%" align=left></TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff vAlign=bottom align=left>&nbsp; &nbsp; &nbsp;Shares
      issued on vesting of RSU </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="8%" align=right><B>2,615</B> </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="8%" align=right><B>8,114</B> </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="8%" align=right><B>(8,114</B></TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left><B>)</B> </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="8%" align=right><B>-</B> </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="8%" align=right><B>-</B> </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="8%" align=right><B>-</B> </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="8%" align=right><B>-</B> </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp; &nbsp; &nbsp;Shares issued from
      incentive plan </TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="8%" align=right><B>-</B> </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="8%" align=right><B>15</B> </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="8%" align=right><B>-</B> </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="8%" align=right><B>-</B> </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="8%" align=right><B>-</B> </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="8%" align=right><B>-</B> </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="8%" align=right><B>15</B> </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff vAlign=bottom align=left>&nbsp; &nbsp; &nbsp;Share
      based payments </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="8%" align=right><B>-</B> </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="8%" align=right><B>-</B> </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="8%" align=right><B>19,595</B> </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="8%" align=right><B>-</B> </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="8%" align=right><B>-</B> </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="8%" align=right><B>-</B> </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="8%" align=right><B>19,595</B> </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transfer to
      share capital
      on&nbsp;<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;exercise
      of stock options
      and&nbsp;<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;incentive
      plan </TD>
    <TD vAlign=bottom width="1%" align=left></TD>
    <TD vAlign=bottom width="8%" align=right><B>-</B> </TD>
    <TD vAlign=bottom width="2%" align=right></TD>
    <TD vAlign=bottom width="1%" align=right></TD>
    <TD vAlign=bottom width="8%" align=right><B>4,025</B> </TD>
    <TD vAlign=bottom width="2%" align=right></TD>
    <TD vAlign=bottom width="1%" align=right></TD>
    <TD vAlign=bottom width="8%" align=right><B>(4,025</B></TD>
    <TD vAlign=bottom width="2%" align=left><B>)</B> </TD>
    <TD vAlign=bottom width="1%" align=left></TD>
    <TD vAlign=bottom width="8%" align=right><B>-</B> </TD>
    <TD vAlign=bottom width="2%" align=right></TD>
    <TD vAlign=bottom width="1%" align=right></TD>
    <TD vAlign=bottom width="8%" align=right><B>-</B> </TD>
    <TD vAlign=bottom width="2%" align=right></TD>
    <TD vAlign=bottom width="1%" align=right></TD>
    <TD vAlign=bottom width="8%" align=right><B>-</B> </TD>
    <TD vAlign=bottom width="2%" align=right></TD>
    <TD vAlign=bottom width="1%" align=right></TD>
    <TD vAlign=bottom width="8%" align=right><B>-</B> </TD>
    <TD vAlign=bottom width="2%" align=left></TD></TR>
  <TR>
    <TD bgColor=#e6efff vAlign=bottom>&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="8%">&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="8%">&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="8%">&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="8%">&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="8%">&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="8%">&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="8%">&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=center>
      <P align=justify>Balance at December 31, 2014 </P></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width="8%"
    align=right><B>917,652</B> </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width="1%"
    align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width="8%"
    align=right><B>&nbsp;2,018,468</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width="1%"
    align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width="8%"
    align=right><B>&nbsp;59,789</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width="1%"
    align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width="8%"
    align=right><B>&nbsp;(71,553</B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width="2%"
    align=left><B>)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width="1%"
    align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width="8%"
    align=right><B>&nbsp;(536,617</B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width="2%"
    align=left><B>)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width="1%"
    align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width="8%"
    align=right><B>&nbsp;55,253</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width="1%"
    align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width="8%"
    align=right><B>&nbsp;1,525,340</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width="2%"
    align=left>&nbsp;</TD></TR></TABLE></DIV><BR>
<DIV>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 8pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD vAlign=bottom noWrap align=center>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="1%" noWrap
    align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="8%" noWrap
    align=center>&nbsp; </TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="66%"
    colSpan=18 noWrap align=center><B>2013</B> </TD></TR>
  <TR>
    <TD vAlign=bottom noWrap align=center>&nbsp; </TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="8%" noWrap align=center>&nbsp; </TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="8%" noWrap align=center>&nbsp; </TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="8%" noWrap align=center>&nbsp; </TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="8%" noWrap align=center>&nbsp; </TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="8%" noWrap align=center>&nbsp; </TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="8%" noWrap align=center>&nbsp; </TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="8%" noWrap align=center>&nbsp; </TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom noWrap align=center>&nbsp; </TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="8%" noWrap align=center>&nbsp; </TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="8%" noWrap align=center>&nbsp; </TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="8%" noWrap align=center>&nbsp; </TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="8%" noWrap align=center>&nbsp; </TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="8%" noWrap align=center>&nbsp; </TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="8%" noWrap align=center>&nbsp; </TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="8%" noWrap align=center>&nbsp; </TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom noWrap align=center>&nbsp; </TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="8%" noWrap align=center><B>Shares</B> </TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="8%" noWrap align=center><B>Share</B> </TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="8%" noWrap align=center><B>Contributed </B></TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="8%" noWrap
      align=center><STRONG>Accumulated</STRONG> </TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="8%" noWrap align=center><B>Retained</B> </TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="8%" noWrap align=center><B>Non-</B> </TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="8%" noWrap align=center><B>Total</B> </TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom noWrap align=center>&nbsp; </TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="8%" noWrap align=center>&nbsp;
      <STRONG>(&#145;000&#146;s)</STRONG> </TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="8%" noWrap align=center>&nbsp;
      <STRONG>capital</STRONG> </TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="8%" noWrap
      align=center>&nbsp;<STRONG>surplus</STRONG>&nbsp; </TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="8%" noWrap align=center><B>other</B> </TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="8%" noWrap align=center>&nbsp;
      <STRONG>earnings</STRONG> </TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="8%" noWrap align=center><B>controlling</B> </TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="8%" noWrap
      align=center><STRONG>equity</STRONG>&nbsp;&nbsp; </TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom noWrap align=center>&nbsp; </TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="8%" noWrap align=center></TD>
    <TD vAlign=bottom width="2%" noWrap align=center></TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="8%" noWrap align=center></TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="8%" noWrap align=center></TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="8%" noWrap align=center>&nbsp;
      <STRONG>comprehensive</STRONG> </TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="8%" noWrap align=center></TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="8%" noWrap align=center>&nbsp;
      <STRONG>interests</STRONG> </TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="8%" noWrap align=center></TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom noWrap align=center>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="1%" noWrap
    align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="8%" noWrap
    align=center>&nbsp; </TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="1%" noWrap
    align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="8%" noWrap
    align=center>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="2%" noWrap
    align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="1%" noWrap
    align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="8%" noWrap
    align=center>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="2%" noWrap
    align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="1%" noWrap
    align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="8%" noWrap
    align=center><STRONG>loss</STRONG> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="2%" noWrap
    align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="1%" noWrap
    align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="8%" noWrap
    align=center>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="2%" noWrap
    align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="1%" noWrap
    align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="8%" noWrap
    align=center></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="2%" noWrap
    align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="1%" noWrap
    align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="8%" noWrap
    align=center>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="2%" noWrap
    align=center>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff vAlign=bottom align=center>
      <P align=justify>Balance at December 31, 2012 <BR><I>Jan. 1, 2013 to Dec.
      31, 2013:</I> </P></TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left></TD>
    <TD bgColor=#e6efff vAlign=bottom width="8%" align=right>393,308 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left></TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>$ </TD>
    <TD bgColor=#e6efff vAlign=bottom width="8%" align=right>468,550 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left></TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>$ </TD>
    <TD bgColor=#e6efff vAlign=bottom width="8%" align=right>35,383 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left></TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>$ </TD>
    <TD bgColor=#e6efff vAlign=bottom width="8%" align=right>(6,793 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>) </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>$ </TD>
    <TD bgColor=#e6efff vAlign=bottom width="8%" align=right>62,807 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left></TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>$ </TD>
    <TD bgColor=#e6efff vAlign=bottom width="8%" align=right>6,372 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left></TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>$ </TD>
    <TD bgColor=#e6efff vAlign=bottom width="8%" align=right>566,319 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left></TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp; &nbsp; &nbsp;Net income for the year
    </TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="8%" align=right>- </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="8%" align=right>- </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="8%" align=right>- </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="8%" align=right>- </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="8%" align=right>67,303 </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="8%" align=right>- </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="8%" align=right>67,303 </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff vAlign=bottom
      align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares issued for CGA
      Mining&nbsp;<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;acquisition
      <I>(Note 8)</I> </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left></TD>
    <TD bgColor=#e6efff vAlign=bottom width="8%" align=right>251,974 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=right></TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=right></TD>
    <TD bgColor=#e6efff vAlign=bottom width="8%" align=right>984,870 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=right></TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=right></TD>
    <TD bgColor=#e6efff vAlign=bottom width="8%" align=right>- </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=right></TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=right></TD>
    <TD bgColor=#e6efff vAlign=bottom width="8%" align=right>- </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=right></TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=right></TD>
    <TD bgColor=#e6efff vAlign=bottom width="8%" align=right>- </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=right></TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=right></TD>
    <TD bgColor=#e6efff vAlign=bottom width="8%" align=right>- </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=right></TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=right></TD>
    <TD bgColor=#e6efff vAlign=bottom width="8%" align=right>984,870 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left></TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp; &nbsp; &nbsp;Shares issued for Volta
      acquisition </TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="8%" align=left>&nbsp; </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="8%" align=left>&nbsp; </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="8%" align=left>&nbsp; </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="8%" align=left>&nbsp; </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="8%" align=left>&nbsp; </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="8%" align=left>&nbsp; </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="8%" align=left>&nbsp; </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff vAlign=bottom align=left>&nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp;<I>(Note 9)</I> </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="8%" align=right>23,332 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="8%" align=right>46,423 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="8%" align=right>- </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="8%" align=right>- </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="8%" align=right>- </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="8%" align=right>- </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="8%" align=right>46,423 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp; &nbsp; &nbsp;Exercise of EVI option
      <I>(Note 12)</I> </TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="8%" align=right>- </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="8%" align=right>- </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="8%" align=right>- </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="8%" align=right>- </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="8%" align=right>2,530 </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="8%" align=right>2,565 </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="8%" align=right>5,095 </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff vAlign=bottom align=left>&nbsp; &nbsp;
      &nbsp;Cumulative translation adjustment </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="8%" align=right>- </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="8%" align=right>- </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="8%" align=right>- </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="8%" align=right>(36,259</TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>) </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="8%" align=right>- </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="8%" align=right>(1,221</TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>) </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="8%" align=right>(37,480</TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reclassify
      unrealized loss
      on&nbsp;<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;investment
      from AOCL
      to&nbsp;<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;income
      statement </TD>
    <TD vAlign=bottom width="1%" align=left></TD>
    <TD vAlign=bottom width="8%" align=right>- </TD>
    <TD vAlign=bottom width="2%" align=right></TD>
    <TD vAlign=bottom width="1%" align=right></TD>
    <TD vAlign=bottom width="8%" align=right>- </TD>
    <TD vAlign=bottom width="2%" align=right></TD>
    <TD vAlign=bottom width="1%" align=right></TD>
    <TD vAlign=bottom width="8%" align=right>- </TD>
    <TD vAlign=bottom width="2%" align=right></TD>
    <TD vAlign=bottom width="1%" align=right></TD>
    <TD vAlign=bottom width="8%" align=right>1,407 </TD>
    <TD vAlign=bottom width="2%" align=right></TD>
    <TD vAlign=bottom width="1%" align=right></TD>
    <TD vAlign=bottom width="8%" align=right>- </TD>
    <TD vAlign=bottom width="2%" align=right></TD>
    <TD vAlign=bottom width="1%" align=right></TD>
    <TD vAlign=bottom width="8%" align=right>- </TD>
    <TD vAlign=bottom width="2%" align=right></TD>
    <TD vAlign=bottom width="1%" align=right></TD>
    <TD vAlign=bottom width="8%" align=right>1,407 </TD>
    <TD vAlign=bottom width="2%" align=left></TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff vAlign=bottom align=left>&nbsp; &nbsp;
      &nbsp;Unrealized gain on investments </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="8%" align=right>- </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="8%" align=right>- </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="8%" align=right>- </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="8%" align=right>1,106 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="8%" align=right>- </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="8%" align=right>- </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="8%" align=right>1,106 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares issued
      on exercise of stock options </TD>
    <TD vAlign=bottom width="1%" align=left></TD>
    <TD vAlign=bottom width="8%" align=right>1,600 </TD>
    <TD vAlign=bottom width="2%" align=right></TD>
    <TD vAlign=bottom width="1%" align=right></TD>
    <TD vAlign=bottom width="8%" align=right>2,369 </TD>
    <TD vAlign=bottom width="2%" align=right></TD>
    <TD vAlign=bottom width="1%" align=right></TD>
    <TD vAlign=bottom width="8%" align=right>- </TD>
    <TD vAlign=bottom width="2%" align=right></TD>
    <TD vAlign=bottom width="1%" align=right></TD>
    <TD vAlign=bottom width="8%" align=right>- </TD>
    <TD vAlign=bottom width="2%" align=right></TD>
    <TD vAlign=bottom width="1%" align=right></TD>
    <TD vAlign=bottom width="8%" align=right>- </TD>
    <TD vAlign=bottom width="2%" align=right></TD>
    <TD vAlign=bottom width="1%" align=right></TD>
    <TD vAlign=bottom width="8%" align=right>- </TD>
    <TD vAlign=bottom width="2%" align=right></TD>
    <TD vAlign=bottom width="1%" align=right></TD>
    <TD vAlign=bottom width="8%" align=right>2,369 </TD>
    <TD vAlign=bottom width="2%" align=left></TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff vAlign=bottom align=left>&nbsp; &nbsp; &nbsp;Shares
      issued on vesting of RSU </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="8%" align=right>1,993 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="8%" align=right>6,312 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="8%" align=right>(6,312</TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>) </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="8%" align=right>- </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="8%" align=right>- </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="8%" align=right>- </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="8%" align=right>- </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp; &nbsp; &nbsp;Shares issued to EVI
      <I>(Note 12)</I> </TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="8%" align=right>2,513 </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="8%" align=right>7,600 </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="8%" align=right>- </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="8%" align=right>- </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="8%" align=right>- </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="8%" align=right>- </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="8%" align=right>7,600 </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff vAlign=bottom align=left>&nbsp; &nbsp; &nbsp;Share
      based payments </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="8%" align=right>- </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="8%" align=right>- </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="8%" align=right>23,434 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="8%" align=right>- </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="8%" align=right>- </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="8%" align=right>- </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="8%" align=right>23,434 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock options
      issued on
      Volta&nbsp;<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;acquisition
      <I>(Note 9)</I> </TD>
    <TD vAlign=bottom width="1%" align=left></TD>
    <TD vAlign=bottom width="8%" align=right>- </TD>
    <TD vAlign=bottom width="2%" align=right></TD>
    <TD vAlign=bottom width="1%" align=right></TD>
    <TD vAlign=bottom width="8%" align=right>- </TD>
    <TD vAlign=bottom width="2%" align=right></TD>
    <TD vAlign=bottom width="1%" align=right></TD>
    <TD vAlign=bottom width="8%" align=right>949 </TD>
    <TD vAlign=bottom width="2%" align=right></TD>
    <TD vAlign=bottom width="1%" align=right></TD>
    <TD vAlign=bottom width="8%" align=right>- </TD>
    <TD vAlign=bottom width="2%" align=right></TD>
    <TD vAlign=bottom width="1%" align=right></TD>
    <TD vAlign=bottom width="8%" align=right>- </TD>
    <TD vAlign=bottom width="2%" align=right></TD>
    <TD vAlign=bottom width="1%" align=right></TD>
    <TD vAlign=bottom width="8%" align=right>- </TD>
    <TD vAlign=bottom width="2%" align=right></TD>
    <TD vAlign=bottom width="1%" align=right></TD>
    <TD vAlign=bottom width="8%" align=right>949 </TD>
    <TD vAlign=bottom width="2%" align=left></TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff vAlign=bottom
      align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tax benefit related to share
      issue costs </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left></TD>
    <TD bgColor=#e6efff vAlign=bottom width="8%" align=right>- </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=right></TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=right></TD>
    <TD bgColor=#e6efff vAlign=bottom width="8%" align=right>1,972 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=right></TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=right></TD>
    <TD bgColor=#e6efff vAlign=bottom width="8%" align=right>- </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=right></TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=right></TD>
    <TD bgColor=#e6efff vAlign=bottom width="8%" align=right>- </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=right></TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=right></TD>
    <TD bgColor=#e6efff vAlign=bottom width="8%" align=right>- </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=right></TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=right></TD>
    <TD bgColor=#e6efff vAlign=bottom width="8%" align=right>- </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=right></TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=right></TD>
    <TD bgColor=#e6efff vAlign=bottom width="8%" align=right>1,972 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left></TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transfer to
      share capital
      on&nbsp;<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;exercise
      of stock options </TD>
    <TD vAlign=bottom width="1%" align=left></TD>
    <TD vAlign=bottom width="8%" align=right>- </TD>
    <TD vAlign=bottom width="2%" align=right></TD>
    <TD vAlign=bottom width="1%" align=right></TD>
    <TD vAlign=bottom width="8%" align=right>1,121 </TD>
    <TD vAlign=bottom width="2%" align=right></TD>
    <TD vAlign=bottom width="1%" align=right></TD>
    <TD vAlign=bottom width="8%" align=right>(1,121</TD>
    <TD vAlign=bottom width="2%" align=left>) </TD>
    <TD vAlign=bottom width="1%" align=left></TD>
    <TD vAlign=bottom width="8%" align=right>- </TD>
    <TD vAlign=bottom width="2%" align=right></TD>
    <TD vAlign=bottom width="1%" align=right></TD>
    <TD vAlign=bottom width="8%" align=right>- </TD>
    <TD vAlign=bottom width="2%" align=right></TD>
    <TD vAlign=bottom width="1%" align=right></TD>
    <TD vAlign=bottom width="8%" align=right>- </TD>
    <TD vAlign=bottom width="2%" align=right></TD>
    <TD vAlign=bottom width="1%" align=right></TD>
    <TD vAlign=bottom width="8%" align=right>- </TD>
    <TD vAlign=bottom width="2%" align=left></TD></TR>
  <TR>
    <TD bgColor=#e6efff vAlign=bottom>&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="8%">&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="8%">&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="8%">&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="8%">&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="8%">&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="8%">&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="8%">&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=center>
      <P align=justify>Balance at December 31, 2013 </P></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width="8%"
    align=right>674,720 </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width="1%"
    align=left>$</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width="8%"
    align=right>&nbsp;1,519,217 </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width="1%"
    align=left>$</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width="8%"
    align=right>&nbsp;52,333 </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width="1%"
    align=left>$</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width="8%"
    align=right>&nbsp;(40,539</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width="2%"
    align=left>) </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width="1%"
    align=left>$</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width="8%"
    align=right>&nbsp;132,640 </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width="1%"
    align=left>$</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width="8%"
    align=right>&nbsp;7,716 </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width="1%"
    align=left>$</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width="8%"
    align=right>&nbsp;1,671,367 </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width="2%"
    align=left>&nbsp;</TD></TR></TABLE></DIV>
<P align=center>See accompanying notes to consolidated financial statements.
</P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
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<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD align=left><B>B2GOLD CORP.</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B>
</TD></TR>
  <TR vAlign=top>
    <TD align=left><B>December 31, 2014 and 2013</B> </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>(All tabular
      amounts are in thousands of United States dollars unless otherwise stated)
    </TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%" 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), a fourth mine which entered into the
      commissioning and testing phase in Namibia in December 2014 and a
      portfolio of development and exploration assets in Mali, Colombia, Burkina
      Faso and Nicaragua.</P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>The Company operates the Libertad Mine
and the Limon Mine in Nicaragua, the Masbate Mine in the Philippines and the
Otjikoto Mine in Namibia. The Company has an effective 81% interest in the Kiaka
gold project in Burkina Faso, a 49% joint venture interest in the Gramalote
property in Colombia, and an interest in the Quebradona property in Colombia.
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. In addition, on September 22, 2014, B2Gold obtained control of
Papillon Resources Limited (&#147;Papillon&#148;), including its 90% interest in the
Fekola Project in Mali (Notes 7 and 26). </P>
<P style="MARGIN-LEFT: 5%" align=justify>B2Gold is a public company which is
listed on the Toronto Stock Exchange under the symbol &#147;BTO&#148;, the NYSE MKT LLC
under the symbol &#147;BTG&#148; and the Namibian Stock Exchange under the symbol &#147;B2G&#148;.
B2Gold&#146;s head office is located at Suite 3100, Three Bentall Centre, 595 Burrard
Street, Vancouver, British Columbia, V7X 1J1. </P>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%" BCLLIST>

  <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, 2014. These consolidated financial
      statements were authorized for issue by the Board of Directors on March
      10, 2015.</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>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><B><I>IFRIC 21 &#150; Levies</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 adopted IFRIC 21 on January 1, 2014, with
      retrospective application. IFRIC 21 provides guidance on the accounting
      for a liability to pay a levy, both for levies that are accounted for in
      accordance with IAS 37 <I>Provisions, Contingent Liabilities and
      Contingent Assets </I>and those where the timing and amount of the levy is
      certain. Levies are imposed by a government in accordance with legislation
      and do not include income taxes, fines or other penalties imposed for
      breaches of legislation. IFRIC 21 defines an obligating event as the
      legislatively identified activity that triggers the payment of the levy.
      Recognition of a liability to pay a levy is at the date of the obligating
      event. The fact that the Company is economically compelled to continue to
      operate in the future does not create an obligation to pay a levy that
      will arise in a future period as a result of continuing to
  operate.</P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>The Company has concluded that the
adoption of IFRIC 21 did not have an effect on the comparative consolidated
financial statements. </P>
<P style="MARGIN-LEFT: 5%" align=justify><B><I>Accounting standards and
amendments issued but not yet adopted </I></B></P>
<P style="MARGIN-LEFT: 5%" align=justify><I>IFRS 15 &#150; Revenue from contracts
with customers </I></P>
<P style="MARGIN-LEFT: 5%" align=justify>The IASB has issued IFRS 15, <I>Revenue
from Contracts with Customers</I>, which is effective for annual periods
commencing on or after January 1, 2017. This new standard establishes a new
control-based revenue recognition model which could change the timing of revenue
recognition. The Company is currently evaluating the effect the standard will
have on its consolidated financial statements. </P>
<P style="MARGIN-LEFT: 5%" align=justify><I>IFRS 9 - Financial Instruments
</I></P>
<P style="MARGIN-LEFT: 5%" align=justify>The final version of IFRS 9,
<I>Financial Instruments</I>, was issued in July 2014 to replace IAS 39,
<I>Financial Instruments: Recognition and Measurement</I>. IFRS 9 has two
measurement categories for financial assets: amortized cost and fair value. In
addition, this new standard amends some of the requirements of IFRS 7,
<I>Financial Instruments: Disclosures</I>, including added disclosures about
investments in equity instruments measured at fair value in OCI and guidance on
financial liabilities and derecognition of financial instruments. The standard
is effective for annual periods beginning on or after January 1, 2018, with
early adoption permitted. The Company is currently evaluating the effect the
standard will have on its consolidated financial statements. </P>
<P align=right>1 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
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<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD align=left><B>B2GOLD CORP.</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B>
</TD></TR>
  <TR vAlign=top>
    <TD align=left><B>December 31, 2014 and 2013</B> </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>(All tabular
      amounts are in thousands of United States dollars unless otherwise stated)
    </TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%" BCLLIST>

  <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%">&nbsp;</TD>
    <TD>&nbsp;</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>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>The Company&#146;s most significant wholly owned and partially
      owned subsidiaries are presented below:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp; </TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="12%" align=center>% interest </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom>&nbsp; </TD>
    <TD vAlign=bottom  width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="12%" align=center>&nbsp; </TD>
    <TD vAlign=bottom  width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom align=left>&nbsp;&nbsp;&nbsp;&nbsp; -
      Philippines Gold Processing &amp; Refining Corporation (&#147;Masbate&#148;) </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%" align=center>100 </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp;&nbsp;&nbsp;&nbsp; - Desarrollo Minero
      de Nicaragua, S.A. (&#147;Libertad&#148;) </TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="12%" align=center>100 </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom align=left>&nbsp;&nbsp;&nbsp;&nbsp; -
      Triton Minera S.A. (&#147;Limon&#148;) </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%" align=center>95 </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp;&nbsp;&nbsp;&nbsp; - B2Gold Namibia
      (Pty) Ltd. (&#147;Otjikoto&#148;) </TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="12%" align=center>90 </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom align=left>&nbsp;&nbsp;&nbsp;&nbsp; -
      Songhoi Resources SARL (&#147;Fekola&#148;) </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%" align=center>90 </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp;&nbsp;&nbsp;&nbsp; - Kiaka Gold SARL
      (&#147;Kiaka&#148;) </TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="12%" align=center>100 </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom align=left>&nbsp;&nbsp;&nbsp;&nbsp; -
      Mocoa Ventures Ltd. (&#147;Mocoa&#148;) </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%" align=center>100 </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp;&nbsp;&nbsp;&nbsp; - Minesa Nueva
      Esperanza S.A. (&#147;Pavon&#148;) </TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="12%" align=center>100 </TD>
    <TD vAlign=bottom  width="2%"
align=left>&nbsp;</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 16) 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></P>
<P style="MARGIN-LEFT: 5%" align=justify>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>2 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<!--$$/page=--><A name=page_12></A><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD align=left><B>B2GOLD CORP.</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B>
</TD></TR>
  <TR vAlign=top>
    <TD align=left><B>December 31, 2014 and 2013</B> </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>(All tabular
      amounts are in thousands of United States dollars unless otherwise stated)
    </TD></TR></TABLE>
<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></P>
<P style="MARGIN-LEFT: 5%" align=justify>Goodwill arising on the Company&#146;s
acquisitions includes (but is not limited 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></P>
<P style="MARGIN-LEFT: 5%" align=justify>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.</P>
<P style="MARGIN-LEFT: 5%" align=justify>The Company&#146;s joint arrangements
consist of jointly controlled entities (involving the establishment of a
corporation) and are accounted for using the equity method. The equity method
involves recording the initial investment 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></P>
<P style="MARGIN-LEFT: 5%" align=justify><I>Functional and presentation currency
</I></P>
<P style="MARGIN-LEFT: 5%" align=justify>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></P>
<P style="MARGIN-LEFT: 5%" align=justify>Transactions denominated in foreign
currencies are translated into the United States dollar as follows:</P>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD align=right >&nbsp;</TD>
    <TD width="5%" align=center>&#149;</TD>
    <TD width="90%" align=right>
      <P align=justify>Monetary assets and liabilities are translated at the
      rates of exchange at the consolidated balance sheet date; </P></TD></TR>
  <TR>
    <TD >&nbsp;</TD>
    <TD width="5%" align=center>&nbsp;</TD>
    <TD width="90%">
      <P align=justify></P></TD></TR>
  <TR vAlign=top>
    <TD align=right ></TD>
    <TD width="5%" align=center>&#149; </TD>
    <TD width="90%" align=right>
      <P align=justify>Non-monetary assets and liabilities are translated at
      historical exchange rates prevailing at each transaction date; </P></TD></TR>
  <TR>
    <TD >&nbsp;</TD>
    <TD width="5%" align=center>&nbsp;</TD>
    <TD width="90%">
      <P align=justify></P></TD></TR>
  <TR vAlign=top>
    <TD align=right ></TD>
    <TD width="5%" align=center>&#149; </TD>
    <TD width="90%" align=right>
      <P align=justify>Revenue and expenses are translated at the exchange rate
      at the date of the transaction, except depreciation, depletion and
      amortization, which are translated at historical exchange rates, 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 </P></TD></TR>
  <TR>
    <TD >&nbsp;</TD>
    <TD width="5%" align=center>&nbsp;</TD>
    <TD width="90%">
      <P align=justify></P></TD></TR>
  <TR vAlign=top>
    <TD align=right ></TD>
    <TD width="5%" align=center>&#149; </TD>
    <TD width="90%" align=right>
      <P align=justify>Exchange gains and losses on translation are included in
      earnings. 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. </P></TD></TR></TABLE>
<P align=right>3 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<!--$$/page=--><A name=page_13></A><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD align=left><B>B2GOLD CORP.</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B>
</TD></TR>
  <TR vAlign=top>
    <TD align=left><B>December 31, 2014 and 2013</B> </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>(All tabular
      amounts are in thousands of United States dollars unless otherwise stated)
    </TD></TR></TABLE>
<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>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD width="5%" align=center >&nbsp;&#149; </TD>
    <TD width="90%" align=left>Assets and liabilities are translated at the
      rates of exchange at the consolidated balance sheet date; </TD></TR>
  <TR>
    <TD >&nbsp;</TD>
    <TD width="5%" align=center >&nbsp;</TD>
    <TD width="90%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left ></TD>
    <TD width="5%" align=center >&#149; </TD>
    <TD width="90%" align=left>
      <P align=justify>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
      monthly average exchange rate; and </P></TD></TR>
  <TR>
    <TD >&nbsp;</TD>
    <TD width="5%" align=center >&nbsp;</TD>
    <TD width="90%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD width="5%" align=center >&nbsp;&#149; </TD>
    <TD width="90%" align=left>Exchange gains and losses on translation are
      included in OCI. </TD></TR></TABLE>
<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></P>
<P style="MARGIN-LEFT: 5%" align=justify>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></P>
<P style="MARGIN-LEFT: 5%" align=justify>Cash and cash equivalents include 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 classified as loans and receivables.</P>
<P style="MARGIN-LEFT: 5%" align=justify><I>Accounts receivable, accounts
payable and accrued liabilities </I></P>
<P style="MARGIN-LEFT: 5%" align=justify>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
classified as loans and receivables and accounts payable and accrued liabilities
are designated as financial liabilities.</P>
<P style="MARGIN-LEFT: 5%" align=justify><I>Lease liabilities </I></P>
<P style="MARGIN-LEFT: 5%" align=justify>Lease liabilities are interest bearing
and are initially measured at the present value and subsequently recorded at
amortized cost. Lease liabilities are designated as financial liabilities. </P>
<P style="MARGIN-LEFT: 5%" align=justify><I>Debt </I></P>
<P style="MARGIN-LEFT: 5%" align=justify>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></P>
<P style="MARGIN-LEFT: 5%" align=justify>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>4 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<!--$$/page=--><A name=page_14></A><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD align=left><B>B2GOLD CORP.</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B>
</TD></TR>
  <TR vAlign=top>
    <TD align=left><B>December 31, 2014 and 2013</B> </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>(All tabular
      amounts are in thousands of United States dollars unless otherwise stated)
    </TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify><B><I>Impairment of financial assets
</I></B></P>
<P style="MARGIN-LEFT: 5%" align=justify>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></P>
<P style="MARGIN-LEFT: 5%" align=justify>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></P>
<P style="MARGIN-LEFT: 5%" align=justify>Mining interests include property,
plant and equipment, mineral properties and mine development costs, deferred
stripping, exploration and evaluation expenditures, capitalized borrowing costs
and impairment. </P>
<P style="MARGIN-LEFT: 5%" align=justify><I>Property, plant and equipment
</I></P>
<P style="MARGIN-LEFT: 5%" align=justify>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 style="MARGIN-LEFT: 5%" align=justify><I>Mineral properties and mine
development costs </I></P>
<P style="MARGIN-LEFT: 5%" align=justify>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>Capitalization of costs incurred ceases
when the mining property is capable of commencement of mining operations in the
manner intended by management. Costs incurred prior to this point, including
depreciation of related plant and equipment, are capitalized and proceeds from
sales during this period are offset against capitalized costs. </P>
<P style="MARGIN-LEFT: 5%" align=justify>The Company applies judgment in its
assessment of when a mine is capable of operating in the manner intended by
management which takes account of the design of the mine and the nature of the
initial commissioning phase of the mine.</P>
<P align=right>5 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<!--$$/page=--><A name=page_15></A><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD align=left><B>B2GOLD CORP.</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B>
</TD></TR>
  <TR vAlign=top>
    <TD align=left><B>December 31, 2014 and 2013</B> </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>(All tabular
      amounts are in thousands of United States dollars unless otherwise stated)
    </TD></TR></TABLE>
<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></P>
<P style="MARGIN-LEFT: 5%" align=justify>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></P>
<P style="MARGIN-LEFT: 5%" align=justify>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. Once the technical
feasibility and commercial viability of the extraction of mineral reserves or
resources from a particular mineral property has been determined, exploration
and evaluation expenditures are reclassified to &#147;mineral properties and mine
development costs&#148;. If no mineable 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>The establishment of technical
feasibility and commercial viability of a mineral property is assessed based on
a combination of factors, such as but not limited to:</P>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD align=left ></TD>
    <TD width="5%" align=center>&#149; </TD>
    <TD width="90%" align=left>The extent to which mineral reserves or mineral
      resources have been identified through a feasibility study or similar
      level document; </TD></TR>
  <TR vAlign=top>
    <TD align=left ></TD>
    <TD width="5%" align=center>&#149; </TD>
    <TD width="90%" align=left>The results of optimization studies and further
      technical evaluation carried out to mitigate project risks identified in
      the feasibility study; </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD width="5%" align=center>&#149; </TD>
    <TD width="90%" align=left>The status of environmental permits, and </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD width="5%" align=center>&#149; </TD>
    <TD width="90%" align=left>The status of mining leases or permits.
  </TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>In addition, commercial viability is
deemed to be achieved when the Company determines that the project will provide
a satisfactory return relative to its perceived risks. Ore reserves may be
declared for an undeveloped mining project before its commercial viability has
been fully determined. Evaluation costs may continue to be capitalized during
the period between declaration of reserves and approval to mine as further work
is undertaken in order to refine the development case to maximize the project&#146;s
returns. </P>
<P style="MARGIN-LEFT: 5%" align=justify><I>Borrowing costs </I></P>
<P style="MARGIN-LEFT: 5%" align=justify>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></P>
<P style="MARGIN-LEFT: 5%" align=justify>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 align=right>6 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<!--$$/page=--><A name=page_16></A><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD align=left><B>B2GOLD CORP.</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B>
</TD></TR>
  <TR vAlign=top>
    <TD align=left><B>December 31, 2014 and 2013</B> </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>(All tabular
      amounts are in thousands of United States dollars unless otherwise stated)
    </TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>The recoverable amount is the higher of
an asset&#146;s &#147;fair value less costs of disposal&#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 of disposal&#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 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></P>
<P style="MARGIN-LEFT: 5%" align=justify>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>Leases</I></B></P>
<P style="MARGIN-LEFT: 5%" align=justify>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; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%" 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 commencement of the lease term (the date
from which the lessee is entitled to exercise its right to use the leased asset)
at the fair value of the leased asset or, if lower, at the present value of the
minimum lease payments. </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 align=right>7 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
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<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD align=left><B>B2GOLD CORP.</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B>
</TD></TR>
  <TR vAlign=top>
    <TD align=left><B>December 31, 2014 and 2013</B> </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>(All tabular
      amounts are in thousands of United States dollars unless otherwise stated)
    </TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify><B><I>Mine restoration provisions
</I></B></P>
<P style="MARGIN-LEFT: 5%" align=justify>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></P>
<P style="MARGIN-LEFT: 5%" align=justify>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></P>
<P style="MARGIN-LEFT: 5%" align=justify>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 style="MARGIN-LEFT: 5%" 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>
<P style="MARGIN-LEFT: 5%" 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>
<P style="MARGIN-LEFT: 5%" align=justify>Deferred income tax assets and
liabilities are presented as non-current. </P>
<P style="MARGIN-LEFT: 5%" align=justify><B><I>Revenue </I></B></P>
<P style="MARGIN-LEFT: 5%" 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>
<P style="MARGIN-LEFT: 5%" align=justify>Silver revenue is accounted for as a
by-product and is recorded as a credit to operating costs. </P>
<P align=right>8 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<!--$$/page=--><A name=page_18></A><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD align=left><B>B2GOLD CORP.</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B>
</TD></TR>
  <TR vAlign=top>
    <TD align=left><B>December 31, 2014 and 2013</B> </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>(All tabular
      amounts are in thousands of United States dollars unless otherwise stated)
    </TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify><B><I>Earnings per share </I></B></P>
<P style="MARGIN-LEFT: 5%" 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>
<P style="MARGIN-LEFT: 5%" 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>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%" BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B><I>5</I></B> </TD>
    <TD>
      <P align=justify><B><I>Significant accounting judgements and
      estimates</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 requires estimates and assumptions that affect the
      amounts reported in these financial statements. These estimates and
      assumptions concerning the future may differ from 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 style="MARGIN-LEFT: 5%" align=justify><B><I>Impairment of long-lived assets
</I></B></P>
<P style="MARGIN-LEFT: 5%" align=justify>Long-lived assets are tested for
impairment if there is an indicator of impairment. Determining the recoverable
amount of cash generating units (&#147;CGU&#148;) for long-lived asset impairment tests
requires management to make estimates and assumptions with respect to future
production levels, mill recoveries, operating and capital costs in its
life-of-mine plans, future metal prices, foreign exchange rates, and discount
rates. Changes in any of the assumptions or estimates used in determining the
recoverable amount could impact the impairment analysis. Such changes could be
material. </P>
<P style="MARGIN-LEFT: 5%" align=justify><B><I>Ore reserve and resource
estimates </I></B></P>
<P style="MARGIN-LEFT: 5%" align=justify>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 mineral resources
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, metallurgical recoveries,
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></P>
<P style="MARGIN-LEFT: 5%" align=justify>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 mine 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>Value-added tax receivables
</I></B></P>
<P style="MARGIN-LEFT: 5%" align=justify>The Company incurs indirect taxes,
including value-added tax, on purchases of goods and services at its operating
mines and development projects. Indirect tax balances are recorded at their
estimated recoverable amounts within current or long-term assets, net of
provisions, and reflect the Company&#146;s best estimate of their recoverability
under existing tax rules in the respective jurisdictions in which they arise.
Management&#146;s assessment of recoverability involves judgments regarding balance
sheet classification and the probable outcomes of claimed deductions and/or
disputes. The provisions and balance sheet classifications made to date may be
subject to change and such change may be material. </P>
<P align=right>9 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<!--$$/page=--><A name=page_19></A><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD align=left><B>B2GOLD CORP.</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B>
</TD></TR>
  <TR vAlign=top>
    <TD align=left><B>December 31, 2014 and 2013</B> </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>(All tabular
      amounts are in thousands of United States dollars unless otherwise stated)
    </TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify><B><I>Uncertain tax positions
</I></B></P>
<P style="MARGIN-LEFT: 5%" align=justify>The Company is periodically subject to
income tax audits at its operating mine locations. During the year ended
December 31, 2014, the Company recorded provisions totalling $6 million
representing its best estimate of the outcome of current assessments. The
Company is appealing the assessments received and the final outcome of such
appeals are not determinable at this time. The provisions made to date may be
subject to change and such change may be material.</P>
<P style="MARGIN-LEFT: 5%" align=justify><B><I>Deferred income taxes and
valuation allowances </I></B></P>
<P style="MARGIN-LEFT: 5%" align=justify>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></P>
<P style="MARGIN-LEFT: 5%" align=justify>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 values 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 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>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%" BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B><I>6</I></B> </TD>
    <TD>
      <P align=justify><B><I>Impairment of goodwill and long-lived
      assets</I></B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>During the quarter ended December 31, 2014 and subsequent
      to year-end, the Company completed an updated metallurgical recovery
      sampling and analysis program as part of the expansion study for the
      Masbate Mine along with an updated life-of-mine plan based on 2014
      year-end reserve and resource estimates. The Company has also determined
      not to proceed with an expansion of the Masbate mill at this time in order
      to focus its construction team and resources on development of the Fekola
      Project. The Company will continue to review expansion case options. The
      finalized metallurgical report, updated reserve and resource estimates and
      change in assumption regarding the Masbate mill expansion resulted in a
      decline in the life-of-mine recovery rate and production ounces for the
      Masbate Mine. This was considered an impairment indicator at December 31,
      2014.</P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>During the latter half of 2014 and as
at December 31, 2014, the long-term consensus gold price continued to be below
the long-term gold price assumptions used in the Company&#146;s reserve estimations
and life-of-mine plans. The prolonged decline of the long-term gold price was
considered to be an impairment indicator. Consequently, the Company has revised
its long-term gold price estimate to $1,300 per ounce of gold.</P>
<P style="MARGIN-LEFT: 5%" align=justify>The Company has performed impairment
tests on the following cash-generating units (&#147;CGUs&#148;): Masbate Mine, including
related goodwill, Limon Mine, Libertad Mine and Otjikoto Mine. The Company&#146;s
investment in the Gramalote joint venture was also assessed for impairment. As a
result of these assessments, the Company determined that impairment charges were
required for the goodwill relating to the Masbate Mine, Masbate Mine long-lived
assets and the Company&#146;s investment in Gramalote as described below. </P>
<P align=right>10 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<!--$$/page=--><A name=page_20></A><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD align=left><B>B2GOLD CORP.</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B>
</TD></TR>
  <TR vAlign=top>
    <TD align=left><B>December 31, 2014 and 2013</B> </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>(All tabular
      amounts are in thousands of United States dollars unless otherwise stated)
    </TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify><B><I>Masbate long-lived assets
</I></B></P>
<P style="MARGIN-LEFT: 5%" align=justify>The Company conducted an impairment
analysis whereby the carrying values of the Masbate Mine property, plant and
equipment and undeveloped mineral interests, were compared to the mine&#146;s
recoverable amount which was determined to be its fair value using the fair
value less costs of disposal (&#147;FVLCD&#148;) at December 31, 2014. In carrying out the
review of Masbate&#146;s long-lived assets for impairment, the Company utilized
discounted cash flow models incorporating estimates and assumptions that
included such factors as future production levels, metallurgical recovery
estimates, operating and capital costs in its life-of-mine plans, mill expansion
assumptions, future metal prices, foreign exchange rates and discount rates.
Management&#146;s estimate of the FVLCD of its CGUs is classified as level 3 in the
fair value hierarchy. The Company&#146;s estimate of future cash flows is subject to
risks and uncertainties and therefore could change in the future if the
underlying assumptions change.</P>
<P style="MARGIN-LEFT: 5%" align=justify>Key assumptions used for the impairment
test at December 31, 2014 were:</P>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom align=center>- </TD>
    <TD bgColor=#e6efff vAlign=bottom width="76%" align=left>Gold price </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>$</TD>
    <TD bgColor=#e6efff vAlign=bottom width="11%" align=right>1,300/ounce </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=center>&nbsp;- </TD>
    <TD vAlign=bottom width="76%" align=left>Silver price </TD>
    <TD vAlign=bottom width="1%" align=left>$</TD>
    <TD vAlign=bottom width="11%" align=right>18/ounce </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom align=center>&nbsp;- </TD>
    <TD bgColor=#e6efff vAlign=bottom width="76%" align=left>Mill recovery
      rate </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="11%" align=right>73% </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=center>&nbsp;- </TD>
    <TD vAlign=bottom width="76%" align=left>Mine life </TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="11%" align=right>2015 to 2035 </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom align=center>&nbsp;- </TD>
    <TD bgColor=#e6efff vAlign=bottom width="76%" align=left>Discount rate </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="11%" align=right>5% - 7% </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%"
  align=left>&nbsp;</TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>The Company&#146;s analysis concluded that
the carrying values of the Masbate Mine property, plant and equipment and
amounts assigned to undeveloped mineral interests at December 31, 2014 were
impaired resulting in a pre-tax impairment charge of $436.0 million consisting
of $362.1 million impairment of property, plant and equipment and $73.9 million
impairment of undeveloped mineral interests. The net impairment recorded in the
statement operations after taking into account a deferred income tax recovery of
$130.8 million was $305.2 million.</P>
<P style="MARGIN-LEFT: 5%" align=justify><B><I>Masbate goodwill</I></B></P>
<P style="MARGIN-LEFT: 5%" align=justify>At September 30, 2014, and in light of
the reduction in the long-term gold price, the Company conducted a goodwill
impairment analysis. In carrying out the impairment analysis, the Company
determined the recoverable amount for the Masbate Mine CGU was its FVLCD. The
FVLCD was determined using discounted cash flow models incorporating estimates
and assumptions that included such factors as future production levels,
metallurgical recovery estimates, operating and capital costs in its
life-of-mine plans, mill expansion assumptions, future metal prices, foreign
exchange rates and discount rates. Management&#146;s estimate of the FVLCD of its
CGUs is classified as level 3 in the fair value hierarchy.</P>
<P style="MARGIN-LEFT: 5%" align=justify>Key assumptions used for the impairment
test at September 30, 2014 were:</P>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom align=center >&nbsp;- </TD>
    <TD bgColor=#e6efff vAlign=bottom width="76%" align=left>Gold price </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>$</TD>
    <TD bgColor=#e6efff vAlign=bottom width="11%" align=right>1,300/ounce </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=center >&nbsp;- </TD>
    <TD vAlign=bottom width="76%" align=left>Silver price </TD>
    <TD vAlign=bottom width="1%" align=left>$</TD>
    <TD vAlign=bottom width="11%" align=right>20/ounce </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom align=center >&nbsp;- </TD>
    <TD bgColor=#e6efff vAlign=bottom width="76%" align=left>Mill recovery
      rate </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="11%" align=right>80% </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=center >&nbsp;- </TD>
    <TD vAlign=bottom width="76%" align=left>Mine life </TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="11%" align=right>2015 to 2033 </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom align=center >&nbsp;- </TD>
    <TD bgColor=#e6efff vAlign=bottom width="76%" align=left>Discount rate </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="11%" align=right>5% - 7% </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%"
  align=left>&nbsp;</TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>The Company&#146;s analysis concluded that
the full carrying value of Masbate Mine related goodwill was impaired, resulting
in an impairment charge of $202.1 million being recorded in the statement of
operations.</P>
<P style="MARGIN-LEFT: 5%" align=justify><B><I>Investment in Joint Venture -
Gramalote </I></B></P>
<P style="MARGIN-LEFT: 5%" align=justify>The Company conducted an impairment
analysis whereby the carrying value of the investment in the Gramalote joint
venture was compared to the investment&#146;s recoverable amount which was determined
to be its FVLCD. In carrying out the impairment analysis, the Company utilized
discounted cash flow models incorporating estimates and assumptions that include
such factors as future production levels, mill recoveries, operating and capital
costs in its life-of-mine plans, future metal prices, foreign exchange rates and
discount rates. These factors were based on the assumptions and inputs disclosed
by the Company on March 13, 2014 from the Gramalote Preliminary Economic
Assessment and included a long-term gold price assumption of $1,300 per ounce of
gold and a discount rate of 6.5% . Management&#146;s estimate of the FVLCD of its
CGUs is classified as level 3 in the fair value hierarchy. The Company&#146;s
estimate of future cash flows is subject to risks and uncertainties and
therefore could change in the future if the underlying assumptions change.</P>
<P align=right>11 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<!--$$/page=--><A name=page_21></A><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD align=left><B>B2GOLD CORP.</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B>
</TD></TR>
  <TR vAlign=top>
    <TD align=left><B>December 31, 2014 and 2013</B> </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>(All tabular
      amounts are in thousands of United States dollars unless otherwise stated)
    </TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>The Company&#146;s analysis concluded that
the investment in Gramalote was impaired resulting in an impairment charge of
$96.3 million being recorded in the statement of operations. </P>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%" BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B><I>7</I></B> </TD>
    <TD>
      <P align=justify><B><I>Acquisition of Papillon Resources
      Limited</I></B></P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>On October 3, 2014, the Company
completed the scheme of arrangement (&#147;Papillon Merger&#148;) by which the Company
acquired all of the issued ordinary shares of Papillon. Under the terms of the
Merger, the Company acquired all of the issued and outstanding ordinary shares
of Papillon based on an exchange ratio of 0.661 of a common share of B2Gold for
each Papillon ordinary share. In addition, all of the outstanding stock options
of Papillon were cancelled and the former holders thereof received that number
of the Company shares that corresponded to the value of the &#147;in-the-money&#148;
portion of their Papillon options. The primary asset acquired was the Fekola
Project located in Mali. </P>
<P style="MARGIN-LEFT: 5%" align=justify>The arrangement has been accounted for
as a purchase of net assets. For accounting purposes, the acquisition date was
determined to be September 22, 2014, the date at which the Company obtained
control of Papillon.</P>
<P style="MARGIN-LEFT: 5%" align=justify>The cost of the acquisition was
approximately $493.3 million, and included the fair value of the shares issued
of $484.3 million, based on the issuance of 237,390,819 shares at Cdn.$2.25 per
share and a foreign exchange rate of Cdn.$1.1031 to $1, plus transaction costs
of approximately $9.0 million.</P>
<P style="MARGIN-LEFT: 5%" align=justify>The purchase price was calculated as
follows:</P>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp; </TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="12%" align=center><B>$</B></TD>
  <TD vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom align=left>Common shares issued
      (237,390,819 common shares) </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%" align=right><B>484,277</B>
    </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left>Transaction costs </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="12%"
    align=right><B>9,026</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="2%"
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom align=left>Total purchase price </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#e6efff vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#e6efff vAlign=bottom
    width="12%" align=right><B>493,303</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#e6efff vAlign=bottom
    width="2%" align=left>&nbsp;</TD></TR></TABLE>
<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; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp; </TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="12%" align=center><B>$</B></TD>
  <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom>&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 width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left>Purchase price allocation: </TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="12%" align=left>&nbsp; </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom align=left>&nbsp; &nbsp;Cash and cash
      equivalents </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%" align=right><B>32,189</B>
</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp; &nbsp;Accounts receivable and prepaids
    </TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="12%" align=right><B>1,241</B> </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom align=left>&nbsp; &nbsp;Mining interests
      &#150; Fekola </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%" align=right><B>507,627</B>
    </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp; &nbsp;Mining interests &#150; Mali other
</TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="12%" align=right><B>6,067</B> </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom align=left>&nbsp; &nbsp;Accounts payable
      and accrued liabilities </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%" align=right><B>(8,473</B></TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
      align=left><B>)</B> </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp; &nbsp;Non-controlling interest </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="12%"
    align=right><B>(45,348</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="2%" align=left><B>)</B> </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom>&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%">&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width="12%"
    align=right><B>493,303</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom
    width="2%" align=left>&nbsp;</TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>Included in Papillon&#146;s accounts payable
and accrued liabilities acquired on September 22, 2014 was $5.9 million for
Papillon&#146;s transaction costs. </P>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%" BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B><I>8</I></B> </TD>
    <TD>
      <P align=justify><B><I>Acquisition of CGA Mining
  Limited</I></B></P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>On January 31, 2013, the Company and
CGA announced that they had completed the combination of the two companies (the
&#147;CGA Merger&#148;) by way of a court-approved scheme of arrangement and the merger
implementation agreement dated September 18, 2012 between the Company and CGA.
Under the terms of the CGA 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 CGA Merger, CGA
became a wholly-owned subsidiary of B2Gold.</P>
<P align=right>12 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<!--$$/page=--><A name=page_22></A><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD align=left><B>B2GOLD CORP.</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B>
</TD></TR>
  <TR vAlign=top>
    <TD align=left><B>December 31, 2014 and 2013</B> </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>(All tabular
      amounts are in thousands of United States dollars unless otherwise stated)
    </TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>As a result, B2Gold issued an aggregate
of 250,040,275 common shares to the former CGA shareholders. An additional
1,933,557 common shares of B2Gold were issued to former CGA option holders upon
cancellation of their stock options.</P>
<P style="MARGIN-LEFT: 5%" 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>
<P style="MARGIN-LEFT: 5%" 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>
<P style="MARGIN-LEFT: 5%" 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.</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.</P>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp; </TD>
    <TD width="80%" align=left vAlign=bottom nowrap>&nbsp; </TD>
    <TD width="1%" align=left vAlign=bottom nowrap>&nbsp;</TD>
    <TD width="7%" align=center vAlign=bottom nowrap><B>$</B></TD>
  <TD width="2%" align=left vAlign=bottom nowrap>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=bottom>&nbsp; </TD>
    <TD vAlign=bottom width="80%">&nbsp; </TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="7%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=bottom colSpan=2 align=right>
      <P align=justify>Purchase price allocation: </P></TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="7%" align=left>&nbsp; </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom colSpan=2 align=left>&nbsp; &nbsp;
      &nbsp;Cash and cash equivalents </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="7%" align=right><B>56,088</B> </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=bottom colSpan=2 align=left>&nbsp; &nbsp; &nbsp;Restricted cash
    </TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="7%" align=right><B>9,000</B> </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom colSpan=2 align=left>&nbsp; &nbsp;
      &nbsp;Accounts receivable and prepaids </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="7%" align=right><B>11,368</B> </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=bottom colSpan=2 align=left>&nbsp; &nbsp; &nbsp;Inventories </TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="7%" align=right><B>73,668</B> </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom colSpan=2 align=left>&nbsp; &nbsp;
      &nbsp;Note receivable from RTG Mining Inc. </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="7%" align=right><B>2,560</B> </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=bottom colSpan=2 align=left>&nbsp; &nbsp; &nbsp;Mining
      interests </TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="7%" align=left>&nbsp; </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom align=center>- </TD>
    <TD bgColor=#e6efff vAlign=bottom width="80%" align=right>
      <P align=justify>Masbate Mine </P></TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="7%" align=right><B>688,524</B>
</TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=center>- </TD>
    <TD vAlign=bottom width="80%" align=right>
      <P align=justify>Masbate undeveloped mineral interest </P></TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="7%" align=right><B>176,460</B> </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom colSpan=2 align=left>&nbsp; &nbsp;
      &nbsp;Long-term Investments </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="7%" align=right><B>31,037</B> </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=bottom colSpan=2 align=left>&nbsp; &nbsp; &nbsp;Value-added tax
      receivables, long-term </TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="7%" align=right><B>21,749</B> </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom colSpan=2 align=left>&nbsp; &nbsp;
      &nbsp;Other long-term assets </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="7%" align=right><B>1,727</B> </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=bottom colSpan=2 align=left>&nbsp; &nbsp; &nbsp;Accounts
      payable and accrued liabilities </TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="7%" align=right><B>(31,982</B></TD>
    <TD vAlign=bottom width="2%" align=left><B>)</B> </TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom colSpan=2 align=left>&nbsp; &nbsp;
      &nbsp;Current tax payable </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="7%" align=right><B>(1,674</B></TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left><B>)</B> </TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=bottom colSpan=2 align=left>&nbsp; &nbsp; &nbsp;Masbate project
      loan facility </TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="7%" align=right><B>(18,524</B></TD>
    <TD vAlign=bottom width="2%" align=left><B>)</B> </TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom colSpan=2 align=left>&nbsp; &nbsp;
      &nbsp;Deferred revenue - fair value of gold contracts <I>(Note 17)</I> </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="7%" align=right><B>(37,404</B></TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left><B>)</B> </TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=bottom colSpan=2 align=left>&nbsp; &nbsp; &nbsp;Finance lease
      obligations, including current portion </TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="7%" align=right><B>(25,228</B></TD>
    <TD vAlign=bottom width="2%" align=left><B>)</B> </TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom colSpan=2 align=left>&nbsp; &nbsp;
      &nbsp;Mine restoration provisions, including current portion </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="7%" align=right><B>(16,504</B></TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left><B>)</B> </TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=bottom colSpan=2 align=left>&nbsp; &nbsp; &nbsp;Deferred income
      taxes </TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="7%" align=right><B>(157,494</B></TD>
    <TD vAlign=bottom width="2%" align=left><B>)</B> </TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom colSpan=2 align=left>&nbsp; &nbsp;
      &nbsp;Other long-term liabilities </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="7%" align=right><B>(571</B></TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left><B>)</B> </TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=bottom colSpan=2 align=left>&nbsp; &nbsp; &nbsp;Goodwill </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="7%"
    align=right><B>202,070</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="2%"
    align=left>&nbsp;</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom>&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom width="80%">&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="7%">&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=bottom colSpan=2 align=left>Purchase price - 251,973,832 common
      shares of B2Gold issued on acquisition </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width="7%"
    align=right><B>984,870</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width="2%"
    align=left>&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.</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 arose 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 style="MARGIN-LEFT: 5%" align=right>13 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<!--$$/page=--><A name=page_23></A><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD align=left><B>B2GOLD CORP.</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B>
</TD></TR>
  <TR vAlign=top>
    <TD align=left><B>December 31, 2014 and 2013</B> </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>(All tabular
      amounts are in thousands of United States dollars unless otherwise stated)
    </TD></TR></TABLE>
<br>

<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%" BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B><I>9</I></B> </TD>
    <TD>
      <P align=justify><B><I>Acquisition of Volta Resources
  Inc.</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 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></TABLE>
<P style="MARGIN-LEFT: 5%" 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.</P>
<P style="MARGIN-LEFT: 5%" align=justify>In connection with the closing of the
transaction, B2Gold issued an aggregate of 23,331,805 common shares of B2Gold to
the former shareholders of Volta and 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. </P>
<P style="MARGIN-LEFT: 5%" 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>
<P style="MARGIN-LEFT: 5%" align=justify>The purchase price was calculated as
follows:</P>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD align=left vAlign=bottom nowrap>&nbsp; </TD>
    <TD  width="1%" align=left vAlign=bottom nowrap>&nbsp;</TD>
    <TD width="12%" align=center vAlign=bottom nowrap><B>$</B></TD>
  <TD  width="2%" align=left vAlign=bottom nowrap>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom>&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 width="5%" >&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom align=left>Common shares issued
      (23,331,805 B2Gold common shares) </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%" align=right><B>46,423</B>
</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left>Fair value of Volta stock options </TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="12%" align=right><B>949</B> </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom align=left>Transaction costs </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
     width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="12%" align=right><B>967</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
     width="2%" align=left>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom>&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 width="5%" >&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom align=left>Total purchase price </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#e6efff vAlign=bottom
     width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#e6efff vAlign=bottom
    width="12%" align=right><B>48,339</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#e6efff vAlign=bottom
     width="2%" align=left>&nbsp;</TD></TR></TABLE>
<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; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD align=left valign="bottom" nowrap>&nbsp; </TD>
    <TD  width="1%" align=left valign="bottom" nowrap>&nbsp;</TD>
    <TD width="12%" align=center valign="bottom" nowrap><B>$</B></TD>
  <TD  width="2%" align=left valign="bottom" nowrap>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>Purchase price allocation: </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=left>&nbsp; </TD>
    <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD bgColor=#e6efff align=left>&nbsp; &nbsp; &nbsp;Cash and cash
      equivalents </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" align=right><B>4,184</B> </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp; &nbsp;Accounts receivable and prepaids </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right><B>408</B> </TD>
    <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD bgColor=#e6efff align=left>&nbsp; &nbsp; &nbsp;Long-term investments &#150;
      GoldStone Resources Ltd. </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" align=right><B>20</B> </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp; &nbsp;Other assets </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right><B>60</B> </TD>
    <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD bgColor=#e6efff align=left>&nbsp; &nbsp; &nbsp;Mining interests &#150;
      Kiaka &#150; development property </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" align=right><B>50,550</B> </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp; &nbsp;Accounts payable and accrued
      liabilities </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right><B>(6,183</B></TD>
    <TD  width="2%" align=left><B>)</B> </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD bgColor=#e6efff align=left>&nbsp; &nbsp; &nbsp;Current taxes payable
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="12%"
    align=right><B>(700</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left><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 bgColor=#e6efff align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#e6efff width="12%"
    align=right><B>48,339</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD></TR></TABLE>
<P align=right>14 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<!--$$/page=--><A name=page_24></A><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD align=left><B>B2GOLD CORP.</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B>
</TD></TR>
  <TR vAlign=top>
    <TD align=left><B>December 31, 2014 and 2013</B> </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>(All tabular
      amounts are in thousands of United States dollars unless otherwise stated)
    </TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%" BCLLIST>

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

  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left>&nbsp; </TD>
    <TD vAlign=bottom width="1%" noWrap align=left>&nbsp;</TD>
    <TD vAlign=bottom width="12%" noWrap align=center><B><I>2014</I></B> </TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="12%" noWrap align=center><B><I>2013</I></B> </TD>
    <TD vAlign=bottom width="2%" noWrap align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width="1%"
    noWrap align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width="12%"
    noWrap align=center><B><I>$</I></B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width="2%"
    noWrap align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width="1%"
    noWrap align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width="12%"
    noWrap align=center><B><I>$</I></B></TD>
  <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width="2%"
    noWrap align=left>&nbsp;</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=bottom>&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>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=bottom>&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 width="5%">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom align=left>Gold and silver bullion </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%" align=right><B>26,922</B>
</TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%" align=right>23,050 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left>In-process inventory </TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="12%" align=right><B>9,379</B> </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="12%" align=right>8,471 </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom align=left>Ore stock-pile inventory </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%" align=right><B>14,134</B>
</TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%" align=right>3,427 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left>Materials and supplies </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="12%"
    align=right><B>45,556</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="12%"
    align=right>40,717 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="2%"
    align=left>&nbsp;</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom>&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%">&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%">&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width="12%"
    align=right><B>95,991</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width="12%"
    align=right>75,665 </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width="2%"
    align=left>&nbsp;</TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>Ore stock-pile inventory includes
amounts for the Masbate Mine of $9.8 million (2013 - $2.9 million) and for the
Otjikoto Mine of $3.5 million (2013 &#150; nil). </P>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%" BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B><I>11</I></B> </TD>
    <TD>
      <P align=justify><B><I>Long-term
investments</I></B></P></TD></TR></TABLE><BR>
<DIV>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 8pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="1%" noWrap
    align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="33%"
    colSpan=10 noWrap align=center><B><I>As at December 31, 2014</I></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="2%" noWrap
    align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="1%" noWrap
    align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="33%"
    colSpan=10 noWrap align=center><B><I>As at December 31, 2013</I></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="2%" noWrap
    align=center>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center>&nbsp; </TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="6%" noWrap align=center>&nbsp; </TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="6%" noWrap align=center><B><I>Total</I></B> </TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="6%" noWrap align=center>&nbsp; </TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="6%" noWrap align=center>&nbsp; </TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="6%" noWrap align=center>&nbsp; </TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="6%" noWrap align=center><B><I>Total</I></B> </TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="6%" noWrap align=center>&nbsp; </TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="6%" noWrap align=center>&nbsp; </TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center>&nbsp; </TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="6%" noWrap align=center>&nbsp; </TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="6%" noWrap align=center>&nbsp;
      <STRONG><EM>Impair-</EM></STRONG> </TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="6%" noWrap
      align=center>&nbsp;<STRONG><EM>AOCI</EM></STRONG>&nbsp; </TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="6%" noWrap align=center><B><I>Fair</I></B> </TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="6%" noWrap align=center>&nbsp;
      <STRONG><EM>Cost</EM></STRONG> </TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="6%" noWrap align=center>&nbsp;
      <STRONG><EM>Impair-</EM></STRONG> </TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="6%" noWrap align=center>&nbsp;
      <STRONG><EM>AOCI</EM></STRONG> </TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="6%" noWrap align=center><B><I>Fair</I></B> </TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center>&nbsp; </TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="6%" noWrap align=center><B><I>Cost</I></B> </TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="6%" noWrap
      align=center><STRONG><EM>ment</EM></STRONG> </TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="6%" noWrap align=center></TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="6%" noWrap
      align=center><STRONG><EM>Value</EM></STRONG> </TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="6%" noWrap align=center></TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="6%" noWrap
      align=center><STRONG><EM>ment</EM></STRONG> </TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="6%" noWrap align=center></TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="6%" noWrap
      align=center><STRONG><EM>Value</EM></STRONG> </TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center>&nbsp; </TD>
    <TD vAlign=bottom width="1%" noWrap
      align=center>&nbsp;</TD>
    <TD vAlign=bottom width="6%" noWrap align=center><STRONG><EM>$</EM></STRONG>&nbsp;</TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap
      align=center>&nbsp;</TD>
    <TD vAlign=bottom width="6%" noWrap align=center><STRONG><EM>$</EM></STRONG>&nbsp; </TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap
      align=center>&nbsp;</TD>
    <TD vAlign=bottom width="6%" noWrap align=center><STRONG><EM>$</EM></STRONG> </TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap
      align=center>&nbsp;</TD>
    <TD vAlign=bottom width="6%" noWrap align=center><STRONG><EM>$</EM></STRONG>&nbsp;</TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap
      align=center>&nbsp;</TD>
    <TD vAlign=bottom width="6%" noWrap align=center><STRONG><EM>$</EM></STRONG>&nbsp; </TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap
      align=center>&nbsp;</TD>
    <TD vAlign=bottom width="6%" noWrap align=center><STRONG><EM>$</EM></STRONG>&nbsp; </TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap
      align=center>&nbsp;</TD>
    <TD vAlign=bottom width="6%" noWrap align=center><STRONG><EM>$</EM></STRONG>&nbsp; </TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap
      align=center>&nbsp;</TD>
    <TD vAlign=bottom width="6%" noWrap align=center><STRONG><EM>$</EM></STRONG>&nbsp;</TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
      width="6%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
      width="6%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
      width="6%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
      width="6%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
      width="6%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
      width="6%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
      width="6%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
      width="6%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left>Available-for-sale investments: </TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="6%" align=left>&nbsp; </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="6%" align=left>&nbsp; </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="6%" align=left>&nbsp; </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="6%" align=left>&nbsp; </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="6%" align=left>&nbsp; </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="6%" align=left>&nbsp; </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="6%" align=left>&nbsp; </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="6%" align=left>&nbsp; </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom align=left>&nbsp; &nbsp;St. Augustine
      Gold &amp; Copper Ltd. </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right><B>20,193</B> </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right><B>(13,144</B></TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left><B>)</B> </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right><B>-</B> </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right><B>7,049</B> </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>20,193 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>(8,452</TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>) </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>- </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>11,741 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp; &nbsp;RTG Mining Inc. </TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="6%" align=right><B>13,400</B> </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="6%" align=right><B>(6,391</B></TD>
    <TD vAlign=bottom width="2%" align=left><B>)</B> </TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="6%" align=right><B>-</B> </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="6%" align=right><B>7,009</B> </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="6%" align=right>8,803 </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="6%" align=right>(4,011</TD>
    <TD vAlign=bottom width="2%" align=left>) </TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="6%" align=right>- </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="6%" align=right>4,792 </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom align=left>&nbsp; &nbsp;Sierra Mining
      Limited </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right><B>-</B> </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right><B>-</B> </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right><B>-</B> </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right><B>-</B> </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>5,893 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>(3,867</TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>) </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>1,344 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>3,370 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp; &nbsp;Calibre Mining Corp. </TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="6%" align=right><B>5,716</B> </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="6%" align=right><B>(4,345</B></TD>
    <TD vAlign=bottom width="2%" align=left><B>)</B> </TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="6%" align=right><B>2,508</B> </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="6%" align=right><B>3,879</B> </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="6%" align=right>5,068 </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="6%" align=right>(4,222</TD>
    <TD vAlign=bottom width="2%" align=left>) </TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="6%" align=right>- </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="6%" align=right>846 </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom align=left>&nbsp; &nbsp;Kronk Resources
      Inc. </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right><B>496</B> </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right><B>-</B> </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right><B>(31</B></TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left><B>)</B> </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right><B>465</B> </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>- </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>- </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>- </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>- </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp; &nbsp;Goldstone Resources Ltd. </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="6%"
    align=right><B>20</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="6%"
    align=right><B>-</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="6%"
    align=right><B>(14</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="2%"
    align=left><B>)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="6%"
    align=right><B>6</B> </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="6%"
    align=right>20 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="6%"
    align=right>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="6%"
    align=right>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="6%"
    align=right>20 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="2%"
    align=left>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom>&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%">&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%">&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%">&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%">&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%">&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%">&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%">&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%">&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left>Balance, end of year </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width="6%"
    align=right><B>39,825</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width="6%"
    align=right><B>(23,880</B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width="2%"
    align=left><B>)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width="6%"
    align=right><B>2,463</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width="6%"
    align=right><B>18,408</B> </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width="6%"
    align=right>39,977 </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width="6%"
    align=right>(20,552</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width="2%"
    align=left>) </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width="6%"
    align=right>1,344 </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width="6%"
    align=right>20,769 </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width="2%"
    align=left>&nbsp;</TD></TR></TABLE></DIV>
<P style="MARGIN-LEFT: 5%" align=justify>The Company holds available-for-sale
investments in certain public companies, as disclosed in the table above. The
Company, through its acquisition of CGA (Note 8), 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. 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>On June 4, 2014, RTG Mining Inc.
(&#147;RTG&#148;) acquired all of the outstanding securities of Sierra Mining Limited
(&#147;Sierra&#148;). The Company received three new ordinary shares of RTG for every ten
shares held of Sierra. The transaction did not constitute a disposal of the
Company&#146;s investment in Sierra; therefore, unrealized gains were not transferred
from Accumulated Other Comprehensive Income (&#147;AOCI&#148;) to the statement of
operations. </P>
<P style="MARGIN-LEFT: 5%" align=justify>During 2014, the Company recorded an
impairment loss totalling $7.2 million (2013 - $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.<BR>At December 31, 2014, the Company
recorded a $1.1 million unrealized gain net of related deferred income taxes of
$0.1 million (2013 - $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 investments.</P>
<P style="MARGIN-LEFT: 5%" align=justify>Kronk Resources Inc. is a related party
by virtue of having three directors who are also senior executives of the
Company. </P>
<P align=right>15 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<!--$$/page=--><A name=page_25></A><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD align=left><B>B2GOLD CORP.</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B>
</TD></TR>
  <TR vAlign=top>
    <TD align=left><B>December 31, 2014 and 2013</B> </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>(All tabular
      amounts are in thousands of United States dollars unless otherwise stated)
    </TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%" BCLLIST>

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

  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left>&nbsp; </TD>
    <TD vAlign=bottom width="1%" noWrap align=left>&nbsp;</TD>
    <TD vAlign=bottom width="12%" noWrap align=center><B><I>2014</I></B> </TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="12%" noWrap align=center><B><I>2013</I></B> </TD>
    <TD vAlign=bottom width="2%" noWrap align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="1%" noWrap
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="12%"
    noWrap align=center><B><I>$</I></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="2%" noWrap
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="1%" noWrap
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="12%"
    noWrap align=center><B><I>$</I></B></TD>
  <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="2%" noWrap
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left><I>Property, plant and equipment
      (depletable)</I> </TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="12%" align=left>&nbsp; </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="12%" align=left>&nbsp; </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp; &nbsp; &nbsp;Masbate Mine, Philippines
      <I>(Notes 6 and 8)</I> </TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="12%" align=left>&nbsp; </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="12%" align=left>&nbsp; </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom align=left>&nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp;Cost, net of impairment </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%" align=right><B>420,644</B>
    </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%" align=right>723,155 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp;Accumulated depreciation and depletion </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="12%"
    align=right><B>(91,706</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="2%"
    align=left><B>)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="12%"
    align=right>(40,744</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="2%"
    align=left>) </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="12%" align=right><B>328,938</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="12%" align=right>682,411 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp; &nbsp; &nbsp;Libertad Mine (including
      Jabali), Nicaragua </TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="12%" align=left>&nbsp; </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="12%" align=left>&nbsp; </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom align=left>&nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp;Cost </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%" align=right><B>296,102</B>
    </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%" align=right>259,518 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp;Accumulated depreciation and depletion </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="12%"
    align=right><B>(127,704</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="2%"
    align=left><B>)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="12%"
    align=right>(83,927</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="2%"
    align=left>) </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="12%" align=right><B>168,398</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="12%" align=right>175,591 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp; &nbsp; &nbsp;Limon Mine, Nicaragua </TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="12%" align=left>&nbsp; </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="12%" align=left>&nbsp; </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom align=left>&nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp;Cost </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%" align=right><B>142,772</B>
    </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%" align=right>120,139 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp;Accumulated depreciation and depletion </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="12%"
    align=right><B>(62,865</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="2%"
    align=left><B>)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="12%"
    align=right>(44,970</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="2%"
    align=left>) </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="12%" align=right><B>79,907</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="12%" align=right>75,169 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left>Masbate undeveloped mineral interests, net of
      impairment <I>(Notes 6 and 8)</I> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="12%"
    align=right><B>85,078</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="12%"
    align=right>176,460 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="2%"
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom align=left><I>Mine under
      construction</I> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="12%" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="12%" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp; &nbsp; &nbsp;Otjikoto, Namibia </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="12%"
    align=right><B>430,668</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="12%"
    align=right>289,945 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="2%"
    align=left>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom>&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%">&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%">&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left><I>Exploration and evaluation properties
      (non-depletable)</I> </TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="12%" align=left>&nbsp; </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="12%" align=left>&nbsp; </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom align=left>&nbsp; &nbsp; &nbsp;Fekola,
      Mali <I>(Note 7)</I> </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%" align=right><B>514,965</B>
    </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%" align=right>- </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp; &nbsp; &nbsp;Kiaka, Burkina Faso
      <I>(Note 9)</I> </TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="12%" align=right><B>59,062</B> </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="12%" align=right>50,550 </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom align=left>&nbsp; &nbsp; &nbsp;Mocoa,
      Colombia </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%" align=right><B>28,652</B>
</TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%" align=right>28,200 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp; &nbsp; &nbsp;Trebol &amp; Pavon,
      Nicaragua </TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="12%" align=right><B>6,238</B> </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="12%" align=right>24,870 </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom align=left>&nbsp; &nbsp; &nbsp;San Jose,
      Nicaragua </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%" align=right><B>1,915</B> </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%" align=right>1,123 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp; &nbsp; &nbsp;Calibre, Nicaragua </TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="12%" align=right><B>10,022</B> </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="12%" align=right>8,496 </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom align=left>&nbsp; &nbsp; &nbsp;Other </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="12%" align=right><B>8,151</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="12%" align=right>861 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="12%"
    align=right><B>629,005</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="12%"
    align=right>114,100 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="2%"
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom align=left><I>Corporate &amp; other</I>
    </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp; &nbsp; &nbsp;Bellavista, Costa Rica
</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="12%" align=right><B>-</B> </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="12%" align=right>2,611 </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom align=left>&nbsp; &nbsp; &nbsp;Office,
      furniture and equipment, net </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="12%" align=right><B>813</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="12%" align=right>990 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="12%"
    align=right><B>813</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="12%"
    align=right>3,601 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="2%"
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="12%" align=right><B>1,722,807</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="12%" align=right>1,517,277 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left><I>Investments in joint ventures (accounted
      for using the equity method)</I> </TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="12%" align=left>&nbsp; </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="12%" align=left>&nbsp; </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom align=left>&nbsp; &nbsp;
      &nbsp;Gramalote, Colombia, net of impairment <I>(Note 6)</I> </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%" align=right><B>66,725</B>
</TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%" align=right>148,967 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp; &nbsp; &nbsp;Quebradona, Colombia </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="12%"
    align=right><B>1,201</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="12%"
    align=right>1,201 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="2%"
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="12%" align=right><B>67,926</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="12%" align=right>150,168 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width="12%"
    align=right><B>1,790,733</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width="12%"
    align=right>1,667,445 </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width="2%"
    align=left>&nbsp;</TD></TR></TABLE>
<P align=right>16 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
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<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD align=left><B>B2GOLD CORP.</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B>
</TD></TR>
  <TR vAlign=top>
    <TD align=left><B>December 31, 2014 and 2013</B> </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>(All tabular
      amounts are in thousands of United States dollars unless otherwise stated)
    </TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify><B><I>Masbate </I></B></P>
<P style="MARGIN-LEFT: 5%" align=justify>At December 31, 2014, the Company
reclassified $17.5 million from the Masbate undeveloped mineral interest to the
Masbate Mine based on the conversion of undeveloped mineral interests to
resource ounces during the year.</P>
<P style="MARGIN-LEFT: 5%" align=justify>Also at December 31, 2014, the Company
recorded an impairment of $362.1 million relating to Masbate property, plant and
equipment and $73.9 million relating to Masbate undeveloped mineral interests
(Note 6).</P>
<P style="MARGIN-LEFT: 5%" align=justify><B><I>Otjikoto</I></B></P>
<P style="MARGIN-LEFT: 5%" align=justify>During 2014, 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 $13.7 million
(2013 - $2.5 million). This interest was calculated on an effective interest
rate based on the Company&#146;s aggregate borrowings which includes the convertible
senior subordinated notes and the revolving corporate credit facility (Note
14).</P>
<P style="MARGIN-LEFT: 5%" align=justify>During 2013, EVI Gold (Proprietary)
Limited (&#147;EVI&#148;) exercised its right to acquire an additional 2% interest in the
Otjikoto Project for a purchase price of $5 million. Additionally, EVI assigned
to the Company its existing right to acquire an additional 5% interest in the
Otjikoto gold project for consideration paid by the Company of $1 million.
Accordingly, the Company and EVI 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 style="MARGIN-LEFT: 5%" align=justify><B><I>Fekola </I></B></P>
<P style="MARGIN-LEFT: 5%" align=justify>The Company owned a 90% interest in the
Fekola project following its acquisition of Papillon in September 2014 (Note 7).
The property is located in Mali. The current exploration licence (the &#147;Fekola
Licence&#148;) is 90% owned by the Company (indirectly through its subsidiary Songhoi
Resources SARL). The remaining 10% of Songhoi was owned by a local Malian
company. Subsequent to December 31, 2014, the Company purchased the remaining
10% non-controlling interest (Note 26).</P>
<P style="MARGIN-LEFT: 5%" align=justify>Pursuant to applicable mining law, when
the project advances to development and production stage, an exploitation
company will be formed with Papillon contributing a 10% free carried interest to
the Government of Mali. The Government of Mali also has the option to purchase
an additional 10% of the exploitation company. </P>
<P style="MARGIN-LEFT: 5%" align=justify><B><I>Kiaka </I></B></P>
<P style="MARGIN-LEFT: 5%" align=justify>The Company owns a 90% interest in the
Kiaka project following its acquisition of Volta in December 2013 (Note 9). 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 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 the Cypriot
company 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></P>
<P style="MARGIN-LEFT: 5%" align=justify>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 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=right>17 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
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<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD align=left><B>B2GOLD CORP.</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B>
</TD></TR>
  <TR vAlign=top>
    <TD align=left><B>December 31, 2014 and 2013</B> </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>(All tabular
      amounts are in thousands of United States dollars unless otherwise stated)
    </TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify><B><I>Bellavista &#150; Asset held for
sale</I></B></P>
<P style="MARGIN-LEFT: 5%" align=justify>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. On December 23, 2014 the Optionee exercised the option.
The sale was completed on January 15, 2015 when the Optionee acquired control
and acquired 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 for consideration of $1 million in cash and a 2% net smelter
returns royalty on the sale of minerals produced from the Bellavista
project.</P>
<P style="MARGIN-LEFT: 5%" align=justify>At December 31, 2014, the assets and
liabilities relating to the Bellavista project have been separately disclosed on
the balance sheet as &#147;Assets classified as held for sale&#148; and &#147;Liabilities
associated with assets held for sale.&#148;</P>
<P style="MARGIN-LEFT: 5%" align=justify><B><I>Trebol </I></B></P>
<P style="MARGIN-LEFT: 5%" align=justify>In the fourth quarter of 2014, the
Company made a decision not to continue exploring the Trebol and adjacent
properties and gave up its right to the exploration concession. As a result, the
carrying value of these properties was written off in the amount of $21.5
million.</P>
<P style="MARGIN-LEFT: 5%" align=justify><B><I>Cebollati </I></B></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.</P>
<P style="MARGIN-LEFT: 5%" align=justify><B><I>Sale of the Brucejack
royalty</I></B></P>
<P style="MARGIN-LEFT: 5%" align=justify>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, covering Pretium Resources
Inc.&#146;s 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.
</P>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%" BCLLIST>

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

  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center>&nbsp; </TD>
    <TD vAlign=bottom  width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="12%" noWrap align=center><B><I>2014</I></B> </TD>
    <TD vAlign=bottom  width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="12%" noWrap align=center><B><I>2013</I></B> </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="12%"
    align=center><B><I>$</I></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="12%"
    align=center><B><I>$</I></B></TD>
  <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="2%" align=left>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom>&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>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom>&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 width="5%" >&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom align=left>Loan receivable from
      non-controlling interest, including accrued interest </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%" align=right><B>12,486</B>
</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%" align=right>11,898 </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left>Debt service reserve account <I>(Note 14)</I>
    </TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="12%" align=right><B>3,628</B> </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="12%" align=right>1,149 </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom align=left>Reclamation deposits </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%" align=right><B>2,276</B> </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%" align=right>1,495 </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left>Low-grade stockpile </TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="12%" align=right><B>1,595</B> </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="12%" align=right>- </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom align=left>Fair value of derivative
      instruments </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%" align=right><B>250</B> </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%" align=right>- </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left>Other </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="12%"
    align=right><B>1,358</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="12%"
    align=right>1,528 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="2%" align=left>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom>&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%">&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%">&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width="12%"
    align=right><B>21,593</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width="12%"
    align=right>16,070 </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom
    width="2%" align=left>&nbsp;</TD></TR></TABLE>
<P align=right>18 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<!--$$/page=--><A name=page_28></A><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD align=left><B>B2GOLD CORP.</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B>
</TD></TR>
  <TR vAlign=top>
    <TD align=left><B>December 31, 2014 and 2013</B> </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>(All tabular
      amounts are in thousands of United States dollars unless otherwise stated)
    </TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%" BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B><I>14</I></B> </TD>
    <TD>
      <P align=justify><B><I>Long-term debt</I></B></P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD align=left valign="bottom" nowrap> <div align="center"></div></TD>
    <TD width="1%" align=left valign="bottom" nowrap><div align="center"></div></TD>
    <TD width="12%" align=right valign="bottom" nowrap><div align="center"><B><I>2014</I></B> </div></TD>
    <TD width="2%" align=left valign="bottom" nowrap><div align="center"></div></TD>
    <TD width="1%" align=left valign="bottom" nowrap><div align="center"></div></TD>
    <TD width="12%" align=right valign="bottom" nowrap><div align="center"><B><I>2013</I></B> </div></TD>
  <TD width="2%" align=left valign="bottom" nowrap><div align="center"></div></TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" width="1%"
      align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" width="12%"
    align=center><B><I>$</I></B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" width="1%"
      align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" width="12%"
    align=center><B><I>$</I></B></TD>
  <TD style="BORDER-BOTTOM: #000000 3px double" width="2%"
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>Convertible senior subordinated notes: </TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=left>&nbsp; </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=left>&nbsp; </TD>
    <TD width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD bgColor=#e6efff align=left>&nbsp; &nbsp;- Principal amount </TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" align=right><B>258,750</B> </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" align=right>258,750 </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp;- Fair value adjustment </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%"
      align=right><B>(29,258</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%"
      align=left><B>)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%"
      align=right>(21,196</TD>
  <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" align=left>)</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD bgColor=#e6efff align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="12%"
    align=right><B>229,492</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="12%"
    align=right>237,554 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="2%"
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>Revolving corporate credit facility: </TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=left>&nbsp; </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=left>&nbsp; </TD>
    <TD width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD bgColor=#e6efff align=left>&nbsp; &nbsp;- Principal amount </TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" align=right><B>125,000</B> </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" align=right>50,000 </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp;- Less: unamortized transaction costs </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%"
      align=right><B>(3,382</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%"
      align=left><B>)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%"
    align=right>(3,399</TD>
  <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" align=left>)</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD bgColor=#e6efff align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="12%"
    align=right><B>121,618</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="12%"
    align=right>46,601 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="2%"
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>Equipment loans/finance lease obligations: </TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=left>&nbsp; </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=left>&nbsp; </TD>
    <TD width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD bgColor=#e6efff align=left>&nbsp; &nbsp;- Otjikoto equipment loan
      facility (net of unamortized transaction costs) </TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" align=right><B>23,719</B> </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" align=right>9,168 </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp;- Libertad equipment loan </TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right><B>4,459</B> </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right>2,816 </TD>
    <TD width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD bgColor=#e6efff align=left>&nbsp; &nbsp;- Masbate finance lease
      obligations </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="12%"
    align=right><B>-</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="12%"
    align=right>17,273 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="2%"
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%"
      align=right><B>28,178</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%"
      align=right>29,257 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%"
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD bgColor=#e6efff align=left>&nbsp; </TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" align=right><B>379,288</B> </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" align=right>313,412 </TD>
    <TD bgColor=#e6efff width="2%" align=left>&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" width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%"
      align=right><B>(10,456</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%"
      align=left><B>)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%"
      align=right>(12,965</TD>
  <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" align=left>)</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD bgColor=#e6efff align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#e6efff width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#e6efff width="12%"
    align=right><B>368,832</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#e6efff width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#e6efff width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#e6efff width="12%"
    align=right>300,447 </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#e6efff width="2%"
    align=left>&nbsp;</TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify><B><I>Convertible senior subordinated
notes</I></B></P>
<P style="MARGIN-LEFT: 5%" align=justify>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 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 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 align=right>19 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
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<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD align=left><B>B2GOLD CORP.</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B>
</TD></TR>
  <TR vAlign=top>
    <TD align=left><B>December 31, 2014 and 2013</B> </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>(All tabular
      amounts are in thousands of United States dollars unless otherwise stated)
    </TD></TR></TABLE>
<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 in 2013.</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 gain on fair value of convertible
notes recorded in the statement operations for the year ended December 31, 2014
was $9.8 million (2013 - $22.8 million). The change in fair value of the notes
recognized in the statement of operations is stated after reducing it by $11.0
million (2013 - $1.6 million) of interest expense which was attributable to
eligible expenditures on the Otjikoto property and capitalized to the carrying
amount of the property. </P>
<P style="MARGIN-LEFT: 5%" align=justify>Interest payments for the year ended
December 31, 2014 were $9.3 million (2013 &#150; nil).</P>
<P style="MARGIN-LEFT: 5%" align=justify><B><I>Revolving corporate credit
facility</I></B></P>
<P style="MARGIN-LEFT: 5%" align=justify>The senior secured revolving corporate
credit facility (&#147;Senior Credit Facility&#148;) is comprised of four tranches of $50
million each for a total of $200 million. 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 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 Company has provided security on the Senior Credit Facility in the form of 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, 2014, the Company was in compliance with these debt covenants.</P>
<P style="MARGIN-LEFT: 5%" align=justify>Transaction costs in 2014 and 2013
relating to the Senior Credit Facility totalled $5.4 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>During the year ended December 31,
2014, the Company drew down an additional $75 million under the Senior Credit
Facility. As at December 31, 2014 the Company had drawn down a total of $125
million under the Senior Credit Facility, leaving an undrawn balance of $75
million. </P>
<P style="MARGIN-LEFT: 5%" align=justify>For the year ended December 31, 2014,
the interest and financing expense relating to the revolving corporate credit
facility recognized in the statement of operations was reduced by $2.7 million
(2013 - $0.9 million), which was attributable to eligible expenditures on the
Otjikoto property and capitalized to the carrying amount of the property.</P>
<P align=right>20 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
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<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD align=left><B>B2GOLD CORP.</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B>
</TD></TR>
  <TR vAlign=top>
    <TD align=left><B>December 31, 2014 and 2013</B> </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>(All tabular
      amounts are in thousands of United States dollars unless otherwise stated)
    </TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify><B><I>Masbate finance lease
obligations</I></B></P>
<P style="MARGIN-LEFT: 5%" align=justify>CGA, through several of its
subsidiaries, entered into a finance lease for certain mobile equipment at the
Masbate operations. During the first quarter of 2014, the Company notified
Leighton Holdings Limited that it was exercising its option to terminate the
mining services agreement effective December 31, 2014 and would purchase the
leased assets under the agreement. On June 30, 2014, the Company terminated the
finance lease and took ownership of certain of the leased assets.</P>
<P style="MARGIN-LEFT: 5%" align=justify><B><I>Otjikoto equipment loan
facility</I></B></P>
<P style="MARGIN-LEFT: 5%" align=justify>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 instalments. 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.</P>
<P style="MARGIN-LEFT: 5%" align=justify>During the year ended December 31,
2014, the Borrower drew an additional $20.3 million under the facility (2013 -
$10.2 million). At December 31, 2014, the Borrower had $10.4 million available
to draw, based on current exchange rates. Transaction costs relating to the
facility totalled approximately $1.6 million (2013 - $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") 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, 2014, the balance in the DSRA was $3.6
million (2013 - $1.1 million) (Note 13).</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></P>
<P style="MARGIN-LEFT: 5%" align=justify>During the year ended December 31,
2014, a subsidiary of the Company purchased mobile heavy equipment valued at
$3.0 million (2013 - $4.2 million) for its Libertad operation. The Company paid
15% 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 85%. The contracts have a
sixty month term, with quarterly payments of principal and interest at a
variable rate of LIBOR plus 4.1% . The Company has provided security on the loan
in the form of the related equipment.</P>
<P align=right>21 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
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<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD align=left><B>B2GOLD CORP.</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B>
</TD></TR>
  <TR vAlign=top>
    <TD align=left><B>December 31, 2014 and 2013</B> </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>(All tabular
      amounts are in thousands of United States dollars unless otherwise stated)
    </TD></TR></TABLE>
<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,
2014: </P>
<DIV>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 8pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD width="5%" valign="bottom" nowrap >&nbsp;</TD>
    <TD align=left valign="bottom" nowrap>&nbsp; </TD>
    <TD width="25%" align=left valign="bottom" nowrap>&nbsp; </TD>
    <TD width="1%" align=left valign="bottom" nowrap>&nbsp;</TD>
    <TD width="8%" align=center valign="bottom" nowrap><B><I>2015</I></B> </TD>
    <TD width="2%" align=center valign="bottom" nowrap>&nbsp;</TD>
    <TD width="1%" align=center valign="bottom" nowrap>&nbsp;</TD>
    <TD width="8%" align=center valign="bottom" nowrap><B><I>2016</I></B> </TD>
    <TD width="2%" align=center valign="bottom" nowrap>&nbsp;</TD>
    <TD width="1%" align=center valign="bottom" nowrap>&nbsp;</TD>
    <TD width="8%" align=center valign="bottom" nowrap><B><I>2017</I></B> </TD>
    <TD width="2%" align=center valign="bottom" nowrap>&nbsp;</TD>
    <TD width="1%" align=center valign="bottom" nowrap>&nbsp;</TD>
    <TD width="8%" align=center valign="bottom" nowrap><B><I>2018</I></B> </TD>
    <TD width="2%" align=center valign="bottom" nowrap>&nbsp;</TD>
    <TD width="1%" align=center valign="bottom" nowrap>&nbsp;</TD>
    <TD width="8%" align=center valign="bottom" nowrap><B><I>2019</I></B> </TD>
    <TD width="2%" align=center valign="bottom" nowrap>&nbsp;</TD>
    <TD width="1%" align=center valign="bottom" nowrap>&nbsp;</TD>
    <TD width="8%" align=center valign="bottom" nowrap><B><I>Total</I></B> </TD>
    <TD width="2%" align=left valign="bottom" nowrap>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD width="25%" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" width="1%"
      align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" width="8%"
    align=center><B><I>$</I></B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" width="1%"
      align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" width="8%"
    align=center><B><I>$</I></B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" width="1%"
      align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" width="8%"
    align=center><B><I>$</I></B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" width="1%"
      align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" width="8%"
    align=center><B><I>$</I></B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" width="1%"
      align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" width="8%"
    align=center><B><I>$</I></B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" width="1%"
      align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" width="8%"
    align=center><B><I>$</I></B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" width="2%"
    align=left>&nbsp;</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="25%">&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 bgColor=#ffffff width="5%">&nbsp;</TD>
    <TD colSpan=2 align=left valign="bottom">Convertible senior subordinated notes: </TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" 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="8%" 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="8%" 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="8%" 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="8%" 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="8%" align=left valign="bottom">&nbsp; </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD bgColor=#ffffff width="5%">&nbsp;</TD>
    <TD align=left valign="bottom" bgColor=#e6efff>&nbsp; &nbsp; &nbsp;- </TD>
    <TD width="25%" align=right valign="bottom" bgColor=#e6efff>
      <P align=justify>Principal </P></TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" 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="8%" 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="8%" 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="8%" align=right valign="bottom" bgColor=#e6efff>258,750 </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" 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="8%" align=right valign="bottom" bgColor=#e6efff>258,750 </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD bgColor=#ffffff width="5%">&nbsp;</TD>
    <TD align=left valign="bottom">&nbsp; &nbsp; &nbsp;- </TD>
    <TD width="25%" align=right valign="bottom">
      <P align=justify>Interest </P></TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" align=right valign="bottom">8,409 </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" align=right valign="bottom">8,409 </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" align=right valign="bottom">8,409 </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" align=right valign="bottom">8,409 </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" 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="8%" align=right valign="bottom">33,636 </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
  </TR>
  <TR>
    <TD bgColor=#ffffff width="5%">&nbsp;</TD>
    <TD valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="25%" valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="1%" valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" 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="8%" 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="8%" 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="8%" 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="8%" 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="8%" valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" valign="bottom" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD bgColor=#ffffff width="5%">&nbsp;</TD>
    <TD colSpan=2 align=left valign="bottom">Revolving corporate credit facility: </TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" 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="8%" 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="8%" 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="8%" 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="8%" 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="8%" align=left valign="bottom">&nbsp; </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD bgColor=#ffffff width="5%">&nbsp;</TD>
    <TD align=left valign="bottom" bgColor=#e6efff>&nbsp; &nbsp; &nbsp;- </TD>
    <TD width="25%" align=right valign="bottom" bgColor=#e6efff>
      <P align=justify>Principal </P></TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" 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="8%" 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="8%" align=right valign="bottom" bgColor=#e6efff>125,000 </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" 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="8%" 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="8%" align=right valign="bottom" bgColor=#e6efff>125,000 </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD bgColor=#ffffff width="5%">&nbsp;</TD>
    <TD align=left valign="bottom">&nbsp; &nbsp; &nbsp;- </TD>
    <TD width="25%" align=right valign="bottom">
      <P align=justify>Interest &amp; commitment fees (estimated) </P></TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" align=right valign="bottom">4,945 </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" align=right valign="bottom">4,945 </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" align=right valign="bottom">1,236 </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" 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="8%" 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="8%" align=right valign="bottom">11,126 </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
  </TR>
  <TR>
    <TD bgColor=#ffffff width="5%">&nbsp;</TD>
    <TD valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="25%" valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="1%" valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" 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="8%" 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="8%" 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="8%" 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="8%" 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="8%" valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" valign="bottom" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD bgColor=#ffffff width="5%">&nbsp;</TD>
    <TD colSpan=2 align=left valign="bottom">Otjikoto equipment loan facility: </TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" 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="8%" 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="8%" 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="8%" 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="8%" 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="8%" align=left valign="bottom">&nbsp; </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD bgColor=#ffffff width="5%">&nbsp;</TD>
    <TD align=left valign="bottom" bgColor=#e6efff>&nbsp; &nbsp; &nbsp;- </TD>
    <TD width="25%" align=right valign="bottom" bgColor=#e6efff>
      <P align=justify>Principal </P></TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff>6,089 </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff>6,089 </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff>6,089 </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff>6,044 </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff>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="8%" align=right valign="bottom" bgColor=#e6efff>24,951 </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD bgColor=#ffffff width="5%">&nbsp;</TD>
    <TD align=left valign="bottom">&nbsp; &nbsp; &nbsp;- </TD>
    <TD width="25%" align=right valign="bottom">
      <P align=justify>Interest (estimated) </P></TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" align=right valign="bottom">928 </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" align=right valign="bottom">679 </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" align=right valign="bottom">430 </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" align=right valign="bottom">182 </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" align=right valign="bottom">9 </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" align=right valign="bottom">2,228 </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
  </TR>
  <TR>
    <TD bgColor=#ffffff width="5%">&nbsp;</TD>
    <TD valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="25%" valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="1%" valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" 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="8%" 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="8%" 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="8%" 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="8%" 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="8%" valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" valign="bottom" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD bgColor=#ffffff width="5%">&nbsp;</TD>
    <TD colSpan=2 align=left valign="bottom">Libertad equipment loan: </TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" 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="8%" 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="8%" 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="8%" 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="8%" 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="8%" align=left valign="bottom">&nbsp; </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD bgColor=#ffffff width="5%">&nbsp;</TD>
    <TD align=left valign="bottom" bgColor=#e6efff>&nbsp; &nbsp; &nbsp;- </TD>
    <TD width="25%" align=right valign="bottom" bgColor=#e6efff>
      <P align=justify>Principal </P></TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff>1,132 </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff>1,180 </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff>1,231 </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff>720 </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff>196 </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff>4,459 </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD bgColor=#ffffff width="5%">&nbsp;</TD>
    <TD align=left valign="bottom">&nbsp; &nbsp; &nbsp;- </TD>
    <TD width="25%" align=right valign="bottom">
      <P align=justify>Interest (estimated) </P></TD>
    <TD width="1%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">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="8%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">124</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="8%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">72 </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="8%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">24 </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="8%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">2 </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="8%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">395</TD>
    <TD width="2%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
  </TR>
  <TR>
    <TD bgColor=#ffffff width="5%">&nbsp;</TD>
    <TD valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="25%" valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="1%" valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" 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="8%" 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="8%" 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="8%" 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="8%" 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="8%" valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" valign="bottom" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD bgColor=#ffffff width="5%">&nbsp;</TD>
    <TD align=left valign="bottom">&nbsp; </TD>
    <TD width="25%" align=left valign="bottom">&nbsp; </TD>
    <TD width="1%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 3px double">&nbsp;</TD>
    <TD width="8%"
      align=right valign="bottom" style="BORDER-BOTTOM: #000000 3px double">21,676 </TD>
    <TD width="2%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 3px double">&nbsp;</TD>
    <TD width="1%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 3px double">&nbsp;</TD>
    <TD width="8%"
      align=right valign="bottom" style="BORDER-BOTTOM: #000000 3px double">21,426 </TD>
    <TD width="2%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 3px double">&nbsp;</TD>
    <TD width="1%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 3px double">&nbsp;</TD>
    <TD width="8%"
      align=right valign="bottom" style="BORDER-BOTTOM: #000000 3px double">142,467 </TD>
    <TD width="2%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 3px double">&nbsp;</TD>
    <TD width="1%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 3px double">&nbsp;</TD>
    <TD width="8%"
      align=right valign="bottom" style="BORDER-BOTTOM: #000000 3px double">274,129 </TD>
    <TD width="2%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 3px double">&nbsp;</TD>
    <TD width="1%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 3px double">&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 3px double">847    </TD>
    <TD width="2%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 3px double">&nbsp;</TD>
    <TD width="1%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 3px double">&nbsp;</TD>
    <TD width="8%"
      align=right valign="bottom" style="BORDER-BOTTOM: #000000 3px double">460,545 </TD>
    <TD width="2%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 3px double">&nbsp;</TD>
  </TR></TABLE></DIV><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%" BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B><I>15</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,
      2014, management used a risk-free rate applicable to each geographic
      location ranging from 0.46% to 8.75% and an inflation rate ranging from
      0.95% to 5.75%. The undiscounted cash flows, before inflation adjustments,
      estimated to settle the mine restoration provisions was approximately $62
      million at December 31, 2014. 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 2042.</P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>The following table shows the movement
in the provision for mine restoration provisions: </P>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left>&nbsp; </TD>
    <TD vAlign=bottom width="1%" noWrap align=left>&nbsp;</TD>
    <TD vAlign=bottom width="12%" noWrap align=center><B><I>2014</I></B> </TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="12%" noWrap align=center><B><I>2013</I></B> </TD>
    <TD vAlign=bottom width="2%" noWrap align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width="1%"
    noWrap align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width="12%"
    noWrap align=center><B><I>$</I></B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width="2%"
    noWrap align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width="1%"
    noWrap align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width="12%"
    noWrap align=center><B><I>$</I></B></TD>
  <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width="2%"
    noWrap align=left>&nbsp;</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=bottom>&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 width="5%">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom align=center>
      <P align=justify>Balance, beginning of year </P></TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%" align=right><B>46,800</B>
</TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%" align=right>31,876 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp; &nbsp; &nbsp;Acquired during the year
      <I>(Note 8)</I> </TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="12%" align=right><B>-</B> </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="12%" align=right>16,504 </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom align=left>&nbsp; &nbsp;
      &nbsp;Reclamation spending </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%" align=right><B>(1,721</B></TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left><B>)</B> </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%" align=right>(1,073</TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>) </TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp; &nbsp; &nbsp;Accretion expense </TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="12%" align=right><B>1,193</B> </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="12%" align=right>2,606 </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom align=left>&nbsp; &nbsp; &nbsp;Change in
      obligation </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%" align=right><B>11,102</B>
</TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%" align=right>(3,113</TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>) </TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp; &nbsp; &nbsp;Transfer to liabilities
      associated with assets held for sale </TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="12%" align=right><B>(3,886</B></TD>
    <TD vAlign=bottom width="2%" align=left><B>)</B> </TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="12%" align=right>- </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom align=left>&nbsp; &nbsp; &nbsp;Foreign
      currency translation adjustment </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="12%" align=right><B>(469</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="2%" align=left><B>)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="12%" align=right>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="2%" align=left>&nbsp;</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=bottom>&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 width="5%">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom align=left>Balance, end of year </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%" align=right><B>53,019</B>
</TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%" align=right>46,800 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp; &nbsp; &nbsp;Less: current portion </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="12%"
    align=right><B>(1,062</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="2%"
    align=left><B>)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="12%"
    align=right>(1,351</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="2%"
    align=left>) </TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom>&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%">&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%">&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width="12%"
    align=right><B>51,957</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width="12%"
    align=right>45,449 </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width="2%"
    align=left>&nbsp;</TD></TR></TABLE>
<P align=right>22 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
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<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD align=left><B>B2GOLD CORP.</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B>
</TD></TR>
  <TR vAlign=top>
    <TD align=left><B>December 31, 2014 and 2013</B> </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>(All tabular
      amounts are in thousands of United States dollars unless otherwise stated)
    </TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%" BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B><I>16</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, 2014, the Company had 917,652,046 common shares
      outstanding, including 2,705,000 common shares being held in trust under
      the Company&#146;s Incentive Plan (described below). No preferred shares were
      outstanding.</P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>On October 3, 2014, the Company issued
approximately 237.4 million common shares in exchange for all of the issued and
outstanding shares of Papillon (Note 7). </P>
<P style="MARGIN-LEFT: 5%" align=justify>On December 20, 2013, the Company
issued approximately 23.3 million common shares in exchange for all of the
issued and outstanding shares of Volta (Note 9). </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 (Note 12).</P>
<P style="MARGIN-LEFT: 5%" align=justify>On January 31, 2013, B2Gold issued
approximately 252 million common shares in exchange for all of the issued and
outstanding shares of CGA (Note 8). </P>
<P style="MARGIN-LEFT: 5%" align=justify>During 2014, the Company received $2.8
million (2013 - $2.4 million) pursuant to the exercise of 2.9 million (2013 &#150;
1.6 million) stock options.</P>
<P style="MARGIN-LEFT: 5%" align=justify><B><I>Stock options </I></B></P>
<P style="MARGIN-LEFT: 5%" align=justify>During 2014, approximately 6.2 million
stock options were granted to employees and directors with exercise prices
ranging from Cdn.$2.00 to Cdn.$3.15 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 $6.2 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 1.2%, an
expected life of up to 3 years, an expected volatility ranging from 56% to 60%,
and a dividend yield rate of nil.</P>
<P style="MARGIN-LEFT: 5%" align=justify>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>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, 2014,
share-based payments expense, relating to the vesting of stock options, was $7.2
million (2013 - $9.1 million), net of $3.2 million (2013 - $3.7 million)
capitalized to mining interests.</P>
<P align=right>23 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
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<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD align=left><B>B2GOLD CORP.</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B>
</TD></TR>
  <TR vAlign=top>
    <TD align=left><B>December 31, 2014 and 2013</B> </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>(All tabular
      amounts are in thousands of United States dollars unless otherwise stated)
    </TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>A summary of changes to stock options
outstanding: </P>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left>&nbsp; </TD>
    <TD vAlign=bottom width="1%" noWrap align=left>&nbsp;</TD>
    <TD vAlign=bottom width="12%" noWrap align=center><B><I>Number of</I></B>
    </TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="12%" noWrap align=center><B><I>Weighted-</I></B>
    </TD>
    <TD vAlign=bottom width="2%" noWrap align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left>&nbsp; </TD>
    <TD vAlign=bottom width="1%" noWrap align=left>&nbsp;</TD>
    <TD vAlign=bottom width="12%" noWrap
      align=center><B><I>outstanding</I></B> </TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="12%" noWrap align=center><B><I>average</I></B>
</TD>
    <TD vAlign=bottom width="2%" noWrap align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left>&nbsp; </TD>
    <TD vAlign=bottom width="1%" noWrap align=left>&nbsp;</TD>
    <TD vAlign=bottom width="12%" noWrap align=center><B><I>options</I></B>
</TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="12%" noWrap align=center><B><I>exercise
      price</I></B> </TD>
    <TD vAlign=bottom width="2%" noWrap align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width="1%"
    noWrap align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width="12%"
    noWrap align=center><STRONG><EM>(&#145;000&#146;s)</EM></STRONG> </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width="2%"
    noWrap align=center></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width="1%"
    noWrap align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width="12%"
    noWrap align=center><B><I>(in Cdn.$)</I></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width="2%"
    noWrap align=left>&nbsp;</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=bottom>&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>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=bottom>&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 width="5%">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom align=left>Outstanding at December 31,
      2012 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%" align=right>22,534 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%" align=right>2.58 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp; &nbsp; &nbsp;Options issued on Volta
      acquisition <I>(Note 9)</I> </TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="12%" align=right>2,079 </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="12%" align=right>6.88 </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom align=left>&nbsp; &nbsp; &nbsp;Granted
    </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%" align=right>17,685 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%" align=right>2.99 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp; &nbsp; &nbsp;Exercised </TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="12%" align=right>(1,600</TD>
    <TD vAlign=bottom width="2%" align=left>) </TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="12%" align=right>1.50 </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom align=left>&nbsp; &nbsp; &nbsp;Forfeited
      or expired </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%" align=right>(638</TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>) </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%" align=right>3.23 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=bottom>&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 width="5%">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom align=left>Outstanding at December 31,
      2013 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%" align=right>40,060 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%" align=right>3.02 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp; &nbsp; &nbsp;Granted </TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="12%" align=right>6,226 </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="12%" align=right>2.84 </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom align=left>&nbsp; &nbsp; &nbsp;Exercised
    </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%" align=right>(2,926</TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>) </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%" align=right>1.05 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp; &nbsp; &nbsp;Cancelled or forfeited
</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="12%" align=right>(1,564</TD>
    <TD vAlign=bottom width="2%" align=left>) </TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="12%" align=right>2.96 </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom>&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%">&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%">&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left>Outstanding at December 31, 2014 </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width="12%"
    align=right>41,796 </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width="2%"
    align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="12%" align=right>3.13 </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>During 2014, 2.9 million (2013 &#150; 1.6
million) stock options were exercised. The weighted average share price at the
time of exercise was Cdn.$3.04 (2013 &#150; Cdn.$3.16) . </P>
<P style="MARGIN-LEFT: 5%" align=justify>Stock options outstanding and
exercisable as at December 31, 2014 are as follows: </P>
<DIV>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD width="5%" valign="bottom" >&nbsp;</TD>
    <TD align=center valign="bottom" noWrap><B><I>Range of</I></B> </TD>
    <TD width="1%" align=center valign="bottom" noWrap>&nbsp;</TD>
    <TD width="8%" align=center valign="bottom" noWrap><B><I>Number of</I></B> </TD>
    <TD width="2%" align=center valign="bottom" noWrap>&nbsp;</TD>
    <TD width="1%" align=center valign="bottom" noWrap>&nbsp;</TD>
    <TD width="8%" align=center valign="bottom" noWrap>&nbsp; </TD>
    <TD width="2%" align=center valign="bottom" noWrap>&nbsp;</TD>
    <TD width="1%" align=center valign="bottom" noWrap>&nbsp;</TD>
    <TD width="8%" align=center valign="bottom" noWrap><B><I>Weighted-</I></B> </TD>
    <TD width="2%" align=center valign="bottom" noWrap>&nbsp;</TD>
    <TD width="1%" align=center valign="bottom" noWrap>&nbsp;</TD>
    <TD width="8%" align=center valign="bottom" noWrap><B><I>Number of</I></B> </TD>
    <TD width="2%" align=center valign="bottom" noWrap>&nbsp;</TD>
    <TD width="1%" align=center valign="bottom" noWrap>&nbsp;</TD>
    <TD width="8%" align=center valign="bottom" noWrap><B><I>Weighted-</I></B> </TD>
    <TD width="2%" align=center valign="bottom">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" valign="bottom">&nbsp;</TD>
    <TD align=center valign="bottom" noWrap><B><I>exercise</I></B> </TD>
    <TD width="1%" align=center valign="bottom" noWrap>&nbsp;</TD>
    <TD width="8%" align=center valign="bottom" noWrap><B><I>outstanding</I></B> </TD>
    <TD width="2%" align=center valign="bottom" noWrap>&nbsp;</TD>
    <TD width="1%" align=center valign="bottom" noWrap>&nbsp;</TD>
    <TD width="8%" align=center valign="bottom" noWrap><B><I>Weighted-</I></B> </TD>
    <TD width="2%" align=center valign="bottom" noWrap>&nbsp;</TD>
    <TD width="1%" align=center valign="bottom" noWrap>&nbsp;</TD>
    <TD width="8%" align=center valign="bottom" noWrap><B><I>average</I></B> </TD>
    <TD width="2%" align=center valign="bottom" noWrap>&nbsp;</TD>
    <TD width="1%" align=center valign="bottom" noWrap>&nbsp;</TD>
    <TD width="8%" align=center valign="bottom" noWrap><B><I>exercisable</I></B> </TD>
    <TD width="2%" align=center valign="bottom" noWrap>&nbsp;</TD>
    <TD width="1%" align=center valign="bottom" noWrap>&nbsp;</TD>
    <TD width="8%" align=center valign="bottom" noWrap><B><I>average</I></B> </TD>
    <TD width="2%" align=center valign="bottom">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" valign="bottom">&nbsp;</TD>
    <TD align=center valign="bottom" noWrap><B><I>prices</I></B> </TD>
    <TD width="1%" align=center valign="bottom" noWrap>&nbsp;</TD>
    <TD width="8%" align=center valign="bottom" noWrap><B><I>options</I></B> </TD>
    <TD width="2%" align=center valign="bottom" noWrap>&nbsp;</TD>
    <TD width="1%" align=center valign="bottom" noWrap>&nbsp;</TD>
    <TD width="8%" align=center valign="bottom" noWrap><B><I>average years</I></B> </TD>
    <TD width="2%" align=center valign="bottom" noWrap>&nbsp;</TD>
    <TD width="1%" align=center valign="bottom" noWrap>&nbsp;</TD>
    <TD width="8%" align=center valign="bottom" noWrap><B><I>exercise price</I></B> </TD>
    <TD width="2%" align=center valign="bottom" noWrap>&nbsp;</TD>
    <TD width="1%" align=center valign="bottom" noWrap>&nbsp;</TD>
    <TD width="8%" align=center valign="bottom" noWrap><B><I>options</I></B> </TD>
    <TD width="2%" align=center valign="bottom" noWrap>&nbsp;</TD>
    <TD width="1%" align=center valign="bottom" noWrap>&nbsp;</TD>
    <TD width="8%" align=center valign="bottom" noWrap><B><I>exercise price</I></B> </TD>
    <TD width="2%" align=center valign="bottom">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" valign="bottom">&nbsp;</TD>
    <TD align=center valign="bottom" noWrap style="BORDER-BOTTOM: #000000 1px solid"><B><I>(in
      Cdn.$)</I></B> </TD>
    <TD width="1%"
    align=center valign="bottom" noWrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%"
      align=center valign="bottom" noWrap style="BORDER-BOTTOM: #000000 1px solid"><STRONG><EM>(&#145;000&#146;s)</EM></STRONG> </TD>
    <TD width="2%"
    align=center valign="bottom" noWrap style="BORDER-BOTTOM: #000000 1px solid"></TD>
    <TD width="1%"
    align=center valign="bottom" noWrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%"
      align=center valign="bottom" noWrap style="BORDER-BOTTOM: #000000 1px solid"><B><I>to expiry</I></B> </TD>
    <TD width="2%"
    align=center valign="bottom" noWrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="1%"
    align=center valign="bottom" noWrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%"
      align=center valign="bottom" noWrap style="BORDER-BOTTOM: #000000 1px solid"><B><I>(in Cdn.$)</I></B> </TD>
    <TD width="2%"
    align=center valign="bottom" noWrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="1%"
    align=center valign="bottom" noWrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%"
      align=center valign="bottom" noWrap style="BORDER-BOTTOM: #000000 1px solid"><STRONG><EM>(&#145;000&#146;s)</EM></STRONG> </TD>
    <TD width="2%"
    align=center valign="bottom" noWrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="1%"
    align=center valign="bottom" noWrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%"
      align=center valign="bottom" noWrap style="BORDER-BOTTOM: #000000 1px solid"><B><I>(in Cdn.$)</I></B> </TD>
    <TD width="2%"
    align=center valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="5%" valign="bottom">&nbsp;</TD>
    <TD 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>
    <TD width="5%" valign="bottom">&nbsp;</TD>
    <TD 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>
    <TD width="5%" valign="bottom">&nbsp;</TD>
    <TD 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 width="5%" valign="bottom">&nbsp;</TD>
    <TD align=center valign="bottom" bgColor=#e6efff>0.84 &#150; 0.99 </TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff>458 </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff>3.62 </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff>0.84 </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff>458 </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff>0.84 </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" valign="bottom">&nbsp;</TD>
    <TD align=center valign="bottom">1.00 &#150; 1.99 </TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" align=right valign="bottom">745 </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" align=right valign="bottom">0.40 </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" align=right valign="bottom">1.49 </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" align=right valign="bottom">745 </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" align=right valign="bottom">1.49 </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" valign="bottom">&nbsp;</TD>
    <TD align=center valign="bottom" bgColor=#e6efff>2.00 &#150; 2.99 </TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff>9,092 </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff>2.44 </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff>2.43 </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff>5,185 </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff>2.43 </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" valign="bottom">&nbsp;</TD>
    <TD align=center valign="bottom">3.00 &#150; 3.99 </TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" align=right valign="bottom">29,941 </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" align=right valign="bottom">2.88 </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" align=right valign="bottom">3.11 </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" align=right valign="bottom">16,567 </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" align=right valign="bottom">3.13 </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" valign="bottom">&nbsp;</TD>
    <TD align=center valign="bottom" bgColor=#e6efff>4.00 &#150; 4.99 </TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff>530 </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff>2.35 </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff>4.75 </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff>530 </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff>4.75 </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" valign="bottom">&nbsp;</TD>
    <TD align=center valign="bottom">9.20 &#150; 13.67 </TD>
    <TD width="1%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">1,030    </TD>
    <TD width="2%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" align=right valign="bottom">1.00 </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" align=right valign="bottom">11.24 </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">1,030    </TD>
    <TD width="2%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" align=right valign="bottom">11.24 </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="5%" valign="bottom">&nbsp;</TD>
    <TD valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="1%" valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" 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="8%" 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="8%" 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="8%" 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="8%" valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" valign="bottom" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="5%" valign="bottom">&nbsp;</TD>
    <TD 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 width="5%" valign="bottom">&nbsp;</TD>
    <TD align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="1%"
    align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 3px double">&nbsp;</TD>
    <TD width="8%"
    align=right valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 3px double">41,796 </TD>
    <TD width="2%"
    align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 3px double">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff>2.69 </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff>3.13 </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%"
    align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 3px double">&nbsp;</TD>
    <TD width="8%"
    align=right valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 3px double">24,515 </TD>
    <TD width="2%"
    align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 3px double">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff>3.26 </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
  </TR></TABLE></DIV>
<P align=right>24 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<!--$$/page=--><A name=page_34></A><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD align=left><B>B2GOLD CORP.</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B>
</TD></TR>
  <TR vAlign=top>
    <TD align=left><B>December 31, 2014 and 2013</B> </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>(All tabular
      amounts are in thousands of United States dollars unless otherwise stated)
    </TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify><B><I>Restricted share unit plan
</I></B></P>
<P style="MARGIN-LEFT: 5%" align=justify>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.</P>
<P style="MARGIN-LEFT: 5%" align=justify>During the year ended December 31,
2014, the Company granted approximately 2.2 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 $6.4 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, 2014,
share-based payments expense, relating to the vesting of RSU, was $6.7 million
(2013 - $9.2 million), net of $0.3 million (2013 - $1.4 million) capitalized to
mining interests.</P>
<P style="MARGIN-LEFT: 5%" align=justify>Summary of changes to RSU outstanding:
</P>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left>&nbsp; </TD>
    <TD vAlign=bottom  width="1%" noWrap align=left>&nbsp;</TD>
    <TD vAlign=bottom width="12%" noWrap align=center><B><I>Number of</I></B>
    </TD>
    <TD vAlign=bottom  width="2%" noWrap align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left>&nbsp; </TD>
    <TD vAlign=bottom  width="1%" noWrap align=left>&nbsp;</TD>
    <TD vAlign=bottom width="12%" noWrap
      align=center><B><I>outstanding</I></B> </TD>
  <TD vAlign=bottom  width="2%" noWrap align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left>&nbsp; </TD>
    <TD vAlign=bottom  width="1%" noWrap align=left>&nbsp;</TD>
    <TD vAlign=bottom width="12%" noWrap align=center><B><I>RSU</I></B> </TD>
  <TD vAlign=bottom  width="2%" noWrap align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="1%" noWrap align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="12%"
    noWrap align=center><STRONG><EM>(&#145;000&#146;s)</EM></STRONG> </TD>
  <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="2%" noWrap align=left></TD>
  </TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom nowrap>&nbsp; </TD>
    <TD  width="1%" vAlign=bottom nowrap>&nbsp;</TD>
    <TD width="12%" vAlign=bottom nowrap>&nbsp; </TD>
  <TD  width="2%" vAlign=bottom nowrap>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom>&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 width="5%" >&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom align=left>Outstanding at December 31,
      2012 </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%" align=right>1,603 </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp; &nbsp; &nbsp;Granted </TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="12%" align=right>3,348 </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom align=left>&nbsp; &nbsp; &nbsp;Vested
      and converted to common shares </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
     width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="12%" align=right>(1,993</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
     width="2%" align=left>) </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom>&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 width="5%" >&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom align=left>Outstanding at December 31,
      2013 </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%" align=right>2,958 </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp; &nbsp; &nbsp;Granted </TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="12%" align=right>2,222 </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom align=left>&nbsp; &nbsp; &nbsp;Vested
      and converted to common shares </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
     width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="12%" align=right>(2,615</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
     width="2%" align=left>) </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom>&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 width="5%" >&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom align=left>Outstanding at December 31,
      2014 </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#e6efff vAlign=bottom
     width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#e6efff vAlign=bottom
    width="12%" align=right>2,565 </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#e6efff vAlign=bottom
     width="2%" align=left>&nbsp;</TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify><B><I>Incentive plan</I></B></P>
<P style="MARGIN-LEFT: 5%" align=justify>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 April 30, 2014, 0.75 million common
shares were awarded from the trust under the Incentive Plan. In connection with
the award, the Company recorded a share-based payments expense of $2.1 million
(2013 &#150; nil) (the market value of the shares on the date of the award) in the
year ended December 31, 2014.</P>
<P align=right>25 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<!--$$/page=--><A name=page_35></A><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD align=left><B>B2GOLD CORP.</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B>
</TD></TR>
  <TR vAlign=top>
    <TD align=left><B>December 31, 2014 and 2013</B> </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>(All tabular
      amounts are in thousands of United States dollars unless otherwise stated)
    </TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify><B><I>Earnings (loss) per share</I></B>
</P>
<P style="MARGIN-LEFT: 5%" align=justify>The following is the calculation of
diluted net income (loss) for the year: </P>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left>&nbsp; </TD>
    <TD vAlign=bottom width="1%" noWrap align=left>&nbsp;</TD>
    <TD vAlign=bottom width="12%" noWrap align=center><B><I>2014</I></B> </TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="12%" noWrap align=center><I>2013</I> </TD>
    <TD vAlign=bottom width="2%" noWrap align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width="1%"
    noWrap align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width="12%"
    noWrap align=center><B><I>$</I></B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width="2%"
    noWrap align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width="1%"
    noWrap align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width="12%"
    noWrap align=center><I>$</I></TD>
  <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width="2%"
    noWrap align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom align=left>Net (loss) income for the
      year attributable to shareholders of the Company </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%"
    align=right><B>(665,273</B></TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left><B>)</B> </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%" align=right>67,303 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left>Gain on fair value of convertible notes
      <I>(Note 14)</I> </TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="12%" align=right><B>-</B> </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="12%"
    align=right>(22,815</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="2%"
    align=left>) </TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom align=left>Diluted net (loss) income for
      the year </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#e6efff vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#e6efff vAlign=bottom
    width="12%" align=right><B>(665,273</B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#e6efff vAlign=bottom
    width="2%" align=left><B>)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#e6efff vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#e6efff vAlign=bottom
    width="12%" align=right>44,488 </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#e6efff vAlign=bottom
    width="2%" align=left>&nbsp;</TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>The following is the calculation of
diluted weighted average number of shares outstanding for the year: </P>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD width="60%" align=left valign="bottom" nowrap>&nbsp; </TD>
    <TD width="1%"
    align=left valign="bottom" nowrap style="BORDER-BOTTOM: #000000 3px double">&nbsp;</TD>
    <TD width="12%"
      align=center valign="bottom" nowrap style="BORDER-BOTTOM: #000000 3px double"><B><I>2014</I></B> </TD>
    <TD width="2%"
    align=center valign="bottom" nowrap style="BORDER-BOTTOM: #000000 3px double">&nbsp;</TD>
    <TD width="1%"
    align=center valign="bottom" nowrap style="BORDER-BOTTOM: #000000 3px double">&nbsp;</TD>
    <TD width="12%"
      align=center valign="bottom" nowrap style="BORDER-BOTTOM: #000000 3px double"><I>2013</I> </TD>
  <TD width="2%"
    align=left valign="bottom" nowrap style="BORDER-BOTTOM: #000000 3px double">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="60%">&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 bgColor=#e6efff colSpan=2 align=left>Basic weighted average number of
      shares outstanding (in thousands) </TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" align=right><B>741,097</B> </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" align=right>636,130 </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="60%">&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 bgColor=#e6efff colSpan=2 align=left>Effect of dilutive securities:
</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp; &nbsp;- </TD>
    <TD width="60%" align=right>
      <P align=justify>Stock options </P></TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right><B>-</B> </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right>3,205 </TD>
    <TD width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD bgColor=#e6efff align=left>&nbsp; &nbsp; &nbsp;- </TD>
    <TD bgColor=#e6efff width="60%" align=right>
      <P align=justify>Restricted share units </P></TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" align=right><B>-</B> </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" align=right>1,015 </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp; &nbsp;- </TD>
    <TD width="60%" align=right>
      <P align=justify>Convertible notes </P></TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right><B>-</B> </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%"
      align=right>23,435 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%"
    align=left>&nbsp;</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD bgColor=#e6efff>&nbsp; </TD>
    <TD bgColor=#e6efff width="60%">
      <P align=justify></P></TD>
    <TD bgColor=#e6efff width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff width="12%">&nbsp; </TD>
    <TD bgColor=#e6efff width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff width="12%">&nbsp; </TD>
    <TD bgColor=#e6efff width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD colSpan=2 align=left>Diluted weighted average number of shares
      outstanding (in thousands) </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" width="12%"
      align=right><B>741,097</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" width="12%"
      align=right>663,785 </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" width="2%"
    align=left>&nbsp;</TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>The following is the basic and diluted
earnings (loss) per share: </P>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD vAlign=bottom width="5%"  >&nbsp;</TD>
    <TD vAlign=bottom align=left >&nbsp; </TD>
    <TD vAlign=bottom width="52%" noWrap align=left>&nbsp; </TD>
    <TD vAlign=bottom width="8%" noWrap align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap align=left>&nbsp;</TD>
    <TD vAlign=bottom width="12%" noWrap align=center><B><I>2014</I></B> </TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="12%" noWrap align=center><I>2013</I> </TD>
    <TD vAlign=bottom width="2%" noWrap align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left >&nbsp; </TD>
    <TD vAlign=bottom width="52%" noWrap align=left>&nbsp; </TD>
    <TD vAlign=bottom width="8%" noWrap align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width="1%"
    noWrap align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width="12%"
    noWrap align=center><B><I>$</I></B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width="2%"
    noWrap align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width="1%"
    noWrap align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width="12%"
    noWrap align=center><I>$</I></TD>
  <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width="2%"
    noWrap align=left>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom >&nbsp; </TD>
    <TD vAlign=bottom width="52%">&nbsp; </TD>
    <TD vAlign=bottom width="8%">&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 vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom colSpan=2 align=left>Earnings (loss) per share
      (attributable to shareholders of the Company): </TD>
    <TD vAlign=bottom width="8%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="12%" align=left>&nbsp; </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="12%" align=left>&nbsp; </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom align=left >&nbsp; &nbsp;
      &nbsp;- </TD>
    <TD bgColor=#e6efff vAlign=bottom width="52%" align=right>
      <P align=justify>Basic </P></TD>
    <TD bgColor=#e6efff vAlign=bottom width="8%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%" align=right><B>(0.90</B></TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left><B>)</B> </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%" align=right>0.11 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left >&nbsp; &nbsp; &nbsp;- </TD>
    <TD vAlign=bottom width="52%" align=right>
      <P align=justify>Diluted </P></TD>
    <TD vAlign=bottom width="8%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="12%" align=right><B>(0.90</B></TD>
    <TD vAlign=bottom width="2%" align=left><B>)</B> </TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="12%" align=right>0.07 </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%" BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B><I>17</I></B> </TD>
    <TD>
      <P align=justify><B><I>Gold commitments and deferred
  revenue</I></B></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 14),
      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. During 2014, 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, These contracts are excluded from the scope of
      IAS 39 and are accounted for as executory contracts because 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></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>At December 31, 2014, the following gold forward
      contracts with respect to the Otjikoto Project were outstanding (by
      maturity dates).</P></TD></TR></TABLE><BR>
<DIV>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD align=left valign="bottom" nowrap>
      <P align=justify></P></TD>
    <TD  width="1%"
    align=left valign="bottom" nowrap style="BORDER-BOTTOM: #000000 3px double">&nbsp;</TD>
    <TD width="8%"
      align=center valign="bottom" nowrap style="BORDER-BOTTOM: #000000 3px double"><B><I>2015</I></B> </TD>
    <TD  width="2%"
    align=center valign="bottom" nowrap style="BORDER-BOTTOM: #000000 3px double">&nbsp;</TD>
    <TD  width="1%"
    align=center valign="bottom" nowrap style="BORDER-BOTTOM: #000000 3px double">&nbsp;</TD>
    <TD width="8%"
      align=center valign="bottom" nowrap style="BORDER-BOTTOM: #000000 3px double"><B><I>2016</I></B> </TD>
    <TD  width="2%"
    align=center valign="bottom" nowrap style="BORDER-BOTTOM: #000000 3px double">&nbsp;</TD>
    <TD  width="1%"
    align=center valign="bottom" nowrap style="BORDER-BOTTOM: #000000 3px double">&nbsp;</TD>
    <TD width="8%"
      align=center valign="bottom" nowrap style="BORDER-BOTTOM: #000000 3px double"><B><I>2017</I></B> </TD>
    <TD  width="2%"
    align=center valign="bottom" nowrap style="BORDER-BOTTOM: #000000 3px double">&nbsp;</TD>
    <TD  width="1%"
    align=center valign="bottom" nowrap style="BORDER-BOTTOM: #000000 3px double">&nbsp;</TD>
    <TD width="8%"
      align=center valign="bottom" nowrap style="BORDER-BOTTOM: #000000 3px double"><B><I>2018</I></B> </TD>
    <TD  width="2%"
    align=center valign="bottom" nowrap style="BORDER-BOTTOM: #000000 3px double">&nbsp;</TD>
    <TD  width="1%"
    align=center valign="bottom" nowrap style="BORDER-BOTTOM: #000000 3px double">&nbsp;</TD>
    <TD width="8%"
      align=center valign="bottom" nowrap style="BORDER-BOTTOM: #000000 3px double"><B><I>Total</I></B> </TD>
    <TD  width="2%"
    align=left valign="bottom" nowrap style="BORDER-BOTTOM: #000000 3px double">&nbsp;</TD>
  </TR>
  <TR>
    <TD bgColor=#ffffff width="5%" >&nbsp;</TD>
    <TD>
      <P align=justify></P></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 bgColor=#ffffff width="5%" >&nbsp;</TD>
    <TD align=right>
      <P align=justify>Gold forward contracts: </P></TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=left>&nbsp; </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=left>&nbsp; </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=left>&nbsp; </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=left>&nbsp; </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=left>&nbsp; </TD>
    <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#ffffff width="5%" >&nbsp;</TD>
    <TD bgColor=#e6efff align=right>
      <P align=justify>&nbsp;&nbsp;&nbsp;&nbsp; - Ounces </P></TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=right>35,496 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=right>52,986 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=right>55,716 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=right>48,216 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=right>192,414 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#ffffff width="5%" >&nbsp;</TD>
    <TD align=right>
      <P align=justify>&nbsp;&nbsp;&nbsp;&nbsp; - Average price per ounce (rand)
      </P></TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>14,874 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>15,500 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>15,587 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>15,727 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>15,458 </TD>
    <TD  width="2%" align=left>&nbsp;</TD></TR></TABLE></DIV>
<P align=right>26 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<!--$$/page=--><A name=page_36></A><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD align=left><B>B2GOLD CORP.</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B>
</TD></TR>
  <TR vAlign=top>
    <TD align=left><B>December 31, 2014 and 2013</B> </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>(All tabular
      amounts are in thousands of United States dollars unless otherwise stated)
    </TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>As a result of the acquisition of CGA,
the Company assumed 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 was estimated to be negative $37.4 million on January 16, 2013. The
fair value was calculated using spot and forward prices and volatilities. At
December 31, 2013, all of the gold forward contracts relating to the CGA
acquisition had been delivered into during the year and the related fair value
of negative $37.4 million on acquisition was fully amortized to gold revenue in
2013.</P>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%" BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B><I>18</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><B><I>Foreign currency contracts</I></B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>In previous years, the Company 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. During the year ended December 31, 2014, all of
      the Company&#146;s forward currency contracts settled. The Company recognized a
      realized derivative loss of $1.9 million on these contracts in 2014 (2013
      - $4.8 million) and an unrealized gain of $2.6 million (2013 &#150; unrealized
      loss of $2.6 million).</P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify><B><I>Gold zero-cost collar contracts
</I></B></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.</P>
<P style="MARGIN-LEFT: 5%" align=justify>For the year ended December 31, 2014,
the Company recorded an unrealized derivative gain of $0.5 million (2013 &#150;
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,
2014: </P>
<DIV>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD width="5%" valign="bottom" nowrap >&nbsp;</TD>
    <TD align=left valign="bottom" nowrap>&nbsp; </TD>
    <TD width="15%" align=left valign="bottom" nowrap>&nbsp; </TD>
    <TD width="1%"
    align=left valign="bottom" nowrap style="BORDER-BOTTOM: #000000 3px double">&nbsp;</TD>
    <TD width="12%"
      align=center valign="bottom" nowrap style="BORDER-BOTTOM: #000000 3px double"><B><I>2015</I></B> </TD>
    <TD width="2%"
    align=center valign="bottom" nowrap style="BORDER-BOTTOM: #000000 3px double">&nbsp;</TD>
    <TD width="1%"
    align=center valign="bottom" nowrap style="BORDER-BOTTOM: #000000 3px double">&nbsp;</TD>
    <TD width="12%"
      align=center valign="bottom" nowrap style="BORDER-BOTTOM: #000000 3px double"><B><I>2016</I></B> </TD>
    <TD width="2%"
    align=center valign="bottom" nowrap style="BORDER-BOTTOM: #000000 3px double">&nbsp;</TD>
    <TD width="1%"
    align=center valign="bottom" nowrap style="BORDER-BOTTOM: #000000 3px double">&nbsp;</TD>
    <TD width="12%"
      align=center valign="bottom" nowrap style="BORDER-BOTTOM: #000000 3px double"><B><I>2017</I></B> </TD>
    <TD width="2%"
    align=center valign="bottom" nowrap style="BORDER-BOTTOM: #000000 3px double">&nbsp;</TD>
    <TD width="1%"
    align=center valign="bottom" nowrap style="BORDER-BOTTOM: #000000 3px double">&nbsp;</TD>
    <TD width="12%"
      align=center valign="bottom" nowrap style="BORDER-BOTTOM: #000000 3px double"><B><I>2018</I></B> </TD>
    <TD width="2%"
    align=center valign="bottom" nowrap style="BORDER-BOTTOM: #000000 3px double">&nbsp;</TD>
    <TD width="1%"
    align=center valign="bottom" nowrap style="BORDER-BOTTOM: #000000 3px double">&nbsp;</TD>
    <TD width="12%"
      align=center valign="bottom" nowrap style="BORDER-BOTTOM: #000000 3px double"><B><I>Total</I></B> </TD>
    <TD width="2%"
    align=left valign="bottom" nowrap style="BORDER-BOTTOM: #000000 3px double">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="5%" valign="bottom" nowrap>&nbsp;</TD>
    <TD valign="bottom" nowrap>&nbsp; </TD>
    <TD width="15%" valign="bottom" nowrap>&nbsp; </TD>
    <TD width="1%" valign="bottom" nowrap>&nbsp;</TD>
    <TD width="12%" valign="bottom" nowrap>&nbsp; </TD>
    <TD width="2%" valign="bottom" nowrap>&nbsp;</TD>
    <TD width="1%" valign="bottom" nowrap>&nbsp;</TD>
    <TD width="12%" valign="bottom" nowrap>&nbsp; </TD>
    <TD width="2%" valign="bottom" nowrap>&nbsp;</TD>
    <TD width="1%" valign="bottom" nowrap>&nbsp;</TD>
    <TD width="12%" valign="bottom" nowrap>&nbsp; </TD>
    <TD width="2%" valign="bottom" nowrap>&nbsp;</TD>
    <TD width="1%" valign="bottom" nowrap>&nbsp;</TD>
    <TD width="12%" valign="bottom" nowrap>&nbsp; </TD>
    <TD width="2%" valign="bottom" nowrap>&nbsp;</TD>
    <TD width="1%" valign="bottom" nowrap>&nbsp;</TD>
    <TD width="12%" valign="bottom" nowrap>&nbsp; </TD>
    <TD width="2%" valign="bottom" nowrap>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="5%" valign="bottom" nowrap>&nbsp;</TD>
    <TD valign="bottom" nowrap>&nbsp; </TD>
    <TD width="15%" valign="bottom" nowrap>&nbsp; </TD>
    <TD width="1%" valign="bottom" nowrap>&nbsp;</TD>
    <TD width="12%" valign="bottom" nowrap>&nbsp; </TD>
    <TD width="2%" valign="bottom" nowrap>&nbsp;</TD>
    <TD width="1%" valign="bottom" nowrap>&nbsp;</TD>
    <TD width="12%" valign="bottom" nowrap>&nbsp; </TD>
    <TD width="2%" valign="bottom" nowrap>&nbsp;</TD>
    <TD width="1%" valign="bottom" nowrap>&nbsp;</TD>
    <TD width="12%" valign="bottom" nowrap>&nbsp; </TD>
    <TD width="2%" valign="bottom" nowrap>&nbsp;</TD>
    <TD width="1%" valign="bottom" nowrap>&nbsp;</TD>
    <TD width="12%" valign="bottom" nowrap>&nbsp; </TD>
    <TD width="2%" valign="bottom" nowrap>&nbsp;</TD>
    <TD width="1%" valign="bottom" nowrap>&nbsp;</TD>
    <TD width="12%" valign="bottom" nowrap>&nbsp; </TD>
    <TD width="2%" valign="bottom" nowrap>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD bgColor=#ffffff width="5%">&nbsp;</TD>
    <TD colSpan=2 align=right valign="bottom">
      <P align=justify>Gold zero-cost collars: </P></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>
    <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>
    <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 bgColor=#ffffff width="5%">&nbsp;</TD>
    <TD align=center valign="bottom" bgColor=#e6efff>- </TD>
    <TD width="15%" align=right valign="bottom" bgColor=#e6efff>
      <P align=justify>Floor amount (ounces) </P></TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" bgColor=#e6efff>10,200 </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="12%" align=right valign="bottom" bgColor=#e6efff>10,200 </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="12%" align=right valign="bottom" bgColor=#e6efff>10,200 </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="12%" align=right valign="bottom" bgColor=#e6efff>1,400 </TD>
    <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>32,000 </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD bgColor=#ffffff width="5%">&nbsp;</TD>
    <TD align=center valign="bottom">- </TD>
    <TD width="15%" align=right valign="bottom">
      <P align=justify>Average floor price </P></TD>
    <TD width="1%" align=left valign="bottom">$</TD>
    <TD width="12%" align=right valign="bottom">&nbsp;1,000 </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">$</TD>
    <TD width="12%" align=right valign="bottom">&nbsp;1,000 </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">$</TD>
    <TD width="12%" align=right valign="bottom">&nbsp;1,000 </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">$</TD>
    <TD width="12%" align=right valign="bottom">&nbsp;1,000 </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;1,000 </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
  </TR>
  <TR>
    <TD bgColor=#ffffff width="5%">&nbsp;</TD>
    <TD align=center valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="15%" valign="bottom" bgColor=#e6efff>
      <P align=justify></P></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>
    <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>
    <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 bgColor=#ffffff width="5%">&nbsp;</TD>
    <TD align=center valign="bottom">- </TD>
    <TD width="15%" align=right valign="bottom">
      <P align=justify>Ceiling amount (ounces) </P></TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="12%" align=right valign="bottom">18,300 </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">18,300 </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">18,300 </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">2,100 </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">57,000 </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD bgColor=#ffffff width="5%">&nbsp;</TD>
    <TD align=center valign="bottom" bgColor=#e6efff>- </TD>
    <TD width="15%" align=right valign="bottom" bgColor=#e6efff>
      <P align=justify>Average ceiling price </P></TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>$</TD>
    <TD width="12%" align=right valign="bottom" bgColor=#e6efff>&nbsp;1,721 </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>$</TD>
    <TD width="12%" align=right valign="bottom" bgColor=#e6efff>&nbsp;1,721 </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>$</TD>
    <TD width="12%" align=right valign="bottom" bgColor=#e6efff>&nbsp;1,721 </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>$</TD>
    <TD width="12%" align=right valign="bottom" bgColor=#e6efff>&nbsp;1,700 </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>$</TD>
    <TD width="12%" align=right valign="bottom" bgColor=#e6efff>&nbsp;1,721 </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
  </TR></TABLE></DIV>
<P style="MARGIN-LEFT: 5%" align=justify><B><I>Forward contracts &#150; fuel oil, gas
oil, diesel </I></B></P>
<P style="MARGIN-LEFT: 5%" align=justify>In the fourth quarter of 2014 the
Company entered into a series of forward contracts for the purchase of fuel oil,
gas oil and diesel with settlements scheduled between January 2015 and January
2017. These derivative instruments were not designated as hedges by the Company
and are being 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.</P>
<P style="MARGIN-LEFT: 5%" align=justify>For the year ended December 31, 2014,
the Company recorded an unrealized derivative loss of $3.1 million (2013 &#150; nil)
in the statement of operations on these contracts. </P>
<P align=right>27 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<!--$$/page=--><A name=page_37></A><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD align=left><B>B2GOLD CORP.</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B>
</TD></TR>
  <TR vAlign=top>
    <TD align=left><B>December 31, 2014 and 2013</B> </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>(All tabular
      amounts are in thousands of United States dollars unless otherwise stated)
    </TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>The following is a summary, by maturity
dates, of the Company&#146;s forward contracts outstanding as at December 31, 2014:
</P>
<DIV>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD width="5%" valign="bottom" nowrap >&nbsp;</TD>
    <TD align=left valign="bottom" nowrap>&nbsp; </TD>
    <TD width="43%" align=left valign="bottom" nowrap>&nbsp; </TD>
    <TD width="1%"
    align=left valign="bottom" nowrap style="BORDER-BOTTOM: #000000 3px double">&nbsp;</TD>
    <TD width="9%"
      align=center valign="bottom" nowrap style="BORDER-BOTTOM: #000000 3px double"><B><I>2015</I></B> </TD>
    <TD width="2%"
    align=center valign="bottom" nowrap style="BORDER-BOTTOM: #000000 3px double">&nbsp;</TD>
    <TD width="1%"
    align=center valign="bottom" nowrap style="BORDER-BOTTOM: #000000 3px double">&nbsp;</TD>
    <TD width="9%"
      align=center valign="bottom" nowrap style="BORDER-BOTTOM: #000000 3px double"><B><I>2016</I></B> </TD>
    <TD width="2%"
    align=center valign="bottom" nowrap style="BORDER-BOTTOM: #000000 3px double">&nbsp;</TD>
    <TD width="1%"
    align=center valign="bottom" nowrap style="BORDER-BOTTOM: #000000 3px double">&nbsp;</TD>
    <TD width="9%"
      align=center valign="bottom" nowrap style="BORDER-BOTTOM: #000000 3px double"><B><I>2017</I></B> </TD>
    <TD width="2%"
    align=center valign="bottom" nowrap style="BORDER-BOTTOM: #000000 3px double">&nbsp;</TD>
    <TD width="1%"
    align=center valign="bottom" nowrap style="BORDER-BOTTOM: #000000 3px double">&nbsp;</TD>
    <TD width="9%"
      align=center valign="bottom" nowrap style="BORDER-BOTTOM: #000000 3px double"><B><I>Total</I></B> </TD>
    <TD width="2%"
    align=left valign="bottom" nowrap style="BORDER-BOTTOM: #000000 3px double">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="5%" valign="bottom" nowrap>&nbsp;</TD>
    <TD valign="bottom" nowrap>&nbsp; </TD>
    <TD width="43%" valign="bottom" nowrap>&nbsp; </TD>
    <TD width="1%" valign="bottom" nowrap>&nbsp;</TD>
    <TD width="9%" valign="bottom" nowrap>&nbsp; </TD>
    <TD width="2%" valign="bottom" nowrap>&nbsp;</TD>
    <TD width="1%" valign="bottom" nowrap>&nbsp;</TD>
    <TD width="9%" valign="bottom" nowrap>&nbsp; </TD>
    <TD width="2%" valign="bottom" nowrap>&nbsp;</TD>
    <TD width="1%" valign="bottom" nowrap>&nbsp;</TD>
    <TD width="9%" valign="bottom" nowrap>&nbsp; </TD>
    <TD width="2%" valign="bottom" nowrap>&nbsp;</TD>
    <TD width="1%" valign="bottom" nowrap>&nbsp;</TD>
    <TD width="9%" valign="bottom" nowrap>&nbsp; </TD>
    <TD width="2%" valign="bottom" nowrap>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="43%">&nbsp; </TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#ffffff width="5%">&nbsp;</TD>
    <TD colSpan=2 align=left>Forward &#150; fuel oil: </TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="9%" align=left>&nbsp; </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="9%" align=left>&nbsp; </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="9%" align=left>&nbsp; </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="9%" align=left>&nbsp; </TD>
    <TD width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#ffffff width="5%">&nbsp;</TD>
    <TD bgColor=#e6efff align=left>&nbsp; &nbsp; &nbsp; &nbsp;- </TD>
    <TD bgColor=#e6efff width="43%" align=right>
      <P align=justify>Litres (thousands) </P></TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="9%" align=right>18,370 </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="9%" align=right>10,906 </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="9%" align=right>840 </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="9%" align=right>30,116 </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#ffffff width="5%">&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;- </TD>
    <TD width="43%" align=right>
      <P align=justify>Average strike price </P></TD>
    <TD width="1%" align=left>$</TD>
    <TD width="9%" align=right>&nbsp;0.40 </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>$</TD>
    <TD width="9%" align=right>&nbsp;0.38 </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>$</TD>
    <TD width="9%" align=right>&nbsp;0.38 </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>$</TD>
    <TD width="9%" align=right>&nbsp;0.39 </TD>
    <TD width="2%" align=left>&nbsp;</TD></TR>
  <TR>
    <TD bgColor=#ffffff width="5%">&nbsp;</TD>
    <TD bgColor=#e6efff>&nbsp; </TD>
    <TD bgColor=#e6efff width="43%">
      <P align=justify></P></TD>
    <TD bgColor=#e6efff width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff width="9%">&nbsp; </TD>
    <TD bgColor=#e6efff width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff width="9%">&nbsp; </TD>
    <TD bgColor=#e6efff width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff width="9%">&nbsp; </TD>
    <TD bgColor=#e6efff width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff width="9%">&nbsp; </TD>
    <TD bgColor=#e6efff width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#ffffff width="5%">&nbsp;</TD>
    <TD colSpan=2 align=left>Forward &#150; gas oil: </TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="9%" align=left>&nbsp; </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="9%" align=left>&nbsp; </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="9%" align=left>&nbsp; </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="9%" align=left>&nbsp; </TD>
    <TD width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#ffffff width="5%">&nbsp;</TD>
    <TD bgColor=#e6efff align=left>&nbsp; &nbsp; &nbsp; &nbsp;- </TD>
    <TD bgColor=#e6efff width="43%" align=right>
      <P align=justify>Litres (thousands) </P></TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="9%" align=right>10,010 </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="9%" align=right>2,935 </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="9%" align=right>184 </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="9%" align=right>13,129 </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#ffffff width="5%">&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;- </TD>
    <TD width="43%" align=right>
      <P align=justify>Average strike price </P></TD>
    <TD width="1%" align=left>$</TD>
    <TD width="9%" align=right>&nbsp;0.54 </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>$</TD>
    <TD width="9%" align=right>&nbsp;0.53 </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>$</TD>
    <TD width="9%" align=right>&nbsp;0.53 </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>$</TD>
    <TD width="9%" align=right>&nbsp;0.54 </TD>
    <TD width="2%" align=left>&nbsp;</TD></TR>
  <TR>
    <TD bgColor=#ffffff width="5%">&nbsp;</TD>
    <TD bgColor=#e6efff>&nbsp; </TD>
    <TD bgColor=#e6efff width="43%">
      <P align=justify></P></TD>
    <TD bgColor=#e6efff width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff width="9%">&nbsp; </TD>
    <TD bgColor=#e6efff width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff width="9%">&nbsp; </TD>
    <TD bgColor=#e6efff width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff width="9%">&nbsp; </TD>
    <TD bgColor=#e6efff width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff width="9%">&nbsp; </TD>
    <TD bgColor=#e6efff width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#ffffff width="5%">&nbsp;</TD>
    <TD colSpan=2 align=left>Forward &#150; diesel: </TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="9%" align=left>&nbsp; </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="9%" align=left>&nbsp; </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="9%" align=left>&nbsp; </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="9%" align=left>&nbsp; </TD>
    <TD width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#ffffff width="5%">&nbsp;</TD>
    <TD bgColor=#e6efff align=left>&nbsp; &nbsp; &nbsp; &nbsp;- </TD>
    <TD bgColor=#e6efff width="43%" align=right>
      <P align=justify>Litres (thousand) </P></TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="9%" align=right>7,855 </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="9%" align=right>4,403 </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="9%" align=right>335 </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="9%" align=right>12,593 </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;- </TD>
    <TD width="43%" align=right>
      <P align=justify>Average strike price </P></TD>
    <TD width="1%" align=left>$</TD>
    <TD width="9%" align=right>&nbsp;0.50 </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>$</TD>
    <TD width="9%" align=right>&nbsp;0.53 </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>$</TD>
    <TD width="9%" align=right>&nbsp;0.53 </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>$</TD>
    <TD width="9%" align=right>&nbsp;0.51 </TD>
    <TD width="2%" align=left>&nbsp;</TD></TR></TABLE></DIV><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%" BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B><I>19</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
      non-controlling interest, long-term investments, accounts payable and
      accrued liabilities, fuel derivative contracts, gold derivative contracts,
      and debt.</P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify><B><I>Fair values </I></B></P>
<P style="MARGIN-LEFT: 5%" 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>
<P style="MARGIN-LEFT: 5%" align=justify>Level 1 &#150; quoted prices in active
markets for identical assets or liabilities; </P>
<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>
<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>
<P style="MARGIN-LEFT: 5%" align=justify>As at December 31, 2014, 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>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD width="5%" valign="bottom" nowrap  >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom
    width="1%" noWrap align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width="23%"
    colSpan=4 noWrap align=center><B><I>As at December 31, 2014</I></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom
    width="2%" noWrap align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom
    width="1%" noWrap align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width="23%"
    colSpan=4 noWrap align=center><B><I>As at December 31, 2013</I></B> </TD>
  <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom
    width="2%" noWrap align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="5%" valign="bottom" nowrap >&nbsp;</TD>
    <TD vAlign=bottom noWrap>&nbsp; </TD>
    <TD vAlign=bottom  width="1%" noWrap>&nbsp;</TD>
    <TD vAlign=bottom width="10%" noWrap align=center>&nbsp; </TD>
    <TD vAlign=bottom  width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="10%" noWrap align=center>&nbsp; </TD>
    <TD vAlign=bottom  width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="10%" noWrap align=center>&nbsp; </TD>
    <TD vAlign=bottom  width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="10%" noWrap align=center>&nbsp; </TD>
  <TD vAlign=bottom  width="2%" noWrap>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="5%" valign="bottom" nowrap >&nbsp;</TD>
    <TD vAlign=bottom noWrap>&nbsp; </TD>
    <TD vAlign=bottom  width="1%" noWrap>&nbsp;</TD>
    <TD vAlign=bottom width="10%" noWrap align=center>&nbsp; </TD>
    <TD vAlign=bottom  width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="10%" noWrap align=center>&nbsp; </TD>
    <TD vAlign=bottom  width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="10%" noWrap align=center>&nbsp; </TD>
    <TD vAlign=bottom  width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="10%" noWrap align=center>&nbsp; </TD>
  <TD vAlign=bottom  width="2%" noWrap>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" valign="bottom" nowrap >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left>&nbsp; </TD>
    <TD vAlign=bottom  width="1%" noWrap align=left>&nbsp;</TD>
    <TD vAlign=bottom width="10%" noWrap align=center><B><I>Level 1</I></B></TD>
    <TD vAlign=bottom  width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="10%" noWrap align=center><B><I>Level 2</I></B></TD>
    <TD vAlign=bottom  width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="10%" noWrap align=center><B><I>Level 1</I></B></TD>
    <TD vAlign=bottom  width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="10%" noWrap align=center><B><I>Level 2</I></B></TD>
  <TD vAlign=bottom  width="2%" noWrap align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" valign="bottom" nowrap >&nbsp;</TD>
    <TD align=left vAlign=bottom nowrap>&nbsp; </TD>
    <TD
    width="1%" align=left vAlign=bottom nowrap style="BORDER-BOTTOM: #000000 3px double">&nbsp;</TD>
    <TD width="10%"
    align=center vAlign=bottom nowrap style="BORDER-BOTTOM: #000000 3px double"><B><I>$</I></B></TD>
    <TD
    width="2%" align=left vAlign=bottom nowrap style="BORDER-BOTTOM: #000000 3px double">&nbsp;</TD>
    <TD
    width="1%" align=left vAlign=bottom nowrap style="BORDER-BOTTOM: #000000 3px double">&nbsp;</TD>
    <TD width="10%"
    align=center vAlign=bottom nowrap style="BORDER-BOTTOM: #000000 3px double"><B><I>$</I></B></TD>
    <TD
    width="2%" align=left vAlign=bottom nowrap style="BORDER-BOTTOM: #000000 3px double">&nbsp;</TD>
    <TD
    width="1%" align=left vAlign=bottom nowrap style="BORDER-BOTTOM: #000000 3px double">&nbsp;</TD>
    <TD width="10%"
    align=center vAlign=bottom nowrap style="BORDER-BOTTOM: #000000 3px double"><B><I>$</I></B></TD>
    <TD
    width="2%" align=left vAlign=bottom nowrap style="BORDER-BOTTOM: #000000 3px double">&nbsp;</TD>
    <TD
    width="1%" align=left vAlign=bottom nowrap style="BORDER-BOTTOM: #000000 3px double">&nbsp;</TD>
    <TD width="10%"
    align=center vAlign=bottom nowrap style="BORDER-BOTTOM: #000000 3px double"><B><I>$</I></B></TD>
  <TD
    width="2%" align=left vAlign=bottom nowrap style="BORDER-BOTTOM: #000000 3px double">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom>&nbsp; </TD>
    <TD vAlign=bottom  width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
    <TD vAlign=bottom  width="2%">&nbsp;</TD>
    <TD vAlign=bottom  width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
    <TD vAlign=bottom  width="2%">&nbsp;</TD>
    <TD vAlign=bottom  width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
    <TD vAlign=bottom  width="2%">&nbsp;</TD>
    <TD vAlign=bottom  width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
    <TD vAlign=bottom  width="2%">&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom>&nbsp; </TD>
    <TD vAlign=bottom  width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
    <TD vAlign=bottom  width="2%">&nbsp;</TD>
    <TD vAlign=bottom  width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
    <TD vAlign=bottom  width="2%">&nbsp;</TD>
    <TD vAlign=bottom  width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
    <TD vAlign=bottom  width="2%">&nbsp;</TD>
    <TD vAlign=bottom  width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
    <TD vAlign=bottom  width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom align=left>Long-term investments
      <I>(Note 11)</I> </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%" align=right><B>18,408</B>
</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%" align=right><B>-</B> </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%" align=right>20,769 </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%" align=right>- </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left>Convertible senior subordinated notes
      <I>(Note 14)</I> </TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="10%" align=right><B>-</B> </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="10%" align=right><B>(229,492</B></TD>
    <TD vAlign=bottom  width="2%" align=left><B>)</B> </TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="10%" align=right>- </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="10%" align=right>(237,554</TD>
    <TD vAlign=bottom  width="2%" align=left>) </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom align=left>Fuel derivative contracts
      <I>(Note 18)</I> </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%" align=right><B>-</B> </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%" align=right><B>(3,100</B></TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
      align=left><B>)</B> </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%" align=right>- </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%" align=right>- </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left>Gold derivative contracts <I>(Note 18)</I>
</TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="10%" align=right><B>-</B> </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="10%" align=right><B>348</B> </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="10%" align=right>- </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="10%" align=right>(205</TD>
    <TD vAlign=bottom  width="2%" align=left>) </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom align=left>South African rand foreign
      exchange derivative contracts <I>(Note 18)</I> </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%" align=left></TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%" align=right><B>-</B> </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%" align=left></TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%" align=left></TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%" align=right><B>-</B> </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%" align=left></TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%" align=left></TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%" align=right>- </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%" align=left></TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%" align=left></TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%" align=right>(2,563 </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%" align=left>)
  </TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>The fair value of the Company&#146;s
long-term investments was determined using market quotes from an active market
for each investment. </P>
<P style="MARGIN-LEFT: 5%" align=justify>The fair value of the convertible
senior subordinated notes was determined using a broker&#146;s price quote from an
active market. </P>
<P style="MARGIN-LEFT: 5%" align=justify>The fair value of the fuel derivative
contracts, gold derivative contracts and South African rand foreign exchange
derivative contracts was determined using prevailing market rates for
instruments with similar characteristics. </P>
<P align=right>28 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<!--$$/page=--><A name=page_38></A><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD align=left><B>B2GOLD CORP.</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B>
</TD></TR>
  <TR vAlign=top>
    <TD align=left><B>December 31, 2014 and 2013</B> </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>(All tabular
      amounts are in thousands of United States dollars unless otherwise stated)
    </TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify><B><I>Capital risk management
</I></B></P>
<P style="MARGIN-LEFT: 5%" align=justify>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></P>
<P style="MARGIN-LEFT: 5%" align=justify>As at December 31, 2014, 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, the loan receivable
from its non-controlling interest partner and counter-party risk for its gold
collars. 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></P>
<P style="MARGIN-LEFT: 5%" align=justify>The Company manages its liquidity risk
through its budgeting and forecasting process. Budgets are prepared annually and
forecasts are prepared and reviewed on a regular basis, to help determine the
funding requirements to support the Company&#146;s current operations and expansion
and development plans and by managing its capital structure as described
above.</P>
<P style="MARGIN-LEFT: 5%" align=justify>As at December 31, 2014, the Company
had cash and cash equivalents of $132.6 million. Cash provided by operating
activities totalled $113.7 million for the year ended December 31, 2014. As at
December 31, 2014, the Company had available a $200 million Senior Credit
Facility of which $125 million had been utilized.</P>
<P style="MARGIN-LEFT: 5%" align=justify>As at December 31, 2014, the Company
had an unused balance of $10.4 million under the Otjikoto equipment loan
facility. </P>
<P style="MARGIN-LEFT: 5%" align=justify>As at December 31, 2014, the Company&#146;s
significant commitments are disclosed in the table below. In addition,
significant commitments are disclosed in Note 14 for debt repayments, Note 25
for purchase commitments and Note 26 for future payments relating to the
purchase of the Fekola non-controlling interest.</P>
<DIV>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD width="5%" valign="middle" nowrap >&nbsp;</TD>
    <TD align=left valign="middle" nowrap>&nbsp; </TD>
    <TD width="24%" align=left valign="middle" nowrap>&nbsp; </TD>
    <TD width="1%" align=left valign="middle" nowrap>&nbsp;</TD>
    <TD width="8%" align=center valign="middle" nowrap><B><I>2015</I></B> </TD>
    <TD width="2%" align=center valign="middle" nowrap>&nbsp;</TD>
    <TD width="1%" align=center valign="middle" nowrap>&nbsp;</TD>
    <TD width="8%" align=center valign="middle" nowrap><B><I>2016</I></B> </TD>
    <TD width="2%" align=center valign="middle" nowrap>&nbsp;</TD>
    <TD width="1%" align=center valign="middle" nowrap>&nbsp;</TD>
    <TD width="8%" align=center valign="middle" nowrap><B><I>2017</I></B> </TD>
    <TD width="2%" align=center valign="middle" nowrap>&nbsp;</TD>
    <TD width="1%" align=center valign="middle" nowrap>&nbsp;</TD>
    <TD width="8%" align=center valign="middle" nowrap><B><I>2018</I></B> </TD>
    <TD width="2%" align=center valign="middle" nowrap>&nbsp;</TD>
    <TD width="1%" align=center valign="middle" nowrap>&nbsp;</TD>
    <TD width="8%" align=center valign="middle" nowrap><B><I>2019</I></B> </TD>
    <TD width="2%" align=center valign="middle" nowrap>&nbsp;</TD>
    <TD width="1%" align=center valign="middle" nowrap>&nbsp;</TD>
    <TD width="8%" align=center valign="middle" nowrap><B><I>Total</I></B> </TD>
    <TD width="2%" align=left valign="middle" nowrap>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" valign="middle" nowrap>&nbsp;</TD>
    <TD align=left valign="middle" nowrap>&nbsp; </TD>
    <TD width="24%" align=left valign="middle" nowrap>&nbsp; </TD>
    <TD width="1%"
      align=left valign="middle" nowrap style="BORDER-BOTTOM: #000000 3px double">&nbsp;</TD>
    <TD width="8%"
    align=center valign="middle" nowrap style="BORDER-BOTTOM: #000000 3px double"><B><I>$</I></B></TD>
    <TD width="2%"
    align=center valign="middle" nowrap style="BORDER-BOTTOM: #000000 3px double">&nbsp;</TD>
    <TD width="1%"
      align=center valign="middle" nowrap style="BORDER-BOTTOM: #000000 3px double">&nbsp;</TD>
    <TD width="8%"
    align=center valign="middle" nowrap style="BORDER-BOTTOM: #000000 3px double"><B><I>$</I></B></TD>
    <TD width="2%"
    align=center valign="middle" nowrap style="BORDER-BOTTOM: #000000 3px double">&nbsp;</TD>
    <TD width="1%"
      align=center valign="middle" nowrap style="BORDER-BOTTOM: #000000 3px double">&nbsp;</TD>
    <TD width="8%"
    align=center valign="middle" nowrap style="BORDER-BOTTOM: #000000 3px double"><B><I>$</I></B></TD>
    <TD width="2%"
    align=center valign="middle" nowrap style="BORDER-BOTTOM: #000000 3px double">&nbsp;</TD>
    <TD width="1%"
      align=center valign="middle" nowrap style="BORDER-BOTTOM: #000000 3px double">&nbsp;</TD>
    <TD width="8%"
    align=center valign="middle" nowrap style="BORDER-BOTTOM: #000000 3px double"><B><I>$</I></B></TD>
    <TD width="2%"
    align=center valign="middle" nowrap style="BORDER-BOTTOM: #000000 3px double">&nbsp;</TD>
    <TD width="1%"
      align=center valign="middle" nowrap style="BORDER-BOTTOM: #000000 3px double">&nbsp;</TD>
    <TD width="8%"
    align=center valign="middle" nowrap style="BORDER-BOTTOM: #000000 3px double"><B><I>$</I></B></TD>
    <TD width="2%"
    align=center valign="middle" nowrap style="BORDER-BOTTOM: #000000 3px double">&nbsp;</TD>
    <TD width="1%"
      align=center valign="middle" nowrap style="BORDER-BOTTOM: #000000 3px double">&nbsp;</TD>
    <TD width="8%"
    align=center valign="middle" nowrap style="BORDER-BOTTOM: #000000 3px double"><B><I>$</I></B></TD>
    <TD width="2%"
    align=left valign="middle" nowrap style="BORDER-BOTTOM: #000000 3px double">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="5%" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp; </TD>
    <TD width="24%" 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>
    <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 width="5%" valign="bottom">&nbsp;</TD>
    <TD colSpan=2 align=right valign="bottom" bgColor=#e6efff>
      <P align=justify>Accounts payable and accrued liabilities </P></TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff>53,055 </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" 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="8%" 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="8%" 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="8%" 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="8%" align=right valign="bottom" bgColor=#e6efff>53,055 </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" valign="bottom">&nbsp;</TD>
    <TD colSpan=2 align=right valign="bottom">
      <P align=justify>Derivative liabilities </P></TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" align=right valign="bottom">2,406 </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" align=right valign="bottom">694 </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" 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="8%" 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="8%" 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="8%" align=right valign="bottom">3,100 </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" valign="bottom">&nbsp;</TD>
    <TD colSpan=2 align=right valign="bottom" bgColor=#e6efff>
      <P align=justify>Convertible senior subordinated notes: </P></TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" 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="8%" 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="8%" 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="8%" 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="8%" 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="8%" 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%" valign="bottom">&nbsp;</TD>
    <TD align=center valign="bottom">- </TD>
    <TD width="24%" align=right valign="bottom">
      <P align=justify>Principal </P></TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" 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="8%" 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="8%" 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="8%" 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="8%" 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="8%" align=right valign="bottom">258,750 </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" valign="bottom">&nbsp;</TD>
    <TD align=center valign="bottom" bgColor=#e6efff>- </TD>
    <TD width="24%" align=right valign="bottom" bgColor=#e6efff>
      <P align=justify>Interest </P></TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" 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="8%" 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="8%" 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="8%" 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="8%" 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="8%" align=right valign="bottom" bgColor=#e6efff>33,636 </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" valign="bottom">&nbsp;</TD>
    <TD colSpan=2 align=right valign="bottom">
      <P align=justify>Revolving corporate credit facility: </P></TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" 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="8%" 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="8%" 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="8%" 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="8%" 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="8%" align=left valign="bottom">&nbsp; </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" valign="bottom">&nbsp;</TD>
    <TD align=center valign="bottom" bgColor=#e6efff>- </TD>
    <TD width="24%" align=right valign="bottom" bgColor=#e6efff>
      <P align=justify>Principal </P></TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" 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="8%" 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="8%" align=right valign="bottom" bgColor=#e6efff>125,000 </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" 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="8%" 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="8%" align=right valign="bottom" bgColor=#e6efff>125,000 </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" valign="bottom">&nbsp;</TD>
    <TD align=center valign="bottom">- </TD>
    <TD width="24%" align=right valign="bottom">
      <P align=justify>Interest &amp; commitment fees (estimated) </P></TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" align=right valign="bottom">4,945 </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" align=right valign="bottom">4,945 </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" align=right valign="bottom">1,236 </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" 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="8%" 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="8%" align=right valign="bottom">11,126 </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" valign="bottom">&nbsp;</TD>
    <TD colSpan=2 align=right valign="bottom" bgColor=#e6efff>
      <P align=justify>Otjikoto equipment loan facility: </P></TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" 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="8%" 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="8%" 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="8%" 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="8%" 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="8%" 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%" valign="bottom">&nbsp;</TD>
    <TD align=center valign="bottom">- </TD>
    <TD width="24%" align=right valign="bottom">
      <P align=justify>Principal </P></TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" align=right valign="bottom">6,089 </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" align=right valign="bottom">6,089 </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" align=right valign="bottom">6,089 </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" align=right valign="bottom">6,044 </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" align=right valign="bottom">640 </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" align=right valign="bottom">24,951 </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" valign="bottom">&nbsp;</TD>
    <TD align=center valign="bottom" bgColor=#e6efff>- </TD>
    <TD width="24%" align=right valign="bottom" bgColor=#e6efff>
      <P align=justify>Interest (estimated) </P></TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff>928 </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff>679 </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff>430 </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff>182 </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff>9 </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff>2,228 </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" valign="bottom">&nbsp;</TD>
    <TD colSpan=2 align=right valign="bottom">
      <P align=justify>Libertad equipment loan: </P></TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" 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="8%" 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="8%" 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="8%" 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="8%" 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="8%" align=left valign="bottom">&nbsp; </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" valign="bottom">&nbsp;</TD>
    <TD align=center valign="bottom" bgColor=#e6efff>- </TD>
    <TD width="24%" align=right valign="bottom" bgColor=#e6efff>
      <P align=justify>Principal </P></TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff>1,132 </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff>1,180 </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff>1,231 </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff>720 </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff>196 </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff>4,459 </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" valign="bottom">&nbsp;</TD>
    <TD align=center valign="bottom">- </TD>
    <TD width="24%" align=right valign="bottom">
      <P align=justify>Interest (estimated) </P></TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" align=right valign="bottom">173 </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" align=right valign="bottom">124 </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" align=right valign="bottom">72 </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" align=right valign="bottom">24 </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" align=right valign="bottom">2 </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" align=right valign="bottom">395 </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" valign="bottom">&nbsp;</TD>
    <TD colSpan=2 align=right valign="bottom" bgColor=#e6efff>
      <P align=justify>Capital expenditure commitments </P></TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff>13,100 </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff>1,100 </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" 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="8%" 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="8%" 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="8%" align=right valign="bottom" bgColor=#e6efff>14,200 </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" valign="bottom">&nbsp;</TD>
    <TD colSpan=2 align=right valign="bottom">
      <P align=justify>Mine restoration provision </P></TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" align=right valign="bottom">1,069 </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" align=right valign="bottom">1,027 </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" 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="8%" 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="8%" 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="8%" align=right valign="bottom">2,096 </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" valign="bottom">&nbsp;</TD>
    <TD colSpan=2 align=right valign="bottom" bgColor=#e6efff>
      <P align=justify>Employee future benefits </P></TD>
    <TD width="1%"
    align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%"
    align=right valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">1,130 </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="8%"
    align=right valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">66 </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="8%"
    align=right valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">67 </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="8%"
    align=right valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">96 </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="8%"
    align=right valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">176 </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="8%"
    align=right valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">1,535 </TD>
    <TD width="2%"
    align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="5%" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">
      <P align=justify></P></TD>
    <TD width="24%" valign="bottom">
      <P align=justify></P></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 width="5%" valign="bottom">&nbsp;</TD>
    <TD align=left valign="bottom" bgColor=#e6efff>
      <P align=justify></P></TD>
    <TD width="24%" align=left valign="bottom" bgColor=#e6efff>
      <P align=justify></P></TD>
    <TD width="1%"
    align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 3px double">&nbsp;</TD>
    <TD width="8%"
    align=right valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 3px double">92,436 </TD>
    <TD width="2%"
    align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 3px double">&nbsp;</TD>
    <TD width="1%"
    align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 3px double">&nbsp;</TD>
    <TD width="8%"
    align=right valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 3px double">24,313 </TD>
    <TD width="2%"
    align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 3px double">&nbsp;</TD>
    <TD width="1%"
    align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 3px double">&nbsp;</TD>
    <TD width="8%"
    align=right valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 3px double">142,534 </TD>
    <TD width="2%"
    align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 3px double">&nbsp;</TD>
    <TD width="1%"
    align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 3px double">&nbsp;</TD>
    <TD width="8%"
    align=right valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 3px double">274,225 </TD>
    <TD width="2%"
    align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 3px double">&nbsp;</TD>
    <TD width="1%"
    align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 3px double">&nbsp;</TD>
    <TD width="8%"
    align=right valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 3px double">1,023 </TD>
    <TD width="2%"
    align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 3px double">&nbsp;</TD>
    <TD width="1%"
    align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 3px double">&nbsp;</TD>
    <TD width="8%"
    align=right valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 3px double">534,531 </TD>
    <TD width="2%"
    align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 3px double">&nbsp;</TD>
  </TR></TABLE></DIV>
<P align=right>29 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<!--$$/page=--><A name=page_39></A><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD align=left><B>B2GOLD CORP.</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B>
</TD></TR>
  <TR vAlign=top>
    <TD align=left><B>December 31, 2014 and 2013</B> </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>(All tabular
      amounts are in thousands of United States dollars unless otherwise stated)
    </TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify><B><I>Market risk </I></B></P>
<P style="MARGIN-LEFT: 5%" align=justify>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, Philippine pesos and CFA francs. As the exchange rates between
the Canadian dollar, Colombian peso, Namibian dollar, Philippine pesos and CFA
francs 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>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, 2014, $98.3 million of the
Company&#146;s $132.6 million in cash and cash equivalents was held in United States
dollars. </P>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%" BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B><I>20</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; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD width="5%" vAlign=bottom nowrap >&nbsp;</TD>
    <TD align=left vAlign=bottom nowrap>&nbsp; </TD>
    <TD width="1%" align=left vAlign=bottom nowrap>&nbsp;</TD>
    <TD width="12%" align=center vAlign=bottom nowrap><B><I>2014</I></B> </TD>
    <TD width="2%" align=center vAlign=bottom nowrap>&nbsp;</TD>
    <TD width="1%" align=center vAlign=bottom nowrap>&nbsp;</TD>
    <TD width="12%" align=center vAlign=bottom nowrap><B><I>2013</I></B> </TD>
  <TD width="2%" align=left vAlign=bottom nowrap>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" vAlign=bottom nowrap>&nbsp;</TD>
    <TD align=left vAlign=bottom nowrap>&nbsp; </TD>
    <TD width="1%"
    align=left vAlign=bottom nowrap style="BORDER-BOTTOM: #000000 3px double">&nbsp;</TD>
    <TD width="12%"
    align=center vAlign=bottom nowrap style="BORDER-BOTTOM: #000000 3px double"><B><I>$</I></B></TD>
    <TD width="2%"
    align=left vAlign=bottom nowrap style="BORDER-BOTTOM: #000000 3px double">&nbsp;</TD>
    <TD width="1%"
    align=left vAlign=bottom nowrap style="BORDER-BOTTOM: #000000 3px double">&nbsp;</TD>
    <TD width="12%"
    align=center vAlign=bottom nowrap style="BORDER-BOTTOM: #000000 3px double"><B><I>$</I></B></TD>
  <TD width="2%"
    align=left vAlign=bottom nowrap style="BORDER-BOTTOM: #000000 3px double">&nbsp;</TD>
  </TR>
  <TR>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD vAlign=bottom>&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>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD vAlign=bottom>&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 vAlign=bottom width="5%">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom align=left>Consolidated income before
      income taxes </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%"
    align=right><B>(751,450</B></TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left><B>)</B> </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%" align=right>87,105 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left>Canadian federal and provincial income tax
      rates </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="12%"
    align=right><B>26.00%</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="12%"
    align=right>25.75% </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="2%"
    align=left>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom>&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%">&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%">&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left>Income tax expense at statutory rates </TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="12%" align=right><B>(195,377</B></TD>
    <TD vAlign=bottom width="2%" align=left><B>)</B> </TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="12%" align=right>22,430 </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom>&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%">&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%">&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left>Increase (decrease) attributable to: </TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="12%" align=left>&nbsp; </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="12%" align=left>&nbsp; </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom>&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%">&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%">&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp; &nbsp; &nbsp;Effects of different
      foreign statutory tax rates and tax holidays </TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="12%" align=right><B>(28,339</B></TD>
    <TD vAlign=bottom width="2%" align=left><B>)</B> </TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="12%" align=right>(14,591</TD>
    <TD vAlign=bottom width="2%" align=left>) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom align=left>&nbsp; &nbsp;
      &nbsp;Non-deductible expenditures </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%" align=right><B>11,790</B>
</TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%" align=right>6,823 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp; &nbsp; &nbsp;Tax benefit of losses not
      previously recorded </TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="12%" align=right><B>-</B> </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="12%" align=right>(6,132</TD>
    <TD vAlign=bottom width="2%" align=left>) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom align=left>&nbsp; &nbsp; &nbsp;Losses
      for which no tax benefit has been recorded </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%" align=right><B>19,187</B>
</TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%" align=right>6,011 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp; &nbsp; &nbsp;Impairment of goodwill
</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="12%" align=right><B>52,538</B> </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="12%" align=right>- </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom align=left>&nbsp; &nbsp;
      &nbsp;Impairment of investment in joint venture </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%" align=right><B>25,045</B>
</TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%" align=right>- </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp; &nbsp; &nbsp;Withholding tax and
      minimum tax </TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="12%" align=right><B>1,909</B> </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="12%" align=right>2,189 </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom align=left>&nbsp; &nbsp; &nbsp;Change
      due to foreign exchange </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%" align=right><B>(1,339</B></TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left><B>)</B> </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%" align=right>1,634 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp; &nbsp; &nbsp;Accruals for tax audits
    </TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="12%" align=right><B>6,000</B> </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="12%" align=right>- </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom align=left>&nbsp; &nbsp; &nbsp;Changes
      in estimates of deferred tax assets </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%" align=right><B>10,769</B>
</TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%" align=right>- </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred tax
      liability in respect of future distributions of foreign subsidiary
      earnings </TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="12%" align=right><B>8,437</B> </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="12%" align=right>- </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom align=left>&nbsp; &nbsp;
      &nbsp;Non-deductible portion of losses </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%" align=right><B>4,060</B> </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%" align=right>1,468 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp; &nbsp; &nbsp;Amounts under/(over)
      provided for in prior years </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="12%"
    align=right><B>255</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="12%"
    align=right>(30</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="2%"
    align=left>) </TD></TR>
  <TR>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom>&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%">&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%">&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left>Income tax (recovery) expense </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width="12%"
    align=right><B>(85,065</B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width="2%"
    align=left><B>)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width="12%"
    align=right>19,802 </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width="2%"
    align=left>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom>&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%">&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%">&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD vAlign=bottom>&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 vAlign=bottom width="5%">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom align=left>Current income tax,
      withholding and other taxes </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%" align=right><B>24,251</B>
</TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%" align=right>22,899 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left>Deferred income tax recovery </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="12%"
    align=right><B>(109,316</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="2%"
    align=left><B>)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="12%"
    align=right>(3,097</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="2%"
    align=left>) </TD></TR>
  <TR>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom>&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%">&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%">&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left>Income tax (recovery) expense </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width="12%"
    align=right><B>(85,065</B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width="2%"
    align=left><B>)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width="12%"
    align=right>19,802 </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width="2%"
    align=left>&nbsp;</TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>The combined federal and provincial
income tax rates increased in 2014 due to legislated increases in income tax
rates. </P>
<P align=right>30 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<!--$$/page=--><A name=page_40></A><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD align=left><B>B2GOLD CORP.</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B>
</TD></TR>
  <TR vAlign=top>
    <TD align=left><B>December 31, 2014 and 2013</B> </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>(All tabular
      amounts are in thousands of United States dollars unless otherwise stated)
    </TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>Total income tax (recovery) expense
attributable to geographical jurisdiction is as follows:</P>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left>&nbsp; </TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="12%" noWrap align=center><B><I>2014</I></B> </TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="12%" noWrap align=center><B><I>2013</I></B> </TD>
    <TD vAlign=bottom width="2%" noWrap align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width="1%"
    noWrap align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width="12%"
    noWrap align=center><B><I>$</I></B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width="2%"
    noWrap align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width="1%"
    noWrap align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width="12%"
    noWrap align=center><B><I>$</I></B></TD>
  <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width="2%"
    noWrap align=left>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD vAlign=bottom noWrap>&nbsp; </TD>
    <TD vAlign=bottom width="1%" noWrap>&nbsp;</TD>
    <TD vAlign=bottom width="12%" noWrap>&nbsp; </TD>
    <TD vAlign=bottom width="2%" noWrap>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap>&nbsp;</TD>
    <TD vAlign=bottom width="12%" noWrap>&nbsp; </TD>
    <TD vAlign=bottom width="2%" noWrap>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD vAlign=bottom>&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 vAlign=bottom width="5%">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom align=left>Nicaragua </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%" align=right><B>18,310</B>
</TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%" align=right>20,721 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left>Philippines </TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="12%" align=right><B>(105,075</B></TD>
    <TD vAlign=bottom width="2%" align=left><B>)</B> </TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="12%" align=right>(424</TD>
    <TD vAlign=bottom width="2%" align=left>) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom align=left>Canada </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%" align=right><B>(322</B></TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left><B>)</B> </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%" align=right>1,972 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left>Australia </TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="12%" align=right><B>239</B> </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="12%" align=right>(2,467</TD>
    <TD vAlign=bottom width="2%" align=left>) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom align=left>Other </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="12%" align=right><B>1,783</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="12%" align=right>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="2%" align=left>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom width="5%">&nbsp;</TD>
    <TD vAlign=bottom>&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 vAlign=bottom width="5%">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#e6efff vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#e6efff vAlign=bottom
    width="12%" align=right><B>(85,065</B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#e6efff vAlign=bottom
    width="2%" align=left><B>)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#e6efff vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#e6efff vAlign=bottom
    width="12%" align=right>19,802 </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#e6efff vAlign=bottom
    width="2%" align=left>&nbsp;</TD></TR></TABLE>
<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; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp; </TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="23%" colSpan=4 noWrap align=center><B><I>Deferred
      tax (liabilities)/</I></B> </TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="23%" colSpan=4 noWrap align=center><B><I>Deferred
      income</I></B> </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp; </TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="23%" colSpan=4 noWrap
      align=center><B><I>assets</I></B> </TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="23%" colSpan=4 noWrap align=center><B><I>tax
      (recovery)/expense</I></B> </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp; </TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="10%" noWrap align=center><B><I>As at</I></B> </TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="10%" noWrap align=center><B><I>As at</I></B> </TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="10%" noWrap align=center>&nbsp; </TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="10%" noWrap align=center>&nbsp; </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp; </TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="10%" noWrap align=center><B><I>December
      31,</I></B> </TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="10%" noWrap align=center><B><I>December
      31,</I></B> </TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="10%" noWrap align=center>&nbsp; </TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="10%" noWrap align=center>&nbsp; </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp; </TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="10%" noWrap align=center><B><I>2014</I></B> </TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="10%" noWrap align=center><B><I>2013</I></B> </TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="10%" noWrap align=center><B><I>2014</I></B> </TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="10%" noWrap align=center><B><I>2013</I></B> </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width="10%"
    align=center><B><I>$</I></B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width="2%"
    align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width="1%"
    align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width="10%"
    align=center><B><I>$</I></B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width="2%"
    align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width="1%"
    align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width="10%"
    align=center><B><I>$</I></B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width="2%"
    align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width="1%"
    align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width="10%"
    align=center><B><I>$</I></B></TD>
  <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width="2%"
    align=left>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom>&nbsp; </TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom>&nbsp; </TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom align=left>Operating loss carry-forwards
    </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%" align=right><B>68,336</B>
</TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%" align=right>6,240 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%"
align=right><B>(62,096</B></TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left><B>)</B> </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%" align=right>(6,240</TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>) </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left>Current assets and liabilities </TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="10%" align=right><B>117</B> </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="10%" align=right>11,667 </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="10%" align=right><B>11,549</B> </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="10%" align=right>(1,956</TD>
    <TD vAlign=bottom width="2%" align=left>) </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom align=left>Investments </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%" align=right><B>-</B> </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%" align=right>- </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%" align=right><B>-</B> </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%" align=right>(2,228</TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>) </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left>Mining interests </TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="10%" align=right><B>(145,123</B></TD>
    <TD vAlign=bottom width="2%" align=left><B>)</B> </TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="10%" align=right>(214,205</TD>
    <TD vAlign=bottom width="2%" align=left>) </TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="10%" align=right><B>(69,083</B></TD>
    <TD vAlign=bottom width="2%" align=left><B>)</B> </TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="10%" align=right>1,704 </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom align=left>Long term debt </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%" align=right><B>(1,882</B></TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left><B>)</B> </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%" align=right>(5,511</TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>) </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%" align=right><B>(3,629</B></TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left><B>)</B> </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%" align=right>5,511 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left>Mine restoration provisions </TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="10%" align=right><B>13,498</B> </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="10%" align=right>13,247 </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="10%" align=right><B>(251</B></TD>
    <TD vAlign=bottom width="2%" align=left><B>)</B> </TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="10%" align=right>130 </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom align=left>Other </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%" align=right><B>(4,088</B></TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left><B>)</B> </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%" align=right>1,751 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%" align=right><B>5,841</B> </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%" align=right>(1,753</TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>) </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left>Future withholding tax </TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="10%" align=right><B>(8,437</B></TD>
    <TD vAlign=bottom width="2%" align=left><B>)</B> </TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="10%" align=right>- </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="10%" align=right><B>8,437</B> </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="10%" align=right>- </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom align=left>Deferred tax charged to
      equity </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="10%" align=right><B>-</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="10%" align=right>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="10%" align=right><B>(84</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="2%" align=left><B>)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="10%" align=right>1,735 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="2%" align=left>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom>&nbsp; </TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#e6efff vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#e6efff vAlign=bottom
    width="10%" align=right><B>(77,579</B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#e6efff vAlign=bottom
    width="2%" align=left><B>)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#e6efff vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#e6efff vAlign=bottom
    width="10%" align=right>(186,811</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#e6efff vAlign=bottom
    width="2%" align=left>) </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#e6efff vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#e6efff vAlign=bottom
    width="10%" align=right><B>(109,316</B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#e6efff vAlign=bottom
    width="2%" align=left><B>)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#e6efff vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#e6efff vAlign=bottom
    width="10%" align=right>(3,097</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#e6efff vAlign=bottom
    width="2%" align=left>) </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; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD noWrap align=left>&nbsp; </TD>
    <TD width="1%" noWrap align=left>&nbsp;</TD>
    <TD width="12%" noWrap align=center><B><I>2014</I></B> </TD>
    <TD width="2%" noWrap align=center>&nbsp;</TD>
    <TD width="1%" noWrap align=center>&nbsp;</TD>
    <TD width="12%" noWrap align=center><B><I>2013</I></B> </TD>
    <TD width="2%" noWrap align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" width="1%"
      align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" width="12%"
    align=center><B><I>$</I></B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" width="1%"
      align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" width="12%"
    align=center><B><I>$</I></B></TD>
  <TD style="BORDER-BOTTOM: #000000 3px double" width="2%"
    align=left>&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 bgColor=#e6efff align=left>Operating loss carry-forwards </TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" align=right><B>26,348</B> </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" align=right>12,144 </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>Current assets </TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right><B>11,458</B> </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right>- </TD>
    <TD width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD bgColor=#e6efff align=left>Debt and share issue costs </TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" align=right><B>352</B> </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" align=right>2,790 </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>Mine restoration provisions </TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right><B>1,166</B> </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right>1,155 </TD>
    <TD width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD bgColor=#e6efff align=left>Mining interests and other </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="12%"
    align=right><B>3,919</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="12%"
    align=right>1,442 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="2%"
    align=left>&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 bgColor=#e6efff align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#e6efff width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#e6efff width="12%"
    align=right><B>43,243</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#e6efff width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#e6efff width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#e6efff width="12%"
    align=right>17,531 </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#e6efff width="2%"
    align=left>&nbsp;</TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>The Company has not recognized the
potential deferred tax assets of $43.2 million (2013 - $17.5 million) as it is
not probable that future taxable profits will be available against which the
Company can utilize the potential deferred tax assets. </P>
<P align=right>31 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<!--$$/page=--><A name=page_41></A><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD align=left><B>B2GOLD CORP.</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B>
</TD></TR>
  <TR vAlign=top>
    <TD align=left><B>December 31, 2014 and 2013</B> </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>(All tabular
      amounts are in thousands of United States dollars unless otherwise stated)
    </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; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD width="5%" valign="bottom" nowrap >&nbsp;</TD>
    <TD align=left valign="bottom" nowrap>&nbsp; </TD>
    <TD width="1%" align=left valign="bottom" nowrap>&nbsp;</TD>
    <TD width="12%" align=center valign="bottom" nowrap><B><I>2014</I></B> </TD>
    <TD width="2%" align=center valign="bottom" nowrap>&nbsp;</TD>
    <TD width="1%" align=center valign="bottom" nowrap>&nbsp;</TD>
    <TD width="12%" align=center valign="bottom" nowrap><B><I>2013</I></B> </TD>
  <TD width="2%" align=left valign="bottom" nowrap>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" valign="bottom" nowrap>&nbsp;</TD>
    <TD align=left valign="bottom" nowrap>&nbsp; </TD>
    <TD width="1%"
      align=left valign="bottom" nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="12%"
    align=center valign="bottom" nowrap style="BORDER-BOTTOM: #000000 1px solid"><B><I>$</I></B></TD>
    <TD width="2%"
    align=left valign="bottom" nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="1%"
      align=left valign="bottom" nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="12%"
    align=center valign="bottom" nowrap style="BORDER-BOTTOM: #000000 1px solid"><B><I>$</I></B></TD>
  <TD width="2%"
    align=left valign="bottom" nowrap style="BORDER-BOTTOM: #000000 1px solid">&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 bgColor=#e6efff align=left>Balance, beginning of year </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="12%"
    align=right><B>186,811</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="12%"
    align=right>34,148 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="2%"
    align=left>&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 bgColor=#e6efff align=left>&nbsp; &nbsp; &nbsp;Deferred income tax
      recovery </TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" align=right><B>(109,316</B></TD>
    <TD bgColor=#e6efff width="2%" align=left><B>)</B> </TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" align=right>(3,097</TD>
    <TD bgColor=#e6efff width="2%" align=left>) </TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp; &nbsp;Recorded on CGA acquisition </TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right><B>-</B> </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right>157,494 </TD>
    <TD width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD bgColor=#e6efff align=left>&nbsp; &nbsp; &nbsp;Amount charged to OCI
    </TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" align=right><B>84</B> </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" align=right>238 </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp; &nbsp;Amount charge to equity </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%"
      align=right><B>-</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%"
    align=right>(1,972</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" align=left>)
</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD bgColor=#e6efff>&nbsp; </TD>
    <TD bgColor=#e6efff width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff width="12%">&nbsp; </TD>
    <TD bgColor=#e6efff width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff width="12%">&nbsp; </TD>
    <TD bgColor=#e6efff width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%"
      align=right><B>(109,232</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%"
      align=left><B>)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%"
      align=right>152,663 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%"
    align=left>&nbsp;</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD bgColor=#e6efff>&nbsp; </TD>
    <TD bgColor=#e6efff width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff width="12%">&nbsp; </TD>
    <TD bgColor=#e6efff width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff width="12%">&nbsp; </TD>
    <TD bgColor=#e6efff width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>Balance, end of year </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" width="12%"
      align=right><B>77,579</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" width="12%"
      align=right>186,811 </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" width="2%"
    align=left>&nbsp;</TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>At December 31, 2014, 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 taxable income that can be reduced by tax losses. The gross amount of the
tax losses for which a tax benefit has not been recorded expire as follows: </P>
<DIV>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD vAlign=bottom width="5%" noWrap >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left><B>Year of</B> </TD>
    <TD vAlign=bottom width="1%" noWrap align=left>&nbsp;</TD>
    <TD vAlign=bottom width="8%" noWrap align=center><B><I>Canada</I></B> </TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="8%" noWrap align=center><B><I>Costa Rica</I></B>
    </TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="8%" noWrap align=center><B><I>Colombia</I></B>
</TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="8%" noWrap align=center><B><I>Nicaragua
    </I></B></TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="8%" noWrap align=center><STRONG><EM>Burkina
      Faso&nbsp;</EM></STRONG>&nbsp;</TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="8%" noWrap
      align=center><STRONG><EM>Uruguay</EM></STRONG> </TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="8%" noWrap align=center><B><I>Total</I></B> </TD>
    <TD vAlign=bottom width="2%" noWrap align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" noWrap>&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left><B>expiry</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width="1%"
    noWrap align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width="8%"
    noWrap align=center><B><I>$</I></B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width="2%"
    noWrap align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width="1%"
    noWrap align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width="8%"
    noWrap align=center><B><I>$</I></B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width="2%"
    noWrap align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width="1%"
    noWrap align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width="8%"
    noWrap align=center><B><I>$</I></B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width="2%"
    noWrap align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width="1%"
    noWrap align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width="8%"
    noWrap align=center><B><I>$</I></B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width="2%"
    noWrap align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width="1%"
    noWrap align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width="8%"
    noWrap align=center><B><I>$</I></B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width="2%"
    noWrap align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width="1%"
    noWrap align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width="8%"
    noWrap align=center><B><I>$</I></B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width="2%"
    noWrap align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width="1%"
    noWrap align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width="8%"
    noWrap align=center><B><I>$</I></B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width="2%"
    noWrap align=left>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" valign="bottom">&nbsp;</TD>
    <TD 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>
    <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>
    <TD width="5%" valign="bottom">&nbsp;</TD>
    <TD 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>
    <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 width="5%" valign="bottom">&nbsp;</TD>
    <TD align=left valign="bottom" bgColor=#e6efff>2015 </TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" 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="8%" align=right valign="bottom" bgColor=#e6efff>1 </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" 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="8%" 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="8%" 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="8%" align=right valign="bottom" bgColor=#e6efff>28 </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff>29 </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" valign="bottom">&nbsp;</TD>
    <TD align=left valign="bottom">2016 </TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" 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="8%" align=right valign="bottom">58 </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" 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="8%" 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="8%" 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="8%" align=right valign="bottom">143 </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" align=right valign="bottom">201 </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD bgColor=#e6efff align=left>2017 </TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=right>- </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=right>6 </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=right>- </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=right>- </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=right>5,010 </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=right>69 </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=right>5,085 </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>2018 </TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>- </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>2 </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>- </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>- </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>5,902 </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>94 </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>5,998 </TD>
    <TD width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" valign="bottom">&nbsp;</TD>
    <TD align=left valign="bottom" bgColor=#e6efff>2019 </TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" 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="8%" align=right valign="bottom" bgColor=#e6efff>2,397 </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" 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="8%" 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="8%" 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="8%" align=right valign="bottom" bgColor=#e6efff>134 </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff>2,531 </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" valign="bottom">&nbsp;</TD>
    <TD align=left valign="bottom">2027 </TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" align=right valign="bottom">125 </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" 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="8%" 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="8%" 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="8%" 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="8%" 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="8%" align=right valign="bottom">125 </TD>
    <TD width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" valign="bottom">&nbsp;</TD>
    <TD align=left valign="bottom" bgColor=#e6efff>2028 </TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff>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="8%" 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="8%" 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="8%" 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="8%" 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="8%" 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="8%" align=right valign="bottom" bgColor=#e6efff>568 </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" valign="bottom">&nbsp;</TD>
    <TD align=left valign="bottom">2029 </TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" align=right valign="bottom">3,830 </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" 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="8%" 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="8%" 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="8%" 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="8%" 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="8%" align=right valign="bottom">3,830 </TD>
    <TD width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" valign="bottom">&nbsp;</TD>
    <TD align=left valign="bottom" bgColor=#e6efff>2030 </TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff>10,602 </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" 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="8%" 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="8%" 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="8%" 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="8%" 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="8%" align=right valign="bottom" bgColor=#e6efff>10,602 </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" valign="bottom">&nbsp;</TD>
    <TD align=left valign="bottom">2031 </TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" align=right valign="bottom">7,809 </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" 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="8%" 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="8%" 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="8%" 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="8%" 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="8%" align=right valign="bottom">7,809 </TD>
    <TD width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" valign="bottom">&nbsp;</TD>
    <TD align=left valign="bottom" bgColor=#e6efff>2032 </TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff>13,200 </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="8%" 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="8%" 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="8%" 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="8%" 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="8%" 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="8%" align=right valign="bottom" bgColor=#e6efff>13,200 </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" valign="bottom">&nbsp;</TD>
    <TD align=left valign="bottom">2033 </TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" align=right valign="bottom">5,526 </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" 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="8%" 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="8%" 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="8%" 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="8%" 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="8%" align=right valign="bottom">5,526 </TD>
    <TD width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" valign="bottom">&nbsp;</TD>
    <TD align=left valign="bottom" bgColor=#e6efff>2034 </TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff>33,640 </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="8%" 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="8%" 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="8%" 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="8%" 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="8%" 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="8%" align=right valign="bottom" bgColor=#e6efff>33,640 </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" valign="bottom">&nbsp;</TD>
    <TD align=left valign="bottom">No expiry </TD>
    <TD width="1%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%" 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="8%" 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="8%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">4,472    </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="8%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">15,522    </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="8%" 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="8%" 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="8%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">19,994    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%"
    align=left>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" valign="bottom">&nbsp;</TD>
    <TD valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="1%" valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" 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="8%" 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="8%" 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="8%" 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="8%" 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="8%" 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="8%" valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD bgColor=#e6efff width="2%">&nbsp;</TD></TR>
  <TR>
    <TD width="5%" valign="bottom">&nbsp;</TD>
    <TD 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>
    <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%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" valign="bottom">&nbsp;</TD>
    <TD align=left valign="bottom" bgColor=#e6efff>Total </TD>
    <TD width="1%"
    align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 3px double">&nbsp;</TD>
    <TD width="8%"
    align=right valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 3px double">75,300 </TD>
    <TD width="2%"
    align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 3px double">&nbsp;</TD>
    <TD width="1%"
    align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 3px double">&nbsp;</TD>
    <TD width="8%"
    align=right valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 3px double">2,464 </TD>
    <TD width="2%"
    align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 3px double">&nbsp;</TD>
    <TD width="1%"
    align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 3px double">&nbsp;</TD>
    <TD width="8%"
    align=right valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 3px double">4,472 </TD>
    <TD width="2%"
    align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 3px double">&nbsp;</TD>
    <TD width="1%"
    align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 3px double">&nbsp;</TD>
    <TD width="8%"
    align=right valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 3px double">15,522 </TD>
    <TD width="2%"
    align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 3px double">&nbsp;</TD>
    <TD width="1%"
    align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 3px double">&nbsp;</TD>
    <TD width="8%"
    align=right valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 3px double">10,912 </TD>
    <TD width="2%"
    align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 3px double">&nbsp;</TD>
    <TD width="1%"
    align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 3px double">&nbsp;</TD>
    <TD width="8%"
    align=right valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 3px double">468 </TD>
    <TD width="2%"
    align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 3px double">&nbsp;</TD>
    <TD width="1%"
    align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 3px double">&nbsp;</TD>
    <TD width="8%"
    align=right valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 3px double">109,138 </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#e6efff width="2%"
    align=left>&nbsp;</TD></TR></TABLE></DIV>
<P style="MARGIN-LEFT: 5%" align=justify>At December 31, 2014 the Company had
capital losses in Canada of $15.9 million which have no expiry date and can be
applied against future capital gains.</P>
<P align=right>32 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<!--$$/page=--><A name=page_42></A><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD align=left><B>B2GOLD CORP.</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B>
</TD></TR>
  <TR vAlign=top>
    <TD align=left><B>December 31, 2014 and 2013</B> </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>(All tabular
      amounts are in thousands of United States dollars unless otherwise stated)
    </TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%" BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B><I>21</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>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify><B><I>Non-cash (credits)
  charges:</I></B></P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD width="5%" valign="bottom" nowrap  >&nbsp;</TD>
    <TD align=left valign="bottom" nowrap>&nbsp; </TD>
    <TD  width="1%" align=left valign="bottom" nowrap>&nbsp;</TD>
    <TD width="12%" align=center valign="bottom" nowrap><B><I>2014</I></B> </TD>
    <TD  width="2%" align=center valign="bottom" nowrap>&nbsp;</TD>
    <TD  width="1%" align=center valign="bottom" nowrap>&nbsp;</TD>
    <TD width="12%" align=center valign="bottom" nowrap><B><I>2013</I></B> </TD>
  <TD  width="2%" align=left valign="bottom" nowrap>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" valign="bottom" nowrap >&nbsp;</TD>
    <TD align=left valign="bottom" nowrap>&nbsp; </TD>
    <TD  width="1%"
    align=left valign="bottom" nowrap style="BORDER-BOTTOM: #000000 3px double">&nbsp;</TD>
    <TD width="12%"
    align=center valign="bottom" nowrap style="BORDER-BOTTOM: #000000 3px double"><B><I>$</I></B></TD>
    <TD  width="2%"
    align=left valign="bottom" nowrap style="BORDER-BOTTOM: #000000 3px double">&nbsp;</TD>
    <TD  width="1%"
    align=left valign="bottom" nowrap style="BORDER-BOTTOM: #000000 3px double">&nbsp;</TD>
    <TD width="12%"
    align=center valign="bottom" nowrap style="BORDER-BOTTOM: #000000 3px double"><B><I>$</I></B></TD>
  <TD  width="2%"
    align=left valign="bottom" nowrap style="BORDER-BOTTOM: #000000 3px double">&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%" valign="bottom" >&nbsp;</TD>
    <TD 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>
    <TD  width="1%" valign="bottom">&nbsp;</TD>
    <TD width="12%" valign="bottom">&nbsp; </TD>
  <TD  width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" valign="bottom" >&nbsp;</TD>
    <TD align=left valign="bottom" bgColor=#e6efff>Impairment of goodwill and long-lived
      assets <I>(Note 6)</I> </TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" bgColor=#e6efff><B>734,378</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 bgColor=#e6efff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" valign="bottom" >&nbsp;</TD>
    <TD align=left valign="bottom">Depreciation and depletion </TD>
    <TD  width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="12%" align=right valign="bottom"><B>112,556</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">85,855 </TD>
  <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" valign="bottom" >&nbsp;</TD>
    <TD align=left valign="bottom" bgColor=#e6efff>Write-down of mineral property interests
      <I>(Note12)</I> </TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" bgColor=#e6efff><B>21,465</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>9,564 </TD>
  <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" valign="bottom" >&nbsp;</TD>
    <TD align=left valign="bottom">Share-based payments <I>(Note 16)</I> </TD>
    <TD  width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="12%" align=right valign="bottom"><B>16,105</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">18,328 </TD>
  <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" valign="bottom" >&nbsp;</TD>
    <TD align=left valign="bottom" bgColor=#e6efff>Non-recoverable input taxes </TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" bgColor=#e6efff><B>16,264</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>3,132 </TD>
  <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" valign="bottom" >&nbsp;</TD>
    <TD align=left valign="bottom">Gain loss on fair value of convertible notes <I>(Note
      14)</I> </TD>
    <TD  width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="12%" align=right valign="bottom"><B>(9,797</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">(22,815</TD>
  <TD  width="2%" align=left>) </TD></TR>
  <TR vAlign=top>
    <TD width="5%" valign="bottom" >&nbsp;</TD>
    <TD align=left valign="bottom" bgColor=#e6efff>Write-down of long-term investments
      <I>(Note11)</I> </TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" bgColor=#e6efff><B>7,194</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>20,552 </TD>
  <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" valign="bottom" >&nbsp;</TD>
    <TD align=left valign="bottom">Accretion of mine restoration provisions <I>(Note15)</I></TD>
    <TD  width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="12%" align=right valign="bottom"><B>1,193</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">2,606 </TD>
  <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" valign="bottom" >&nbsp;</TD>
    <TD align=left valign="bottom" bgColor=#e6efff>Deferred income tax recovery </TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" bgColor=#e6efff><B>(109,316</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>(3,097</TD>
  <TD bgColor=#e6efff  width="2%" align=left>) </TD></TR>
  <TR vAlign=top>
    <TD width="5%" valign="bottom" >&nbsp;</TD>
    <TD align=left valign="bottom">Unrealized loss on derivative instruments <I>(Note18)</I>    </TD>
    <TD  width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="12%" align=right valign="bottom"><B>50</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">2,660 </TD>
  <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" valign="bottom" >&nbsp;</TD>
    <TD align=left valign="bottom" bgColor=#e6efff>Gain on sale of Brucejack royalty <I>(Note
      12)</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>(44,496</TD>
  <TD bgColor=#e6efff  width="2%" align=left>) </TD></TR>
  <TR vAlign=top>
    <TD width="5%" valign="bottom" >&nbsp;</TD>
    <TD align=left valign="bottom">Amortization of deferred revenue <I>(Note 8)</I> </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">(37,404</TD>
  <TD  width="2%" align=left>) </TD></TR>
  <TR vAlign=top>
    <TD width="5%" valign="bottom" >&nbsp;</TD>
    <TD align=left valign="bottom" bgColor=#e6efff>Inventory fair value adjustments on CGA
      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>-</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>32,869 </TD>
  <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" valign="bottom" >&nbsp;</TD>
    <TD align=left valign="bottom">Convertible notes transaction costs <I>(Note14)</I> </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">9,683 </TD>
  <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" valign="bottom" >&nbsp;</TD>
    <TD align=left valign="bottom" bgColor=#e6efff>CGA transaction costs </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>5,925 </TD>
  <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" valign="bottom" >&nbsp;</TD>
    <TD align=left valign="bottom">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>735</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">4,120    </TD>
  <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" valign="bottom" >&nbsp;</TD>
    <TD 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>
    <TD  width="1%" valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" valign="bottom" bgColor=#e6efff>&nbsp; </TD>
  <TD bgColor=#e6efff  width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" valign="bottom" >&nbsp;</TD>
    <TD align=left valign="bottom">&nbsp; </TD>
    <TD  width="1%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 3px double">&nbsp;</TD>
    <TD width="12%"
      align=right valign="bottom" style="BORDER-BOTTOM: #000000 3px double"><B>790,827</B> </TD>
    <TD  width="2%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 3px double">&nbsp;</TD>
    <TD  width="1%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 3px double">&nbsp;</TD>
    <TD width="12%"
      align=right valign="bottom" style="BORDER-BOTTOM: #000000 3px double">87,482 </TD>
  <TD style="BORDER-BOTTOM: #000000 3px double"  width="2%"
    align=left>&nbsp;</TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify><B><I>Changes in non-cash working
capital: </I></B></P>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD align=left vAlign=bottom nowrap>&nbsp; </TD>
    <TD  width="1%" align=left vAlign=bottom nowrap>&nbsp;</TD>
    <TD width="12%" align=center vAlign=bottom nowrap><B><I>2014</I></B> </TD>
    <TD  width="2%" align=center vAlign=bottom nowrap>&nbsp;</TD>
    <TD  width="1%" align=center vAlign=bottom nowrap>&nbsp;</TD>
    <TD width="12%" align=center vAlign=bottom nowrap><B><I>2013</I></B> </TD>
  <TD  width="2%" align=left vAlign=bottom nowrap>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left vAlign=bottom nowrap>&nbsp; </TD>
    <TD
    width="1%" align=left vAlign=bottom nowrap style="BORDER-BOTTOM: #000000 3px double">&nbsp;</TD>
    <TD width="12%"
    align=center vAlign=bottom nowrap style="BORDER-BOTTOM: #000000 3px double"><B><I>$</I></B></TD>
    <TD
    width="2%" align=left vAlign=bottom nowrap style="BORDER-BOTTOM: #000000 3px double">&nbsp;</TD>
    <TD
    width="1%" align=left vAlign=bottom nowrap style="BORDER-BOTTOM: #000000 3px double">&nbsp;</TD>
    <TD width="12%"
    align=center vAlign=bottom nowrap style="BORDER-BOTTOM: #000000 3px double"><B><I>$</I></B></TD>
  <TD
    width="2%" align=left vAlign=bottom nowrap style="BORDER-BOTTOM: #000000 3px double">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom nowrap>&nbsp; </TD>
    <TD  width="1%" vAlign=bottom nowrap>&nbsp;</TD>
    <TD width="12%" vAlign=bottom nowrap>&nbsp; </TD>
    <TD  width="2%" vAlign=bottom nowrap>&nbsp;</TD>
    <TD  width="1%" vAlign=bottom nowrap>&nbsp;</TD>
    <TD width="12%" vAlign=bottom nowrap>&nbsp; </TD>
  <TD  width="2%" vAlign=bottom nowrap>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom>&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 width="5%" >&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom align=left>Accounts receivable and
      prepaids </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%" align=right><B>10,090</B>
</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%" align=right>1,406 </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left>Value-added and other tax receivables </TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="12%" align=right><B>3,790</B> </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="12%" align=right>(1,086</TD>
    <TD vAlign=bottom  width="2%" align=left>) </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom align=left>Inventories </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%" align=right><B>(7,495</B></TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
      align=left><B>)</B> </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%" align=right>11,483 </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left>Accounts payable and accrued liabilities </TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="12%" align=right><B>(3,564</B></TD>
    <TD vAlign=bottom  width="2%" align=left><B>)</B> </TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="12%" align=right>(7,808</TD>
    <TD vAlign=bottom  width="2%" align=left>) </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom align=left>Income and other taxes
      payables </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
     width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="12%" align=right><B>952</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
     width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
     width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="12%" align=right>(511</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
     width="2%" align=left>) </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom>&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 width="5%" >&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#e6efff vAlign=bottom
     width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#e6efff vAlign=bottom
    width="12%" align=right><B>3,773</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#e6efff vAlign=bottom
     width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#e6efff vAlign=bottom
     width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#e6efff vAlign=bottom
    width="12%" align=right>3,484 </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#e6efff vAlign=bottom
     width="2%" align=left>&nbsp;</TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify><B><I>Other exploration and
development:</I></B></P>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD width="5%" valign="bottom" nowrap  >&nbsp;</TD>
    <TD align=left vAlign=bottom nowrap>&nbsp; </TD>
    <TD  width="1%" align=left vAlign=bottom nowrap>&nbsp;</TD>
    <TD width="12%" align=center vAlign=bottom nowrap><B><I>2014</I></B> </TD>
    <TD  width="2%" align=center vAlign=bottom nowrap>&nbsp;</TD>
    <TD  width="1%" align=center vAlign=bottom nowrap>&nbsp;</TD>
    <TD width="12%" align=center vAlign=bottom nowrap><B><I>2013</I></B> </TD>
  <TD  width="2%" align=left vAlign=bottom nowrap>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" valign="bottom" nowrap >&nbsp;</TD>
    <TD align=left vAlign=bottom nowrap>&nbsp; </TD>
    <TD
    width="1%" align=left vAlign=bottom nowrap style="BORDER-BOTTOM: #000000 3px double">&nbsp;</TD>
    <TD width="12%"
    align=center vAlign=bottom nowrap style="BORDER-BOTTOM: #000000 3px double"><B><I>$</I></B></TD>
    <TD
    width="2%" align=left vAlign=bottom nowrap style="BORDER-BOTTOM: #000000 3px double">&nbsp;</TD>
    <TD
    width="1%" align=left vAlign=bottom nowrap style="BORDER-BOTTOM: #000000 3px double">&nbsp;</TD>
    <TD width="12%"
    align=center vAlign=bottom nowrap style="BORDER-BOTTOM: #000000 3px double"><B><I>$</I></B></TD>
  <TD
    width="2%" align=left vAlign=bottom nowrap style="BORDER-BOTTOM: #000000 3px double">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom>&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>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom>&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 width="5%" valign="bottom" >&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom align=left>Kiaka Project, exploration
</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%" align=right><B>(7,906</B></TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
      align=left><B>)</B> </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%" align=right>- </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" valign="bottom" >&nbsp;</TD>
    <TD vAlign=bottom align=left>Fekola Project, exploration/feasibility </TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="12%" align=right><B>(6,887</B></TD>
    <TD vAlign=bottom  width="2%" align=left><B>)</B> </TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="12%" align=right>- </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" valign="bottom" >&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom align=left>Otjikoto,
      exploration/feasibility </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%" align=right><B>(6,274</B></TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
      align=left><B>)</B> </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%" align=right>(6,318</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%" align=left>)
  </TD></TR>
  <TR vAlign=top>
    <TD width="5%" valign="bottom" >&nbsp;</TD>
    <TD vAlign=bottom align=left>Libertad Mine, exploration </TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="12%" align=right><B>(4,654</B></TD>
    <TD vAlign=bottom  width="2%" align=left><B>)</B> </TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="12%" align=right>(4,656</TD>
    <TD vAlign=bottom  width="2%" align=left>) </TD></TR>
  <TR vAlign=top>
    <TD width="5%" valign="bottom" >&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom align=left>Limon Mine, exploration </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%" align=right><B>(4,163</B></TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
      align=left><B>)</B> </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%" align=right>(4,072</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%" align=left>)
  </TD></TR>
  <TR vAlign=top>
    <TD width="5%" valign="bottom" >&nbsp;</TD>
    <TD vAlign=bottom align=left>Masbate Mine, exploration </TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="12%" align=right><B>(4,082</B></TD>
    <TD vAlign=bottom  width="2%" align=left><B>)</B> </TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="12%" align=right>(8,422</TD>
    <TD vAlign=bottom  width="2%" align=left>) </TD></TR>
  <TR vAlign=top>
    <TD width="5%" valign="bottom" >&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom align=left>Primavera, exploration </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%" align=right><B>(1,480</B></TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
      align=left><B>)</B> </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%" align=right>(1,330</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%" align=left>)
  </TD></TR>
  <TR vAlign=top>
    <TD width="5%" valign="bottom" >&nbsp;</TD>
    <TD vAlign=bottom align=left>Mocoa, exploration </TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="12%" align=right><B>(432</B></TD>
    <TD vAlign=bottom  width="2%" align=left><B>)</B> </TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="12%" align=right>(596</TD>
    <TD vAlign=bottom  width="2%" align=left>) </TD></TR>
  <TR vAlign=top>
    <TD width="5%" valign="bottom" >&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom align=left>Other </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
     width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="12%" align=right><B>(4,792</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
     width="2%" align=left><B>)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
     width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="12%" align=right>(2,828</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
     width="2%" align=left>) </TD></TR>
  <TR>
    <TD width="5%" valign="bottom" >&nbsp;</TD>
    <TD vAlign=bottom>&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 width="5%" valign="bottom" >&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#e6efff vAlign=bottom
     width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#e6efff vAlign=bottom
    width="12%" align=right><B>(40,670</B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#e6efff vAlign=bottom
     width="2%" align=left><B>)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#e6efff vAlign=bottom
     width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#e6efff vAlign=bottom
    width="12%" align=right>(28,222</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#e6efff vAlign=bottom
     width="2%" align=left>) </TD></TR></TABLE>
<P align=right>33 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<!--$$/page=--><A name=page_43></A><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD align=left><B>B2GOLD CORP.</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B>
</TD></TR>
  <TR vAlign=top>
    <TD align=left><B>December 31, 2014 and 2013</B> </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>(All tabular
      amounts are in thousands of United States dollars unless otherwise stated)
    </TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify><B><I>Non-cash investing and financing
activities: </I></B></P>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD width="5%" vAlign=bottom nowrap  >&nbsp;</TD>
    <TD align=left vAlign=bottom nowrap>&nbsp; </TD>
    <TD  width="1%" align=left vAlign=bottom nowrap>&nbsp;</TD>
    <TD width="12%" align=center vAlign=bottom nowrap><B><I>2014</I></B> </TD>
    <TD  width="2%" align=center vAlign=bottom nowrap>&nbsp;</TD>
    <TD  width="1%" align=center vAlign=bottom nowrap>&nbsp;</TD>
    <TD width="12%" align=center vAlign=bottom nowrap><B><I>2013</I></B> </TD>
  <TD  width="2%" align=left vAlign=bottom nowrap>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" vAlign=bottom nowrap >&nbsp;</TD>
    <TD align=left vAlign=bottom nowrap>&nbsp; </TD>
    <TD
    width="1%" align=left vAlign=bottom nowrap style="BORDER-BOTTOM: #000000 3px double">&nbsp;</TD>
    <TD width="12%"
    align=center vAlign=bottom nowrap style="BORDER-BOTTOM: #000000 3px double"><B><I>$</I></B></TD>
    <TD
    width="2%" align=left vAlign=bottom nowrap style="BORDER-BOTTOM: #000000 3px double">&nbsp;</TD>
    <TD
    width="1%" align=left vAlign=bottom nowrap style="BORDER-BOTTOM: #000000 3px double">&nbsp;</TD>
    <TD width="12%"
    align=center vAlign=bottom nowrap style="BORDER-BOTTOM: #000000 3px double"><B><I>$</I></B></TD>
  <TD
    width="2%" align=left vAlign=bottom nowrap style="BORDER-BOTTOM: #000000 3px double">&nbsp;</TD>
  </TR>
  <TR>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom>&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>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom>&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 vAlign=bottom width="5%" >&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom align=left>Common shares issued for
      Papillon acquisition <I>(Note 7)</I> </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%" align=right><B>484,277</B>
    </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%" align=right>- </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left>Common shares issued for CGA acquisition
      <I>(Note 8)</I> </TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="12%" align=right><B>-</B> </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="12%" align=right>984,870 </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom align=left>Common shares issued for
      Volta acquisition <I>(Note 9)</I> </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%" align=right><B>-</B> </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%" align=right>46,423 </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left>Common shares issued to EVI <I>(Note 12)</I>
    </TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="12%" align=right><B>-</B> </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="12%" align=right>7,600 </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom align=left>Share-based compensation,
      capitalized to resource property interests </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%" align=right><B>3,490</B> </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%" align=right>5,106 </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left>Equipment purchased under finance lease </TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="12%" align=right><B>2,115</B> </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="12%" align=right>- </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom align=left>Equipment purchased under
      equipment loan </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%" align=right><B>2,512</B> </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%" align=right>3,271 </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left>Interest expense, capitalized to mining
      interests </TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="12%" align=right><B>13,684</B> </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="12%" align=right>2,475 </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom align=left>Fair value assigned to Volta
      stock options assumed <I>(Note 9)</I> </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%" align=right><B>-</B> </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%" align=right>949 </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left>Change in accounts payable and accrued
      liabilities relating to resource property </TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="12%" align=left>&nbsp; </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="12%" align=left>&nbsp; </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom width="5%" >&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom align=left>expenditures </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%"
align=right><B>(11,671</B></TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
      align=left><B>)</B> </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%" align=right>25,124 </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%" BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B><I>22</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; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD width="5%" valign="bottom" nowrap  >&nbsp;</TD>
    <TD align=left vAlign=bottom nowrap>&nbsp; </TD>
    <TD  width="1%" align=left vAlign=bottom nowrap>&nbsp;</TD>
    <TD width="12%" align=center vAlign=bottom nowrap><B><I>2014</I></B> </TD>
    <TD  width="2%" align=center vAlign=bottom nowrap>&nbsp;</TD>
    <TD  width="1%" align=center vAlign=bottom nowrap>&nbsp;</TD>
    <TD width="12%" align=center vAlign=bottom nowrap><B><I>2013</I></B> </TD>
  <TD  width="2%" align=left vAlign=bottom nowrap>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" valign="bottom" nowrap >&nbsp;</TD>
    <TD align=left vAlign=bottom nowrap>&nbsp; </TD>
    <TD
    width="1%" align=left vAlign=bottom nowrap style="BORDER-BOTTOM: #000000 3px double">&nbsp;</TD>
    <TD width="12%"
    align=center vAlign=bottom nowrap style="BORDER-BOTTOM: #000000 3px double"><B><I>$</I></B></TD>
    <TD
    width="2%" align=left vAlign=bottom nowrap style="BORDER-BOTTOM: #000000 3px double">&nbsp;</TD>
    <TD
    width="1%" align=left vAlign=bottom nowrap style="BORDER-BOTTOM: #000000 3px double">&nbsp;</TD>
    <TD width="12%"
    align=center vAlign=bottom nowrap style="BORDER-BOTTOM: #000000 3px double"><B><I>$</I></B></TD>
  <TD
    width="2%" align=left vAlign=bottom nowrap style="BORDER-BOTTOM: #000000 3px double">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="5%" valign="bottom" >&nbsp;</TD>
    <TD vAlign=bottom>&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>
    <TD width="5%" valign="bottom" >&nbsp;</TD>
    <TD vAlign=bottom>&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 width="5%" valign="bottom" >&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom align=left>Salaries and short-term
      employee benefits </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%" align=right><B>8,274</B> </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%" align=right>6,667 </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" valign="bottom" >&nbsp;</TD>
    <TD vAlign=bottom align=left>Share-based payments </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="12%"
    align=right><B>8,922</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="12%"
    align=right>7,565 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="2%" align=left>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" valign="bottom" >&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom>&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%">&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%">&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" valign="bottom" >&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width="12%"
    align=right><B>17,196</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width="12%"
    align=right>14,232 </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom
    width="2%" align=left>&nbsp;</TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%" BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B><I>23</I></B> </TD>
    <TD>
      <P align=justify><B><I>Production costs by
nature</I></B></P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD width="5%" nowrap  >&nbsp;</TD>
    <TD align=left vAlign=bottom nowrap>&nbsp; </TD>
    <TD  width="1%" align=left vAlign=bottom nowrap>&nbsp;</TD>
    <TD width="12%" align=center vAlign=bottom nowrap><B><I>2014</I></B> </TD>
    <TD  width="2%" align=center vAlign=bottom nowrap>&nbsp;</TD>
    <TD  width="1%" align=center vAlign=bottom nowrap>&nbsp;</TD>
    <TD width="12%" align=center vAlign=bottom nowrap><B><I>2013</I></B> </TD>
  <TD  width="2%" align=left vAlign=bottom nowrap>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" nowrap >&nbsp;</TD>
    <TD align=left vAlign=bottom nowrap>&nbsp; </TD>
    <TD
    width="1%" align=left vAlign=bottom nowrap style="BORDER-BOTTOM: #000000 3px double">&nbsp;</TD>
    <TD width="12%"
    align=center vAlign=bottom nowrap style="BORDER-BOTTOM: #000000 3px double"><B><I>$</I></B></TD>
    <TD
    width="2%" align=left vAlign=bottom nowrap style="BORDER-BOTTOM: #000000 3px double">&nbsp;</TD>
    <TD
    width="1%" align=left vAlign=bottom nowrap style="BORDER-BOTTOM: #000000 3px double">&nbsp;</TD>
    <TD width="12%"
    align=center vAlign=bottom nowrap style="BORDER-BOTTOM: #000000 3px double"><B><I>$</I></B></TD>
  <TD
    width="2%" align=left vAlign=bottom nowrap style="BORDER-BOTTOM: #000000 3px double">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="5%" valign="bottom" >&nbsp;</TD>
    <TD 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>
    <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%" valign="bottom" >&nbsp;</TD>
    <TD 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>
    <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%" valign="bottom" >&nbsp;</TD>
    <TD align=left vAlign=bottom bgColor=#e6efff>Raw materials and consumables    </TD>
    <TD  width="1%"
    align=left vAlign=bottom bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=right vAlign=bottom bgColor=#e6efff><B>117,803</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>111,685 </TD>
  <TD  width="2%"
    align=left vAlign=bottom bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" valign="bottom" >&nbsp;</TD>
    <TD align=left vAlign=bottom>Contractors </TD>
    <TD  width="1%" align=left vAlign=bottom>&nbsp;</TD>
    <TD width="12%" align=right vAlign=bottom><B>110,306</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>87,505 </TD>
  <TD  width="2%" align=left vAlign=bottom>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" valign="bottom" >&nbsp;</TD>
    <TD align=left vAlign=bottom bgColor=#e6efff>Salaries and employee
      benefits </TD>
    <TD  width="1%"
    align=left vAlign=bottom bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=right vAlign=bottom bgColor=#e6efff><B>28,490</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>31,327 </TD>
  <TD  width="2%"
    align=left vAlign=bottom bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" valign="bottom" >&nbsp;</TD>
    <TD align=left vAlign=bottom>Electricity </TD>
    <TD  width="1%" align=left vAlign=bottom>&nbsp;</TD>
    <TD width="12%" align=right vAlign=bottom><B>19,472</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>17,162 </TD>
  <TD  width="2%" align=left vAlign=bottom>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" valign="bottom" >&nbsp;</TD>
    <TD align=left vAlign=bottom bgColor=#e6efff>Other </TD>
    <TD  width="1%"
    align=left vAlign=bottom bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=right vAlign=bottom bgColor=#e6efff><B>11,210</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>18,012 </TD>
  <TD  width="2%"
    align=left vAlign=bottom bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" valign="bottom" >&nbsp;</TD>
    <TD align=left vAlign=bottom>Change in inventories </TD>
    <TD  width="1%" align=left vAlign=bottom>&nbsp;</TD>
    <TD width="12%" align=right vAlign=bottom><B>(4,285</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>12,435 </TD>
  <TD  width="2%" align=left vAlign=bottom>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" valign="bottom" >&nbsp;</TD>
    <TD align=left vAlign=bottom bgColor=#e6efff>Capitalized to mining
      interests </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>(19,257</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">(16,230</TD>
  <TD
     width="2%" align=left vAlign=bottom bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">) </TD>
  </TR>
  <TR>
    <TD width="5%" valign="bottom" >&nbsp;</TD>
    <TD 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>
    <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%" valign="bottom" >&nbsp;</TD>
    <TD align=left vAlign=bottom bgColor=#e6efff>&nbsp; </TD>
    <TD
     width="1%" align=left vAlign=bottom bgColor=#e6efff style="BORDER-BOTTOM: #000000 3px double">&nbsp;</TD>
    <TD
    width="12%" align=right vAlign=bottom bgColor=#e6efff style="BORDER-BOTTOM: #000000 3px double"><B>263,739</B> </TD>
    <TD
     width="2%" align=left vAlign=bottom bgColor=#e6efff style="BORDER-BOTTOM: #000000 3px double">&nbsp;</TD>
    <TD
     width="1%" align=left vAlign=bottom bgColor=#e6efff style="BORDER-BOTTOM: #000000 3px double">&nbsp;</TD>
    <TD
    width="12%" align=right vAlign=bottom bgColor=#e6efff style="BORDER-BOTTOM: #000000 3px double">261,896 </TD>
  <TD
     width="2%" align=left vAlign=bottom bgColor=#e6efff style="BORDER-BOTTOM: #000000 3px double">&nbsp;</TD>
  </TR></TABLE>
<P align=right>34 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<!--$$/page=--><A name=page_44></A><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD align=left><B>B2GOLD CORP.</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B>
</TD></TR>
  <TR vAlign=top>
    <TD align=left><B>December 31, 2014 and 2013</B> </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>(All tabular
      amounts are in thousands of United States dollars unless otherwise stated)
    </TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%" BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B><I>24</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, Fekola, 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 classified as held
      for sale.</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>
<DIV>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 8pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD width="5%" valign="bottom" nowrap  >&nbsp;</TD>
    <TD align=center vAlign=bottom nowrap>&nbsp; </TD>
    <TD width="1%" align=center vAlign=bottom nowrap>&nbsp;</TD>
    <TD width="87%" colSpan=28 align=center vAlign=bottom nowrap><B><I>2014</I></B>    </TD>
    <TD width="2%" align=center vAlign=bottom nowrap>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="5%" valign="bottom" nowrap >&nbsp;</TD>
    <TD align=center vAlign=bottom nowrap>&nbsp; </TD>
    <TD width="1%" align=center vAlign=bottom nowrap>&nbsp;</TD>
    <TD width="6%" align=center vAlign=bottom nowrap>&nbsp; </TD>
    <TD width="2%" align=center vAlign=bottom nowrap>&nbsp;</TD>
    <TD width="1%" align=center vAlign=bottom nowrap>&nbsp;</TD>
    <TD width="6%" align=center vAlign=bottom nowrap>&nbsp; </TD>
    <TD width="2%" align=center vAlign=bottom nowrap>&nbsp;</TD>
    <TD width="1%" align=center vAlign=bottom nowrap>&nbsp;</TD>
    <TD width="6%" align=center vAlign=bottom nowrap>&nbsp; </TD>
    <TD width="2%" align=center vAlign=bottom nowrap>&nbsp;</TD>
    <TD width="1%" align=center vAlign=bottom nowrap>&nbsp;</TD>
    <TD width="6%" align=center vAlign=bottom nowrap>&nbsp; </TD>
    <TD width="2%" align=center vAlign=bottom nowrap>&nbsp;</TD>
    <TD width="1%" align=center vAlign=bottom nowrap>&nbsp;</TD>
    <TD width="6%" align=center vAlign=bottom nowrap>&nbsp; </TD>
    <TD width="2%" align=center vAlign=bottom nowrap>&nbsp;</TD>
    <TD width="1%" align=center vAlign=bottom nowrap>&nbsp;</TD>
    <TD width="6%" align=center vAlign=bottom nowrap>&nbsp; </TD>
    <TD width="2%" align=center vAlign=bottom nowrap>&nbsp;</TD>
    <TD width="1%" align=center vAlign=bottom nowrap>&nbsp;</TD>
    <TD width="6%" align=center vAlign=bottom nowrap>&nbsp; </TD>
    <TD width="2%" align=center vAlign=bottom nowrap>&nbsp;</TD>
    <TD width="1%" align=center vAlign=bottom nowrap>&nbsp;</TD>
    <TD width="6%" align=center vAlign=bottom nowrap>&nbsp; </TD>
    <TD width="2%" align=center vAlign=bottom nowrap>&nbsp;</TD>
    <TD width="1%" align=center vAlign=bottom nowrap>&nbsp;</TD>
    <TD width="6%" align=center vAlign=bottom nowrap>&nbsp; </TD>
    <TD width="2%" align=center vAlign=bottom nowrap>&nbsp;</TD>
    <TD width="1%" align=center vAlign=bottom nowrap>&nbsp;</TD>
    <TD width="6%" align=center vAlign=bottom nowrap>&nbsp; </TD>
    <TD width="2%" align=center vAlign=bottom nowrap>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" valign="bottom" nowrap >&nbsp;</TD>
    <TD align=center vAlign=bottom nowrap>&nbsp; </TD>
    <TD width="1%" align=center vAlign=bottom nowrap>&nbsp;</TD>
    <TD width="6%" align=center vAlign=bottom nowrap>&nbsp; </TD>
    <TD width="2%" align=center vAlign=bottom nowrap>&nbsp;</TD>
    <TD width="1%" align=center vAlign=bottom nowrap>&nbsp;</TD>
    <TD width="6%" align=center vAlign=bottom nowrap>&nbsp; </TD>
    <TD width="2%" align=center vAlign=bottom nowrap>&nbsp;</TD>
    <TD width="1%" align=center vAlign=bottom nowrap>&nbsp;</TD>
    <TD width="6%" align=center vAlign=bottom nowrap>&nbsp; </TD>
    <TD width="2%" align=center vAlign=bottom nowrap>&nbsp;</TD>
    <TD width="1%" align=center vAlign=bottom nowrap>&nbsp;</TD>
    <TD width="6%" align=center vAlign=bottom nowrap>&nbsp; </TD>
    <TD width="2%" align=center vAlign=bottom nowrap>&nbsp;</TD>
    <TD width="1%" align=center vAlign=bottom nowrap>&nbsp;</TD>
    <TD width="6%" align=center vAlign=bottom nowrap>&nbsp; </TD>
    <TD width="2%" align=center vAlign=bottom nowrap>&nbsp;</TD>
    <TD width="1%" align=center vAlign=bottom nowrap>&nbsp;</TD>
    <TD width="6%" align=center vAlign=bottom nowrap>&nbsp; </TD>
    <TD width="2%" align=center vAlign=bottom nowrap>&nbsp;</TD>
    <TD width="1%" align=center vAlign=bottom nowrap>&nbsp;</TD>
    <TD width="6%" align=center vAlign=bottom nowrap>&nbsp; </TD>
    <TD width="2%" align=center vAlign=bottom nowrap>&nbsp;</TD>
    <TD width="1%" align=center vAlign=bottom nowrap>&nbsp;</TD>
    <TD width="6%" align=center vAlign=bottom nowrap><B><I>Other</I></B> </TD>
    <TD width="2%" align=center vAlign=bottom nowrap>&nbsp;</TD>
    <TD width="1%" align=center vAlign=bottom nowrap>&nbsp;</TD>
    <TD width="6%" align=center vAlign=bottom nowrap>&nbsp; </TD>
    <TD width="2%" align=center vAlign=bottom nowrap>&nbsp;</TD>
    <TD width="1%" align=center vAlign=bottom nowrap>&nbsp;</TD>
    <TD width="6%" align=center vAlign=bottom nowrap>&nbsp; </TD>
    <TD width="2%" align=center vAlign=bottom nowrap>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" valign="bottom" nowrap >&nbsp;</TD>
    <TD align=center vAlign=bottom nowrap>&nbsp; </TD>
    <TD width="1%" align=center vAlign=bottom nowrap>&nbsp;</TD>
    <TD width="6%" align=center vAlign=bottom nowrap><B><I>Limon</I></B> </TD>
    <TD width="2%" align=center vAlign=bottom nowrap>&nbsp;</TD>
    <TD width="1%" align=center vAlign=bottom nowrap>&nbsp;</TD>
    <TD width="6%" align=center vAlign=bottom nowrap><B><I>Libertad </I></B></TD>
    <TD width="2%" align=center vAlign=bottom nowrap>&nbsp;</TD>
    <TD width="1%" align=center vAlign=bottom nowrap>&nbsp;</TD>
    <TD width="6%"
      align=center vAlign=bottom nowrap><STRONG><EM>Masbate&nbsp;</EM></STRONG>&nbsp;</TD>
    <TD width="2%" align=center vAlign=bottom nowrap>&nbsp;</TD>
    <TD width="1%" align=center vAlign=bottom nowrap>&nbsp;</TD>
    <TD width="6%"
      align=center vAlign=bottom nowrap><STRONG><EM>Otjikoto&nbsp;</EM></STRONG>&nbsp;</TD>
    <TD width="2%" align=center vAlign=bottom nowrap>&nbsp;</TD>
    <TD width="1%" align=center vAlign=bottom nowrap>&nbsp;</TD>
    <TD width="6%"
      align=center vAlign=bottom nowrap><STRONG><EM>Gramalote&nbsp;</EM></STRONG>&nbsp;</TD>
    <TD width="2%" align=center vAlign=bottom nowrap>&nbsp;</TD>
    <TD width="1%" align=center vAlign=bottom nowrap>&nbsp;</TD>
    <TD width="6%"
      align=center vAlign=bottom nowrap><STRONG><EM>Kiaka</EM></STRONG>&nbsp;&nbsp;</TD>
    <TD width="2%" align=center vAlign=bottom nowrap>&nbsp;</TD>
    <TD width="1%" align=center vAlign=bottom nowrap>&nbsp;</TD>
    <TD width="6%" align=center vAlign=bottom nowrap><B><I>Fekola</I></B> </TD>
    <TD width="2%" align=center vAlign=bottom nowrap>&nbsp;</TD>
    <TD width="1%" align=center vAlign=bottom nowrap>&nbsp;</TD>
    <TD width="6%" align=center vAlign=bottom nowrap><B><I>Mineral </I></B></TD>
    <TD width="2%" align=center vAlign=bottom nowrap>&nbsp;</TD>
    <TD width="1%" align=center vAlign=bottom nowrap>&nbsp;</TD>
    <TD width="6%"
      align=center vAlign=bottom nowrap><STRONG><EM>Corporate</EM></STRONG>&nbsp;&nbsp;</TD>
    <TD width="2%" align=center vAlign=bottom nowrap>&nbsp;</TD>
    <TD width="1%" align=center vAlign=bottom nowrap>&nbsp;</TD>
    <TD width="6%" align=center vAlign=bottom nowrap>&nbsp; </TD>
    <TD width="2%" align=center vAlign=bottom nowrap>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" valign="bottom" nowrap >&nbsp;</TD>
    <TD align=center vAlign=bottom nowrap>&nbsp; </TD>
    <TD width="1%" align=center vAlign=bottom nowrap>&nbsp;</TD>
    <TD width="6%" align=center vAlign=bottom nowrap><B><I>Mine</I></B> </TD>
    <TD width="2%" align=center vAlign=bottom nowrap>&nbsp;</TD>
    <TD width="1%" align=center vAlign=bottom nowrap>&nbsp;</TD>
    <TD width="6%" align=center vAlign=bottom nowrap><B><I>Mine</I></B> </TD>
    <TD width="2%" align=center vAlign=bottom nowrap>&nbsp;</TD>
    <TD width="1%" align=center vAlign=bottom nowrap>&nbsp;</TD>
    <TD width="6%" align=center vAlign=bottom nowrap><B><I>Mine</I></B> </TD>
    <TD width="2%" align=center vAlign=bottom nowrap>&nbsp;</TD>
    <TD width="1%" align=center vAlign=bottom nowrap>&nbsp;</TD>
    <TD width="6%" align=center vAlign=bottom nowrap><B><I>Project</I></B> </TD>
    <TD width="2%" align=center vAlign=bottom nowrap>&nbsp;</TD>
    <TD width="1%" align=center vAlign=bottom nowrap>&nbsp;</TD>
    <TD width="6%" align=center vAlign=bottom nowrap><B><I>Project</I></B> </TD>
    <TD width="2%" align=center vAlign=bottom nowrap>&nbsp;</TD>
    <TD width="1%" align=center vAlign=bottom nowrap>&nbsp;</TD>
    <TD width="6%" align=center vAlign=bottom nowrap><B><I>Project</I></B> </TD>
    <TD width="2%" align=center vAlign=bottom nowrap>&nbsp;</TD>
    <TD width="1%" align=center vAlign=bottom nowrap>&nbsp;</TD>
    <TD width="6%" align=center vAlign=bottom nowrap><B><I>Project </I></B></TD>
    <TD width="2%" align=center vAlign=bottom nowrap>&nbsp;</TD>
    <TD width="1%" align=center vAlign=bottom nowrap>&nbsp;</TD>
    <TD width="6%"
      align=center vAlign=bottom nowrap><STRONG><EM>Properties&nbsp;</EM></STRONG>&nbsp;</TD>
    <TD width="2%" align=center vAlign=bottom nowrap>&nbsp;</TD>
    <TD width="1%" align=center vAlign=bottom nowrap>&nbsp;</TD>
    <TD width="6%" align=center vAlign=bottom nowrap><STRONG><EM>&amp;
      Other</EM></STRONG>&nbsp;&nbsp;</TD>
    <TD width="2%" align=center vAlign=bottom nowrap>&nbsp;</TD>
    <TD width="1%" align=center vAlign=bottom nowrap>&nbsp;</TD>
    <TD width="6%" align=center vAlign=bottom nowrap><B><I>Total</I></B> </TD>
    <TD width="2%" align=center vAlign=bottom nowrap>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" valign="bottom" nowrap >&nbsp;</TD>
    <TD align=left vAlign=bottom nowrap>&nbsp; </TD>
    <TD width="1%"
    align=left vAlign=bottom nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="6%"
    align=center vAlign=bottom nowrap style="BORDER-BOTTOM: #000000 1px solid"><B><I>$</I></B></TD>
    <TD width="2%"
    align=center vAlign=bottom nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="1%"
    align=center vAlign=bottom nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="6%"
    align=center vAlign=bottom nowrap style="BORDER-BOTTOM: #000000 1px solid"><B><I>$</I></B></TD>
    <TD width="2%"
    align=center vAlign=bottom nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="1%"
    align=center vAlign=bottom nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="6%"
    align=center vAlign=bottom nowrap style="BORDER-BOTTOM: #000000 1px solid"><B><I>$</I></B></TD>
    <TD width="2%"
    align=center vAlign=bottom nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="1%"
    align=center vAlign=bottom nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="6%"
    align=center vAlign=bottom nowrap style="BORDER-BOTTOM: #000000 1px solid"><B><I>$</I></B></TD>
    <TD width="2%"
    align=center vAlign=bottom nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="1%"
    align=center vAlign=bottom nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="6%"
    align=center vAlign=bottom nowrap style="BORDER-BOTTOM: #000000 1px solid"><B><I>$</I></B></TD>
    <TD width="2%"
    align=center vAlign=bottom nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="1%"
    align=center vAlign=bottom nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="6%"
    align=center vAlign=bottom nowrap style="BORDER-BOTTOM: #000000 1px solid"><B><I>$</I></B></TD>
    <TD width="2%"
    align=center vAlign=bottom nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="1%"
    align=center vAlign=bottom nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="6%"
    align=center vAlign=bottom nowrap style="BORDER-BOTTOM: #000000 1px solid"><B><I>$</I></B></TD>
    <TD width="2%"
    align=center vAlign=bottom nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="1%"
    align=center vAlign=bottom nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="6%"
    align=center vAlign=bottom nowrap style="BORDER-BOTTOM: #000000 1px solid"><B><I>$</I></B></TD>
    <TD width="2%"
    align=center vAlign=bottom nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="1%"
    align=center vAlign=bottom nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="6%"
    align=center vAlign=bottom nowrap style="BORDER-BOTTOM: #000000 1px solid"><B><I>$</I></B></TD>
    <TD width="2%"
    align=center vAlign=bottom nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="1%"
    align=center vAlign=bottom nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="6%"
    align=center vAlign=bottom nowrap style="BORDER-BOTTOM: #000000 1px solid"><B><I>$</I></B></TD>
    <TD width="2%"
    align=left vAlign=bottom nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom>&nbsp; </TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="6%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="6%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="6%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="6%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="6%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="6%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="6%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="6%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="6%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="6%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom align=left>Gold revenue </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>63,024 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>189,647 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>233,953 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>- </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>- </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>- </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>- </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>- </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>- </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>486,624 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom>&nbsp; </TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="6%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="6%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="6%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="6%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="6%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="6%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="6%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="6%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="6%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="6%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom align=left>Production costs </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>40,964 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>85,158 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>137,617 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>- </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>- </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>- </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>- </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>- </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>- </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>263,739 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom>&nbsp; </TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="6%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="6%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="6%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="6%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="6%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="6%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="6%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="6%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="6%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="6%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom align=left>Depreciation &amp;
      <BR>&nbsp;&nbsp;&nbsp;&nbsp; depletion </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left></TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>18,230 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left></TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left></TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>43,218 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left></TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left></TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>51,108 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left></TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left></TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>- </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left></TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left></TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>- </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left></TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left></TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>- </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left></TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left></TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>- </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left></TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left></TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>- </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left></TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left></TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>257 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left></TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left></TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>112,813 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom>&nbsp; </TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="6%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="6%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="6%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="6%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="6%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="6%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="6%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="6%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="6%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="6%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom align=left>Impairment
      of&nbsp;<BR>&nbsp;&nbsp;&nbsp;&nbsp; goodwill
      and&nbsp;<BR>&nbsp;&nbsp;&nbsp;&nbsp; other
      long-lived<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;assets </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left></TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>- </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=right></TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=right></TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>- </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=right></TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=right></TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>638,052 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=right></TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=right></TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>- </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=right></TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=right></TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>96,326 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=right></TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=right></TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>- </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=right></TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=right></TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>- </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=right></TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=right></TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>- </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=right></TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=right></TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>- </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=right></TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=right></TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>734,378 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom>&nbsp; </TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="6%" align=right>&nbsp; </TD>
    <TD vAlign=bottom width="2%" align=right>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=right>&nbsp;</TD>
    <TD vAlign=bottom width="6%" align=right>&nbsp; </TD>
    <TD vAlign=bottom width="2%" align=right>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=right>&nbsp;</TD>
    <TD vAlign=bottom width="6%" align=right>&nbsp; </TD>
    <TD vAlign=bottom width="2%" align=right>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=right>&nbsp;</TD>
    <TD vAlign=bottom width="6%" align=right>&nbsp; </TD>
    <TD vAlign=bottom width="2%" align=right>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=right>&nbsp;</TD>
    <TD vAlign=bottom width="6%" align=right>&nbsp; </TD>
    <TD vAlign=bottom width="2%" align=right>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=right>&nbsp;</TD>
    <TD vAlign=bottom width="6%" align=right>&nbsp; </TD>
    <TD vAlign=bottom width="2%" align=right>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=right>&nbsp;</TD>
    <TD vAlign=bottom width="6%" align=right>&nbsp; </TD>
    <TD vAlign=bottom width="2%" align=right>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=right>&nbsp;</TD>
    <TD vAlign=bottom width="6%" align=right>&nbsp; </TD>
    <TD vAlign=bottom width="2%" align=right>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=right>&nbsp;</TD>
    <TD vAlign=bottom width="6%" align=right>&nbsp; </TD>
    <TD vAlign=bottom width="2%" align=right>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=right>&nbsp;</TD>
    <TD vAlign=bottom width="6%" align=right>&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom align=left>Write-off
      mineral&nbsp;<BR>&nbsp;&nbsp;&nbsp;&nbsp; property interest </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left></TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>- </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=right></TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=right></TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>- </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=right></TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=right></TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>- </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=right></TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=right></TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>- </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=right></TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=right></TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>- </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=right></TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=right></TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>- </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=right></TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=right></TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>- </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=right></TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=right></TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>21,465 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=right></TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=right></TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>- </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=right></TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=right></TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>21,465 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom>&nbsp; </TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="6%" align=right>&nbsp; </TD>
    <TD vAlign=bottom width="2%" align=right>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=right>&nbsp;</TD>
    <TD vAlign=bottom width="6%" align=right>&nbsp; </TD>
    <TD vAlign=bottom width="2%" align=right>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=right>&nbsp;</TD>
    <TD vAlign=bottom width="6%" align=right>&nbsp; </TD>
    <TD vAlign=bottom width="2%" align=right>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=right>&nbsp;</TD>
    <TD vAlign=bottom width="6%" align=right>&nbsp; </TD>
    <TD vAlign=bottom width="2%" align=right>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=right>&nbsp;</TD>
    <TD vAlign=bottom width="6%" align=right>&nbsp; </TD>
    <TD vAlign=bottom width="2%" align=right>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=right>&nbsp;</TD>
    <TD vAlign=bottom width="6%" align=right>&nbsp; </TD>
    <TD vAlign=bottom width="2%" align=right>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=right>&nbsp;</TD>
    <TD vAlign=bottom width="6%" align=right>&nbsp; </TD>
    <TD vAlign=bottom width="2%" align=right>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=right>&nbsp;</TD>
    <TD vAlign=bottom width="6%" align=right>&nbsp; </TD>
    <TD vAlign=bottom width="2%" align=right>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=right>&nbsp;</TD>
    <TD vAlign=bottom width="6%" align=right>&nbsp; </TD>
    <TD vAlign=bottom width="2%" align=right>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=right>&nbsp;</TD>
    <TD vAlign=bottom width="6%" align=right>&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom align=left>Current
      income&nbsp;<BR>&nbsp;&nbsp;&nbsp;&nbsp; tax,
      withholding&nbsp;<BR>&nbsp;&nbsp;&nbsp;&nbsp; and other taxes </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left></TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>656 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=right></TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=right></TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>19,045 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=right></TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=right></TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>4,481 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=right></TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=right></TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>- </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=right></TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=right></TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>- </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=right></TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=right></TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>69 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=right></TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=right></TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>- </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=right></TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=right></TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>- </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=right></TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=right></TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>- </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=right></TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=right></TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>24,251 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom>&nbsp; </TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="6%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="6%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="6%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="6%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="6%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="6%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="6%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="6%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="6%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="6%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom align=left>Net (loss) income </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>(893</TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>) </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>22,487 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>(529,545</TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>) </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>(1,109</TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>) </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>(94,082</TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>) </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>(1,094</TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>) </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>(581</TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>) </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>(22,045</TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>) </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>(39,523</TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>) </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>(666,385</TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>) </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom>&nbsp; </TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="6%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="6%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="6%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="6%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="6%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="6%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="6%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="6%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="6%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="6%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom
      align=left>Capital&nbsp;<BR>&nbsp;&nbsp;&nbsp;&nbsp; expenditures </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left></TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>19,702 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=right></TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=right></TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>33,017 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=right></TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=right></TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>43,970 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=right></TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=right></TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>179,454 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=right></TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=right></TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>14,015 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=right></TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=right></TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>7,906 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=right></TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=right></TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>6,887 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=right></TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=right></TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>6,704 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=right></TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=right></TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>80 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=right></TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=right></TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>311,735 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom>&nbsp; </TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="6%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="6%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="6%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="6%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="6%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="6%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="6%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="6%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="6%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="6%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom align=left>Total assets </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>106,149 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>222,092 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>508,363 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>473,220 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>66,724 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>59,188 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>515,142 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>56,765 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>110,955 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>2,118,598 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%"
  align=left>&nbsp;</TD></TR></TABLE></DIV><BR>
<DIV>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 8pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left>&nbsp; </TD>
    <TD vAlign=bottom width="1%" noWrap align=left>&nbsp;</TD>
    <TD vAlign=bottom width="87%" colSpan=28 noWrap
      align=center><B><I>2013</I></B> </TD>
    <TD vAlign=bottom width="2%" noWrap align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left>&nbsp; </TD>
    <TD vAlign=bottom width="1%" noWrap align=left>&nbsp;</TD>
    <TD vAlign=bottom width="6%" noWrap align=center>&nbsp; </TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="6%" noWrap align=center>&nbsp; </TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="6%" noWrap align=center>&nbsp; </TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="6%" noWrap align=center>&nbsp; </TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="6%" noWrap align=center>&nbsp; </TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="6%" noWrap align=center>&nbsp; </TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="6%" noWrap align=center>&nbsp; </TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="6%" noWrap align=center><B><I>Other</I></B> </TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="6%" noWrap align=center>&nbsp; </TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="6%" noWrap align=center>&nbsp; </TD>
    <TD vAlign=bottom width="2%" noWrap align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left>&nbsp; </TD>
    <TD vAlign=bottom width="1%" noWrap align=left>&nbsp;</TD>
    <TD vAlign=bottom width="6%" noWrap align=center><B><I>Limon</I></B> </TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="6%" noWrap align=center><B><I>Libertad
</I></B></TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="6%" noWrap
      align=center><STRONG><EM>Masbate&nbsp;</EM></STRONG>&nbsp;</TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="6%" noWrap
      align=center><STRONG><EM>Otjikoto&nbsp;</EM></STRONG>&nbsp;</TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="6%" noWrap
      align=center><STRONG><EM>Gramalote&nbsp;</EM></STRONG>&nbsp;</TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="6%" noWrap
      align=center><STRONG><EM>Kiaka</EM></STRONG>&nbsp;&nbsp;</TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="6%" noWrap align=center><B><I>Fekola</I></B> </TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="6%" noWrap align=center><B><I>Mineral </I></B></TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="6%" noWrap
      align=center><STRONG><EM>Corporate</EM></STRONG>&nbsp;&nbsp;</TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="6%" noWrap align=center>&nbsp; </TD>
    <TD vAlign=bottom width="2%" noWrap align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left>&nbsp; </TD>
    <TD vAlign=bottom width="1%" noWrap align=left>&nbsp;</TD>
    <TD vAlign=bottom width="6%" noWrap align=center><B><I>Mine</I></B> </TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="6%" noWrap align=center><B><I>Mine</I></B> </TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="6%" noWrap align=center><B><I>Mine</I></B> </TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="6%" noWrap align=center><B><I>Project</I></B> </TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="6%" noWrap align=center><B><I>Project</I></B> </TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="6%" noWrap align=center><B><I>Project</I></B> </TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="6%" noWrap align=center><B><I>Project </I></B></TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="6%" noWrap
      align=center><STRONG><EM>Properties&nbsp;</EM></STRONG>&nbsp;</TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="6%" noWrap align=center><STRONG><EM>&amp;
      Other</EM></STRONG>&nbsp;&nbsp;</TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="6%" noWrap align=center><B><I>Total</I></B> </TD>
    <TD vAlign=bottom width="2%" noWrap align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="6%"
    align=center><B><I>$</I></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="2%"
    align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="1%"
    align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="6%"
    align=center><B><I>$</I></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="2%"
    align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="1%"
    align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="6%"
    align=center><B><I>$</I></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="2%"
    align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="1%"
    align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="6%"
    align=center><B><I>$</I></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="2%"
    align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="1%"
    align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="6%"
    align=center><B><I>$</I></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="2%"
    align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="1%"
    align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="6%"
    align=center><B><I>$</I></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="2%"
    align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="1%"
    align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="6%"
    align=center><B><I>$</I></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="2%"
    align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="1%"
    align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="6%"
    align=center><B><I>$</I></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="2%"
    align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="1%"
    align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="6%"
    align=center><B><I>$</I></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="2%"
    align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="1%"
    align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="6%"
    align=center><B><I>$</I></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="2%"
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom align=left>Gold revenue </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>80,151 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>190,021 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>274,100 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>- </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>- </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>- </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>- </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>- </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>- </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>544,272 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left>Production costs </TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="6%" align=right>37,758 </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="6%" align=right>79,086 </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="6%" align=right>145,052 </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="6%" align=right>- </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="6%" align=right>- </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="6%" align=right>- </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="6%" align=right>- </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="6%" align=right>- </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="6%" align=right>- </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="6%" align=right>261,896 </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom align=left>Depreciation
      &amp;&nbsp;<BR>&nbsp;&nbsp;&nbsp;&nbsp; depletion </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left></TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>17,031 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=right></TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=right></TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>32,067 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=right></TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=right></TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>36,757 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=right></TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=right></TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>- </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=right></TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=right></TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>- </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=right></TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=right></TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>- </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=right></TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=right></TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>- </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=right></TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=right></TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>- </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=right></TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=right></TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>170 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=right></TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=right></TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>86,025 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left></TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left>Current
      income&nbsp;<BR>&nbsp;&nbsp;&nbsp;&nbsp; tax,
      withholding&nbsp;<BR>&nbsp;&nbsp;&nbsp;&nbsp; and other taxes </TD>
    <TD vAlign=bottom width="1%" align=left></TD>
    <TD vAlign=bottom width="6%" align=right>4,224 </TD>
    <TD vAlign=bottom width="2%" align=right></TD>
    <TD vAlign=bottom width="1%" align=right></TD>
    <TD vAlign=bottom width="6%" align=right>17,572 </TD>
    <TD vAlign=bottom width="2%" align=right></TD>
    <TD vAlign=bottom width="1%" align=right></TD>
    <TD vAlign=bottom width="6%" align=right>1,103 </TD>
    <TD vAlign=bottom width="2%" align=right></TD>
    <TD vAlign=bottom width="1%" align=right></TD>
    <TD vAlign=bottom width="6%" align=right>- </TD>
    <TD vAlign=bottom width="2%" align=right></TD>
    <TD vAlign=bottom width="1%" align=right></TD>
    <TD vAlign=bottom width="6%" align=right>- </TD>
    <TD vAlign=bottom width="2%" align=right></TD>
    <TD vAlign=bottom width="1%" align=right></TD>
    <TD vAlign=bottom width="6%" align=right>- </TD>
    <TD vAlign=bottom width="2%" align=right></TD>
    <TD vAlign=bottom width="1%" align=right></TD>
    <TD vAlign=bottom width="6%" align=right>- </TD>
    <TD vAlign=bottom width="2%" align=right></TD>
    <TD vAlign=bottom width="1%" align=right></TD>
    <TD vAlign=bottom width="6%" align=right>- </TD>
    <TD vAlign=bottom width="2%" align=right></TD>
    <TD vAlign=bottom width="1%" align=right></TD>
    <TD vAlign=bottom width="6%" align=right>- </TD>
    <TD vAlign=bottom width="2%" align=right></TD>
    <TD vAlign=bottom width="1%" align=right></TD>
    <TD vAlign=bottom width="6%" align=right>22,899 </TD>
    <TD vAlign=bottom width="2%" align=left></TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom align=left>Net (loss) income </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>12,177 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>45,057 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>23,381 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>- </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>- </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>- </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>- </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>(10,177</TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>) </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>(3,135</TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>) </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>67,303 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left>Capital&nbsp;<BR>&nbsp;&nbsp;&nbsp;&nbsp;
      expenditures </TD>
    <TD vAlign=bottom width="1%" align=left></TD>
    <TD vAlign=bottom width="6%" align=right>21,064 </TD>
    <TD vAlign=bottom width="2%" align=left></TD>
    <TD vAlign=bottom width="1%" align=left></TD>
    <TD vAlign=bottom width="6%" align=right>36,676 </TD>
    <TD vAlign=bottom width="2%" align=left></TD>
    <TD vAlign=bottom width="1%" align=left></TD>
    <TD vAlign=bottom width="6%" align=right>39,766 </TD>
    <TD vAlign=bottom width="2%" align=left></TD>
    <TD vAlign=bottom width="1%" align=left></TD>
    <TD vAlign=bottom width="6%" align=right>173,658 </TD>
    <TD vAlign=bottom width="2%" align=left></TD>
    <TD vAlign=bottom width="1%" align=left></TD>
    <TD vAlign=bottom width="6%" align=right>47,979 </TD>
    <TD vAlign=bottom width="2%" align=left></TD>
    <TD vAlign=bottom width="1%" align=left></TD>
    <TD vAlign=bottom width="6%" align=right>- </TD>
    <TD vAlign=bottom width="2%" align=left></TD>
    <TD vAlign=bottom width="1%" align=left></TD>
    <TD vAlign=bottom width="6%" align=right>- </TD>
    <TD vAlign=bottom width="2%" align=left></TD>
    <TD vAlign=bottom width="1%" align=left></TD>
    <TD vAlign=bottom width="6%" align=right>4,755 </TD>
    <TD vAlign=bottom width="2%" align=left></TD>
    <TD vAlign=bottom width="1%" align=left></TD>
    <TD vAlign=bottom width="6%" align=right>525 </TD>
    <TD vAlign=bottom width="2%" align=left></TD>
    <TD vAlign=bottom width="1%" align=left></TD>
    <TD vAlign=bottom width="6%" align=right>324,423 </TD>
    <TD vAlign=bottom width="2%" align=left></TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom align=left>Total assets </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>103,974 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>258,656 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>1,176,547 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>336,170 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>148,967 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>50,636 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>- </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>65,682 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>169,094 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>2,309,726 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%"
  align=left>&nbsp;</TD></TR></TABLE></DIV>
<P align=right>35 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<!--$$/page=--><A name=page_45></A><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD align=left><B>B2GOLD CORP.</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B>
</TD></TR>
  <TR vAlign=top>
    <TD align=left><B>December 31, 2014 and 2013</B> </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>(All tabular
      amounts are in thousands of United States dollars unless otherwise stated)
    </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; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD width="5%" valign="bottom" nowrap >&nbsp;</TD>
    <TD align=left vAlign=bottom nowrap>&nbsp; </TD>
    <TD width="1%" align=left vAlign=bottom nowrap>&nbsp;</TD>
    <TD width="12%" align=center vAlign=bottom nowrap><B><I>2014</I></B> </TD>
    <TD width="2%" align=center vAlign=bottom nowrap>&nbsp;</TD>
    <TD width="1%" align=center vAlign=bottom nowrap>&nbsp;</TD>
    <TD width="12%" align=center vAlign=bottom nowrap><B><I>2013</I></B> </TD>
  <TD width="2%" align=left vAlign=bottom nowrap>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" valign="bottom" nowrap>&nbsp;</TD>
    <TD align=left vAlign=bottom nowrap>&nbsp; </TD>
    <TD width="1%"
    align=left vAlign=bottom nowrap style="BORDER-BOTTOM: #000000 3px double">&nbsp;</TD>
    <TD width="12%"
    align=center vAlign=bottom nowrap style="BORDER-BOTTOM: #000000 3px double"><B><I>$</I></B></TD>
    <TD width="2%"
    align=left vAlign=bottom nowrap style="BORDER-BOTTOM: #000000 3px double">&nbsp;</TD>
    <TD width="1%"
    align=left vAlign=bottom nowrap style="BORDER-BOTTOM: #000000 3px double">&nbsp;</TD>
    <TD width="12%"
    align=center vAlign=bottom nowrap style="BORDER-BOTTOM: #000000 3px double"><B><I>$</I></B></TD>
  <TD width="2%"
    align=left vAlign=bottom nowrap style="BORDER-BOTTOM: #000000 3px double">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=bottom>&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>
    <TD width="5%" valign="bottom">&nbsp;</TD>
    <TD vAlign=bottom>&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 width="5%" valign="bottom">&nbsp;</TD>
    <TD vAlign=bottom align=center>
      <P align=justify>Mining interests </P></TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="12%" align=left>&nbsp; </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="12%" align=left>&nbsp; </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" valign="bottom">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom align=left>&nbsp; &nbsp;
      &nbsp;Philippines </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%" align=right><B>414,016</B>
    </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%" align=right>858,871 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" valign="bottom">&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp; &nbsp; &nbsp;Mali </TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="12%" align=right><B>521,033</B> </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="12%" align=right>- </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" valign="bottom">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom align=left>&nbsp; &nbsp; &nbsp;Namibia
    </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%" align=right><B>430,668</B>
    </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%" align=right>289,945 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" valign="bottom">&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp; &nbsp; &nbsp;Nicaragua </TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="12%" align=right><B>268,115</B> </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="12%" align=right>286,110 </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" valign="bottom">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom align=left>&nbsp; &nbsp; &nbsp;Colombia
    </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%" align=right><B>96,577</B>
</TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%" align=right>178,368 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" valign="bottom">&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp; &nbsp; &nbsp;Burkina Faso </TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="12%" align=right><B>59,511</B> </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="12%" align=right>50,550 </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" valign="bottom">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom align=left>&nbsp; &nbsp; &nbsp;Costa
      Rica </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%" align=right><B>-</B> </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%" align=right>2,611 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" valign="bottom">&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp; &nbsp; &nbsp;Canada </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="12%"
    align=right><B>813</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="12%"
    align=right>990 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="2%"
    align=left>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" valign="bottom">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom>&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%">&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%">&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" valign="bottom">&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width="12%"
    align=right><B>1,790,733</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width="12%"
    align=right>1,667,445 </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width="2%"
    align=left>&nbsp;</TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%" BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B><I>25</I></B> </TD>
    <TD>
      <P align=justify><B><I>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 at December 31, 2014, the Company had the following
      significant commitments (in addition to those disclosed elsewhere in these
      financial statements):</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD width="5%" align=center>&#149; </TD>
    <TD width="90%" align=left>Payments of $2.5 million for Otjikoto project
      mobile equipment to be incurred in the first quarter of 2015. </TD></TR>
  <TR>
    <TD >&nbsp;</TD>
    <TD width="5%" align=center>&nbsp;</TD>
    <TD width="90%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD width="5%" align=center>&nbsp;&#149; </TD>
    <TD width="90%" align=left>Payments of $5.5 million for Fekola project
      equipment to be incurred in the first quarter of 2015. </TD></TR>
  <TR>
    <TD >&nbsp;</TD>
    <TD width="5%" align=center>&nbsp;</TD>
    <TD width="90%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left ></TD>
    <TD width="5%" align=center>&#149; </TD>
    <TD width="90%" align=left>
      <P align=justify>Land payments of $6.2 million (the Company&#146;s 49% share)
      with respect to the acquisition of land at the Gramalote project in
      Colombia. It is expected that $5.1 million will be paid in 2015 and the
      remaining $1.1 million in 2016. </P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%" BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B><I>26</I></B> </TD>
    <TD>
      <P align=justify><B><I>Subsequent events</I></B></P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify><I>Purchase of Fekola non-controlling
interest</I></P>
<P style="MARGIN-LEFT: 5%" align=justify>In January 2015, the Company purchased
the 10% interest in Songhoi owned by a Malian company (Notes 7 and 12). The
purchase price consisted of $21.2 million in cash and common shares to be paid
over three instalments and the grant of a 1.65% net smelter royalty of the
Fekola project after deducting costs for smelting, refining and government fees.
In connection with the purchase, all ZTS legal claims were terminated. </P>
<P style="MARGIN-LEFT: 5%" align=justify><I>Otjikoto Commercial Production
</I></P>
<P style="MARGIN-LEFT: 5%" align=justify>On February 28, 2015, the Otjikoto Mine
achieved commercial production. Effective March 1, 2015, revenues and production
costs for Otjikoto gold production are being recorded in the statement of
operations. </P>
<P align=right>36 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<!--$$/page=--><A name=page_46></A><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD align=left><B>B2GOLD CORP.</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>MINING INTERESTS SCHEDULE (NOTE 27)</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>For the year ended December 31, 2014</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left>(All tabular amounts are in thousands of United States
      dollars unless otherwise stated) </TD></TR></TABLE><BR>
<DIV>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 7pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD align=left nowrap>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="1%" noWrap
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="57%"
    colSpan=16 noWrap align=center><B><I>Cost</I></B> </TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="1%" noWrap
    align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="27%"
    colSpan=7 noWrap align=center><B><I>Accumulated depreciation</I></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="2%" noWrap
    align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="1%" noWrap
    align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="5%" noWrap
    align=center>&nbsp; </TD>
    <TD vAlign=bottom width="2%" noWrap
    align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="1%" noWrap
    align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="17%"
    colSpan=4 noWrap align=center><B><I>Net carrying value</I></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%"
    align=left>&nbsp;</TD></TR>
  <TR>
    <TD nowrap>&nbsp; </TD>
    <TD vAlign=bottom width="1%" noWrap>&nbsp;</TD>
    <TD vAlign=bottom width="5%" noWrap align=center>&nbsp; </TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="5%" noWrap align=center>&nbsp; </TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="5%" noWrap align=center>&nbsp; </TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="5%" noWrap align=center>&nbsp; </TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="5%" noWrap align=center>&nbsp; </TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="5%" noWrap align=center>&nbsp; </TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="5%" noWrap align=center>&nbsp; </TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="5%" noWrap align=center>&nbsp; </TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="5%" noWrap align=center>&nbsp; </TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="5%" noWrap align=center>&nbsp; </TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="5%" noWrap align=center>&nbsp; </TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="5%" noWrap align=center>&nbsp; </TD>
    <TD width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left nowrap>&nbsp; </TD>
    <TD vAlign=bottom width="1%" noWrap align=left>&nbsp;</TD>
    <TD vAlign=bottom width="5%" noWrap align=center><B><I>Balance at
    </I></B></TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="5%" noWrap
      align=center><STRONG><EM>Acquisition</EM></STRONG>&nbsp;&nbsp;</TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="5%" noWrap align=center>&nbsp; </TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="5%" noWrap align=center>&nbsp; </TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="5%" noWrap
      align=center><B><I>Cumulative&nbsp;</I></B> </TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="5%" noWrap align=center><STRONG><EM>Balance
      at</EM></STRONG></TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="5%" noWrap align=center><B><I>Balance at</I></B>    </TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="5%" noWrap align=center>&nbsp; </TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="5%" noWrap align=center>&nbsp; </TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="5%" noWrap align=center><B><I>Balance at</I></B>    </TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="5%" noWrap align=center><B><I>As at</I></B> </TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="5%" noWrap align=center><B><I>As at</I></B> </TD>
    <TD width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left nowrap>&nbsp; </TD>
    <TD vAlign=bottom width="1%" noWrap align=left>&nbsp;</TD>
    <TD vAlign=bottom width="5%" noWrap align=center><B><I>Dec. 31,</I></B></TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="5%" noWrap align=center><B><I>costs/</I></B> </TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="5%" noWrap align=center><B><I>Disposals/</I></B> </TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="5%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="5%" noWrap align=center><B><I>translation</I></B>    </TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="5%" noWrap align=center><B><I>Dec. 31,</I></B></TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="5%" noWrap align=center><B><I>Dec. 31,</I></B></TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="5%" noWrap align=center>&nbsp; </TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="5%" noWrap align=center><B><I>Disposals/</I></B> </TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="5%" noWrap align=center><B><I>Dec. 31,</I></B></TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="5%" noWrap align=center><B><I>Dec. 31,</I></B></TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="5%" noWrap align=center><B><I>Dec. 31,</I></B></TD>
    <TD width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left nowrap>&nbsp; </TD>
    <TD vAlign=bottom width="1%" noWrap align=left>&nbsp;</TD>
    <TD vAlign=bottom width="5%" noWrap align=center><B><I>2013</I></B> </TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="5%" noWrap align=center><B><I>Additions</I></B>    </TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="5%" noWrap align=center><B><I>write-offs</I></B> </TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="5%" noWrap align=center><B><I>Reclass</I></B> </TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="5%" noWrap align=center><B><I>adjustment</I></B>    </TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="5%" noWrap align=center><B><I>2014</I></B> </TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="5%" noWrap align=center><B><I>2013</I></B> </TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="5%" noWrap align=center><B><I>Depreciation&nbsp;</I></B> </TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="5%" noWrap align=center><STRONG><EM>write-offs</EM></STRONG> </TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="5%" noWrap align=center><B><I>2014</I></B> </TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="5%" noWrap align=center><B><I>2014</I></B> </TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="5%" noWrap align=center><B><I>2013</I></B> </TD>
    <TD width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left nowrap>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"
    align=left>&nbsp;</TD>
    <TD width="5%"
    align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>$</B></TD>
    <TD width="2%"
    align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="1%"
    align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="5%"
    align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>$</B></TD>
    <TD width="2%"
    align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="1%"
    align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="5%"
    align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>$</B></TD>
    <TD width="2%"
    align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="1%"
    align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="5%"
    align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>$</B></TD>
    <TD width="2%"
    align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="1%"
    align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="5%"
    align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>$</B></TD>
    <TD width="2%"
    align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="1%"
    align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="5%"
    align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>$</B></TD>
    <TD width="2%" align=center nowrap>&nbsp;</TD>
    <TD width="1%"
    align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="5%"
    align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>$</B></TD>
    <TD width="2%"
    align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="1%"
    align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="5%"
    align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>$</B></TD>
    <TD width="2%"
    align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="1%"
    align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="5%"
    align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>$</B></TD>
    <TD width="2%"
    align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="1%"
    align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="5%"
    align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>$</B></TD>
    <TD width="2%"
    align=center nowrap>&nbsp;</TD>
    <TD width="1%"
    align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="5%"
    align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>$</B></TD>
    <TD width="2%"
    align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="1%"
    align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="5%"
    align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%"
    align=left>&nbsp;</TD></TR>
  <TR>
    <TD nowrap>&nbsp; </TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left nowrap bgColor=#e6efff><I>Property, plant and equipment</I> </TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="5%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="5%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="5%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="5%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="5%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="5%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="5%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="5%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="5%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="5%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="5%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="5%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left nowrap>&nbsp; &nbsp;<I>(depletable)</I> </TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="2%" align=left>&nbsp;</TD></TR>
  <TR>
    <TD nowrap bgColor=#e6efff>&nbsp; </TD>
    <TD bgColor=#e6efff width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff width="5%">&nbsp; </TD>
    <TD bgColor=#e6efff width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff width="5%">&nbsp; </TD>
    <TD bgColor=#e6efff width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff width="5%">&nbsp; </TD>
    <TD bgColor=#e6efff width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff width="5%">&nbsp; </TD>
    <TD bgColor=#e6efff width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff width="5%">&nbsp; </TD>
    <TD bgColor=#e6efff width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff width="5%">&nbsp; </TD>
    <TD bgColor=#e6efff width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff width="5%">&nbsp; </TD>
    <TD bgColor=#e6efff width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff width="5%">&nbsp; </TD>
    <TD bgColor=#e6efff width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff width="5%">&nbsp; </TD>
    <TD bgColor=#e6efff width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff width="5%">&nbsp; </TD>
    <TD bgColor=#e6efff width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff width="5%">&nbsp; </TD>
    <TD bgColor=#e6efff width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff width="5%">&nbsp; </TD>
    <TD bgColor=#e6efff width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left nowrap>&nbsp; &nbsp; &nbsp;Masbate mine </TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="5%" align=right>723,155 </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="5%" align=right>52,810 </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="5%" align=right>(372,782</TD>
    <TD width="2%" align=left>) </TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="5%" align=right>17,461 </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="5%" align=right>- </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="5%" align=right>420,644 </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="5%" align=right>(40,744</TD>
    <TD width="2%" align=left>) </TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="5%" align=right>(51,764</TD>
    <TD width="2%" align=left>) </TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="5%" align=right>802 </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="5%" align=right>(91,706</TD>
    <TD width="2%" align=left>) </TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="5%" align=right>328,938 </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="5%" align=right>682,411 </TD>
    <TD width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left nowrap bgColor=#e6efff>&nbsp; &nbsp; &nbsp;Libertad (including
      Jabali) </TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="5%" align=right>259,518 </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="5%" align=right>36,641 </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="5%" align=right>(57</TD>
    <TD bgColor=#e6efff width="2%" align=left>) </TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="5%" align=right>- </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="5%" align=right>- </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="5%" align=right>296,102 </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="5%" align=right>(83,927</TD>
    <TD bgColor=#e6efff width="2%" align=left>) </TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="5%" align=right>(43,832</TD>
    <TD bgColor=#e6efff width="2%" align=left>) </TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="5%" align=right>55 </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="5%" align=right>(127,704</TD>
    <TD bgColor=#e6efff width="2%" align=left>) </TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="5%" align=right>168,398 </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="5%" align=right>175,591 </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left nowrap>&nbsp; &nbsp; &nbsp;Limon </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="5%"
      align=right>120,139 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="5%" align=right>22,734
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="5%"
align=right>(101</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" align=left>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="5%" align=right>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="5%" align=right>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="5%"
      align=right>142,772 </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="5%"
    align=right>(44,970</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" align=left>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="5%"
    align=right>(17,957</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" align=left>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="5%" align=right>62 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="5%"
    align=right>(62,865</TD>
    <TD width="2%" align=left>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="5%" align=right>79,907
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="5%" align=right>75,169
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%"
    align=left>&nbsp;</TD></TR>
  <TR>
    <TD nowrap bgColor=#e6efff>&nbsp; </TD>
    <TD bgColor=#e6efff width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff width="5%">&nbsp; </TD>
    <TD bgColor=#e6efff width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff width="5%">&nbsp; </TD>
    <TD bgColor=#e6efff width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff width="5%">&nbsp; </TD>
    <TD bgColor=#e6efff width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff width="5%">&nbsp; </TD>
    <TD bgColor=#e6efff width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff width="5%">&nbsp; </TD>
    <TD bgColor=#e6efff width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff width="5%">&nbsp; </TD>
    <TD bgColor=#e6efff width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff width="5%">&nbsp; </TD>
    <TD bgColor=#e6efff width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff width="5%">&nbsp; </TD>
    <TD bgColor=#e6efff width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff width="5%">&nbsp; </TD>
    <TD bgColor=#e6efff width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff width="5%">&nbsp; </TD>
    <TD bgColor=#e6efff width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff width="5%">&nbsp; </TD>
    <TD bgColor=#e6efff width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff width="5%">&nbsp; </TD>
    <TD bgColor=#e6efff width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left nowrap>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="5%"
      align=right>1,102,812 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="5%"
      align=right>112,185 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="5%"
      align=right>(372,940</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" align=left>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="5%" align=right>17,461
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="5%" align=right>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="5%"
      align=right>859,518 </TD>
    <TD width="2%" align=left>&nbsp;</TD>


    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="5%"
      align=right>(169,641</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" align=left>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="5%"
      align=right>(113,553</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" align=left>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="5%" align=right>919
</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="5%"
      align=right>(282,275</TD>
    <TD width="2%" align=left>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="5%"
      align=right>577,243 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="5%"
      align=right>933,171 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%"
    align=left>&nbsp;</TD></TR>
  <TR>
    <TD nowrap bgColor=#e6efff>&nbsp; </TD>
    <TD bgColor=#e6efff width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff width="5%">&nbsp; </TD>
    <TD bgColor=#e6efff width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff width="5%">&nbsp; </TD>
    <TD bgColor=#e6efff width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff width="5%">&nbsp; </TD>
    <TD bgColor=#e6efff width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff width="5%">&nbsp; </TD>
    <TD bgColor=#e6efff width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff width="5%">&nbsp; </TD>
    <TD bgColor=#e6efff width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff width="5%">&nbsp; </TD>
    <TD bgColor=#e6efff width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff width="5%">&nbsp; </TD>
    <TD bgColor=#e6efff width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff width="5%">&nbsp; </TD>
    <TD bgColor=#e6efff width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff width="5%">&nbsp; </TD>
    <TD bgColor=#e6efff width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff width="5%">&nbsp; </TD>
    <TD bgColor=#e6efff width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff width="5%">&nbsp; </TD>
    <TD bgColor=#e6efff width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff width="5%">&nbsp; </TD>
    <TD bgColor=#e6efff width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left nowrap>Masbate undeveloped mineral </TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left nowrap bgColor=#e6efff>&nbsp; &nbsp;interests </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="5%"
    align=right>176,460 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="5%"
    align=right>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="5%"
    align=right>(73,921</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="2%"
    align=left>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="5%"
    align=right>(17,461</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="2%"
    align=left>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="5%"
    align=right>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="5%"
    align=right>85,078 </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="5%"
    align=right>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="5%"
    align=right>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="5%"
    align=right>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="5%"
    align=right>- </TD>
    <TD bgColor=#e6efff width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="5%"
    align=right>85,078 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="5%"
    align=right>176,460 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="2%"
    align=left>&nbsp;</TD></TR>
  <TR>
    <TD nowrap>&nbsp; </TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left nowrap bgColor=#e6efff><I>Mine under construction</I> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="5%"
    align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="5%"
    align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="5%"
    align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="5%"
    align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="5%"
    align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="5%"
    align=left>&nbsp; </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="5%"
    align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="5%"
    align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="5%"
    align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="5%"
    align=left>&nbsp; </TD>
    <TD bgColor=#e6efff width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="5%"
    align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="5%"
    align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="2%"
    align=left>&nbsp;</TD></TR>
  <TR>
    <TD nowrap>&nbsp; </TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left nowrap bgColor=#e6efff>&nbsp; &nbsp; &nbsp;Otjikoto </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="5%"
    align=right>289,945 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="5%"
    align=right>173,927 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="5%"
    align=right>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="5%"
    align=right>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="5%"
    align=right>(33,204</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="2%"
    align=left>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="5%"
    align=right>430,668 </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="5%"
    align=right>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="5%"
    align=right>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="5%"
    align=right>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="5%"
    align=right>- </TD>
    <TD bgColor=#e6efff width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="5%"
    align=right>430,668 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="5%"
    align=right>289,945 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="2%"
    align=left>&nbsp;</TD></TR>
  <TR>
    <TD nowrap>&nbsp; </TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD></TR>
  <TR>
    <TD nowrap bgColor=#e6efff>&nbsp; </TD>
    <TD bgColor=#e6efff width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff width="5%">&nbsp; </TD>
    <TD bgColor=#e6efff width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff width="5%">&nbsp; </TD>
    <TD bgColor=#e6efff width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff width="5%">&nbsp; </TD>
    <TD bgColor=#e6efff width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff width="5%">&nbsp; </TD>
    <TD bgColor=#e6efff width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff width="5%">&nbsp; </TD>
    <TD bgColor=#e6efff width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff width="5%">&nbsp; </TD>
    <TD bgColor=#e6efff width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff width="5%">&nbsp; </TD>
    <TD bgColor=#e6efff width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff width="5%">&nbsp; </TD>
    <TD bgColor=#e6efff width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff width="5%">&nbsp; </TD>
    <TD bgColor=#e6efff width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff width="5%">&nbsp; </TD>
    <TD bgColor=#e6efff width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff width="5%">&nbsp; </TD>
    <TD bgColor=#e6efff width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff width="5%">&nbsp; </TD>
    <TD bgColor=#e6efff width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left nowrap><I>Exploration &amp; evaluation</I> </TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left nowrap bgColor=#e6efff>&nbsp; &nbsp;<I>properties
      (non-depletable)</I> </TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="5%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="5%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="5%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="5%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="5%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="5%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="5%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="5%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="5%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="5%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="5%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="5%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD></TR>
  <TR>
    <TD nowrap>&nbsp; </TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left nowrap bgColor=#e6efff>&nbsp; &nbsp; &nbsp;Fekola </TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="5%" align=right>- </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="5%" align=right>514,965 </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="5%" align=right>- </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="5%" align=right>- </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="5%" align=right>- </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="5%" align=right>514,965 </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="5%" align=right>- </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="5%" align=right>- </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="5%" align=right>- </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="5%" align=right>- </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="5%" align=right>514,965 </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="5%" align=right>- </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left nowrap>&nbsp; &nbsp; &nbsp;Kiaka </TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="5%" align=right>50,550 </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="5%" align=right>8,512 </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="5%" align=right>- </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="5%" align=right>- </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="5%" align=right>- </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="5%" align=right>59,062 </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="5%" align=right>- </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="5%" align=right>- </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="5%" align=right>- </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="5%" align=right>- </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="5%" align=right>59,062 </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="5%" align=right>50,550 </TD>
    <TD width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left nowrap bgColor=#e6efff>&nbsp; &nbsp; &nbsp;Mocoa </TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="5%" align=right>28,200 </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="5%" align=right>452 </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="5%" align=right>- </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="5%" align=right>- </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="5%" align=right>- </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="5%" align=right>28,652 </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="5%" align=right>- </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="5%" align=right>- </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="5%" align=right>- </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="5%" align=right>- </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>

    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="5%" align=right>28,652 </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="5%" align=right>28,200 </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left nowrap>&nbsp; &nbsp; &nbsp;Trebol &amp; Pavon </TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="5%" align=right>24,870 </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="5%" align=right>3,398 </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="5%" align=right>(21,465</TD>
    <TD width="2%" align=left>) </TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="5%" align=right>(565</TD>
    <TD width="2%" align=left>) </TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="5%" align=right>- </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="5%" align=right>6,238 </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="5%" align=right>- </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="5%" align=right>- </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="5%" align=right>- </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="5%" align=right>- </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="5%" align=right>6,238 </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="5%" align=right>24,870 </TD>
    <TD width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left nowrap bgColor=#e6efff>&nbsp; &nbsp; &nbsp;San Jose </TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="5%" align=right>1,123 </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="5%" align=right>175 </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="5%" align=right>- </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="5%" align=right>617 </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="5%" align=right>- </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="5%" align=right>1,915 </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="5%" align=right>- </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="5%" align=right>- </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="5%" align=right>- </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="5%" align=right>- </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="5%" align=right>1,915 </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="5%" align=right>1,123 </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left nowrap>&nbsp; &nbsp; &nbsp;Calibre </TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="5%" align=right>8,496 </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="5%" align=right>1,526 </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="5%" align=right>- </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="5%" align=right>- </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="5%" align=right>- </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="5%" align=right>10,022 </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="5%" align=right>- </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="5%" align=right>- </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="5%" align=right>- </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="5%" align=right>- </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="5%" align=right>10,022 </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="5%" align=right>8,496 </TD>
    <TD width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left nowrap bgColor=#e6efff>&nbsp; &nbsp; &nbsp;Other </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="5%"
    align=right>861 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="5%"
    align=right>7,342 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="5%"
    align=right>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="5%"
    align=right>(52</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="2%"
    align=left>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="5%"
    align=right>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="5%"
    align=right>8,151 </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="5%"
    align=right>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="5%"
    align=right>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="5%"
    align=right>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="5%"
    align=right>- </TD>
    <TD bgColor=#e6efff width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="5%"
    align=right>8,151 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="5%"
    align=right>861 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="2%"
    align=left>&nbsp;</TD></TR>
  <TR>
    <TD nowrap>&nbsp; </TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left nowrap bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="5%"
    align=right>114,100 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="5%"
    align=right>536,370 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="5%"
    align=right>(21,465</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="2%"
    align=left>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="5%"
    align=right>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="1%"
    align=left>&nbsp;</TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="5%"
    align=right>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="5%"
    align=right>629,005 </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="5%"
    align=right>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="5%"
    align=right>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="5%"
    align=right>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="5%"
    align=right>- </TD>
    <TD bgColor=#e6efff width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="5%"
    align=right>629,005 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="5%"
    align=right>114,100 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="2%"
    align=left>&nbsp;</TD></TR>
  <TR>
    <TD nowrap>&nbsp; </TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left nowrap bgColor=#e6efff><I>Corporate &amp; other</I> </TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="5%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="5%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="5%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="5%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="5%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="5%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="5%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="5%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="5%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="5%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="5%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="5%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD></TR>
  <TR>
    <TD nowrap>&nbsp; </TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left nowrap bgColor=#e6efff>&nbsp; &nbsp; &nbsp;Bellavista </TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="5%" align=right>2,611 </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="5%" align=right>- </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="5%" align=right>- </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="5%" align=right>(2,611</TD>
    <TD bgColor=#e6efff width="2%" align=left>) </TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="5%" align=right>- </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="5%" align=right>- </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="5%" align=right>- </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="5%" align=right>- </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="5%" align=right>- </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="5%" align=right>- </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="5%" align=right>- </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="5%" align=right>2,611 </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left nowrap>&nbsp; &nbsp; &nbsp;Office, furniture &amp; equipment </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="5%" align=right>1,688
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="5%" align=right>80 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="5%" align=right>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="5%" align=right>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="5%" align=right>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="5%" align=right>1,768
    </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="5%"
align=right>(698</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" align=left>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="5%"
align=right>(257</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" align=left>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="5%" align=right>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="5%"
align=right>(955</TD>
    <TD width="2%" align=left>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="5%" align=right>813
</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="5%" align=right>990
</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%"
    align=left>&nbsp;</TD></TR>
  <TR>
    <TD nowrap bgColor=#e6efff>&nbsp; </TD>
    <TD bgColor=#e6efff width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff width="5%">&nbsp; </TD>
    <TD bgColor=#e6efff width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff width="5%">&nbsp; </TD>
    <TD bgColor=#e6efff width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff width="5%">&nbsp; </TD>
    <TD bgColor=#e6efff width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff width="5%">&nbsp; </TD>
    <TD bgColor=#e6efff width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff width="5%">&nbsp; </TD>
    <TD bgColor=#e6efff width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff width="5%">&nbsp; </TD>
    <TD bgColor=#e6efff width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff width="5%">&nbsp; </TD>
    <TD bgColor=#e6efff width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff width="5%">&nbsp; </TD>
    <TD bgColor=#e6efff width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff width="5%">&nbsp; </TD>
    <TD bgColor=#e6efff width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff width="5%">&nbsp; </TD>
    <TD bgColor=#e6efff width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff width="5%">&nbsp; </TD>
    <TD bgColor=#e6efff width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff width="5%">&nbsp; </TD>
    <TD bgColor=#e6efff width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left nowrap>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="5%" align=right>4,299
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="5%" align=right>80 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="5%" align=right>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="5%"
    align=right>(2,611</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" align=left>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="5%" align=right>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="5%" align=right>1,768
    </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="5%"
align=right>(698</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" align=left>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="5%"
align=right>(257</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" align=left>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="5%" align=right>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="5%"
align=right>(955</TD>
    <TD width="2%" align=left>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="5%" align=right>813
</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="5%" align=right>3,601
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%"
    align=left>&nbsp;</TD></TR>
  <TR>
    <TD nowrap bgColor=#e6efff>&nbsp; </TD>
    <TD bgColor=#e6efff width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff width="5%">&nbsp; </TD>
    <TD bgColor=#e6efff width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff width="5%">&nbsp; </TD>
    <TD bgColor=#e6efff width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff width="5%">&nbsp; </TD>
    <TD bgColor=#e6efff width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff width="5%">&nbsp; </TD>
    <TD bgColor=#e6efff width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff width="5%">&nbsp; </TD>
    <TD bgColor=#e6efff width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff width="5%">&nbsp; </TD>
    <TD bgColor=#e6efff width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff width="5%">&nbsp; </TD>
    <TD bgColor=#e6efff width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff width="5%">&nbsp; </TD>
    <TD bgColor=#e6efff width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff width="5%">&nbsp; </TD>
    <TD bgColor=#e6efff width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff width="5%">&nbsp; </TD>
    <TD bgColor=#e6efff width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff width="5%">&nbsp; </TD>
    <TD bgColor=#e6efff width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff width="5%">&nbsp; </TD>
    <TD bgColor=#e6efff width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left nowrap>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="5%"
      align=right>1,687,616 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="5%"
      align=right>822,562 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="5%"
      align=right>(468,326</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" align=left>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="5%"
    align=right>(2,611</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" align=left>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="5%"
    align=right>(33,204</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" align=left>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="5%"
      align=right>2,006,037 </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="5%"
      align=right>(170,339</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" align=left>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="5%"
      align=right>(113,810</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" align=left>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="5%" align=right>919
</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="5%"
      align=right>(283,230</TD>
    <TD width="2%" align=left>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="5%"
      align=right>1,722,807 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="5%"
      align=right>1,517,277 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%"
    align=left>&nbsp;</TD></TR>
  <TR>
    <TD nowrap bgColor=#e6efff>&nbsp; </TD>
    <TD bgColor=#e6efff width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff width="5%">&nbsp; </TD>
    <TD bgColor=#e6efff width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff width="5%">&nbsp; </TD>
    <TD bgColor=#e6efff width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff width="5%">&nbsp; </TD>
    <TD bgColor=#e6efff width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff width="5%">&nbsp; </TD>
    <TD bgColor=#e6efff width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff width="5%">&nbsp; </TD>
    <TD bgColor=#e6efff width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff width="5%">&nbsp; </TD>
    <TD bgColor=#e6efff width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff width="5%">&nbsp; </TD>
    <TD bgColor=#e6efff width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff width="5%">&nbsp; </TD>
    <TD bgColor=#e6efff width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff width="5%">&nbsp; </TD>
    <TD bgColor=#e6efff width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff width="5%">&nbsp; </TD>
    <TD bgColor=#e6efff width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff width="5%">&nbsp; </TD>
    <TD bgColor=#e6efff width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff width="5%">&nbsp; </TD>
    <TD bgColor=#e6efff width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left nowrap><I>Investments in joint ventures</I> </TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left nowrap bgColor=#e6efff>&nbsp; &nbsp;<I>(accounted for using the
      equity</I> </TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="5%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="5%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="5%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="5%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="5%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="5%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="5%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="5%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="5%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="5%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="5%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="5%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left nowrap>&nbsp; &nbsp;<I>method)</I> </TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="2%" align=left>&nbsp;</TD></TR>
  <TR>
    <TD nowrap bgColor=#e6efff>&nbsp; </TD>
    <TD bgColor=#e6efff width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff width="5%">&nbsp; </TD>
    <TD bgColor=#e6efff width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff width="5%">&nbsp; </TD>
    <TD bgColor=#e6efff width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff width="5%">&nbsp; </TD>
    <TD bgColor=#e6efff width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff width="5%">&nbsp; </TD>
    <TD bgColor=#e6efff width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff width="5%">&nbsp; </TD>
    <TD bgColor=#e6efff width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff width="5%">&nbsp; </TD>
    <TD bgColor=#e6efff width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff width="5%">&nbsp; </TD>
    <TD bgColor=#e6efff width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff width="5%">&nbsp; </TD>
    <TD bgColor=#e6efff width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff width="5%">&nbsp; </TD>
    <TD bgColor=#e6efff width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff width="5%">&nbsp; </TD>
    <TD bgColor=#e6efff width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff width="5%">&nbsp; </TD>
    <TD bgColor=#e6efff width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff width="5%">&nbsp; </TD>
    <TD bgColor=#e6efff width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left nowrap>&nbsp; &nbsp; &nbsp;Gramalote </TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="5%" align=right>148,967 </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="5%" align=right>14,085 </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="5%" align=right>(96,327</TD>
    <TD width="2%" align=left>) </TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="5%" align=right>- </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="5%" align=right>- </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="5%" align=right>66,725 </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="5%" align=right>- </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="5%" align=right>- </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="5%" align=right>- </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="5%" align=right>- </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="5%" align=right>66,725 </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="5%" align=right>148,967 </TD>
    <TD width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left nowrap bgColor=#e6efff>&nbsp; &nbsp; &nbsp;Quebradona </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="5%"
    align=right>1,201 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="5%"
    align=right>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="5%"
    align=right>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="5%"
    align=right>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="5%"
    align=right>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="5%"
    align=right>1,201 </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="5%"
    align=right>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="5%"
    align=right>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="5%"
    align=right>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="5%"
    align=right>- </TD>
    <TD bgColor=#e6efff width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="5%"
    align=right>1,201 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="5%"
    align=right>1,201 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="2%"
    align=left>&nbsp;</TD></TR>
  <TR>
    <TD nowrap>&nbsp; </TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left nowrap bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="5%"
    align=right>150,168 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="5%"
    align=right>14,085 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="5%"
    align=right>(96,327</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="2%"
    align=left>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="5%"
    align=right>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="5%"
    align=right>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="5%"
    align=right>67,926 </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="5%"
    align=right>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="5%"
    align=right>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="5%"
    align=right>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="5%"
    align=right>- </TD>
    <TD bgColor=#e6efff width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="5%"
    align=right>67,926 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="5%"
    align=right>150,168 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="2%"
    align=left>&nbsp;</TD></TR>
  <TR>
    <TD nowrap>&nbsp; </TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left nowrap bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#e6efff width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#e6efff width="5%"
    align=right>1,837,784 </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#e6efff width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#e6efff width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#e6efff width="5%"
    align=right>836,647 </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#e6efff width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#e6efff width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#e6efff width="5%"
    align=right>(564,653</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#e6efff width="2%"
    align=left>) </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#e6efff width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#e6efff width="5%"
    align=right>(2,611</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#e6efff width="2%"
    align=left>) </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#e6efff width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#e6efff width="5%"
    align=right>(33,204</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#e6efff width="2%"
    align=left>) </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#e6efff width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#e6efff width="5%"
    align=right>2,073,963 </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#e6efff width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#e6efff width="5%"
    align=right>(170,339</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#e6efff width="2%"
    align=left>) </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#e6efff width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#e6efff width="5%"
    align=right>(113,810</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#e6efff width="2%"
    align=left>) </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#e6efff width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#e6efff width="5%"
    align=right>919 </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#e6efff width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#e6efff width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#e6efff width="5%"
    align=right>(283,230</TD>
    <TD bgColor=#e6efff width="2%"
    align=left>) </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#e6efff width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#e6efff width="5%"
    align=right>1,790,733 </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#e6efff width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#e6efff width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#e6efff width="5%"
    align=right>1,667,445 </TD>
<TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#e6efff width="2%"
    align=left>&nbsp;</TD></TR></TABLE></DIV>
<P align=right>37 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<!--$$/page=--><A name=page_47></A><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD align=left><B>B2GOLD CORP.</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>MINING INTERESTS SCHEDULE (NOTE 27)</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>For the year ended December 31, 2013</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left>(All tabular amounts are in thousands of United States
      dollars unless otherwise stated) </TD></TR></TABLE><BR>
<DIV>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 7pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD vAlign=bottom noWrap align=center>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="1%" noWrap
    align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="47%"
    colSpan=13 noWrap align=center><B><I>Cost</I></B> </TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="1%" noWrap
    align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="37%"
    colSpan=10 noWrap align=center><B><I>Accumulated depreciation</I></B> </TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="1%" noWrap
    align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="17%"
    colSpan=4 noWrap align=center><B><I>Net carrying value</I></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="2%" noWrap
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom noWrap align=center>&nbsp; </TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="5%" noWrap align=center><B><I>Balance at
    </I></B></TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="5%" noWrap
      align=center><STRONG><EM>Acquisition</EM></STRONG>&nbsp;&nbsp;</TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="5%" noWrap align=center>&nbsp; </TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="5%" noWrap
      align=center><B><I>Cumulative&nbsp;</I></B> </TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="5%" noWrap align=center><STRONG><EM>Balance
    at</EM></STRONG>&nbsp;</TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="5%" noWrap align=center><B><I>Balance at</I></B>
    </TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="5%" noWrap align=center>&nbsp; </TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="5%" noWrap align=center>&nbsp; </TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="5%" noWrap align=center><B><I>Balance at</I></B>
    </TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="5%" noWrap align=center><B><I>As at</I></B> </TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="5%" noWrap align=center><B><I>As at</I></B> </TD>
    <TD vAlign=bottom width="2%" noWrap align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom noWrap align=center>&nbsp; </TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="5%" noWrap align=center><B><I>Dec. 31,</I></B>
</TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="5%" noWrap align=center><B><I>costs/</I></B> </TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="5%" noWrap align=center><B><I>Disposals/</I></B> </TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="5%" noWrap align=center><B><I>translation</I></B>
    </TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="5%" noWrap align=center><B><I>Dec. 31,</I></B>
</TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="5%" noWrap align=center><B><I>Dec. 31,</I></B>
</TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="5%" noWrap align=center>&nbsp; </TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="5%" noWrap align=center><B><I>Disposals/</I></B> </TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="5%" noWrap align=center><B><I>Dec. 31,</I></B>
</TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="5%" noWrap align=center><B><I>Dec. 31,</I></B>
</TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="5%" noWrap align=center><B><I>Dec. 31,</I></B>
</TD>
    <TD vAlign=bottom width="2%" noWrap align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom noWrap align=center>&nbsp; </TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="5%" noWrap align=center><B><I>2012</I></B> </TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="5%" noWrap align=center><B><I>Additions</I></B>
    </TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="5%" noWrap align=center><B><I>write-offs</I></B> </TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="5%" noWrap align=center><B><I>adjustment</I></B>
    </TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="5%" noWrap align=center><B><I>2013</I></B> </TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="5%" noWrap align=center><B><I>2012</I></B> </TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="5%" noWrap align=center><B><I>Depreciation&nbsp;</I></B></TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="5%" noWrap align=center><STRONG><EM>write-offs</EM></STRONG>&nbsp; </TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="5%" noWrap align=center><B><I>2013</I></B> </TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="5%" noWrap align=center><B><I>2013</I></B> </TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="5%" noWrap align=center><B><I>2012</I></B> </TD>
    <TD vAlign=bottom width="2%" noWrap align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left vAlign=bottom nowrap>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="5%"
    align=center><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="2%"
    align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="1%"
    align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="5%"
    align=center><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="2%"
    align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="1%"
    align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="5%"
    align=center><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="2%"
    align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="1%"
    align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="5%"
    align=center><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="2%"
    align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="1%"
    align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="5%"
    align=center><B>$</B></TD>
    <TD vAlign=bottom width="2%" align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="1%"
    align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="5%"
    align=center><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="2%"
    align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="1%"
    align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="5%"
    align=center><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="2%"
    align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="1%"
    align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="5%"
    align=center><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="2%"
    align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="1%"
    align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="5%"
    align=center><B>$</B></TD>
    <TD vAlign=bottom width="2%" align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="1%"
    align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="5%"
    align=center><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="2%"
    align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="1%"
    align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="5%"
    align=center><B>$</B></TD>
  <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="2%"
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left vAlign=bottom nowrap bgColor=#e6efff><I>Property, plant and
      equipment (depletable)</I> </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="5%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="5%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="5%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="5%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="5%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="5%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="5%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="5%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="5%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="5%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="5%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left vAlign=bottom nowrap>&nbsp; &nbsp; &nbsp;Masbate mine </TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="5%" align=right>- </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="5%" align=right>723,155 </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="5%" align=right>- </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="5%" align=right>- </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="5%" align=right>723,155 </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="5%" align=right>- </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="5%" align=right>(40,744</TD>
    <TD vAlign=bottom width="2%" align=left>) </TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="5%" align=right>- </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="5%" align=right>(40,744</TD>
    <TD vAlign=bottom width="2%" align=left>) </TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="5%" align=right>682,411 </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="5%" align=right>- </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left vAlign=bottom nowrap bgColor=#e6efff>&nbsp; &nbsp; &nbsp;Libertad
      (including Jabali) </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="5%" align=right>215,941 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="5%" align=right>43,577 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="5%" align=right>- </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="5%" align=right>- </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="5%" align=right>259,518 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="5%" align=right>(51,673</TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>) </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="5%" align=right>(32,254</TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>) </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="5%" align=right>- </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="5%" align=right>(83,927</TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>) </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="5%" align=right>175,591 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="5%" align=right>164,268 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left vAlign=bottom nowrap>&nbsp; &nbsp; &nbsp;Limon </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="5%"
    align=right>105,727 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="5%"
    align=right>14,412 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="5%"
    align=right>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="5%"
    align=right>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="5%"
    align=right>120,139 </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="5%"
    align=right>(27,349</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="2%"
    align=left>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="5%"
    align=right>(17,621</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="2%"
    align=left>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="5%"
    align=right>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="5%"
    align=right>(44,970</TD>
    <TD vAlign=bottom width="2%" align=left>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="5%"
    align=right>75,169 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="5%"
    align=right>78,378 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="2%"
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left vAlign=bottom nowrap bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="5%" align=right>321,668 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="5%" align=right>781,144 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="5%" align=right>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="5%" align=right>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="5%" align=right>1,102,812 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="5%" align=right>(79,022</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="2%" align=left>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="5%" align=right>(90,619</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="2%" align=left>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="5%" align=right>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="5%" align=right>(169,641</TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="5%" align=right>933,171 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="5%" align=right>242,646 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left vAlign=bottom nowrap>Masbate undeveloped mineral interests </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="5%"
    align=right>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="5%"
    align=right>176,460 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="5%"
    align=right>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="5%"
    align=right>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="5%"
    align=right>176,460 </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="5%"
    align=right>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="5%"
    align=right>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="5%"
    align=right>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="5%"
    align=right>- </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="5%"
    align=right>176,460 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="5%"
    align=right>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="2%"
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left vAlign=bottom nowrap bgColor=#e6efff><I>Mine under
      construction</I> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="5%" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="5%" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="5%" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="5%" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="5%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="5%" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="5%" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="5%" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="5%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="5%" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="5%" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left vAlign=bottom nowrap>&nbsp; &nbsp; &nbsp;Otjikoto </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="5%"
    align=right>118,798 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="5%"
    align=right>210,252 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="5%"
    align=right>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="5%"
    align=right>(39,105</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="2%"
    align=left>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="5%"
    align=right>289,945 </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="5%"
    align=right>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="5%"
    align=right>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="5%"
    align=right>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="5%"
    align=right>- </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="5%"
    align=right>289,945 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="5%"
    align=right>118,798 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="2%"
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left vAlign=bottom nowrap bgColor=#e6efff><I>Exploration &amp;
      evaluation properties (non-</I> </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="5%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="5%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="5%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="5%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="5%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="5%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="5%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="5%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="5%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="5%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="5%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=center vAlign=bottom nowrap><I>depletable)</I> </TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="5%" align=left>&nbsp; </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="5%" align=left>&nbsp; </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="5%" align=left>&nbsp; </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="5%" align=left>&nbsp; </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="5%" align=left>&nbsp; </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="5%" align=left>&nbsp; </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="5%" align=left>&nbsp; </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="5%" align=left>&nbsp; </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="5%" align=left>&nbsp; </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="5%" align=left>&nbsp; </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="5%" align=left>&nbsp; </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left vAlign=bottom nowrap bgColor=#e6efff>&nbsp; &nbsp; &nbsp;Kiaka </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="5%" align=right>- </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="5%" align=right>50,550 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="5%" align=right>- </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="5%" align=right>- </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="5%" align=right>50,550 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="5%" align=right>- </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="5%" align=right>- </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="5%" align=right>- </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="5%" align=right>- </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="5%" align=right>50,550 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="5%" align=right>- </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left vAlign=bottom nowrap>&nbsp; &nbsp; &nbsp;Mocoa </TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="5%" align=right>27,539 </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="5%" align=right>661 </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="5%" align=right>- </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="5%" align=right>- </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="5%" align=right>28,200 </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="5%" align=right>- </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="5%" align=right>- </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="5%" align=right>- </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="5%" align=right>- </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="5%" align=right>28,200 </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="5%" align=right>27,539 </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left vAlign=bottom nowrap bgColor=#e6efff>&nbsp; &nbsp; &nbsp;Trebol
      &amp; Pavon </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="5%" align=right>24,333 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="5%" align=right>537 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="5%" align=right>- </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="5%" align=right>- </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="5%" align=right>24,870 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="5%" align=right>- </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="5%" align=right>- </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="5%" align=right>- </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="5%" align=right>- </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="5%" align=right>24,870 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="5%" align=right>24,333 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left vAlign=bottom nowrap>&nbsp; &nbsp; &nbsp;San Jose </TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="5%" align=right>- </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="5%" align=right>1,123 </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="5%" align=right>- </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="5%" align=right>- </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="5%" align=right>1,123 </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="5%" align=right>- </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="5%" align=right>- </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="5%" align=right>- </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="5%" align=right>- </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="5%" align=right>1,123 </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="5%" align=right>- </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left vAlign=bottom nowrap bgColor=#e6efff>&nbsp; &nbsp; &nbsp;Calibre    </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="5%" align=right>7,112 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="5%" align=right>1,384 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="5%" align=right>- </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="5%" align=right>- </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="5%" align=right>8,496 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="5%" align=right>- </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="5%" align=right>- </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="5%" align=right>- </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="5%" align=right>- </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="5%" align=right>8,496 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="5%" align=right>7,112 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left vAlign=bottom nowrap>&nbsp; &nbsp; &nbsp;Cebollati </TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="5%" align=right>9,051 </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="5%" align=right>513 </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="5%" align=right>(9,564</TD>
    <TD vAlign=bottom width="2%" align=left>) </TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="5%" align=right>- </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="5%" align=right>- </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="5%" align=right>- </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="5%" align=right>- </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="5%" align=right>- </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="5%" align=right>- </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="5%" align=right>- </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="5%" align=right>9,051 </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left vAlign=bottom nowrap bgColor=#e6efff>&nbsp; &nbsp; &nbsp;Other </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="5%" align=right>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="5%" align=right>861 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="5%" align=right>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="5%" align=right>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="5%" align=right>861 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="5%" align=right>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="5%" align=right>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="5%" align=right>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="5%" align=right>- </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="5%" align=right>861 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="5%" align=right>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left vAlign=bottom nowrap>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="5%"
    align=right>68,035 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="5%"
    align=right>55,629 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="5%"
    align=right>(9,564</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="2%"
    align=left>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="5%"
    align=right>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="5%"
    align=right>114,100 </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="5%"
    align=right>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="5%"
    align=right>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="5%"
    align=right>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="5%"
    align=right>- </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="5%"
    align=right>114,100 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="5%"
    align=right>68,035 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="2%"
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left vAlign=bottom nowrap bgColor=#e6efff><I>Corporate &amp; other</I>    </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="5%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="5%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="5%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="5%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="5%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="5%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="5%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="5%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="5%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="5%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="5%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left vAlign=bottom nowrap>&nbsp; &nbsp; &nbsp;Bellavista </TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="5%" align=right>2,601 </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="5%" align=right>10 </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="5%" align=right>- </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="5%" align=right>- </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="5%" align=right>2,611 </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="5%" align=right>- </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="5%" align=right>- </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="5%" align=right>- </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="5%" align=right>- </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="5%" align=right>2,611 </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="5%" align=right>2,601 </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left vAlign=bottom nowrap bgColor=#e6efff>&nbsp; &nbsp; &nbsp;Office,
      furniture &amp; equipment </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="5%" align=right>1,173 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="5%" align=right>515 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="5%" align=right>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="5%" align=right>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="5%" align=right>1,688 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="5%" align=right>(528</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="2%" align=left>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="5%" align=right>(170</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="2%" align=left>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="5%" align=right>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="5%" align=right>(698</TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="5%" align=right>990 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="5%" align=right>645 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left vAlign=bottom nowrap>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="5%"
    align=right>3,774 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="5%"
    align=right>525 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="5%"
    align=right>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="5%"
    align=right>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="5%"
    align=right>4,299 </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="5%"
    align=right>(528</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="2%"
    align=left>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="5%"
    align=right>(170</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="2%"
    align=left>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="5%"
    align=right>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="5%"
    align=right>(698</TD>
    <TD vAlign=bottom width="2%" align=left>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="5%"
    align=right>3,601 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="5%"
    align=right>3,246 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="2%"
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left vAlign=bottom nowrap bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="5%" align=right>512,275 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="5%" align=right>1,224,010 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="5%" align=right>(9,564</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="2%" align=left>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="5%" align=right>(39,105</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="2%" align=left>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="5%" align=right>1,687,616 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="5%" align=right>(79,550</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="2%" align=left>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="5%" align=right>(90,789</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="2%" align=left>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="5%" align=right>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="5%" align=right>(170,339</TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="5%" align=right>1,517,277 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="5%" align=right>432,725 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left vAlign=bottom nowrap><I>Investments in joint ventures (accounted
      for</I> </TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="5%" align=left>&nbsp; </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="5%" align=left>&nbsp; </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="5%" align=left>&nbsp; </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="5%" align=left>&nbsp; </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="5%" align=left>&nbsp; </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="5%" align=left>&nbsp; </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="5%" align=left>&nbsp; </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="5%" align=left>&nbsp; </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="5%" align=left>&nbsp; </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="5%" align=left>&nbsp; </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="5%" align=left>&nbsp; </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left vAlign=bottom nowrap bgColor=#e6efff>&nbsp; &nbsp;<I>using the
      equity method)</I> </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="5%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="5%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="5%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="5%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="5%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="5%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="5%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="5%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="5%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="5%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="5%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left vAlign=bottom nowrap>&nbsp; &nbsp; &nbsp;Gramalote </TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="5%" align=right>100,798 </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="5%" align=right>48,169 </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="5%" align=right>- </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="5%" align=right>- </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="5%" align=right>148,967 </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="5%" align=right>- </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="5%" align=right>- </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="5%" align=right>- </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="5%" align=right>- </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="5%" align=right>148,967 </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="5%" align=right>100,798 </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left vAlign=bottom nowrap bgColor=#e6efff>&nbsp; &nbsp;
      &nbsp;Quebradona </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="5%" align=right>1,201 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="5%" align=right>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="5%" align=right>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="5%" align=right>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="5%" align=right>1,201 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="5%" align=right>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="5%" align=right>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="5%" align=right>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="5%" align=right>- </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="5%" align=right>1,201 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="5%" align=right>1,201 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left vAlign=bottom nowrap>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="5%"
    align=right>101,999 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="5%"
    align=right>48,169 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="5%"
    align=right>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="5%"
    align=right>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="5%"
    align=right>150,168 </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="5%"
    align=right>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="5%"
    align=right>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="5%"
    align=right>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="5%"
    align=right>- </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="5%"
    align=right>150,168 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="5%"
    align=right>101,999 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="2%"
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left vAlign=bottom nowrap bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#e6efff vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#e6efff vAlign=bottom
    width="5%" align=right>614,274 </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#e6efff vAlign=bottom
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#e6efff vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#e6efff vAlign=bottom
    width="5%" align=right>1,272,179 </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#e6efff vAlign=bottom
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#e6efff vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#e6efff vAlign=bottom
    width="5%" align=right>(9,564</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#e6efff vAlign=bottom
    width="2%" align=left>) </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#e6efff vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#e6efff vAlign=bottom
    width="5%" align=right>(39,105</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#e6efff vAlign=bottom
    width="2%" align=left>) </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#e6efff vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#e6efff vAlign=bottom
    width="5%" align=right>1,837,784 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#e6efff vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#e6efff vAlign=bottom
    width="5%" align=right>(79,550</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#e6efff vAlign=bottom
    width="2%" align=left>) </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#e6efff vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#e6efff vAlign=bottom
    width="5%" align=right>(90,789</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#e6efff vAlign=bottom
    width="2%" align=left>) </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#e6efff vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#e6efff vAlign=bottom
    width="5%" align=right>- </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#e6efff vAlign=bottom
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#e6efff vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#e6efff vAlign=bottom
    width="5%" align=right>(170,339</TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>) </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#e6efff vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#e6efff vAlign=bottom
    width="5%" align=right>1,667,445 </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#e6efff vAlign=bottom
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#e6efff vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#e6efff vAlign=bottom
    width="5%" align=right>534,724 </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#e6efff vAlign=bottom
    width="2%" align=left>&nbsp;</TD></TR></TABLE></DIV>
<P align=right>38 </P>
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</DOCUMENT>
<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">
<!--$$/page=--><A name=page_1></A>
<P align=center><B>B2GOLD CORP. <BR></B><B>MANAGEMENT&#146;S DISCUSSION AND
ANALYSIS<BR> </B><B>For the year ended December 31, 2014 <BR></B>(All tabular
amounts are expressed in thousands of United States dollars, unless otherwise
stated) </P>
<P align=justify><I>This Management&#146;s Discussion and Analysis (&#147;MD&amp;A&#148;) has
been prepared as at March 10, 2015 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 the &#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><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, 2014. 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;). All amounts
are expressed in United States dollars, unless otherwise stated. </I></P>
<P align=justify><B>OVERVIEW</B> </P>
<P align=justify>B2Gold Corp. is a Vancouver-based gold producer with four
operating mines - two in Nicaragua, one in the Philippines and a fourth mine in
Namibia which started pre-commercial production in December 2014. In addition,
the Company has advanced development and exploration projects in Mali, Colombia,
Burkina Faso and Nicaragua. The Company currently operates the La Libertad Mine
and the Limon Mine in Nicaragua, the Masbate Mine in the Philippines and the
Otjikoto Mine in Namibia. The Company has a 90% interest in the Fekola Project
acquired on October 3, 2014 (See <I>&#147;Asset Acquisition &#150; Papillon Resources
Limited&#148;</I>), an effective 81% interest in the Kiaka gold project in Burkina
Faso, a 49% interest in the Gramalote property in Colombia, and an interest in
the Quebradona property in Colombia. 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.</P>
<P align=justify>In December 2014, the Otjikoto Mine construction was completed
ahead of schedule and on December 11, 2014, it had its first gold pour, one week
ahead of schedule. During December 2014, 7,159 ounces of pre-commercial
production ounces were produced by the Otjikoto Mine. On February 28, 2015, and
also ahead of schedule, the Otjikoto Mine achieved commercial production.</P>
<P align=justify>On October 3, 2014, the Company completed the acquisition of
Papillon Resources Ltd. (&#147;Papillon&#148;) whose main asset is the Fekola Project
located in Mali. The Company is committed to advancing the Fekola Project and
early earthworks and construction activity began in February 2015. Assessment of
construction equipment needs and mobilization planning for personnel is ongoing.
The Company is assessing and optimizing the feasibility work previously
completed by Papillon and plans to release an updated mineral resource estimate
and final feasibility study for the Fekola Project in the second quarter of
2015. </P>
<P align=justify>On January 31, 2014, the Company announced plans to expand the
Otjikoto Mine in 2015, increasing ore throughput from 2.5 million tonnes to 3
million tonnes per year. The increase 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 by the end of
Q3-2015, the Company expects that annual gold production from the main Otjikoto
pit will increase to approximately 200,000 ounces in 2016 and 2017. On January
20, 2015, the Company announced a significantly higher grade updated gold
mineral resource estimate for the Wolfshag zone. The updated inferred mineral
resource contains 675,000 ounces of gold within 2.581 million tonnes grading
8.14 g/t gold utilizing a 3 g/t cut-off. This inferred resource is below a pit
shell containing an additional 1.035 million tonnes at 2.81 g/t gold (93,000
ounces gold) in the indicated resource category. The previously released initial
inferred resource estimate for the Wolfshag zone was 6.8 million tonnes at 3.2
g/t gold containing 703,000 ounces of gold. The Company expects to complete an
updated mine plan by the end of 2015 which will incorporate both open pit and
underground mining from Wolfshag into the Otjikoto Mine Plan. </P>
<P align=right>1</P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<!--$$/page=--><A name=page_2></A>
<P align=justify>The Company is projecting another record year for gold
production in 2015. Company-wide production in 2015 from the newly constructed
Otjikoto Mine, and the Masbate, La Libertad and Limon Mines is expected to be in
the range of 500,000 to 540,000 ounces of gold (including pre-commercial
production from Otjikoto), an increase of approximately 35% over 2014
production. Consolidated cash operating costs (refer to <I>Non-IFRS
Measures</I>) are expected to be in the range of $630 to $660 per ounce. The
substantial increase in the Company&#146;s consolidated gold production and the
reduction in consolidated cash operating costs per ounce reflect the positive
impact of new production from the Company&#146;s low-cost Otjikoto Mine. For the
first half of 2015, gold production is expected to be in the range of 225,000 to
245,000 ounces which will be lower than expected gold production in the second
half of the year of 275,000 to 295,000 ounces, due to a number of factors
including the continued start-up of gold production at the Otjikoto Mine. </P>
<P align=justify><B>ASSET ACQUISITION &#150; PAPILLON RESOURCES LIMITED (&#147;PAPILLON&#148;)
</B></P>
<P align=justify>On October 3, 2014, the Company completed the scheme of
arrangement (&#147;Merger&#148;) by which B2Gold acquired all of the issued ordinary
shares of Papillon. Under the terms of the Merger, the Company acquired all of
the issued and outstanding ordinary shares of Papillon based on an exchange
ratio of 0.661 of a common share of B2Gold for each Papillon ordinary share. In
addition, all of the outstanding stock options of Papillon 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 Papillon
options. The primary asset acquired was the Fekola Project located in Mali (See
<I>&#147;Fekola Project &#150; Mali&#148;</I> for project details). </P>
<P align=justify>The arrangement has been accounted for as a purchase of net
assets. For accounting purposes, the acquisition date was determined to be
September 22, 2014, the date at which the Company obtained control of
Papillon.</P>
<P align=justify>The cost of the acquisition was approximately $493.3 million,
and included the fair value of B2Gold shares issued of $484.3 million, based on
the issuance of 237,390,819 B2Gold shares at Cdn.$2.25 per share and a foreign
exchange rate of Cdn.$1.1031 to $1, plus B2Gold transaction costs of
approximately $9.0 million.</P>
<P 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; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=left>&nbsp; </TD>
    <TD vAlign=bottom  width="1%" noWrap align=left></TD>
    <TD vAlign=bottom width="12%" noWrap align=center>$&nbsp;</TD>
    <TD vAlign=bottom  width="2%" noWrap align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left>Purchase price allocation: </TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="12%" align=left>&nbsp; </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom align=left>&nbsp; &nbsp; &nbsp;Cash and
      cash equivalents </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%" align=right>32,189 </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp; &nbsp; &nbsp;Accounts receivable and
      prepaids </TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="12%" align=right>1,241 </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom align=left>&nbsp; &nbsp; &nbsp;Mining
      interests &#150; Fekola </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%" align=right>507,627 </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp; &nbsp; &nbsp;Mining interests &#150; Mali
      other </TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="12%" align=right>6,067 </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom align=left>&nbsp; &nbsp; &nbsp;Accounts
      payable and accrued liabilities </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%" align=right>(8,473</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%" align=left>)
  </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp; &nbsp; &nbsp;Non-controlling interest
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="12%"
    align=right>(45,348</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="2%" align=left>) </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom>&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%">&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp; </TD>
    <TD  width="1%" align=left vAlign=bottom style="BORDER-BOTTOM: #000000 3px double">&nbsp;</TD>
    <TD width="12%" align=right vAlign=bottom style="BORDER-BOTTOM: #000000 3px double">493,303 </TD>
  <TD  width="2%"
align=left vAlign=bottom style="BORDER-BOTTOM: #000000 3px double">&nbsp;</TD>
  </TR></TABLE>
<P align=right>2</P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<!--$$/page=--><A name=page_3></A>
<P align=justify><B>REVIEW OF FINANCIAL RESULTS </B></P>
<P align=justify><B><I>Selected consolidated quarterly and annual financial and
operating results </I></B></P>
<DIV>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD vAlign=bottom noWrap align=center>&nbsp; </TD>
    <TD vAlign=bottom  width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom colSpan=4 noWrap align=center><B>Three
      months ended</B> </TD>
    <TD vAlign=bottom  width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom colSpan=7 noWrap align=center><B>Year
      ended</B>  </TD>
    <TD vAlign=bottom  width="2%" noWrap
align=center>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom noWrap align=center>&nbsp; </TD>
    <TD vAlign=bottom  width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom colSpan=4 noWrap align=center><B>December
      31</B> </TD>
    <TD vAlign=bottom  width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom colSpan=7 noWrap align=center><B>December
      31</B> </TD>
    <TD vAlign=bottom  width="2%" noWrap
align=center>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom noWrap align=center>&nbsp; </TD>
    <TD vAlign=bottom  width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom colSpan=4 noWrap
      align=center><B>(unaudited)</B> </TD>
    <TD vAlign=bottom  width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom colSpan=7 noWrap
      align=center><B>(unaudited)</B>  </TD>
    <TD vAlign=bottom  width="2%" noWrap
align=center>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom noWrap align=center>&nbsp; </TD>
    <TD vAlign=bottom  width="1%" noWrap align=center>&nbsp;</TD>
    <TD width="8%" align=center vAlign=bottom noWrap><B><U>2014</U></B> </TD>
    <TD vAlign=bottom  width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="8%" noWrap align=center><B><U>2013</U></B> </TD>
    <TD vAlign=bottom  width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" noWrap align=center>&nbsp;</TD>
    <TD width="8%" align=center vAlign=bottom noWrap><B><U>2014</U></B> </TD>
    <TD vAlign=bottom  width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="8%" noWrap align=center><B><U>2013</U></B> </TD>
    <TD vAlign=bottom  width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="8%" noWrap align=center><B><U>2012</U></B> </TD>
    <TD vAlign=bottom  width="2%" noWrap
align=center>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff vAlign=bottom align=left>Gold revenue ($ in thousands)    </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom align=right><B>122,422</B></TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="8%" align=right>138,054 </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom align=right><B>486,624</B></TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="8%" align=right>544,272 </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="8%" align=right>259,051 </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Gold sold (ounces) </TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom align=right><B>102,612</B> </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="8%" align=right>106,185 </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom align=right><B>386,219</B> </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="8%" align=right>380,895 </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="8%" align=right>155,008 </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff vAlign=bottom align=left>Average realized gold price
      ($/ounce) </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom align=right><B>1,193</B> </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="8%" align=right>1,300 </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom align=right><B>1,260</B> </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="8%" align=right>1,429 </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="8%" align=right>1,671 </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Gold produced (ounces) </TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom align=right><B>111,804</B> </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="8%" align=right>105,577 </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom align=right><B>384,003</B> </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="8%" align=right>366,313 </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="8%" align=right>157,885 </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff vAlign=bottom align=left>Cash operating costs<sup>(1)</sup>
      ($/ounce gold) </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom align=right><B>646</B> </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="8%" align=right>638 </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom align=right><B>680</B> </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="8%" align=right>681 </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="8%" align=right>587 </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Total cash costs<sup>(1)</sup> ($/ounce gold) </TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom align=right><B>686</B> </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="8%" align=right>678 </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom align=right><B>722</B> </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="8%" align=right>727 </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="8%" align=right>640 </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff vAlign=bottom align=left>Adjusted net (loss) income<sup>(1)</sup>
      ($ in thousands) </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom align=right><B>(8,352</B></TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
      align=left><B>)</B> </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="8%" align=right>619 </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom align=right><B>6,712</B> </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="8%" align=right>59,006 </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="8%" align=right>79,269 </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Adjusted (loss) earnings per share<sup>(1)(2)</sup>
      &#150;basic ($/share) </TD>
    <TD vAlign=bottom  width="1%" align=left></TD>
    <TD vAlign=bottom align=right><B>(0.01</B> </TD>
    <TD vAlign=bottom  width="2%" align=left><B>)</B> </TD>
    <TD vAlign=bottom  width="1%" align=left></TD>
    <TD vAlign=bottom width="8%" align=right>0.00 </TD>
    <TD vAlign=bottom  width="2%" align=left></TD>
    <TD vAlign=bottom  width="1%" align=left></TD>
    <TD vAlign=bottom align=right><B>0.01</B> </TD>
    <TD vAlign=bottom  width="2%" align=left></TD>
    <TD vAlign=bottom  width="1%" align=left></TD>
    <TD vAlign=bottom width="8%" align=right>0.09 </TD>
    <TD vAlign=bottom  width="2%" align=left></TD>
    <TD vAlign=bottom  width="1%" align=left></TD>
    <TD vAlign=bottom width="8%" align=right>0.21 </TD>
    <TD vAlign=bottom  width="2%" align=left></TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff vAlign=bottom align=left>Impairment of goodwill and
      other long-lived assets ($ in thousands) </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%" align=left></TD>
    <TD bgColor=#e6efff vAlign=bottom align=right><B>(435,981</B>    </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
      align=left><B>)</B> </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%" align=left></TD>
    <TD bgColor=#e6efff vAlign=bottom width="8%" align=right>- </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%" align=left></TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%" align=left></TD>
    <TD bgColor=#e6efff vAlign=bottom align=right><B>(734,378</B>    </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
      align=left><B>)</B> </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%" align=left></TD>
    <TD bgColor=#e6efff vAlign=bottom width="8%" align=right>- </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%" align=left></TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%" align=left></TD>
    <TD bgColor=#e6efff vAlign=bottom width="8%" align=right>- </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
  align=left></TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Net (loss) income ($ in thousands) </TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom align=right><B>(356,750</B></TD>
    <TD vAlign=bottom  width="2%" align=left><B>)</B> </TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="8%" align=right>26,220 </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom align=right><B>(666,385</B></TD>
    <TD vAlign=bottom  width="2%" align=left><B>)</B> </TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="8%" align=right>67,303 </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="8%" align=right>51,907 </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff vAlign=bottom align=left>(Loss) earnings per share &#150;
      basic<sup>(2)</sup> ($/share) </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom align=right><B>(0.39</B></TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
      align=left><B>)</B> </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="8%" align=right>0.04 </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom align=right><B>(0.90</B></TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
      align=left><B>)</B> </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="8%" align=right>0.11 </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="8%" align=right>0.13 </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>(Loss) earnings per share &#150; diluted<sup>(2)</sup>
      ($/share) </TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom align=right><B>(0.39</B></TD>
    <TD vAlign=bottom  width="2%" align=left><B>)</B> </TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="8%" align=right>0.02 </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom align=right><B>(0.90</B></TD>
    <TD vAlign=bottom  width="2%" align=left><B>)</B> </TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="8%" align=right>0.07 </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="8%" align=right>0.13 </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff vAlign=bottom align=left>Cash flows from operating
      activities ($ in thousands) </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%" align=left></TD>
    <TD bgColor=#e6efff vAlign=bottom align=right><B>38,564</B> </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%" align=right></TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%" align=right></TD>
    <TD bgColor=#e6efff vAlign=bottom width="8%" align=right>38,352 </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%" align=right></TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%" align=right></TD>
    <TD bgColor=#e6efff vAlign=bottom align=right><B>113,700</B></TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%" align=right></TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%" align=right></TD>
    <TD bgColor=#e6efff vAlign=bottom width="8%" align=right>147,827 </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%" align=right></TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%" align=right></TD>
    <TD bgColor=#e6efff vAlign=bottom width="8%" align=right>105,077 </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
  align=left></TD></TR></TABLE>
</DIV>
<P align=justify><I><sup>(1) A cautionary note regarding non-IFRS measures is
included in the section titled &#147;Non-IFRS Measures.&#148; <BR>(2) Attributable to the
shareholders of the Company. </sup></I></P>
<P align=justify><B><I>Fourth quarter 2014 and 2013 </I></B></P>
<P align=justify><I>Revenue </I></P>
<P align=justify>Gold revenue for the fourth quarter of 2014 was $122.4 million
on sales of 102,612 ounces at an average price of $1,193 per ounce compared to
$138.1 million on sales of 106,185 ounces at an average price of $1,300 per
ounce in the fourth quarter of 2013. The 11% decrease in revenue was mainly due
to an 8% decrease in the average realized gold price and a 3% decrease in ounces
sold. The fourth quarter of 2013 revenues also included amortization of deferred
revenue totalling $9.3 million related to gold forward contracts acquired as
part of the CGA acquisition in January 2013. Amortization of the balance was
completed prior to the 2013 year-end.</P>
<P align=justify>In the fourth quarter of 2014, the Masbate Mine accounted for
$68.6 million (Q4 2013 - $65.0 million which included a non-cash amount of $9.3
million described above) of gold revenue from the sale of 57,444 ounces (Q4 2013
&#150; 47,536 ounces), the Libertad Mine accounted for $40.9 million (Q4 2013 - $55.6
million) of gold revenue from the sale of 34,264 ounces (Q4 2013 &#150; 44,649
ounces) while $13.0 million (Q4 2013 - $17.5 million) was contributed by the
Limon Mine from the sale of 10,904 ounces (Q4 2013 &#150; 14,000 ounces).</P>
<P align=right>3</P>
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width="100%" noShade>
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<P align=justify><I>Production and operating costs </I></P>
<P align=justify>Consolidated gold production in the fourth quarter of 2014 was
a record 111,804 ounces, approximately 9% above budget and 6% higher than in the
same quarter last year. Consolidated gold production was higher due to record
production of 62,972 ounces at the Masbate Mine during the fourth quarter of
2014, partially offset by lower production at La Libertad and Limon Mines.
Temporary commissioning issues experienced during the installation of the new
SAG mill at the Masbate Mine were resolved during the fourth quarter. In
addition, installation of a new dewatering system at Limon was completed in
early November and access to higher grade ore at Limon recommenced in December
2014. </P>
<P align=justify>In the fourth quarter of 2014, consolidated cash operating
costs were $646 per ounce of gold, which was in line with budget and the fourth
quarter of 2013. Refer to &#147;Review of mining operations and development projects&#148;
for mine specific details. All-in sustaining cash costs for the fourth quarter
of 2014 were $946 per ounce compared to $986 per ounce for the fourth quarter of
2013 (refer to <I>Non-IFRS Measures</I>). </P>
<P align=justify><I>Depreciation and depletion </I></P>
<P align=justify>Depreciation and depletion expense, included in total cost of
sales, was $29.8 million in the fourth quarter of 2014 compared to $31.5 million
in the same period in 2013. The decrease in depreciation expense was mainly due
to a 3% decrease in the gold ounces sold. The depreciation charge decreased to
$291 per ounce of gold sold in the current quarter from $296 per ounce of gold
sold in the comparative quarter.</P>
<P align=justify><I>Impairment of goodwill and other long-lived assets</I></P>
<P align=justify>During the fourth quarter of 2014 and subsequent to the
year-end, the Company completed an updated metallurgical sampling and analysis
program as part of an expansion study for the Masbate Mine along with an updated
life-of-mine plan based on 2014 year end reserve and resource estimates. The
updated metallurgical study has resulted in 3% lower projected life of mine
recoveries due to a number of factors including an increase, at depth, in the
amount of sulphide ore type that has lower projected recoveries and the mining
out over the course of 2013 and 2014 of predominantly oxide ore, which has the
highest recoveries. </P>
<P align=justify>The lower projected recoveries, lower long-term gold price
assumption of $1,300 per ounce (as compared to a spot gold price of $1,676 per
ounce at the CGA acquisition date) and a decision not to proceed with Masbate
Mill expansion at this time impacted the current value of the Masbate Mine. As a
result, the Company recorded a net impairment charge of $305.2 million (pre-tax
$436.0 million less $130.8 million deferred tax recovery) at year end 2014 (See
<I>&#147;Critical Accounting Estimates&#148;</I>). </P>
<P align=justify><I>Other</I></P>
<P align=justify>General and administrative costs (&#147;G&amp;A&#148;) costs relate
mainly to the Company&#146;s head office in Vancouver, the Managua and Santo Domingo
offices in Nicaragua, the Makati office in the Philippines, the Volta office in
Toronto, and the Company&#146;s Australian and other offshore subsidiaries. G&amp;A
increased in the fourth quarter of 2014 compared to the comparable period in the
prior year by approximately $2.0 million to $10.0 million which included $1.1
million for Papillon head office costs. The Papillon office in Australia is
scheduled to close in March 2015.</P>
<P align=justify>In the fourth quarter of 2014, the Company made a decision not
to continue exploring the Trebol and adjacent properties in Nicaragua and gave
up its right to the exploration concession. As a result, the carrying value of
these properties was written down by $21.1 million.</P>
<P align=justify>The Company also recorded a provision of $13.5 million during
the fourth quarter of 2014 for input taxes which were assessed as
non-recoverable. The increase was due to the Company reassessing the
collectability of long outstanding balances. Of the total charge, $13.0 million
related to VAT balances acquired as part of the CGA acquisition. </P>
<P align=justify>The Company&#146;s fourth quarter of 2014 results included a
non-cash gain of $21.0 million on the convertible senior subordinated notes
compared to a non-cash gain of $14.2 million in the fourth quarter of 2013. The
convertible notes are measured at fair value on each financial reporting
period-end date with changes flowing through the statement of operations. </P>
<P align=justify>The Company also reported $4.2 million in write-downs of its
available-for-sale investments in the fourth quarter of 2014 compared to $2.1
million in the fourth quarter of 2013 due to continued decline in the market
values of the underlying securities. </P>
<P align=right>4</P>
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width="100%" noShade>
<!--$$/page=--><A name=page_5></A>
<P align=justify>During the fourth quarter of 2014, a deferred income tax
recovery of $109.6 million was recorded mostly in relation to the impairment of
the Masbate Mine long-lived assets. </P>
<P align=justify>For the fourth quarter of 2014, the Company generated a net
loss of $356.8 million ($(0.39) per share) compared to net income of $26.2
million ($0.04 per share) in the comparable period of 2013. Adjusted net (loss)
income (refer to &#147;<I>Non-IFRS Measures&#148;</I>) was $(8.4) million ($(0.01) per
share) compared to $0.6 million ($0.00 per share) in the fourth quarter of 2013.
Adjusted net loss in the fourth quarter of 2014 primarily excluded the non-cash
impairment of Masbate long-lived assets of $436.0 million, deferred income tax
recovery of $109.6 million, write-off of mineral property of $21.1 million and a
non-cash mark-to-market gain of $21.0 million relating to the overall change in
fair value of the Company&#146;s convertible senior subordinated notes. </P>
<P align=justify>Cash flow from operating activities was $38.6 million ($0.04
per share) in the fourth quarter of 2014 compared to $38.3 million ($0.06 per
share) in the fourth quarter of 2013. Cash flow from operations in the current
quarter marginally increased from the comparable period in 2013 due to a $14
million positive change in working capital offset by a lower gold revenue,
higher production costs and higher G&amp;A costs specifically resulting from
Papillon head office costs incurred during the quarter.</P>
<P align=justify>As at December 31, 2014, the Company remained in a strong
financial position with working capital of $175.0 million including unrestricted
cash and cash equivalents of $132.6 million.</P>
<P align=justify><B><I>Year-to-date results </I></B></P>
<P align=justify><I>Revenue </I></P>
<P align=justify>Gold revenue for the year ended December 31, 2014 was $486.6
million on sales of 386,219 ounces at an average realized price of $1,260 per
ounce compared to $544.3 million on sales of 380,895 ounces at an average price
of $1,429 per ounce in the comparable period of 2013. The 11% decrease in
revenue was mainly due to a 12% decrease in the average realized gold price
partially offset by a 1% increase in gold ounces sold. In addition, revenues for
the year ended December 31, 2013 also included the amortization of deferred
revenue totalling $37.4 million related to gold forward contracts acquired as
part of the CGA acquisition in January 2013. Amortization of the balance was
completed prior to the 2013 year-end. Gold revenue in 2013 also benefitted from
the sale of 20,811 ounces of the Masbate Mine&#146;s gold bullion inventory acquired
on January 16, 2013.</P>
<P align=justify>For the year December 31, 2014, the Masbate Mine accounted for
$234.0 million (2013 - $274.1 million which included a non-cash amount of $37.4
million described above) of gold revenue from the sale of 186,544 ounces (2013 &#150;
184,737 ounces), La Libertad Mine accounted for $189.6 million (2013 - $190.0
million) of gold revenue from the sale of 149,971 ounces (2013 &#150; 138,758 ounces)
while $63.0 million (2013 - $80.2 million) was contributed by the Limon Mine
from the sale of 49,704 ounces (2013 &#150; 57,400 ounces).</P>
<P align=justify><I>Production and operating costs </I></P>
<P align=justify>For the year ended December 31, 2014, consolidated gold
production totalled 384,003 ounces, 17,690 ounces higher than the comparable
period in 2013 but 17,385 ounces below budget. Production was higher than the
prior year as a result of higher production at the Masbate and La Libertad
Mines. Consolidated gold production for 2014 was temporarily affected by SAG
mill implementation issues at the Masbate Mine as well as continued installation
delays for a dewatering system at the Limon Mine. However, Masbate&#146;s new SAG
mill is now running consistently and the Masbate Mine finished the year with a
record fourth quarter gold production of 62,972 ounces, 15,815 ounces ahead of
budget. In addition, the installation of Limon&#146;s dewatering system was completed
in early November, allowing access to higher grade ore. The Limon Mine resumed
mining of the higher grade Santa Pancha 1 zone in December 2014. Refer to
<I>&#148;Review of mining operations and development projects&#148; </I>for mine specific
details. </P>
<P align=justify>Consolidated cash operating costs were $680 per ounce of gold
for 2014 which was in line with the prior year and budgeted cash costs. Refer to
<I>&#148;Review of mining operations and development projects&#148; </I>for mine specific
details and explanations of variances. All-in sustaining cash costs for the year
ended December 31, 2014 were $1,101 per ounce compared to $1,064 per ounce for
the year end December 31, 2013 (refer to <I>Non-IFRS Measures</I>). </P>
<P align=justify>During the year ended December 31, 2013, cost of sales included
a non-cash adjustment of $32.9 million related to the inventory portion of the
CGA purchase price adjustment. Masbate&#146;s gold bullion inventory and ore
stockpile inventory were increased by $32.9 million to reflect their fair values
on acquisition.</P>
<P align=right>5</P>
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<!--$$/page=--><A name=page_6></A>
<P align=justify><I>Depreciation and depletion </I></P>
<P align=justify>Depreciation and depletion expense, included in total cost of
sales, was $112.6 million for the year ended December 31, 2014 compared to $85.9
million in 2013. The increase in depreciation expense was mainly due to higher
gold sales and an increase in the average depreciation charge per ounce of gold
sold. The depreciation charge increased to $291 per ounce of gold sold during
the year ended December 31, 2014 from $235 per ounce of gold sold in the
comparative period (excluding ounces sold relating to gold inventory acquired as
part of the CGA acquisition). The increase in the average depreciation charge
per ounce of gold sold results from the sustaining capital expenditures and
deferred stripping costs capitalized to mineral interests in the latter part of
2013 which are subject to a full year of depreciation in 2014.</P>
<P align=justify><I>Impairment of goodwill and other long-lived assets</I></P>
<P align=justify>During the year ended December 31, 2014, the Company recorded
impairment charges totalling $734.4 million. The impairment charges consisted
mainly of a goodwill impairment charge of $202.1 million, Masbate Mine
long-lived assets impairment charge of $436.0 million and an investment in the
Gramalote joint venture impairment charge of $96.3 million (See <I>&#147;Critical
Accounting Estimates&#148;</I>). </P>
<P align=justify><I>Other</I></P>
<P align=justify>G&amp;A expenditures increased by $6.1 million to $38.0 million
during the year ended December 31, 2014 when compared to 2013. The G&amp;A
increase included approximately $1.1 million for Papillon Australia head office
costs, $1.4 million to the Santo Domingo (Jabali operations) and Volta offices,
$0.9 million in tax consulting fees, $1.9 million in salary and bonus costs,
including costs for new hires in 2014 and the remainder related mainly to
increased corporate growth and development activities.</P>
<P align=justify>During the year ended December 31, 2014, the Company made a
decision not to continue exploring the Trebol and adjacent properties and gave
up its right to the exploration concession. As a result, the carrying value of
these properties was written off in the amount of $21.5 million.</P>
<P align=justify>A provision of $16.3 million was recorded during the year ended
December 31, 2014 for input taxes which were assessed as non-recoverable
compared to $3.1 million in 2013. The increase was due to the Company
reassessing the collectability of long outstanding balances. Of the total charge
recorded, $13 million related to historical balances acquired as part of the CGA
acquisition.</P>
<P align=justify>The Company&#146;s results for the year ended December 31, 2013
included a $44.5 million gain on the sale of the Brucejack royalty. </P>
<P align=justify>The Company&#146;s results for the year ended December 31, 2014
included a non-cash fair value adjustment gain of $9.8 million on the
convertible senior subordinated notes compared to $22.8 million in 2013. The
convertible notes are measured at fair value on each financial reporting
period-end date with changes flowing through the statement of operations. </P>
<P align=justify>The Company also reported $5.7 million (net of capitalized
interest) in interest and financing expense during 2014 as compared with $5.6
million in 2013. During 2014, the Company capitalized interest costs on its
borrowings attributable to funds spent on Otjikoto in the amount of $13.7
million (2013 - $2.5 million). During the years ended December 31, 2014 and
2013, the Company made cash interest payments of $13.9 million and $2.9 million,
respectively. The higher cash interest payments in 2014 were due to the
commencement of cash interest payments for the senior notes in 2014. </P>
<P align=justify>Due to a significant further decline in the share prices of the
Company&#146;s available-for-sale equity investment in St. Augustine Gold and Copper
Ltd. and RTG Mining Limited during 2014, the Company recognized an impairment
loss of $7.2 million compared to $20.6 million in 2013. These investments were
acquired as part of the CGA acquisition in early 2013 and the Company still
retains the original shares acquired. </P>
<P align=justify>During the year ended December 31, 2014, a deferred income tax
recovery of $109.3 million was recorded mostly in relation to the impairment of
the Masbate Mine long-lived assets. </P>
<P align=right>6</P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<!--$$/page=--><A name=page_7></A>
<P align=justify>For the year ended December 31, 2014, the Company incurred a
net loss of $666.4 million ($(0.90) per share) compared to a net income of $67.3
million ($0.11 per share) in 2013. Adjusted net income (refer to &#147;<I>Non-IFRS
Measures&#148;</I>) was $6.7 million ($0.01 per share) compared to $59.0 million
($0.09 per share) in 2013. The most significant adjustment made to adjusted net
(loss) income was the exclusion of the non-cash impairment charge for goodwill
and other long-lived assets of $734.4 million, deferred income tax recovery of
$109.3 million, write-off of mineral property of $21.5 million, and non-cash
fair value adjustment of $9.8 million relating to the change in fair value of
the convertible notes. The 2013 adjusted earnings figure included the reversal
of $32.9 million of costs related to the acquisition of the Masbate Mine&#146;s
bullion inventory, as well as the $44.5 million gain realized from the sale of
the Company&#146;s Brucejack royalty. </P>
<P align=justify>Cash flow from operating activities was $113.7 million during
the year ended December 31, 2014 compared to $147.8 million during 2013. In the
first quarter of 2013, operating cash flows benefitted from the gold sales of
approximately $33 million for the Masbate Mine&#146;s gold product inventory acquired
on January 16, 2013. Excluding these, cashflows for operating activities were at
similar levels and reflect the continued strong performance of the Company&#146;s
operating mines even in a lower gold price environment. Overall, operating cash
flows reflect the decline in average realized gold prices and &#147;one-off&#148; type
expenditures (such as G&amp;A costs for Papillon&#146;s Australian head office,
scheduled to be closed in March 2015, and professional fees relating to the
Company&#146;s legal claim for the 2011 Masbate SAG mill failure) offset by a 7%
increase in the gold sales volume (excluding 20,811 ounces of gold acquired as
part of the CGA Merger). The realized gold price for 2014 was $1,260 per ounce
compared to a realized price of $1,429 per ounce in 2013.</P>
<P align=justify><B>REVIEW OF MINING OPERATIONS AND DEVELOPMENT PROJECTS</B></P>
<P align=justify><B><I>Masbate Mine &#150; Philippines </I></B></P>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD vAlign=bottom noWrap align=center>&nbsp; </TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="23%" colSpan=4 noWrap align=center><B>Three
      months ended</B> </TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="23%" colSpan=4 noWrap align=center><B>Year
      ended</B> </TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom noWrap align=center>&nbsp; </TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="23%" colSpan=4 noWrap align=center><B>December
      31</B> </TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="23%" colSpan=4 noWrap align=center><B>December
      31</B> </TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom noWrap align=center>&nbsp; </TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="23%" colSpan=4 noWrap
      align=center><B>(unaudited)</B> </TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="23%" colSpan=4 noWrap
      align=center><B>(unaudited)</B> </TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom noWrap align=center>&nbsp; </TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="10%" noWrap align=center><B><U>2014</U></B> </TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="10%" noWrap align=center><B><U>2013</U></B> </TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="10%" noWrap align=center><B><U>2014</U></B> </TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="10%" noWrap align=center><B><U>2013</U></B> </TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff vAlign=bottom align=left>Gold revenue ($ in thousands)
    </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%" align=right><B>68,608</B>
</TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%" align=right>64,989 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%" align=right><B>233,953</B>
    </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%" align=right>274,100 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Gold sold (ounces) </TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="10%" align=right><B>57,444</B> </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="10%" align=right>47,536 </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="10%" align=right><B>186,544</B> </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="10%" align=right>184,737 </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff vAlign=bottom align=left>Average realized gold price
      ($/ounce) </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%" align=right><B>1,194</B> </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%" align=right>1,367 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%" align=right><B>1,254</B> </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%" align=right>1,484 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Tonnes of ore milled </TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="10%" align=right><B>1,735,934</B> </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="10%" align=right>1,713,319 </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="10%" align=right><B>6,134,326</B> </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="10%" align=right>5,889,273 </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff vAlign=bottom align=left>Grade (grams/tonne) </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%" align=right><B>1.36</B> </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%" align=right>1.03 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%" align=right><B>1.17</B> </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%" align=right>1.07 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Recovery (%) </TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="10%" align=right><B>83.1</B> </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="10%" align=right>82.8 </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="10%" align=right><B>80.9</B> </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="10%" align=right>83.2 </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff vAlign=bottom align=left>Gold production (ounces) </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%" align=right><B>62,972</B>
</TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%" align=right>46,963 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%" align=right><B>186,195</B>
    </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%" align=right>169,396 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Cash operating costs<sup>(1)</sup> ($/ounce gold) </TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="10%" align=right><B>607</B> </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="10%" align=right>779 </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="10%" align=right><B>724</B> </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="10%" align=right>788 </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff vAlign=bottom align=left>Total cash costs<sup>(1)</sup> ($/ounce
    gold) </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%" align=right><B>649</B> </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%" align=right>822 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%" align=right><B>771</B> </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%" align=right>834 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Capital expenditures ($ in thousands) </TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="10%" align=right><B>7,390</B> </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="10%" align=right>10,498 </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="10%" align=right><B>39,889</B> </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="10%" align=right>31,344 </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff vAlign=bottom align=left>Exploration ($ in thousands)
    </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%" align=right><B>927</B> </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%" align=right>2,316 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%" align=right><B>4,081</B> </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%" align=right>8,422 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%"
  align=left>&nbsp;</TD></TR></TABLE>
<P align=justify><I><sup>(1) A cautionary note regarding non-IFRS measures is
included in the section titled &#147;Non-IFRS Measures.&#148;</sup></I></P>
<P align=justify>The Masbate Mine finished the year with a strong fourth quarter
in 2014, producing a quarterly record of 62,972 ounces of gold, approximately
34% (or almost 16,000 ounces) higher than both budget and production in the
fourth quarter of 2013. Masbate&#146;s new SAG mill which was installed as planned in
the second quarter of 2014 is now running and performing consistently. In the
fourth quarter of 2014, higher grade oxide material from the Colorado pit was
processed with mill feed of approximately 72% oxide and gold grades averaging
1.36 g/t. A higher proportion of oxide, with better grade (1.36 g/t vs 1.09 g/t
budget) resulted in better than budgeted recovery. </P>
<P align=right>7</P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<!--$$/page=--><A name=page_8></A>
<P align=justify>For the full-year 2014, the Masbate Mine produced 186,195
ounces of gold compared to 176,483 ounces produced in 2013 (including
non-attributable pre-acquisition production of 7,087 ounces). Annual gold
production from Masbate increased by approximately 6% in 2014 compared to 2013,
despite the fact that the Masbate SAG mill was shut down during change-out
throughout June 2014. As planned, Masbate&#146;s previous SAG mill was shut down and
replaced with a new SAG mill in the second quarter of 2014, from May 29th to
June 28th. Initially, the new SAG mill performed well, but later, as the
operators increased SAG mill loading in the third quarter, increased
temperatures were observed at the SAG mill discharge bearing. Maintenance crews
worked through a series of alignment exercises and cooling system modifications,
resulting in lower operating temperatures. However, delays during maintenance
affected throughput in the third quarter (1,578,000 tonnes compared to budget of
1,751,000 tonnes) and reduced loading affected gold recoveries (76.7% versus
81.4% budget), attributable to a coarser grind size. By the end of the third
quarter, the process plant was achieving designed throughput and running
consistently. In the fourth quarter of 2014, the new SAG mill operated at
reduced power consumption, but with good throughput because of the soft oxide
material being processed. In January 2015, the Company completed final
remediation works including a change of SAG mill bearings and installation of a
locking plate which secures pinion alignment. The SAG mill is now fully
operational. </P>
<P align=justify>Masbate&#146;s cash operating costs in the fourth quarter of 2014
were $607 per ounce, $160 per ounce lower than budget and $172 per ounce lower
than in the prior-year quarter. Cash operating costs per ounce were lower than
budget and the prior-year quarter due to significantly higher production during
the final quarter, resulting from higher throughput, recovery and grade. Costs
were also lower due to lower mining costs specifically fuel, drilling and
blasting, load/haul, and GET costs, power generation and reagents. Year-to-date,
Masbate&#146;s cash operating costs were $724 per ounce, compared to budget of $784
per ounce and $788 per ounce in the same period last year. Year-to-date cash
costs are lower due to lower total mining costs and stockpile adjustments. </P>
<P align=justify>Capital expenditures in the fourth quarter of 2014 totalled
$7.4 million which consisted mainly of construction of a water treatment plant
($1.1 million), land purchases ($0.8 million) and additions to mining equipment
($3.4 million including capital overhauls). Year-to-date capital expenditures
totalled $39.9 million which consisted mainly of the SAG mill change out ($7.8
million including purchase, installation and upgrades), expansion of the
tailings dam ($4.8 million), construction of a water treatment plant ($7.2
million), land acquisition costs ($1.4 million) and additions to mining
equipment ($12.5 million including capital overhauls). </P>
<P align=justify>Transition from contract mining to self-mining was completed in
the fourth quarter with maintenance functions being transferred to the Company
by year-end.</P>
<P align=justify>During the fourth quarter of 2014 and subsequent to the
year-end, the Company completed an updated metallurgical sampling and analysis
program as part of an expansion study for the Masbate Mine along with an updated
life-of-mine plan based on 2014 year end reserve and resource estimates. The
updated metallurgical study has resulted in 3% lower projected life of mine
recoveries due to a number of factors including an increase, at depth, in the
amount of sulphide ore type that has lower projected recoveries and the mining
out over the course of 2013 and 2014 of predominantly oxide ore, which has the
highest recoveries. </P>
<P align=justify>The lower projected recoveries, lower long-term gold price
assumption of $1,300 per ounce (as compared to a spot gold price of $1,676 per
ounce at the CGA acquisition date) and a decision not to proceed with Masbate
Mill expansion at this time impacted the current value of the Masbate Mine. As a
result, the Company recorded a net impairment charge of $305.2 million (pre-tax
$436.0 million less $130.8 million deferred tax recovery) at year end 2014 (See
<I>&#147;Critical Accounting Estimates&#148;</I>). </P>
<P align=justify>The Company is continuing to analyze the details of the
metallurgical study to determine how the Masbate Mine plan may be augmented to
mine the better recovery veins and avoid the lower recovery veins which will
improve overall forecast life-of-mine recoveries. In addition, the Masbate
exploration program is ongoing with a focus on exploring for additional oxide
and higher grade/better recovery sulphide ore. </P>
<P align=justify>The Company has determined not to proceed with a full expansion
of the Masbate mill at this time in order to focus its construction team and
resources on the development of the Fekola Project. Rather than a full expansion
of the Masbate Mill, the Company has elected to continue with a coarser grind
size in order to maintain the current level of throughput at Masbate and
maximize project economics. The Company will continue to review expansion case
options. Initial metallurgical results indicate that with a coarser grind size
project economics also improved if leach retention time is in excess of 24
hours. Tests to determine the optimum retention time are currently in progress.
As a result of test work to date, the Company will install additional leach
tanks in 2015 to increase leach retention time.</P>
<P align=right>8</P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<!--$$/page=--><A name=page_9></A>
<P align=justify>The Masbate Mine is projected to produce from 170,000 to
180,000 ounces of gold in 2015 at a cash operating cost of approximately $740 to
$775 per ounce. Cash operating costs are expected to decrease compared to the
2014 budget, mainly due to lower budgeted prices for consumables (fuel, cyanide
and grinding media material) and the change from contract mining to self-mining
in 2014.</P>
<P align=justify>In 2015, the Masbate Mine is budgeted to process an average of
17,800 tonnes of ore per day (for a total of approximately 6.5 million tonnes of
ore for the year) which reflects an optimal throughput level while maximizing
gold recoveries. Gold grades processed in 2015 are expected to average 1.13 g/t
gold and gold recoveries are anticipated to average 74.2%. Approximately 34% of
the mill feed is budgeted to contain oxide material (with higher gold
recoveries) from the Colorado pit.</P>
<P align=justify>Total budgeted 2015 capital costs at the Masbate Mine are $34.3
million with sustaining capital costs totalling $24.3 million, consisting of
capitalized stripping costs ($8.9 million), land purchases ($3.6 million) and
continued mine infrastructure development for low grade and waste placement
($4.3 million) with the balance being general mine infrastructure and equipment.
In addition, the Company has budgeted non-sustaining/development capital costs
of approximately $10 million in 2015 for additional leach tanks to optimize
retention time and related gold recoveries.</P>
<P align=justify>The Masbate exploration budget for 2015 is approximately $5.4
million including 13,100 meters of drilling. The program includes further
drilling in the Pajo area and in the Dabu underground target. </P>
<P align=justify>The Company notes with regret that a fatality involving arms
occurred on December 20, 2014, during an altercation between a security guard
(employee of Kublai Khan Security Services) and a long term employee of PGPRC.
The shooting victim was an employee at the processing plant. The incident is
under investigation by the Philippine National Police. </P>
<P align=justify>In an unrelated incident on February 11, 2015 two guards
belonging to the Kublai Khan Security Services were fatally shot at their guard
post. This incident is under active investigation by the Philippine National
Police and the Company is awaiting their findings in order to implement
appropriate additional safety measures. </P>
<P align=justify>At Masbate Gold Project the Company remains committed to work
with the National Government, Regional Government, KKSS (Security Services), and
local communities to prevent recurrence of such tragic events. These incidents
have prompted review and changes in security procedures and management,
including independent assessment programmed for first quarter of 2015. Masbate
Gold Project senior staff and B2Gold executives are in active ongoing dialogue
with the Philippine Mines and Geosciences Bureau with the intent to bring
together government, community and company to address this issue. The Mines and
Geosciences Bureau has indicated their support and participation for this
initiative.</P>
<P align=justify>On site, the safety performance of the Masbate project
continues to be good. The operation closed the year with a lost time accident
frequency of 0.11 (being the number of accidents per 200,000 man hours worked).
Safety programs and the B2Gold Health and Safety Management System are fully
implemented.</P>
<P align=right>9</P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<!--$$/page=--><A name=page_10></A>
<P align=justify><B><I>La Libertad Mine - Nicaragua</I></B></P>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD vAlign=bottom noWrap align=center>&nbsp; </TD>
    <TD vAlign=bottom  width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="23%" colSpan=4 noWrap align=center><B>Three
      months ended</B> </TD>
    <TD vAlign=bottom  width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="23%" colSpan=4 noWrap align=center><B>Year
      ended</B> </TD>
    <TD vAlign=bottom  width="2%" noWrap
align=center>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom noWrap align=center>&nbsp; </TD>
    <TD vAlign=bottom  width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="23%" colSpan=4 noWrap align=center><B>December
      31</B> </TD>
    <TD vAlign=bottom  width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="23%" colSpan=4 noWrap align=center><B>December
      31</B> </TD>
    <TD vAlign=bottom  width="2%" noWrap
align=center>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom noWrap align=center>&nbsp; </TD>
    <TD vAlign=bottom  width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="23%" colSpan=4 noWrap
      align=center><B>(unaudited)</B> </TD>
    <TD vAlign=bottom  width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="23%" colSpan=4 noWrap
      align=center><B>(unaudited)</B> </TD>
    <TD vAlign=bottom  width="2%" noWrap
align=center>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom noWrap align=center>&nbsp; </TD>
    <TD vAlign=bottom  width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="10%" noWrap align=center><B><U>2014</U></B> </TD>
    <TD vAlign=bottom  width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="10%" noWrap align=center><B><U>2013</U></B> </TD>
    <TD vAlign=bottom  width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="10%" noWrap align=center><B><U>2014</U></B> </TD>
    <TD vAlign=bottom  width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="10%" noWrap align=center><B><U>2013</U></B> </TD>
    <TD vAlign=bottom  width="2%" noWrap
align=center>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff vAlign=bottom align=left>Gold revenue ($ in thousands)
    </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%" align=right><B>40,853</B>
</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%" align=right>55,591 </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%" align=right><B>189,648</B>
    </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%" align=right>190,021 </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Gold sold (ounces) </TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="10%" align=right><B>34,264</B> </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="10%" align=right>44,649 </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="10%" align=right><B>149,971</B> </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="10%" align=right>138,758 </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff vAlign=bottom align=left>Average realized gold price
      ($/ounce) </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%" align=right><B>1,192</B> </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%" align=right>1,245 </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%" align=right><B>1,265</B> </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%" align=right>1,369 </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Tonnes of ore milled </TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="10%" align=right><B>547,477</B> </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="10%" align=right>522,846 </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="10%" align=right><B>2,190,937</B> </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="10%" align=right>2,014,838 </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff vAlign=bottom align=left>Grade (grams/ tonne) </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%" align=right><B>2.21</B> </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%" align=right>2.75 </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%" align=right><B>2.26</B> </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%" align=right>2.29 </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Recovery (%) </TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="10%" align=right><B>94.9</B> </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="10%" align=right>92.5 </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="10%" align=right><B>94.3</B> </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="10%" align=right>93.8 </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff vAlign=bottom align=left>Gold production (ounces) </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%" align=right><B>36,862</B>
</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%" align=right>42,709 </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%" align=right><B>149,763</B>
    </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%" align=right>138,726 </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Cash operating costs <sup>(1)</sup> ($/ounce gold) </TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="10%" align=right><B>634</B> </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="10%" align=right>495 </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="10%" align=right><B>572</B> </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="10%" align=right>563 </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff vAlign=bottom align=left>Total cash costs<sup>(1)</sup> ($/ounce
    gold) </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%" align=right><B>660</B> </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%" align=right>522 </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%" align=right><B>598</B> </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%" align=right>592 </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Capital expenditures ($ in thousands) </TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="10%" align=right><B>2,190</B> </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="10%" align=right>3,057 </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="10%" align=right><B>22,233</B> </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="10%" align=right>17,506 </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff vAlign=bottom align=left>Capital expenditures ($ in
      thousands) &#150; Jabali development </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%" align=left></TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%" align=right><B>2,252</B> </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%" align=left></TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%" align=left></TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%" align=right>3,211 </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%" align=left></TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%" align=left></TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%" align=right><B>6,130</B> </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%" align=left></TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%" align=left></TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%" align=right>14,514 </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
  align=left></TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Exploration ($ in thousands) &#150; including
      Jabali exploration </TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="10%" align=right><B>1,183</B> </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="10%" align=right>567 </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="10%" align=right><B>4,654</B> </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="10%" align=right>4,656 </TD>
    <TD vAlign=bottom  width="2%"
align=left>&nbsp;</TD></TR></TABLE>
<P align=justify><I><sup>(1) A cautionary note regarding non-IFRS measures is
included in the section titled &#147;Non-IFRS Measures.&#148;</sup></I></P>
<P align=justify>Fourth quarter gold production in 2014 from La Libertad Mine
was 36,862 ounces compared to 42,709 ounces in the fourth quarter of 2013. The
lower production resulted from the lower grade ore processed compared to 2013
which had higher grade ore from Crimea and Santa Maria pits. Total annual
production from La Libertad Mine in 2014 was a record 149,763 ounces of gold, at
the upper end of the Company&#146;s 2014 guidance range of 143,000 to 150,000 ounces,
and approximately 8% higher than in 2013. The main reasons for the improved
annual production at La Libertad in 2014 were higher throughput (2,190,937
tonnes of ore milled at a grade of 2.26 g/t compared to 2,014,838 tonnes at a
grade of 2.29 g/t in 2013) and better gold recoveries (94.3% compared to 93.8%
in 2013). </P>
<P align=justify>La Libertad&#146;s cash operating costs in the fourth quarter of
2014 were $634 per ounce, $113 per ounce higher than budget and $139 per ounce
higher than in the prior period due to lower production during the fourth
quarter, higher process maintenance costs, and higher mining costs associated
with material movement from Mojon Pit. Year-to-date, Libertad&#146;s cash operating
costs were $572 per ounce, more in line compared to budget of $557 per ounce and
compared to $563 per ounce in the same period last year. The increase of $15 per
ounce compared to budget is primarily attributable to additional waste movement
in Mojon Pit.</P>
<P align=justify>Total capital expenditures in the fourth quarter of 2014 were
$4.4 million, with the main capital items consisting of $0.7 million for
deferred stripping costs at the Jabali Central open pit and $1.5 million for
Jabali feasibility and development. Total capital expenditures during the year
ended December 31, 2014 totalled $28.4 million of which $11.7 million related to
deferred stripping, $6 million to the La Esperanza tailings construction and
$3.5 million for Jabali feasibility and development. The Tailings Dam Lift 4
construction has now been completed.</P>
<P align=justify>La Libertad Mine is projected to produce approximately 135,000
to 145,000 ounces of gold in 2015 at a cash operating cost of approximately $605
to $635 per ounce. Operating cash costs are expected to increase over 2014,
mainly due to the longer haul distance from the new Jabali Antena pit and
planned commencement of underground mining at the Mojon Central pit.</P>
<P align=right>10</P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<!--$$/page=--><A name=page_11></A>
<P align=justify>In 2015, La Libertad Mine is budgeted to process an average of
6,100 tonnes of ore per day for a total of approximately 2.2 million tonnes of
ore for the year at an average grade of 2.06 g/t gold. Gold recoveries are
anticipated to average 94% in 2015. Higher grade ore from the Jabali Central pit
and Jabali Antena pit together will form approximately 24% of the mill feed. In
subsequent years, the proportion of Jabali ore processed is planned to increase
to approximately 40%.</P>
<P align=justify>Total budgeted 2015 capital costs at La Libertad Mine are $36.6
million with sustaining capital costs totalling $23.9 million, consisting of
pre-stripping costs ($10.9 million), Stage 5 Tailings Pond expansion ($6.9
million), underground mine development ($2.7 million) and a new pumping station
and treatment plant ($1.4 million). In addition, the Company has budgeted
non-sustaining/development capital costs of approximately $12.7 million, mainly
for Jabali underground development ($4.9 million), power line installation ($1.8
million), land purchases ($1.7 million) and resettlement initiatives ($3.8
million).</P>
<P align=justify>The Libertad exploration budget for 2015 is approximately $5
million for a total of 13,100 metres of planned diamond drilling. The program
comprises largely of brownfields (near mine) drilling, including Jabali Antenna
East infill drilling, Mojon underground potential and other targets to be
developed. Regionally, the Libertad exploration program continues to generate
targets within the mineral claim area. </P>
<P align=right>11</P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<!--$$/page=--><A name=page_12></A>
<P align=justify><B><I>Limon Mine &#150; Nicaragua </I></B></P>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD vAlign=bottom noWrap align=center>&nbsp; </TD>
    <TD vAlign=bottom  width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="23%" colSpan=4 noWrap align=center><B>Three
      months ended</B> </TD>
    <TD vAlign=bottom  width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="23%" colSpan=4 noWrap align=center><B>Year
      ended</B> </TD>
    <TD vAlign=bottom  width="2%" noWrap
align=center>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom noWrap align=center>&nbsp; </TD>
    <TD vAlign=bottom  width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="23%" colSpan=4 noWrap align=center><B>December
      31</B> </TD>
    <TD vAlign=bottom  width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="23%" colSpan=4 noWrap align=center><B>December
      31</B> </TD>
    <TD vAlign=bottom  width="2%" noWrap
align=center>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom noWrap align=center>&nbsp; </TD>
    <TD vAlign=bottom  width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="23%" colSpan=4 noWrap
      align=center><B>(unaudited)</B> </TD>
    <TD vAlign=bottom  width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="23%" colSpan=4 noWrap
      align=center><B>(unaudited)</B> </TD>
    <TD vAlign=bottom  width="2%" noWrap
align=center>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom noWrap align=center>&nbsp; </TD>
    <TD vAlign=bottom  width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="10%" noWrap align=center><B><U>2014</U></B> </TD>
    <TD vAlign=bottom  width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="10%" noWrap align=center><B><U>2013</U></B> </TD>
    <TD vAlign=bottom  width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="10%" noWrap align=center><B><U>2014</U></B> </TD>
    <TD vAlign=bottom  width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="10%" noWrap align=center><B><U>2013</U></B> </TD>
    <TD vAlign=bottom  width="2%" noWrap
align=center>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff vAlign=bottom align=left>Gold revenue ($ in thousands)
    </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%" align=right><B>12,961</B>
</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%" align=right>17,474 </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%" align=right><B>63,023</B>
</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%" align=right>80,151 </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Gold sold (ounces) </TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="10%" align=right><B>10,904</B> </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="10%" align=right>14,000 </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="10%" align=right><B>49,704</B> </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="10%" align=right>57,400 </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff vAlign=bottom align=left>Average realized gold price
      ($/ounce) </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%" align=right><B>1,189</B> </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%" align=right>1,248 </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%" align=right><B>1,268</B> </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%" align=right>1,396 </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Tonnes of ore milled </TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="10%" align=right><B>126,262</B> </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="10%" align=right>119,487 </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="10%" align=right><B>482,065</B> </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="10%" align=right>445,001 </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff vAlign=bottom align=left>Grade (grams/tonne) </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%" align=right><B>3.18</B> </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%" align=right>4.53 </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%" align=right><B>3.38</B> </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%" align=right>4.46 </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Recovery (%) </TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="10%" align=right><B>92.9</B> </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="10%" align=right>91.4 </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="10%" align=right><B>91.6</B> </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="10%" align=right>91.4 </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff vAlign=bottom align=left>Gold production (ounces) </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%" align=right><B>11,970</B>
</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%" align=right>15,905 </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%" align=right><B>48,045</B>
</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%" align=right>58,191 </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Cash operating costs<sup>(1)</sup> ($/ounce) </TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="10%" align=right><B>886</B> </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="10%" align=right>608 </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="10%" align=right><B>844</B> </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="10%" align=right>652 </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff vAlign=bottom align=left>Total cash costs<sup>(1)</sup> ($/ounce)
    </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%" align=right><B>959</B> </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%" align=right>667 </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%" align=right><B>921</B> </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%" align=right>735 </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Capital expenditures ($ in thousands) </TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="10%" align=right><B>2,219</B> </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="10%" align=right>4,463 </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="10%" align=right><B>15,539</B> </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="10%" align=right>16,992 </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff vAlign=bottom align=left>Exploration ($ in thousands)
    </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%" align=right><B>732</B> </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%" align=right>610 </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%" align=right><B>4,163</B> </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%" align=right>4,072 </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD></TR></TABLE>
<P align=justify><I><sup>(1) A cautionary note regarding non-IFRS measures is
included in the section titled &#147;Non-IFRS Measures.&#148; </sup></I></P>
<P align=justify>Fourth quarter gold production in 2014 from the Limon Mine was
11,970 ounces compared to 15,905 ounces in the fourth quarter of 2013. For the
full-year 2014, the Limon open pit and underground mine produced 48,045 ounces
of gold compared to 58,191 ounces in 2013. In 2014, gold production at Limon was
affected by installation delays for a dewatering system at Santa Pancha 1,
impeding access to higher grade zones. The installation was successfully
completed in early November 2014 and access to Santa Pancha 1 recommenced in
December 2014. </P>
<P align=justify>Mill feed which had been budgeted to be 46% high grade material
from Santa Pancha 1 for 2014 was achieved with ore coming mainly from lower
grade zones at Santa Pancha 1 and surface sources. Therefore, gold grades
processed in the quarter were 3.18 g/t compared to a budget 4.65 g/t and 3.38
g/t compared to a budget 4.35 g/t for the year.</P>
<P align=justify>As a result of the lower production, Limon&#146;s cash operating
costs per ounce were higher at $886 per ounce in the fourth quarter of 2014,
compared to budget of $582 per ounce and $608 per ounce in the fourth quarter of
2013. Year-to-date, Limon&#146;s cash operating costs were $844 per ounce, compared
to budget of $662 per ounce and $652 per ounce in the same period last year.</P>
<P align=justify>Capital expenditures in the fourth quarter of 2014 totalled
$2.2 million which consisted mainly of underground development costs for Santa
Pancha ($0.6 million), deferred stripping costs ($0.9 million) and equipment
purchases ($0.6 million). Year-to-date capital expenditures totalled $15.5
million, consisting mainly of underground development costs for Santa Pancha
($3.9 million), deferred stripping costs ($3.7 million), equipment purchases
including underground production equipment and pumps ($5.6 million), and plant
initiatives including electrical upgrades ($2.3 million).</P>
<P align=justify>The Limon open pit and underground mine is projected to produce
approximately 55,000 to 65,000 ounces of gold in 2015 at a cash operating cost
of approximately $680 to $710 per ounce. Gold production in 2015 is expected to
increase by approximately 25% over 2014 production now that the dewatering
system is fully installed and functional at Santa Pancha 1. Higher grade
material from underground sources is expected to provide 82% of Limon&#146;s mill
feed in 2015.</P>
<P align=right>12</P>
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<P align=justify>For 2015, the Limon Mine is budgeted to process approximately
0.5 million tonnes of ore at an average grade of 4.12 g/t gold. Gold recoveries
are anticipated to average 92%. Mill feed will come predominantly from Santa
Pancha 1 and Santa Pancha 2 underground mines. </P>
<P align=justify>The Company plans to undertake sustaining capital expenditures
at the Limon Mine in 2015 totalling approximately $20.2 million. Sustaining
capital expenditures in 2015 include underground mine development ($7.8
million), tailings pond expansion and detox pond construction ($5.1 million),
mill equipment ($2.2 million), underground mine equipment ($1.7 million) and
additional pumping systems for extending underground mining areas in 2016 ($1.5
million).</P>
<P align=justify>The Limon exploration budget for 2015 is approximately $4.2
million for a total of 9,400 metres of planned diamond drilling. The program
largely comprises of brownfields (near mine) drilling, including #8 shaft infill
drilling, Veta Nueva area underground resource drilling and some blue-sky
potential to the west of the property. Regionally, the exploration teams
continue to follow up on extensions to the main vein systems and open pit
potential up-dip of previously mined vein targets. </P>
<P align=justify><B><I>Otjikoto Project - Namibia</I></B></P>
<P align=justify>Construction at the Otjikoto Mine was completed on budget and
ahead of schedule in early December 2014. Construction capital cost expenditures
incurred during the year ended December 31, 2014 totalled $160.4 million (2013 -
$167.3). Capital expenditures for the year ended December 31, 2014 for the
Otjikoto Mine also included $1.5 million (2013 &#150; nil) for plant expansion and
$11.2 million (2013 &#150; nil) for pre-commercial production operating costs. On
December 11, 2014, the Company announced the first gold pour at Otjikoto, one
week ahead of schedule. In December 2014, the Otjikoto mill processed 152,874
tonnes of ore compared to budget of 93,632 tonnes and produced 7,159 ounces of
gold compared to budget of 5,228 ounces. At December 31, 2014, approximately
623,000 tonnes of high grade ore had been stockpiled at a grade of 1.4 g/t.
Otjikoto continued its strong start-up performance in January and February with
total production in those months of 18,814, ounces exceeding budget by 1,683
ounces. On February 28, 2015, the Company determined that the Otjikoto Mine was
in the condition necessary for it to be capable of operating as intended by
management and therefore, achieved commercial production. For accounting
purposes, proceeds from gold sales and related production costs from the sale of
pre-commercial production up to February 28, 2015 will be credited to Otjikoto&#146;s
mineral property development costs. </P>
<P align=justify>For 2015, the Otjikoto Gold Mine in Namibia is expected to
produce between 140,000 to 150,000 ounces of gold (including pre-commercial
production) at a cash operating cost in the $500 to $525 per ounce range. All
ore in 2015 will come from the existing Otjikoto pit. Once the planned mill
expansion is completed in the third quarter of 2015, the Company expects that
annual gold production from the main Otjikoto pit will increase significantly to
approximately 200,000 ounces in 2016 and 2017. Commencing in late 2016,
Otjikoto&#146;s gold production is also expected to be enhanced by the development of
its Wolfshag zone, adjacent to the main Otjikoto pit.</P>
<P align=justify>On January 20, 2015, the Company announced a significantly
higher grade updated gold mineral resource estimate for the Wolfshag zone. The
updated inferred mineral resource contains 675,000 ounces of gold within 2.581
million tonnes grading 8.14 g/t gold utilizing a 3 g/t cut-off. This inferred
resource is below a pit shell containing an additional 1.035 million tonnes at
2.81 g/t gold (93,000 ounces gold) in the indicated resource category. The
previously released initial inferred resource estimate for the Wolfshag zone was
6.8 million tonnes at 3.2 g/t gold containing 703,000 ounces of gold. The
Company expects to complete an updated mine plan by the end of 2015 which will
incorporate open pit and underground mining at Wolfshag into the Otjikoto Mine
Plan.</P>
<P align=justify>In 2015, sustaining capital costs for Otjikoto are planned to
total $2.8 million. In addition, Otjikoto&#146;s non-sustaining/development capital
costs are budgeted to total $30 million in 2015, including $15 million for the
mill expansion and $7.6 million for Phase 2 pre-stripping at the Otjikoto pit.
Otjikoto&#146;s planned mill expansion is designed to increase the 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. The expansion work commenced in December 2014 and is
anticipated to be completed in August 2015.</P>
<P align=justify>The 2015 exploration program around Otjikoto will include
18,700 meters in drilling to further test and infill the down plunge extension
of the Wolfshag resource and to commence testing the down plunge higher grade
shoots at Otjikoto. The total exploration budget in 2015 is $5.7 million. </P>
<P align=right>13</P>
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<P align=justify><B><I>Fekola Project - Mali </I></B></P>
<P align=justify>On October 3, 2014, the Company completed the scheme of
arrangement by which B2Gold acquired all of the issued ordinary shares of
Papillon. When the transaction was completed, the Company indirectly owned 90%
of Songhoi Resources SARL (&#147;Songhoi&#148;), the Malian holding company for the Fekola
Project. The remaining 10% non-controlling interest was held by a local Malian
company. The Company is the operator of the Fekola Project.</P>
<P align=justify>The Fekola Project is located within the Kayes Region, in
southwestern Mali, on the western border of Mali. A 75 km<sup>2</sup> mining lease (the
M&#233;dinandi Exploitation License) was granted to Songhoi for the Fekola Project on
February 13, 2014, under permit number 0070/PM-RM. The exploitation license is
current for a 30-year term, expiring February 2044. A 3% royalty (mining tax) is
payable to the Malian government. There is an additional 3% tax on the sales of
gold.</P>
<P align=justify>All of the surface rights in the Fekola Project area are under
the ownership of the Republic of Mali and have not been registered to any
private entity. There are a number of small villages in the exploitation license
area, but there are currently no inhabitants in a &#147;no-go&#148; zone, which is the
area required for mining operations, infrastructure and a 500 m buffer zone
around the active blasting area. Previous farmers and other inhabitants have
been re-located and compensation has been paid.</P>
<P align=justify>In January 2015, the Company purchased the local Malian
company&#146;s 10% non-controlling interest in Songhoi. The purchase price consisted
of $21.2 million in cash and common shares to be paid over three instalments and
the grant of a 1.65% net smelter returns royalty of the Fekola project after
deducting costs for smelting, refining and government fees. In connection with
the purchase, the existing legal proceedings between the non-controlling
interest shareholder and Papillon were terminated. </P>
<P align=justify>Upon the grant of an exploitation license, the holder of the
exploitation license must take steps to create an exploitation company
incorporated under the laws of Mali (the &#147;Exploitation Company&#148;). Upon the
transfer of the M&#233;dinandi Exploitation License to the Exploitation Company, the
Company must contribute a 10% free-carried interest to the Government of Mali so
that the new Malian company shareholding will be distributed as follows: 90% for
the Company and 10% for the Government of Mali. The Government of Mali also has
the option to purchase an additional 10% participating interest in the
Exploitation Company. Creation of the Exploitation Company and finalization of
the Malian Government&#146;s participating interest is expected to be completed by
June 2015. Based on current assumptions, the Fekola Project has the potential to
increase the Company&#146;s annual gold production by approximately 300,000 ounces
per year.</P>
<P align=justify>Initial construction activities at Fekola began in February
2015 led by core team members of the Otjikoto construction team. Early works
include the assessment of construction equipment needs, purchasing and
mobilization of required equipment and materials, hiring of local contractors
and mobilization of key personnel. Current early works construction include:
improving existing access road between Kenieba and the site, construction of a
new site access road, stockpiling of sand and gravel, construction of an on-site
airstrip designed to allow personnel to fly directly in and out of site,
commencement of camp construction and commencement of excavations within the
mill footprint. The goal is to complete the critical tasks prior to the rainy
season so construction work can continue uninterrupted through all seasons. </P>
<P align=justify>The Company is also assessing and optimizing the preliminary
economic assessment work previously completed by Papillon. This includes:
completion of a new metallurgical testing program, reviewing the optimal grind
size and throughput rate, optimal size and configuration of the mills, assessing
the mine plan and potential use of mine contractors, reviewing Health, Safety
and Environmental controls, power alternatives and general site layout
configurations. Upon completion of these assessments, the Company plans to
release an updated mineral resource estimate and final feasibility study for the
Fekola Project by mid-2015. Based on current assumptions, the Company believes
that Fekola could be complete and in the commissioning phase by as early as the
fourth quarter of 2017.</P>
<P align=justify>The 2015 exploration program in Mali will include 17,200 meters
of drilling at Fekola and targets around Fekola. In addition, other properties
included in the Papillon acquisition will also be evaluated including 2,100
meters of drilling in Mali South. The total exploration budget for 2015 will be
$5.6 million. </P>
<P align=justify><I>ZTS Claim Dismissal </I></P>
<P align=justify>On April 7, 2014, a local Malian company owning 10% of Songhoi
filed a claim against Papillon before the Commercial Court of Bamako seeking to
claim an additional shareholding in Songhoi. As discussed above, in connection
with the purchase of the 10% interest in Songhoi owned by the Malian company,
the legal claims were terminated. </P>
<P align=right>14</P>
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<P align=justify><B><I>Gramalote Project - Colombia</I></B><B> </B></P>
<P align=justify>On March 12, 2014, the Company announced positive results from
the PEA for the Gramalote gold project in Colombia. The &#147;<I>NI 43-101
Preliminary Economic Assessment, Gramalote Project, Northwest Colombia</I>&#148; was
published on March 31, 2014. The Gramalote property is a joint venture in which
B2Gold holds a 49% interest and AngloGold Ashanti a 51% interest. Gramalote is
located 230 kilometres northwest of Bogota and 80 kilometres northeast of
Medellin in central Colombia.</P>
<P align=justify>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, $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. The PEA is preliminary in nature and includes
inferred mineral resources that are considered too speculative geologically to
have the economic considerations applied to them that would enable them to be
categorized as mineral reserves, and there is no certainty that the PEA based on
these mineral resources will be realized. Mineral resources that are not mineral
reserves do not have demonstrated economic viability. </P>
<P align=justify>At September 30, 2014, the prolonged decline of the long-term
gold price was considered to be an impairment indicator. The Company revised its
long-term gold price to $1,300 per ounce of gold resulting in a $96.3 million
impairment of its investment in Gramalote (See <I>&#147;Critical Accounting
Estimates&#148;</I>). </P>
<P align=justify>The Programa de Trabajos y Obras de Exploitation (&#147;PTO&#148;) was
submitted to the government of Antioquia on February 4, 2015. The PTO defines
the program of work and labor and provides the operational and technical details
for the exploitation of the Gramalote Project. On February 11, 2015, the
Environmental Impact Assessment (&#147;EIA&#148;) was formally submitted to the Colombian
regulatory agencies. Both studies are under review. </P>
<P align=justify>A budget of $24.3 million ($11.9 million for the Company&#146;s 49%
interest) has been approved for 2015. Major budget items include $8.7 million
for committed land payments, $7.4 million for community support and government
relations, $3.1 million for project administration and $1.6 million for drilling
to keep the tenements current. The remaining $3.5 million is for site
operations, security, safety and health, environmental monitoring, the EIA
process and a small metallurgical test program. The main goal for 2015 is to
obtain permit approvals for the EIA and PTO. </P>
<P align=justify><B><I>Kiaka Project &#150; Burkina Faso</I></B></P>
<P align=justify>The Company owns an effective 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 the 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>A permitting study to advance the Kiaka Project to an
exploitation licence was completed and submitted to the Ministry of Mines and
Energy in Burkina Faso on March 13, 2014. The permitting study is based on
processing 6 million tonnes per annum of higher grade ore at the plant while the
lower grade ore is stockpiled, and uses a smaller pit that resulted in an
improved ore to waste ratio. The Company has completed public consultation and
other requirements and is now awaiting decisions and approvals by government
agencies of applications for environmental and exploitation permits.</P>
<P align=justify>The 2015 development budget for Kiaka is $3.3 million, mainly
for advancing the permitting study and Kiaka exploration licence to an
exploitation licence, as well as advancing the Company&#146;s feasibility level study
for Kiaka based on optimized throughput rates (including additional
metallurgical programs). The advanced feasibility level study is expected to be
completed by the end of 2015. </P>
<P align=right>15</P>
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<P align=justify>Recent political unrest in Burkina Faso has resulted in
President Blaise Compaore leaving the country and the military assuming
temporary control until a transitional government was put in place with the
assistance of international organizations such as the African Union, European
Union and United Nations. The transitional government will remain in place until
new democratic elections scheduled for later in 2015 can be held. The Company
has not experienced any material problems as a result of this event, and
operations are normal at the Ouagadougou office and the Kiaka Project site. The
Company continues to monitor the situation. </P>
<P align=justify><B><I>Bellavista Property &#150; Costa Rica </I></B><B></B></P>
<P align=justify>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. On December 23, 2014 the Optionee exercised the option. The sale was
completed on January 15, 2015 when the Optionee acquired control and acquired
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 for
proceeds of $1 million in cash and a 2% net smelter returns royalty on the sale
of minerals produced from the Bellavista project.</P>
<P align=justify><B><I>West Africa Health Update</I></B></P>
<P align=justify>On January 18, 2015, the Malian government and the United
Nations declared Mali free of Ebola after 42 days without any new cases of the
Ebola virus. However, the Company remains committed to taking all appropriate
precautionary measures to safeguard against the spread of Ebola. The Company has
developed internal guidelines and policies &#147;Ebola Virus Alert, Preparedness and
Response Guidelines&#148; (&#147;Guidelines&#148;) that describe the measures to be implemented
at its operations/sites. These Guidelines include requirements for internal and
external communication; training and preparedness; worker, contractor, and
visitor past travel and site screening; hygiene; personal protective equipment;
local and regional health monitoring; patient isolation; and escalation of
mitigation measures among others. These Guidelines are currently being
implemented at all of the Company&#146;s operations/sites worldwide. In addition, the
Company is continuously reviewing its measures and preparedness with respect to
changes in the spread of the Ebola virus to ensure that it continues to protect
the health and safety of its workers and its operations.</P>
<P align=justify><B>LIQUIDITY AND CAPITAL RESOURCES </B></P>
<P align=justify>At December 31, 2014 the Company had cash and cash equivalents
of $132.6 million compared to cash and cash equivalents of $252.7 million at
December 31, 2013. Working capital at December 31, 2014 was $175.0 million
compared to working capital of $275.7 million at December 31, 2013. The decrease
in cash and cash equivalents is as expected and was due primarily to the
Company&#146;s investment activities, most significantly the Otjikoto Mine
construction and mobile equipment expenditures of $173.2 million in the year
which included $11.2 million of pre-commercial production product inventory
costs and $1.5 million of expansion costs. Other capital expenditures in the
year totalled $138.5 million. Papillon acquisition costs of $14.9 million were
paid during the year. These expenditures were partially offset by $32.2 million
of cash acquired on the acquisition of Papillon, $56.3 million from financing
activities and $113.7 million from operating activities.</P>
<P align=justify>Cash flow from operating activities was $113.7 million during
the year ended December 31, 2014 compared to $147.8 million during 2013. In the
first quarter of 2013, operating cash flows benefitted from the gold sales of
approximately $33 million for the Masbate Mine&#146;s gold product inventory acquired
on January 16, 2013. Excluding these, cashflows for operating activities were at
similar levels and reflect the continued strong performance of the Company&#146;s
operating mines even in a lower gold price environment. Overall, operating cash
flows reflects the decline in average realized gold prices and &#147;one-off&#148; type
expenditures (such as G&amp;A costs for Papillon&#146;s Australian head office,
scheduled to be closed in March 2015, and professional fees relating to the
Company&#146;s legal claim for the 2011 Masbate SAG mill failure) offset by a 7%
increase in the gold sales volume (excluding 20,811 ounces of gold acquired as
part of the CGA Merger). The realized gold price for 2014 was $1,260 per ounce
compared to a realized price of $1,429 per ounce in 2013.</P>
<P align=justify>For the year ended December 31, 2014, resource property
expenditures totalled $311.7 million with the most significant component being
Otjikoto Mine construction costs of $173.2 million in the year, which included
$11.2 million of pre-commercial production product inventory costs and $1.5
million of expansion costs. Initial mine construction at the Otjikoto Project
was completed ahead of schedule and on budget in the fourth quarter of 2014 and
commercial production was achieved ahead of schedule on February 28, 2015.</P>
<P align=right>16</P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<!--$$/page=--><A name=page_17></A>
<P align=justify>For 2015, the Company has budgeted total capital expenditures
at the Masbate Mine of approximately $34.3 million, $32.8 million at the
Otjikoto Mine, $36.7 million at the Libertad Mine and $20.2 million at the Limon
Mine. The 2015 initial construction works budget for the Fekola Project is $32.0
million including $4 million for the completion of a feasibility study by June
2015. Additional guidance as to the anticipated costs and timing of Fekola
development expenditures will be provided once the final feasibility study is
completed and the scale of the Fekola Project is determined. The Company&#146;s total
2015 exploration budget is approximately $34.0 million. </P>
<P align=justify>The following table summarizes the Company&#146;s contractual
obligations as at December 31, 2014: </P>
<DIV>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD vAlign=bottom align=left >&nbsp; </TD>
    <TD vAlign=bottom width="29%" noWrap align=left >&nbsp; </TD>
    <TD vAlign=bottom width="1%" noWrap align=left>&nbsp;</TD>
    <TD vAlign=bottom width="8%" noWrap align=center><B><I>2015</I></B> </TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="8%" noWrap align=center><B><I>2016</I></B> </TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="8%" noWrap align=center><B><I>2017</I></B> </TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="8%" noWrap align=center><B><I>2018</I></B> </TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="8%" noWrap align=center><B><I>2019</I></B> </TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="8%" noWrap align=center><B><I>Total</I></B> </TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left >&nbsp; </TD>
    <TD vAlign=bottom width="29%" align=left >&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="8%"
    align=center><B><I>$</I></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="2%"
    align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="1%"
    align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="8%"
    align=center><B><I>$</I></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="2%"
    align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="1%"
    align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="8%"
    align=center><B><I>$</I></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="2%"
    align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="1%"
    align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="8%"
    align=center><B><I>$</I></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="2%"
    align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="1%"
    align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="8%"
    align=center><B><I>$</I></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="2%"
    align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="1%"
    align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="8%"
    align=center><B><I>$</I></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="2%"
    align=left>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom >&nbsp; </TD>
    <TD vAlign=bottom width="29%" >&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>
    <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 bgColor=#e6efff vAlign=bottom colSpan=2 align=left
      >Accounts payable and accrued liabilities </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="8%" align=right>53,055 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="8%" align=right>- </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="8%" align=right>- </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="8%" align=right>- </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="8%" align=right>- </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="8%" align=right>53,055 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom colSpan=2 align=left >Derivative
      liabilities </TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="8%" align=right>2,406 </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="8%" align=right>694 </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="8%" align=right>- </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="8%" align=right>- </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="8%" align=right>- </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="8%" align=right>3,100 </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff vAlign=bottom colSpan=2 align=left
      >Convertible senior subordinated notes: </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="8%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="8%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="8%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="8%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="8%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="8%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left >&nbsp; &nbsp; &nbsp;- </TD>
    <TD vAlign=bottom width="29%" align=right >
      <P align=justify>Principal </P></TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="8%" align=right>- </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="8%" align=right>- </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="8%" align=right>- </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="8%" align=right>258,750 </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="8%" align=right>- </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="8%" align=right>258,750 </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff vAlign=bottom align=left >&nbsp; &nbsp;
      &nbsp;- </TD>
    <TD bgColor=#e6efff vAlign=bottom width="29%" align=right >
      <P align=justify>Interest </P></TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="8%" align=right>8,409 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="8%" align=right>8,409 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="8%" align=right>8,409 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="8%" align=right>8,409 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="8%" align=right>- </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="8%" align=right>33,636 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom colSpan=2 align=left >Revolving corporate
      credit facility: </TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="8%" align=left>&nbsp; </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="8%" align=left>&nbsp; </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="8%" align=left>&nbsp; </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="8%" align=left>&nbsp; </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="8%" align=left>&nbsp; </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="8%" align=left>&nbsp; </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff vAlign=bottom align=left >&nbsp; &nbsp;
      &nbsp;- </TD>
    <TD bgColor=#e6efff vAlign=bottom width="29%" align=right >
      <P align=justify>Principal </P></TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="8%" align=right>- </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="8%" align=right>- </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="8%" align=right>125,000 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="8%" align=right>- </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="8%" align=right>- </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="8%" align=right>125,000 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left >&nbsp; &nbsp; &nbsp;- </TD>
    <TD vAlign=bottom width="29%" align=right >
      <P align=justify>Interest &amp; commitment fees (estimated) </P></TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="8%" align=right>4,945 </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="8%" align=right>4,945 </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="8%" align=right>1,236 </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="8%" align=right>- </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="8%" align=right>- </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="8%" align=right>11,126 </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff vAlign=bottom colSpan=2 align=left
      >Otjikoto equipment loan facility: </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="8%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="8%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="8%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="8%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="8%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="8%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left >&nbsp; &nbsp; &nbsp;- </TD>
    <TD vAlign=bottom width="29%" align=right >
      <P align=justify>Principal </P></TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="8%" align=right>6,089 </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="8%" align=right>6,089 </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="8%" align=right>6,089 </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="8%" align=right>6,044 </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="8%" align=right>640 </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="8%" align=right>24,951 </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff vAlign=bottom align=left >&nbsp; &nbsp;
      &nbsp;- </TD>
    <TD bgColor=#e6efff vAlign=bottom width="29%" align=right >
      <P align=justify>Interest (estimated) </P></TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="8%" align=right>928 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="8%" align=right>679 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="8%" align=right>430 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="8%" align=right>182 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="8%" align=right>9 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="8%" align=right>2,228 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom colSpan=2 align=left >Libertad equipment
      loan: </TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="8%" align=left>&nbsp; </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="8%" align=left>&nbsp; </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="8%" align=left>&nbsp; </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="8%" align=left>&nbsp; </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="8%" align=left>&nbsp; </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="8%" align=left>&nbsp; </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff vAlign=bottom align=left >&nbsp; &nbsp;
      &nbsp;- </TD>
    <TD bgColor=#e6efff vAlign=bottom width="29%" align=right >
      <P align=justify>Principal </P></TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="8%" align=right>1,132 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="8%" align=right>1,180 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="8%" align=right>1,231 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="8%" align=right>720 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="8%" align=right>196 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="8%" align=right>4,459 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left >&nbsp; &nbsp; &nbsp;- </TD>
    <TD vAlign=bottom width="29%" align=right >
      <P align=justify>Interest (estimated) </P></TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="8%" align=right>173 </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="8%" align=right>124 </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="8%" align=right>72 </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="8%" align=right>24 </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="8%" align=right>2 </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="8%" align=right>395 </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff vAlign=bottom colSpan=2 align=left
      >Capital expenditure commitments </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="8%" align=right>13,100 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="8%" align=right>1,100 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="8%" align=right>- </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="8%" align=right>- </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="8%" align=right>- </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="8%" align=right>14,200 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom colSpan=2 align=left >Mine restoration
      provision </TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="8%" align=right>1,069 </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="8%" align=right>1,027 </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="8%" align=right>- </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="8%" align=right>- </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="8%" align=right>- </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="8%" align=right>2,096 </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff vAlign=bottom colSpan=2 align=left
      >Employee future benefits </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="8%" align=right>1,130 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="8%" align=right>66 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="8%" align=right>67 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="8%" align=right>96 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="8%" align=right>176 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="8%" align=right>1,535 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="2%" align=left>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom >&nbsp; </TD>
    <TD vAlign=bottom width="29%" >&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>
    <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 bgColor=#e6efff vAlign=bottom align=left >&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom width="29%" align=left
      >&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#e6efff vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#e6efff vAlign=bottom
    width="8%" align=right>92,436 </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#e6efff vAlign=bottom
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#e6efff vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#e6efff vAlign=bottom
    width="8%" align=right>24,313 </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#e6efff vAlign=bottom
    width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left vAlign=bottom bgColor=#e6efff style="BORDER-BOTTOM: #000000 3px double">&nbsp;</TD>
    <TD width="8%" align=right vAlign=bottom bgColor=#e6efff style="BORDER-BOTTOM: #000000 3px double">142,534 </TD>
    <TD width="2%" align=left vAlign=bottom bgColor=#e6efff style="BORDER-BOTTOM: #000000 3px double">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#e6efff vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#e6efff vAlign=bottom
    width="8%" align=right>274,225 </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#e6efff vAlign=bottom
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#e6efff vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#e6efff vAlign=bottom
    width="8%" align=right>1,023 </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#e6efff vAlign=bottom
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#e6efff vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#e6efff vAlign=bottom
    width="8%" align=right>534,531 </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#e6efff vAlign=bottom
    width="2%" align=left>&nbsp;</TD>
  </TR></TABLE></DIV>
<P align=justify>As at December 31, 2014, the Company had utilized $125 million
of its Senior Credit Facility, leaving $75 million available. The Company also
has $10.4 million available to draw on its Otjikoto equipment loan facility,
based on year-end foreign exchange rates. The Company is required to maintain a
deposit in a debt service reserve account ("DSRA") on the Otjikoto equipment
loan equal at all times to the total of the principal, interest and other
payments that become payable over the next six month period. As at December 31,
2014, the balance in the DSRA increased to $3.6 million as a result of the
additional amounts drawn during the three quarters of 2014.</P>
<P align=justify>The Company expects that it will be able to complete its
current budgeted 2015 capital and exploration expenditures and to meet its 2015
contractual obligations by using its mine operating cashflows, existing cash
position and its available credit facilities.</P>
<P align=justify>The Otjikoto Mine start-up has been very successful and
Otjikoto is forecast to be the Company&#146;s lowest cost producer in 2015. In
addition, with the expansion of the Otjikoto mill capacity to 3 million tonnes
per annum by the end of 2015, the Company&#146;s operating cashflows are expected to
significantly increase in 2016. The Company is currently in discussions with its
lenders and other commercial banks to increase the term and amount of its
current revolving credit facility from $200 million to approximately $400
million. Based on current assumptions, the Company expects that the planned
increase in the revolving credit facility, coupled with the Company&#146;s projected
strong operating cashflows, will be sufficient to fund anticipated Fekola
construction costs.</P>
<P align=justify>In light of the current decline in the gold price, the Company
continues to take steps at its operations and head office to preserve capital
through cost reduction measures and review of the timing and extent of capital
expenditures. </P>
<P align=right>17</P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<!--$$/page=--><A name=page_18></A>
<P align=justify><B><I>Derivative financial instruments</I></B></P>
<P align=justify>In previous years, the Company 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. During the year ended December 31, 2014, all of the Company&#146;s forward
currency contracts expired.</P>
<P 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.</P>
<P align=justify>For the year ended December 31, 2014, the Company&#146;s gold
collars had an estimated fair value of $0.5 million. The following is a summary,
by maturity dates, of the Company&#146;s gold collar contracts outstanding as at
December 31, 2014: </P>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp; </TD>
    <TD vAlign=bottom width="25%" noWrap align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="1%" noWrap
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="11%"
    noWrap align=center><B><I>2015</I></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="2%" noWrap
    align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="1%" noWrap
    align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="11%"
    noWrap align=center><B><I>2016</I></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="2%" noWrap
    align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="1%" noWrap
    align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="11%"
    noWrap align=center><B><I>2017</I></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="2%" noWrap
    align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="1%" noWrap
    align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="11%"
    noWrap align=center><B><I>2018</I></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="2%" noWrap
    align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="1%" noWrap
    align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="11%"
    noWrap align=center><B><I>Total</I></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="2%" noWrap
    align=left>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom>&nbsp; </TD>
    <TD vAlign=bottom width="25%">&nbsp; </TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="11%" align=center>&nbsp; </TD>
    <TD vAlign=bottom width="2%" align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=center>&nbsp;</TD>
    <TD vAlign=bottom width="11%" align=center>&nbsp; </TD>
    <TD vAlign=bottom width="2%" align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=center>&nbsp;</TD>
    <TD vAlign=bottom width="11%" align=center>&nbsp; </TD>
    <TD vAlign=bottom width="2%" align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=center>&nbsp;</TD>
    <TD vAlign=bottom width="11%" align=center>&nbsp; </TD>
    <TD vAlign=bottom width="2%" align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=center>&nbsp;</TD>
    <TD vAlign=bottom width="11%" align=center>&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom>&nbsp; </TD>
    <TD vAlign=bottom width="25%">&nbsp; </TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="11%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="11%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="11%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="11%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="11%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom colSpan=2 align=left>Gold zero-cost collars: </TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="11%" align=left>&nbsp; </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="11%" align=left>&nbsp; </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="11%" align=left>&nbsp; </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="11%" align=left>&nbsp; </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="11%" align=left>&nbsp; </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff vAlign=bottom align=left>&nbsp; &nbsp; &nbsp; &nbsp;-
    </TD>
    <TD bgColor=#e6efff vAlign=bottom width="25%" align=right>
      <P align=justify>Floor amount (ounces) </P></TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="11%" align=right>10,200 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="11%" align=right>10,200 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="11%" align=right>10,200 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="11%" align=right>1,400 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="11%" align=right>32,000 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp; &nbsp; &nbsp; &nbsp;- </TD>
    <TD vAlign=bottom width="25%" align=right>
      <P align=justify>Average floor price </P></TD>
    <TD vAlign=bottom width="1%" align=left>$</TD>
    <TD vAlign=bottom width="11%" align=right>&nbsp;1,000 </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>$</TD>
    <TD vAlign=bottom width="11%" align=right>&nbsp;1,000 </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>$</TD>
    <TD vAlign=bottom width="11%" align=right>&nbsp;1,000 </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>$</TD>
    <TD vAlign=bottom width="11%" align=right>&nbsp;1,000 </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>$</TD>
    <TD vAlign=bottom width="11%" align=right>&nbsp;1,000 </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR>
    <TD bgColor=#e6efff vAlign=bottom>&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom width="25%">
      <P align=justify></P></TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="11%">&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="11%">&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="11%">&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="11%">&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="11%">&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp; &nbsp; &nbsp; &nbsp;- </TD>
    <TD vAlign=bottom width="25%" align=right>
      <P align=justify>Ceiling amount (ounces) </P></TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="11%" align=right>18,300 </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="11%" align=right>18,300 </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="11%" align=right>18,300 </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="11%" align=right>2,100 </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="11%" align=right>57,000 </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff vAlign=bottom align=left>&nbsp; &nbsp; &nbsp; &nbsp;-
    </TD>
    <TD bgColor=#e6efff vAlign=bottom width="25%" align=right>
      <P align=justify>Average ceiling price </P></TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>$</TD>
    <TD bgColor=#e6efff vAlign=bottom width="11%" align=right>&nbsp;1,721 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>$</TD>
    <TD bgColor=#e6efff vAlign=bottom width="11%" align=right>&nbsp;1,721 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>$</TD>
    <TD bgColor=#e6efff vAlign=bottom width="11%" align=right>&nbsp;1,721 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>$</TD>
    <TD bgColor=#e6efff vAlign=bottom width="11%" align=right>&nbsp;1,700 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>$</TD>
    <TD bgColor=#e6efff vAlign=bottom width="11%" align=right>&nbsp;1,721 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%"
  align=left>&nbsp;</TD></TR></TABLE>
<P align=justify>In the fourth quarter of 2014 the Company entered into a series
of forward contracts for the purchase of fuel oil, gas oil and diesel with
settlements scheduled between January 2015 and January 2017. These derivative
instruments were not designated as hedges by the Company and are being 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.</P>
<P align=justify>For the year ended December 31, 2014, the Company&#146;s fuel
forwards has an estimated fair value of $(3.1) million. At December 31, 2014,
the Company had the following fuel forwards outstanding: </P>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD width="35%" align=left >&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="12%"
    noWrap align=center><B><I>2015</I></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="2%" noWrap
    align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="1%" noWrap
    align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="12%"
    noWrap align=center><B><I>2016</I></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="2%" noWrap
    align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="1%" noWrap
    align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="12%"
    noWrap align=center><B><I>2017</I></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="2%" noWrap
    align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="1%" noWrap
    align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="12%"
    noWrap align=center><B><I>Total</I></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%"
    align=left>&nbsp;</TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD width="35%" >&nbsp; </TD>
    <TD width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="12%" noWrap align=center>&nbsp; </TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="12%" noWrap align=center>&nbsp; </TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="12%" noWrap align=center>&nbsp; </TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="12%" noWrap align=center>&nbsp; </TD>
    <TD width="2%">&nbsp;</TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD width="35%" >&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 bgColor=#e6efff colSpan=2 align=left >Forward &#150; fuel oil:
    </TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; &nbsp; &nbsp; &nbsp;- </TD>
    <TD width="35%" align=right >
      <P align=justify>Litres (thousands) </P></TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right>18,370 </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right>10,906 </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right>840 </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right>30,116 </TD>
    <TD width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left >&nbsp; &nbsp; &nbsp; &nbsp;-
    </TD>
    <TD bgColor=#e6efff width="35%" align=right >
      <P align=justify>Average strike price </P></TD>
    <TD bgColor=#e6efff width="1%" align=left>$</TD>
    <TD bgColor=#e6efff width="12%" align=right>&nbsp;0.40 </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>$</TD>
    <TD bgColor=#e6efff width="12%" align=right>&nbsp;0.38 </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>$</TD>
    <TD bgColor=#e6efff width="12%" align=right>&nbsp;0.38 </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>$</TD>
    <TD bgColor=#e6efff width="12%" align=right>&nbsp;0.39 </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD width="35%" >
      <P align=justify></P></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 bgColor=#e6efff colSpan=2 align=left >Forward &#150; gas oil:
    </TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; &nbsp; &nbsp; &nbsp;- </TD>
    <TD width="35%" align=right >
      <P align=justify>Litres (thousands) </P></TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right>10,010 </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right>2,935 </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right>184 </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right>13,129 </TD>
    <TD width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left >&nbsp; &nbsp; &nbsp; &nbsp;-
    </TD>
    <TD bgColor=#e6efff width="35%" align=right >
      <P align=justify>Average strike price </P></TD>
    <TD bgColor=#e6efff width="1%" align=left>$</TD>
    <TD bgColor=#e6efff width="12%" align=right>&nbsp;0.54 </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>$</TD>
    <TD bgColor=#e6efff width="12%" align=right>&nbsp;0.53 </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>$</TD>
    <TD bgColor=#e6efff width="12%" align=right>&nbsp;0.53 </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>$</TD>
    <TD bgColor=#e6efff width="12%" align=right>&nbsp;0.54 </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD width="35%" >
      <P align=justify></P></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 bgColor=#e6efff colSpan=2 align=left >Forward &#150; diesel:
    </TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; &nbsp; &nbsp; &nbsp;- </TD>
    <TD width="35%" align=right >
      <P align=justify>Litres (thousands) </P></TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right>7,855 </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right>4,403 </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right>335 </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right>12,593 </TD>
    <TD width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left >&nbsp; &nbsp; &nbsp; &nbsp;-
    </TD>
    <TD bgColor=#e6efff width="35%" align=right >
      <P align=justify>Average strike price </P></TD>
    <TD bgColor=#e6efff width="1%" align=left>$</TD>
    <TD bgColor=#e6efff width="12%" align=right>&nbsp;0.50 </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>$</TD>
    <TD bgColor=#e6efff width="12%" align=right>&nbsp;0.53 </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>$</TD>
    <TD bgColor=#e6efff width="12%" align=right>&nbsp;0.53 </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>$</TD>
    <TD bgColor=#e6efff width="12%" align=right>&nbsp;0.51 </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD></TR></TABLE>
<P align=justify><B><I>Gold commitments</I></B></P>
<P align=justify>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. 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 statements. The effect of these contracts will be to provide a fixed
price in rand for a portion of gold sales.</P>
<P align=right>18</P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<!--$$/page=--><A name=page_19></A>
<P align=justify>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.</P>
<P align=justify>During the first quarter of 2014, the Company entered into
further 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>At December 31, 2014, the following gold forward contracts with
respect to the Otjikoto Project were outstanding (by maturity dates): </P>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="8%" noWrap
    align=center><B><I>2015</I></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="2%" noWrap align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="1%" noWrap align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="8%" noWrap
    align=center><B><I>2016</I></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="2%" noWrap align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="1%" noWrap align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="8%" noWrap
    align=center><B><I>2017</I></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="2%" noWrap align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="1%" noWrap align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="8%" noWrap
    align=center><B><I>2018</I></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="2%" noWrap align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="1%" noWrap align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="8%" noWrap
    align=center><B><I>Total</I></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="2%" align=left>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom>&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 vAlign=bottom align=left>Gold forward contracts: </TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="8%" align=left>&nbsp; </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="8%" align=left>&nbsp; </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="8%" align=left>&nbsp; </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="8%" align=left>&nbsp; </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="8%" align=left>&nbsp; </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff vAlign=bottom align=left>&nbsp; &nbsp;- Ounces </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="8%" align=right>35,496 </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="8%" align=right>52,986 </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="8%" align=right>55,716 </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="8%" align=right>48,216 </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="8%" align=right>192,414 </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp; &nbsp;- Average price per ounce (rand)
    </TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="8%" align=right>14,874 </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="8%" align=right>15,500 </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="8%" align=right>15,587 </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="8%" align=right>15,727 </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="8%" align=right>15,458 </TD>
    <TD vAlign=bottom  width="2%"
align=left>&nbsp;</TD></TR></TABLE>
<P align=justify><B><I>Operating activities </I></B></P>
<P align=justify>Cash provided by operating activities for the years ended
December 31, 2014 and 2013 were $113.7 million and $147.8 million, respectively.
In the first quarter of 2013, operating cash flows benefitted from the gold
sales of approximately $33 million for the Masbate Mine&#146;s gold product inventory
acquired on January 16, 2013. Excluding these, cashflows for operating
activities were at similar levels and reflect the continued strong performance
of the Company&#146;s operating mines even in a lower gold price environment. </P>
<P align=justify><B><I>Financing activities</I></B></P>
<P align=justify>The Company made the following facility drawdowns, net of
transaction costs during the year ended December 31, 2014: Revolving credit
facility - $73.7 million and Otjikoto equipment loan facility - $19.7 million.
During 2014, the Company repaid the following facilities: Otjikoto equipment
loan facility - $5.4 million, Finance lease obligations at Masbate - $16.0
million, Libertad equipment loan - $0.9 million. </P>
<P align=justify>During the year ended December 31, 2014, the Company made
interest and commitment fee payments of $13.9 million. These payments included
the two interest payments totalling $9.3 million for the convertible senior
subordinated notes. </P>
<P align=justify><B><I>Investing activities </I></B></P>
<P align=justify>During the year ended December 31, 2014, capital expenditures
on sustaining capital, pre-stripping and development at the Masbate Mine (see
&#147;Masbate Mine&#148; section) totalled $39.9 million (2013 - $31.3 million), the
Libertad Mine (see &#147;La Libertad Mine&#148; section) totalled $28.4 million (2013 -
$32.0 million), and the Limon Mine (see &#147;Limon Mine&#148; section) totalled $15.5
million (2013 - $17.0 million). In addition, Gramalote prefeasibility (see
&#147;Gramalote Property&#148; section) and Otjikoto Mine construction capital costs
(including mobile equipment, power plant construction and prestripping) (see
&#147;Otjikoto Property&#148; section) totalled $14.0 million (2013 - $48.0 million) and
$160.4 million (2013 - $167.3 million), respectively. Capital expenditures for
the year ended December 31, 2014 for the Otjikoto Mine also included $1.5
million (2013 &#150; nil) for plant expansion and $11.2 million (2013 &#150; nil) for net
pre-commercial production costs. The Otjikoto mine construction included
payments for the year ended December 31, 2014 totalling $26.1 million for
capital costs incurred and recorded in 2013. At December 31, 2014, accounts
payable and accrued liabilities include $14.5 million of capital costs incurred
but not paid.</P>
<P align=right>19</P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<!--$$/page=--><A name=page_20></A>
<P align=justify><I>Exploration </I></P>
<P align=justify>Resource property expenditures on exploration are disclosed in
the table below.</P>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD vAlign=bottom noWrap align=center>&nbsp; </TD>
    <TD vAlign=bottom  width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="23%" colSpan=4 noWrap align=center><B>Three
      months ended</B> </TD>
    <TD vAlign=bottom  width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="23%" colSpan=4 noWrap align=center><B>Years
      ended</B> </TD>
    <TD vAlign=bottom  width="2%" noWrap
align=center>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom noWrap align=center>&nbsp; </TD>
    <TD vAlign=bottom  width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="23%" colSpan=4 noWrap align=center><B>December
      31</B> </TD>
    <TD vAlign=bottom  width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="23%" colSpan=4 noWrap align=center><B>December
      31</B> </TD>
    <TD vAlign=bottom  width="2%" noWrap
align=center>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom noWrap align=center>&nbsp; </TD>
    <TD vAlign=bottom  width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="23%" colSpan=4 noWrap
      align=center><B>(unaudited)</B> </TD>
    <TD vAlign=bottom  width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="23%" colSpan=4 noWrap
      align=center><B>(unaudited)</B> </TD>
    <TD vAlign=bottom  width="2%" noWrap
align=center>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom noWrap align=center>&nbsp; </TD>
    <TD vAlign=bottom  width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="10%" noWrap align=center><B><U>2014</U></B> </TD>
    <TD vAlign=bottom  width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="10%" noWrap align=center><B><U>2013</U></B> </TD>
    <TD vAlign=bottom  width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="10%" noWrap align=center><B><U>2014</U></B> </TD>
    <TD vAlign=bottom  width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="10%" noWrap align=center><B><U>2013</U></B> </TD>
    <TD vAlign=bottom  width="2%" noWrap
align=center>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom noWrap align=center>&nbsp; </TD>
    <TD vAlign=bottom  width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="10%" noWrap align=center>&nbsp; </TD>
    <TD vAlign=bottom  width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="10%" noWrap align=center>&nbsp; </TD>
    <TD vAlign=bottom  width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="10%" noWrap align=center>&nbsp; </TD>
    <TD vAlign=bottom  width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="10%" noWrap align=center>&nbsp; </TD>
    <TD vAlign=bottom  width="2%" noWrap
align=center>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom noWrap align=center>&nbsp; </TD>
    <TD vAlign=bottom  width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="10%" noWrap align=center><B>$</B></TD>
    <TD vAlign=bottom  width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="10%" noWrap align=center><B>$</B></TD>
    <TD vAlign=bottom  width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="10%" noWrap align=center><B>$</B></TD>
    <TD vAlign=bottom  width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="10%" noWrap align=center><B>$</B></TD>
  <TD vAlign=bottom  width="2%" noWrap
align=center>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom noWrap align=center>&nbsp; </TD>
    <TD vAlign=bottom  width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="10%" noWrap align=center><STRONG>(000&#146;s)</STRONG>
    </TD>
    <TD vAlign=bottom  width="2%" noWrap align=center></TD>
    <TD vAlign=bottom  width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="10%" noWrap align=center><STRONG>(000&#146;s)</STRONG>
    </TD>
    <TD vAlign=bottom  width="2%" noWrap align=center><B></B></TD>
    <TD vAlign=bottom  width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="10%" noWrap align=center><STRONG>(000&#146;s)</STRONG>
    </TD>
    <TD vAlign=bottom  width="2%" noWrap align=center><B></B></TD>
    <TD vAlign=bottom  width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="10%" noWrap align=center><STRONG>(000&#146;s)</STRONG>
    </TD>
    <TD vAlign=bottom  width="2%" noWrap
  align=center><B></B></TD></TR>
  <TR>
    <TD vAlign=bottom>&nbsp; </TD>
    <TD vAlign=bottom  width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
    <TD vAlign=bottom  width="2%">&nbsp;</TD>
    <TD vAlign=bottom  width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
    <TD vAlign=bottom  width="2%">&nbsp;</TD>
    <TD vAlign=bottom  width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
    <TD vAlign=bottom  width="2%">&nbsp;</TD>
    <TD vAlign=bottom  width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
    <TD vAlign=bottom  width="2%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom>&nbsp; </TD>
    <TD vAlign=bottom  width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
    <TD vAlign=bottom  width="2%">&nbsp;</TD>
    <TD vAlign=bottom  width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
    <TD vAlign=bottom  width="2%">&nbsp;</TD>
    <TD vAlign=bottom  width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
    <TD vAlign=bottom  width="2%">&nbsp;</TD>
    <TD vAlign=bottom  width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
    <TD vAlign=bottom  width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff vAlign=bottom align=left>Kiaka, exploration </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%" align=right><B>2,222</B> </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%" align=right>- </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%" align=right><B>7,906</B> </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%" align=right>- </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Fekola Project, exploration/feasibility </TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="10%" align=right><B>6,887</B> </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="10%" align=right>- </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="10%" align=right><B>6,887</B> </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="10%" align=right>- </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff vAlign=bottom align=left>Otjikoto,
      exploration/feasibility </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%" align=right><B>1,920</B> </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%" align=right>926 </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%" align=right><B>6,274</B> </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%" align=right>6,318 </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Libertad Mine, exploration </TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="10%" align=right><B>1,183</B> </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="10%" align=right>567 </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="10%" align=right><B>4,654</B> </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="10%" align=right>4,656 </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff vAlign=bottom align=left>Limon Mine, exploration </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%" align=right><B>732</B> </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%" align=right>610 </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%" align=right><B>4,163</B> </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%" align=right>4,072 </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Masbate Mine, exploration </TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="10%" align=right><B>928</B> </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="10%" align=right>2,316 </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="10%" align=right><B>4,082</B> </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="10%" align=right>8,422 </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff vAlign=bottom align=left>Primavera, exploration </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%" align=right><B>575</B> </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%" align=right>354 </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%" align=right><B>1,480</B> </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%" align=right>1,330 </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Mocoa, exploration </TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="10%" align=right><B>43</B> </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="10%" align=right>77 </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="10%" align=right><B>432</B> </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="10%" align=right>596 </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff vAlign=bottom align=left>Other </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
     width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="10%" align=right><B>1,390</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
     width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
     width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="10%" align=right>677 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
     width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
     width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="10%" align=right><B>4,792</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
     width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
     width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="10%" align=right>2,828 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
     width="2%" align=left>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom>&nbsp; </TD>
    <TD vAlign=bottom  width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
    <TD vAlign=bottom  width="2%">&nbsp;</TD>
    <TD vAlign=bottom  width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
    <TD vAlign=bottom  width="2%">&nbsp;</TD>
    <TD vAlign=bottom  width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
    <TD vAlign=bottom  width="2%">&nbsp;</TD>
    <TD vAlign=bottom  width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
    <TD vAlign=bottom  width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff vAlign=bottom align=left>&nbsp; </TD>
    <TD  width="1%"
    align=left vAlign=bottom bgColor=#e6efff style="BORDER-BOTTOM: #000000 3px double">&nbsp;</TD>
    <TD width="10%" align=right vAlign=bottom bgColor=#e6efff style="BORDER-BOTTOM: #000000 3px double"><B>15,880</B></TD>
    <TD  width="2%"
    align=left vAlign=bottom bgColor=#e6efff style="BORDER-BOTTOM: #000000 3px double">&nbsp;</TD>
    <TD  width="1%"
    align=left vAlign=bottom bgColor=#e6efff style="BORDER-BOTTOM: #000000 3px double">&nbsp;</TD>
    <TD width="10%" align=right vAlign=bottom bgColor=#e6efff style="BORDER-BOTTOM: #000000 3px double">5,527 </TD>
    <TD  width="2%"
    align=left vAlign=bottom bgColor=#e6efff style="BORDER-BOTTOM: #000000 3px double">&nbsp;</TD>
    <TD  width="1%"
    align=left vAlign=bottom bgColor=#e6efff style="BORDER-BOTTOM: #000000 3px double">&nbsp;</TD>
    <TD width="10%" align=right vAlign=bottom bgColor=#e6efff style="BORDER-BOTTOM: #000000 3px double"><B>40,670</B></TD>
    <TD  width="2%"
    align=left vAlign=bottom bgColor=#e6efff style="BORDER-BOTTOM: #000000 3px double">&nbsp;</TD>
    <TD  width="1%"
    align=left vAlign=bottom bgColor=#e6efff style="BORDER-BOTTOM: #000000 3px double">&nbsp;</TD>
    <TD width="10%" align=right vAlign=bottom bgColor=#e6efff style="BORDER-BOTTOM: #000000 3px double">28,222 </TD>
  <TD  width="2%"
    align=left vAlign=bottom bgColor=#e6efff style="BORDER-BOTTOM: #000000 3px double">&nbsp;</TD>
  </TR></TABLE>
<P align=justify><I>Masbate Mine</I> </P>
<P align=justify>The Masbate exploration budget for 2015 is approximately $5.4
million including 13,100 meters of drilling. The program includes further
drilling in the Pajo area and in the Dabu underground target. B2Gold&#146;s
geological team believes there is good potential to increase the Masbate
reserves and resources with additional exploration drilling. </P>
<P align=justify><I>La Libertad Mine </I></P>
<P align=justify>La Libertad exploration budget for 2015 is approximately $5
million for a total of 13,100 metres of planned diamond drilling. The program
comprises largely of brownfields (near mine) drilling, including Jabali Antenna
East infill drilling, Mojon underground potential and other targets to be
developed. Regionally, the Libertad exploration program continues to generate
targets within the mineral claim area. B2Gold&#146;s exploration team believe there
is potential to extend the mine life at Libertad with underground and small open
pit targets. </P>
<P align=justify><I>Limon Mine</I></P>
<P align=justify>The Limon exploration budget for 2015 is approximately $4.2
million for a total of 9,400 metres of planned diamond drilling. The program
largely comprises of brownfields (near mine) drilling, including #8 shaft infill
drilling, Veta Nueva area underground resource drilling and some blue-sky
potential to the west of the property. Regionally, the exploration teams
continue to follow up on extensions to the main vein systems and open pit
potential up-dip of previously mined vein targets. 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. </P>
<P align=justify><I>Otjikoto</I></P>
<P align=justify>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
initial estimated inferred mineral resource for the Wolfshag zone was 6.8
million tonnes grading 3.2 g/t gold containing 703,000 ounces gold (on a 100%
basis). The initial inferred mineral resource was 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>20</P>
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width="100%" noShade>
<!--$$/page=--><A name=page_21></A>
<P align=justify>In June 2014, the Company announced continued high grade
results from the exploration drilling program on the recently discovered
Wolfshag zone. The infill drilling on the Wolfshag zone continued to confirm the
continuity of the main high grade shoots, WA and WB. The Wolfshag zone plunges
at 10 to 15 degrees to the southwest and has been traced down plunge for 1,600
metres, and remains open to depth. Results were highlighted by hole WH14-162
which intersected 29.65 metres grading 9.53 g/t gold (7.70 g/t gold with assays
capped at 45 g/t gold), including 15.30 metres at 17.34 g/t gold (13.78 g/t gold
with assays capped at 45 g/t gold).</P>
<P align=justify>Drill hole WH14-162 represents the best hole to date in the
northern most portion of the Wolfshag zone and like other holes in the central
portion of the WA shoot, such as OTG25D, located 550 metres further south, with
19.81 metres at 15.00 g/t gold, is remarkable in the continuity of high grade
sample values within the zone. Six metallurgical test sample holes were also
completed as part of the 2014 program. Samples totalling 2.2 tonnes were
selected from these and previous Wolfshag zone drill holes and shipped to SGS
Lakefield&#146;s laboratory in Canada for gold recovery and comminution test work.
</P>
<P align=justify>On January 20, 2015, the Company announced updated mineral
resource estimate for the Wolfshag zone. The updated inferred mineral resource
contains 675,000 ounces of gold within 2.581 million tonnes grading 8.14 g/t
gold utilizing a 3 g/t cut-off. This inferred resource is below a pit shell
containing an additional 1.035 million tonnes at 2.81 g/t gold (93,000 ounces
gold) in the indicated category. The Company expects to complete an updated mine
plan by the end of 2015 which will incorporate open pit and underground mining
from Wolfshag into the Otjikoto Mine Plan. </P>
<P align=justify>The 2015 exploration program around Otjikoto will include
18,700 meters in drilling to further test and infill the down plunge extension
of the Wolfshag resource and to commence testing the down plunge higher grade
shoots at Otjikoto. The total exploration budget in 2015 is $5.7 million. </P>
<P align=justify><I>Fekola Project </I></P>
<P align=justify>The 2015 exploration program in Mali will include 19,300 meters
of drilling at Fekola and targets around Fekola. In addition, other properties
included in the Papillon acquisition will also be evaluated. The total budget
for 2015 will be $5.6 million. </P>
<P align=justify><B>CRITICAL ACCOUNTING ESTIMATES </B></P>
<P align=justify>Full disclosure of the Company&#146;s accounting policies and
significant accounting judgments and estimation uncertainties in accordance with
IFRS can be found in Note 5 of its audited consolidated financial statements as
at December 31, 2014. Management considers the following estimates to be the
most critical in understanding the judgments involved in preparing the Company&#146;s
interim consolidated financial statements and the uncertainties that could
impact its results of operations, financial condition and cash flows: </P>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD align=left >&#149; </TD>
    <TD width="90%" align=left>Impairment of goodwill and long-lived assets;
    </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&#149; </TD>
    <TD width="90%" align=left>Ore reserve and resource estimates; </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&#149; </TD>
    <TD width="90%" align=left>Exploration and evaluation expenditures; </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&#149; </TD>
    <TD width="90%" align=left>Value of value-added tax receivables; </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&#149; </TD>
    <TD width="90%" align=left>Uncertain tax positions; and </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&#149; </TD>
    <TD width="90%" align=left>Deferred income taxes and valuation allowances.
    </TD></TR></TABLE>
<P align=justify><B><I>Impairment of goodwill and long-lived assets </I></B></P>
<P align=justify>Long-lived assets are tested for impairment if there is an
indicator of impairment. Determining the recoverable amount of cash generating
units (&#147;CGU&#148;) for long-lived asset impairment tests requires management to make
estimates and assumptions with respect to future production levels, mill
recoveries, operating and capital costs in its life-of-mine plans, future metal
prices, foreign exchange rates, and discount rates. Changes in any of the
assumptions or estimates used in determining the recoverable amount could impact
the impairment analysis. Such changes could be material. </P>
<P align=justify>During the quarter ended December 31, 2014, and subsequent to
year-end, the Company completed an updated metallurgical recovery sampling and
analysis program for the Masbate Mine along with an updated life-of-mine plan
based on 2014 year-end reserve and resource estimates. The Company has also
determined not to proceed with an expansion of the Masbate mill at this time in
order to focus its construction team and resources on the development of the
Fekola Project. The Company will continue to review expansion case options. The
finalized metallurgical report updated reserve and resource estimates and change
in assumption regarding the Masbate mill expansion resulted in a decline in the
life-of-mine recovery rate and production ounces for the Masbate Mine. This was
considered an impairment indicator at December 31, 2014. </P>
<P align=right>21</P>
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width="100%" noShade>
<!--$$/page=--><A name=page_22></A>
<P align=justify>During the latter half of 2014 and as at December 31, 2014, the
long-term consensus gold price continued to be below the overall long-term gold
price assumptions used in the Company&#146;s reserve estimations and life-of-mine
plans. The prolonged decline of the long-term gold price was considered to be an
impairment indicator. Consequently, the Company has revised its long-term gold
price estimate to $1,300 per ounce of gold.</P>
<P align=justify>The Company has performed impairment tests on the following
cash-generating units: Masbate Mine, including related goodwill, Limon Mine,
Libertad Mine and Otjikoto Mine. The Company&#146;s investment in the Gramalote joint
venture was also assessed for impairment. As a result of these assessments, the
Company determined that impairment charges were required for the goodwill
relating to the Masbate Mine, the Masbate Mine long-lived assets and the
Company&#146;s investment in Gramalote as described below. </P>
<P align=justify><I>Masbate long-lived assets </I></P>
<P align=justify>The Company conducted an impairment analysis whereby the
carrying values of the Masbate Mine property, plant and equipment and
undeveloped mineral interests, were compared to the mine&#146;s recoverable amount
which was determined to be its fair value using the fair value less costs of
disposal (&#147;FVLCD&#148;) at December 31, 2014. In carrying out the review of Masbate&#146;s
long-lived assets for impairment, the Company utilized discounted cash flow
models incorporating estimates and assumptions that included such factors as
future production levels, metallurgical recovery estimates, operating and
capital costs in its life-of-mine plans, mill expansion assumptions future metal
prices, foreign exchange rates and discount rates. Management&#146;s estimate of the
FVLCD of its CGUs is classified as level 3 in the fair value hierarchy. The
Company&#146;s estimate of future cash flows is subject to risks and uncertainties
and therefore could change in the future if the underlying assumptions
change.</P>
<P align=justify>Key assumptions used for the impairment test at December 31,
2014 were:</P>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>- </TD>
    <TD bgColor=#e6efff width="83%" align=right>
      <P align=justify>Gold price </P></TD>
    <TD bgColor=#e6efff width="1%" align=left>$</TD>
    <TD bgColor=#e6efff width="9%" align=right>1,300/ounce </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>- </TD>
    <TD width="83%" align=right>
      <P align=justify>Silver price </P></TD>
    <TD width="1%" align=left>$</TD>
    <TD width="9%" align=right>18/ounce </TD>
    <TD width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>- </TD>
    <TD bgColor=#e6efff width="83%" align=right>
      <P align=justify>Mill recovery rate </P></TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="9%" align=right>73%<sup>(1)</sup> </TD>
    <TD bgColor=#e6efff width="2%" align=left></TD></TR>
  <TR vAlign=top>
    <TD align=left>- </TD>
    <TD width="83%" align=right>
      <P align=justify>Mine life </P></TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="9%" align=right>2015 to 2035 </TD>
    <TD width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>- </TD>
    <TD bgColor=#e6efff width="83%" align=right>
      <P align=justify>Discount rates </P></TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="9%" align=right>5% - 7% </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD colSpan=2 align=left>&nbsp; &nbsp;<I><sup>(1)This recovery reflects an
      additional 3% reduction as a result of an election to continue with a
      coarser grind size in order&nbsp; to maximize project economics.</sup></I>    </TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="9%" align=left>&nbsp; </TD>
    <TD width="2%" align=left>&nbsp;</TD></TR>
  </TABLE>
<P align=justify>The Company&#146;s analysis concluded that the carrying values of
the Masbate Mine property, plant and equipment and amounts assigned to
undeveloped mineral interests at December 31, 2014 were impaired resulting in a
pre-tax impairment charge of $436.0 million consisting of $362.1 million
impairment of property, plant and equipment and $73.9 million impairment of
undeveloped mineral interests. The net impairment recorded in the statement
operations after taking into account a deferred income tax recovery of $130.8
million was $305.2 million.</P>
<P align=justify><I>Masbate goodwill</I></P>
<P align=justify>At September 30, 2014 and in light of the reduction in the
long-term gold price, the Company conducted a goodwill impairment analysis. In
carrying out the impairment analysis, the Company determined the recoverable
amount for the Masbate Mine CGU was its FVLCD. The FVLCD was determined using
discounted cash flow models incorporating estimates and assumptions that
included such factors as future production levels, metallurgical recovery
estimates, operating and capital costs in its life-of-mine plans, mill expansion
assumptions, future metal prices, foreign exchange rates and discount rates.
Management&#146;s estimate of the FVLCD of its CGUs is classified as level 3 in the
fair value hierarchy.</P>
<P align=justify>Key assumptions used for the impairment test at September 30,
2014 were:</P>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gold price
    </TD>
    <TD bgColor=#e6efff  width="1%" align=left>$</TD>
    <TD bgColor=#e6efff width="12%" align=right>1,300/ounce </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Silver price </TD>
    <TD  width="1%" align=left>$</TD>
    <TD width="12%" align=right>20/ounce </TD>
    <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mill
      recovery rate </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" align=right>80% </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mine life </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right>2015 to 2033 </TD>
    <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Discount
      rates </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" align=right>5% - 7% </TD>
    <TD bgColor=#e6efff  width="2%"
  align=left>&nbsp;</TD></TR></TABLE>
<P align=justify>The Company&#146;s analysis concluded that the full carrying value
of Masbate Mine related goodwill was impaired, resulting in an impairment charge
of $202.1 million being recorded in the statement of operations.</P>
<P align=right>22</P>
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width="100%" noShade>
<!--$$/page=--><A name=page_23></A>
<P align=justify><I>Investment in Joint Venture - Gramalote </I></P>
<P align=justify>The Company conducted an impairment analysis whereby the
carrying value of the investment in the Gramalote joint venture was compared to
the investment&#146;s recoverable amount which was determined to be its FVLCD. In
carrying out the impairment analysis, the Company utilized discounted cash flow
models incorporating estimates and assumptions that include such factors as
future production levels, mill recoveries, operating and capital costs in its
life-of-mine plans, future metal prices, foreign exchange rates and discount
rates. These factors were based on the assumptions and inputs disclosed by the
Company on March 13, 2014 from the Gramalote Preliminary Economic Assessment and
included a long-term gold price assumption of $1,300 per ounce of gold and a
discount rate of 6.5%. Management&#146;s estimate of the FVLCD of its CGUs is
classified as level 3 in the fair value hierarchy. The Company&#146;s estimate of
future cash flows is subject to risks and uncertainties and therefore could
change in the future if the underlying assumptions change.</P>
<P align=justify>The Company&#146;s analysis concluded that the investment in
Gramalote was impaired resulting in an impairment charge of $96.3 million being
recorded in the statement of operations. </P>
<P align=justify><B><I>Ore reserve and resource estimates </I></B></P>
<P align=justify>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 mineral resources 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, metallurgical recoveries, 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><B><I>Exploration and evaluation expenditures </I></B></P>
<P align=justify>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 mine 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=justify><B><I>Value-added tax receivables </I></B></P>
<P align=justify>The Company incurs indirect taxes, including value-added tax,
on purchases of goods and services at its operating mines and development
projects. Indirect tax balances are recorded at their estimated recoverable
amounts within current or long-term assets, net of provisions, and reflect the
Company&#146;s best estimate of their recoverability under existing tax rules in the
respective jurisdictions in which they arise. Management&#146;s assessment of
recoverability involves judgments regarding balance sheet classification and the
probable outcomes of claimed deductions and/or disputes. The provisions and
balance sheet classifications made to date may be subject to change and such
change may be material. A provision of $16.3 million was recorded during the
year ended December 31, 2014 for input taxes. Of the total charge recorded, $13
million related to historical balances acquired as part of the CGA acquisition.
</P>
<P align=justify><B><I>Uncertain tax positions </I></B></P>
<P align=justify>The Company is periodically subject to income tax audits at its
operating mine locations. During the year ended December 31, 2014, the Company
recorded provisions totalling $6 million representing its best estimate of the
outcome of current assessments. The Company is appealing the assessments
received and the final outcome of such appeals are not determinable at this
time. The provisions made to date may be subject to change and such change may
be material.</P>
<P align=right>23</P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<!--$$/page=--><A name=page_24></A>
<P align=justify><B><I>Deferred income taxes and valuation allowances
</I></B></P>
<P align=justify>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>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><B>RECENT ACCOUNTING PRONOUNCEMENTS</B></P>
<P align=justify><B><I>IFRIC 21 &#150; Levies </I></B></P>
<P align=justify>The Company adopted IFRIC 21 on January 1, 2014, with
retrospective application. IFRIC 21 provides guidance on the accounting for a
liability to pay a levy, both for levies that are accounted for in accordance
with IAS 37 Provisions, Contingent Liabilities and Contingent Assets and those
where the timing and amount of the levy is certain. Levies are imposed by a
government in accordance with legislation and do not include income taxes, fines
or other penalties imposed for breaches of legislation. IFRIC 21 defines an
obligating event as the legislatively identified activity that triggers the
payment of the levy. Recognition of a liability to pay a levy is at the date of
the obligating event. The fact that the Company is economically compelled to
continue to operate in the future does not create an obligation to pay a levy
that will arise in a future period as a result of continuing to operate.</P>
<P align=justify>The Company has concluded that IFRIC 21 did not have an effect
on the condensed interim consolidated financial statements for the current
period or prior periods presented. </P>
<P align=justify><B><I>IFRS 15 &#150; Revenue from contracts with customers
</I></B></P>
<P align=justify>The IASB has issued IFRS 15, Revenue from Contracts with
Customers, which is effective for annual periods commencing on or after January
1, 2017. This new standard establishes a new control-based revenue recognition
model which could change the timing of revenue recognition. The Company is
currently evaluating the effect the standard will have on its consolidated
financial statements. </P>
<P align=justify><B><I>IFRS 9 - Financial Instruments </I></B></P>
<P align=justify>The final version of IFRS 9, Financial Instruments, was issued
in July 2014 to replace IAS 39, Financial Instruments: Recognition and
Measurement. IFRS 9 has two measurement categories for financial assets:
amortized cost and fair value. In addition, this new standard amends some of the
requirements of IFRS 7, Financial Instruments: Disclosures, including added
disclosures about investments in equity instruments measured at fair value in
OCI and guidance on financial liabilities and derecognition of financial
instruments. The standard is effective for annual periods beginning on or after
January 1, 2018, with early adoption permitted. The Company is currently
evaluating the effect the standard will have on its consolidated financial
statements. </P>
<P align=justify><B>RISKS AND UNCERTAINTIES </B></P>
<P align=justify>The exploration and development of natural resources are highly
speculative in nature and are subject to significant risks. For details of these
risks, please refer to the risk factors set forth in the Company&#146;s AIF which
could materially affect the Company&#146;s future operating results and could cause
actual events to differ materially from those described in forward-looking
statements relating to the Company. 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.</P>
<P align=right>24</P>
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width="100%" noShade>
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<P align=justify><B>DISCLOSURE CONTROLS AND INTERNAL CONTROL OVER FINANCIAL
REPORTING </B></P>
<P align=justify><B><I>Disclosure controls and procedures </I></B></P>
<P align=justify>Disclosure controls and procedures are designed to provide
reasonable assurance that information required to be disclosed in reports filed
or submitted by the Company under U.S. and Canadian securities legislation is
recorded, processed, summarized and reported within the time periods specified
in those rules and include controls and procedures designed to ensure that
information required to be disclosed in reports filed or submitted by the
Company under U.S. and Canadian securities legislation is accumulated and
communicated to management, including the Chief Executive Officer and Chief
Financial Officer, as appropriate to permit timely decisions regarding required
disclosure.</P>
<P align=justify>As at December 31, 2014, management, including the Chief
Executive Officer and Chief Financial Officer, has evaluated the effectiveness
of the design and operation of the Company's disclosure controls and procedures,
as defined in the rules of the Canadian Securities Administrators and the U.S.
Securities Exchange Act of 1934, as amended. Based upon the results of that
evaluation, the Chief Executive Officer and Chief Financial Officer have
concluded that as of the end of the period covered by this MD&amp;A, the
Company's disclosure controls and procedures were effective.</P>
<P align=justify><B><I>Management&#146;s annual report on internal control over
financial reporting </I></B></P>
<P align=justify>The Company&#146;s management with the participation of the Chief
Executive Officer and Chief Financial Officer is responsible for establishing
and maintaining adequate internal control over financial reporting. Any system
of internal control over financial reporting, no matter how well designed, has
inherent limitations and may not prevent or detect misstatements. Even when the
Company's system of internal control is determined to be effective, it can only
provide reasonable assurance with respect to financial statement preparation and
presentation.</P>
<P align=justify>Management has used the criteria established in the Internal
Control &#150; Integrated Framework (2013) issued by the Committee of Sponsoring
Organizations of the Treadway Commission (COSO) to evaluate the effectiveness of
the Company's internal control over financial reporting. </P>
<P align=justify>As at December 31, 2014, management assessed the effectiveness
of the Company's internal control over financial reporting and concluded that
the Company's internal control over financial reporting was effective.</P>
<P align=justify>Management has excluded Papillon from its assessment of
internal control over financial reporting as of December 31, 2014 because it was
acquired by the Company in 2014. Papillon is a wholly-owned subsidiary. Papillon
constitutes 24% of the total assets and 0% of the revenues disclosed in the
consolidated financial statement amounts as of and for the year ended December
31, 2014. </P>
<P align=justify>The effectiveness of the Company&#146;s internal control over
financial reporting has been audited by PricewaterhouseCoopers LLP, an
independent registered public accounting firm, who have expressed their opinion
in their report included with our annual consolidated financial statements. </P>
<P align=justify><I>Changes in internal control over financial reporting
</I></P>
<P align=justify>Other than the acquisition of the Fekola project described
above, there has been no change in our internal control over financial reporting
during the year ended December 31, 2014 which has materially affected, or is
reasonably likely to materially affect, our internal control over financial
reporting. </P>
<P align=justify><B>NON-IFRS MEASURES </B></P>
<P align=justify><B><I>Cash operating costs per gold ounce and total cash costs
per gold ounce </I></B></P>
<P align=justify>&#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=right>25</P>
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width="100%" noShade>
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<P align=justify>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 are 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. The table below shows a reconciliation of cash operating
costs per ounce and total cash costs per ounce to production costs: </P>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD bgColor=#ffffff vAlign=bottom noWrap align=center>&nbsp; </TD>
    <TD bgColor=#ffffff vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD bgColor=#ffffff vAlign=bottom width="23%" colSpan=4 noWrap
      align=center><B>Three months ended</B> </TD>
    <TD bgColor=#ffffff vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD bgColor=#ffffff vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD bgColor=#ffffff vAlign=bottom width="23%" colSpan=4 noWrap
      align=center><B>Year ended</B> </TD>
    <TD bgColor=#ffffff vAlign=bottom width="2%" noWrap
  align=center>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#ffffff vAlign=bottom noWrap align=center>&nbsp; </TD>
    <TD bgColor=#ffffff vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD bgColor=#ffffff vAlign=bottom width="23%" colSpan=4 noWrap
      align=center><B>December 31</B> </TD>
    <TD bgColor=#ffffff vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD bgColor=#ffffff vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD bgColor=#ffffff vAlign=bottom width="23%" colSpan=4 noWrap
      align=center><B>December 31</B> </TD>
    <TD bgColor=#ffffff vAlign=bottom width="2%" noWrap
  align=center>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#ffffff vAlign=bottom noWrap align=center>&nbsp; </TD>
    <TD bgColor=#ffffff vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD bgColor=#ffffff vAlign=bottom width="23%" colSpan=4 noWrap
      align=center><B>(unaudited)</B> </TD>
    <TD bgColor=#ffffff vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD bgColor=#ffffff vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD bgColor=#ffffff vAlign=bottom width="23%" colSpan=4 noWrap
      align=center><B>(unaudited)</B> </TD>
    <TD bgColor=#ffffff vAlign=bottom width="2%" noWrap
  align=center>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#ffffff vAlign=bottom noWrap align=center>&nbsp; </TD>
    <TD bgColor=#ffffff vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD bgColor=#ffffff vAlign=bottom width="10%" noWrap
      align=center><B><U>2014</U></B> </TD>
    <TD bgColor=#ffffff vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD bgColor=#ffffff vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD bgColor=#ffffff vAlign=bottom width="10%" noWrap
      align=center><B><U>2013</U></B> </TD>
    <TD bgColor=#ffffff vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD bgColor=#ffffff vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD bgColor=#ffffff vAlign=bottom width="10%" noWrap
      align=center><B><U>2014</U></B> </TD>
    <TD bgColor=#ffffff vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD bgColor=#ffffff vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD bgColor=#ffffff vAlign=bottom width="10%" noWrap
      align=center><B><U>2013</U></B> </TD>
    <TD bgColor=#ffffff vAlign=bottom width="2%" noWrap
  align=center>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#ffffff vAlign=bottom align=left>&nbsp; </TD>
    <TD bgColor=#ffffff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff vAlign=bottom width="10%" align=center><B>$</B></TD>
    <TD bgColor=#ffffff vAlign=bottom width="2%" align=center>&nbsp;</TD>
    <TD bgColor=#ffffff vAlign=bottom width="1%" align=center>&nbsp;</TD>
    <TD bgColor=#ffffff vAlign=bottom width="10%" align=center><B>$</B></TD>
    <TD bgColor=#ffffff vAlign=bottom width="2%" align=center>&nbsp;</TD>
    <TD bgColor=#ffffff vAlign=bottom width="1%" align=center>&nbsp;</TD>
    <TD bgColor=#ffffff vAlign=bottom width="10%" align=center><B>$</B></TD>
    <TD bgColor=#ffffff vAlign=bottom width="2%" align=center>&nbsp;</TD>
    <TD bgColor=#ffffff vAlign=bottom width="1%" align=center>&nbsp;</TD>
    <TD bgColor=#ffffff vAlign=bottom width="10%" align=center><B>$</B></TD>
  <TD bgColor=#ffffff vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#ffffff vAlign=bottom align=left>&nbsp; </TD>
    <TD bgColor=#ffffff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff vAlign=bottom width="10%"
      align=center><STRONG>(000&#146;s)</STRONG> </TD>
    <TD bgColor=#ffffff vAlign=bottom width="2%" align=center></TD>
    <TD bgColor=#ffffff vAlign=bottom width="1%" align=center>&nbsp;</TD>
    <TD bgColor=#ffffff vAlign=bottom width="10%"
      align=center><STRONG>(000&#146;s)</STRONG> </TD>
    <TD bgColor=#ffffff vAlign=bottom width="2%" align=center><B></B></TD>
    <TD bgColor=#ffffff vAlign=bottom width="1%" align=center>&nbsp;</TD>
    <TD bgColor=#ffffff vAlign=bottom width="10%"
      align=center><STRONG>(000&#146;s)</STRONG> </TD>
    <TD bgColor=#ffffff vAlign=bottom width="2%" align=center><B></B></TD>
    <TD bgColor=#ffffff vAlign=bottom width="1%" align=center>&nbsp;</TD>
    <TD bgColor=#ffffff vAlign=bottom width="10%"
      align=center><STRONG>(000&#146;s)</STRONG> </TD>
    <TD bgColor=#ffffff vAlign=bottom width="2%" align=left><B></B></TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff vAlign=bottom align=left>Production costs per
      consolidated financial statements </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%" align=right><B>69,194</B>
</TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%" align=right>66,341 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%" align=right><B>263,739</B>
    </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%" align=right>261,896 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#ffffff vAlign=bottom align=left>Inventory sales adjustment
</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff vAlign=bottom
    width="10%" align=right><B>2,984</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff vAlign=bottom
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff vAlign=bottom
    width="10%" align=right>1,050 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff vAlign=bottom
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff vAlign=bottom
    width="10%" align=right><B>(2,781</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff vAlign=bottom
    width="2%" align=left><B>)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff vAlign=bottom
    width="10%" align=right>(12,349</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff vAlign=bottom
    width="2%" align=left>) </TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff vAlign=bottom align=left><B>Cash operating costs</B>
    </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%" align=right><B>72,178</B>
</TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%" align=right>67,391 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%" align=right><B>260,958</B>
    </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%" align=right>249,547 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#ffffff vAlign=bottom align=left>Royalties and production
      taxes per consolidated financial statements </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff vAlign=bottom
    width="10%" align=right><B>4,504</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff vAlign=bottom
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff vAlign=bottom
    width="10%" align=right>4,147 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff vAlign=bottom
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff vAlign=bottom
    width="10%" align=right><B>16,461</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff vAlign=bottom
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff vAlign=bottom
    width="10%" align=right>16,706 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff vAlign=bottom
    width="2%" align=left>&nbsp;</TD></TR>
  <TR>
    <TD bgColor=#e6efff vAlign=bottom>&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=right>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%" align=right>&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=right>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=right>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%" align=right>&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=right>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=right>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%" align=right>&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=right>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=right>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%" align=right>&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=right>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#ffffff vAlign=bottom align=left><B>Total cash costs</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#ffffff vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#ffffff vAlign=bottom
    width="10%" align=right><B>76,682</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#ffffff vAlign=bottom
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#ffffff vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#ffffff vAlign=bottom
    width="10%" align=right>71,538 </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#ffffff vAlign=bottom
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#ffffff vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#ffffff vAlign=bottom
    width="10%" align=right><B>277,419</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#ffffff vAlign=bottom
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#ffffff vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#ffffff vAlign=bottom
    width="10%" align=right>266,253 </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#ffffff vAlign=bottom
    width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff vAlign=bottom align=left>Gold production (in ounces)
    </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#e6efff vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#e6efff vAlign=bottom
    width="10%" align=right><B>111,804</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#e6efff vAlign=bottom
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#e6efff vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#e6efff vAlign=bottom
    width="10%" align=right>105,577 </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#e6efff vAlign=bottom
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#e6efff vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#e6efff vAlign=bottom
    width="10%" align=right><B>384,003</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#e6efff vAlign=bottom
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#e6efff vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#e6efff vAlign=bottom
    width="10%" align=right>366,313 </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#e6efff vAlign=bottom
    width="2%" align=left>&nbsp;</TD></TR>
  <TR>
    <TD bgColor=#ffffff vAlign=bottom>&nbsp; </TD>
    <TD bgColor=#ffffff vAlign=bottom width="1%" align=right>&nbsp;</TD>
    <TD bgColor=#ffffff vAlign=bottom width="10%" align=right>&nbsp; </TD>
    <TD bgColor=#ffffff vAlign=bottom width="2%" align=right>&nbsp;</TD>
    <TD bgColor=#ffffff vAlign=bottom width="1%" align=right>&nbsp;</TD>
    <TD bgColor=#ffffff vAlign=bottom width="10%" align=right>&nbsp; </TD>
    <TD bgColor=#ffffff vAlign=bottom width="2%" align=right>&nbsp;</TD>
    <TD bgColor=#ffffff vAlign=bottom width="1%" align=right>&nbsp;</TD>
    <TD bgColor=#ffffff vAlign=bottom width="10%" align=right>&nbsp; </TD>
    <TD bgColor=#ffffff vAlign=bottom width="2%" align=right>&nbsp;</TD>
    <TD bgColor=#ffffff vAlign=bottom width="1%" align=right>&nbsp;</TD>
    <TD bgColor=#ffffff vAlign=bottom width="10%" align=right>&nbsp; </TD>
    <TD bgColor=#ffffff vAlign=bottom width="2%" align=right>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff vAlign=bottom align=left><B>Cash operating costs per
      ounce of gold production</B> <B>($/ounce)</B> </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%" align=right><B>646</B> </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%" align=right>638 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%" align=right><B>680</B> </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%" align=right>681 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#ffffff vAlign=bottom align=left><B>Total cash costs per ounce
      of gold production ($/ounce)</B> </TD>
    <TD bgColor=#ffffff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff vAlign=bottom width="10%" align=right><B>686</B> </TD>
    <TD bgColor=#ffffff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff vAlign=bottom width="10%" align=right>678 </TD>
    <TD bgColor=#ffffff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff vAlign=bottom width="10%" align=right><B>722</B> </TD>
    <TD bgColor=#ffffff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff vAlign=bottom width="10%" align=right>727 </TD>
    <TD bgColor=#ffffff vAlign=bottom width="2%"
  align=left>&nbsp;</TD></TR></TABLE>
<P align=justify><B><I>All-in Sustaining Costs per Gold Ounce</I></B></P>
<P align=justify>In June 2013, the World Gold Council, a non-regulatory
association of the world&#146;s leading gold mining companies established to promote
the use of gold to industry, consumers and investors, provided guidance for the
calculation of the measure &#147;All-in sustaining costs per gold ounce&#148;, which has
no standard meaning under IFRS. These standards became effective January 1,
2014. Management believes that the all-in sustaining costs per gold ounce
measure provides additional insight into the costs of producing gold by
capturing all of the expenditures required for the discovery, development and
sustaining of gold production and allows the Company to assess its ability to
support capital expenditures to sustain future production from the generation of
operating cash flows. 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. </P>
<P align=justify>B2Gold defines all-in sustaining costs per ounce as the sum of
cash operating costs, royalty and production taxes, capital expenditures and
exploration costs that are sustaining in nature, corporate general and
administrative costs, share-based payment expenses related to RSUs, community
relations expenditures, and reclamation liability accretion, all divided by the
total gold ounces produced to arrive at a per ounce figure. </P>
<P align=right>26</P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<!--$$/page=--><A name=page_27></A>
<P align=justify>The table below shows a reconciliation of all-in sustaining
costs per ounce to the annual consolidated financial statements: </P>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD vAlign=bottom align=center>&nbsp; </TD>
    <TD vAlign=bottom width="1%" align=center>&nbsp;</TD>
    <TD width="23%" colSpan=4 align=center vAlign=bottom nowrap><B>Three months
      ended</B> </TD>
    <TD width="2%" align=center vAlign=bottom nowrap>&nbsp;</TD>
    <TD width="1%" align=center vAlign=bottom nowrap>&nbsp;</TD>
    <TD width="23%" colSpan=4 align=center vAlign=bottom nowrap><B>Year ended</B> </TD>
  <TD vAlign=bottom width="2%" align=center>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=center>&nbsp; </TD>
    <TD vAlign=bottom width="1%" align=center>&nbsp;</TD>
    <TD width="23%" colSpan=4 align=center vAlign=bottom nowrap><B>December 31</B></TD>
    <TD width="2%" align=center vAlign=bottom nowrap>&nbsp;</TD>
    <TD width="1%" align=center vAlign=bottom nowrap>&nbsp;</TD>
    <TD width="23%" colSpan=4 align=center vAlign=bottom nowrap><B>December 31</B></TD>
  <TD vAlign=bottom width="2%" align=center>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=center>&nbsp; </TD>
    <TD vAlign=bottom width="1%" align=center>&nbsp;</TD>
    <TD width="23%" colSpan=4 align=center vAlign=bottom nowrap><B>(unaudited)</B></TD>
    <TD width="2%" align=center vAlign=bottom nowrap>&nbsp;</TD>
    <TD width="1%" align=center vAlign=bottom nowrap>&nbsp;</TD>
    <TD width="23%" colSpan=4 align=center vAlign=bottom nowrap><B>(unaudited)</B></TD>
  <TD vAlign=bottom width="2%" align=center>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom align=center>&nbsp; </TD>
    <TD vAlign=bottom width="1%" align=center>&nbsp;</TD>
    <TD width="10%" align=center vAlign=bottom nowrap>&nbsp; </TD>
    <TD width="2%" align=center vAlign=bottom nowrap>&nbsp;</TD>
    <TD width="1%" align=center vAlign=bottom nowrap>&nbsp;</TD>
    <TD width="10%" align=center vAlign=bottom nowrap>&nbsp; </TD>
    <TD width="2%" align=center vAlign=bottom nowrap>&nbsp;</TD>
    <TD width="1%" align=center vAlign=bottom nowrap>&nbsp;</TD>
    <TD width="10%" align=center vAlign=bottom nowrap>&nbsp; </TD>
    <TD width="2%" align=center vAlign=bottom nowrap>&nbsp;</TD>
    <TD width="1%" align=center vAlign=bottom nowrap>&nbsp;</TD>
    <TD width="10%" align=center vAlign=bottom nowrap>&nbsp; </TD>
  <TD vAlign=bottom width="2%" align=center>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=center>&nbsp; </TD>
    <TD vAlign=bottom width="1%" align=center>&nbsp;</TD>
    <TD width="10%" align=center vAlign=bottom nowrap><B><U>2014</U></B> </TD>
    <TD width="2%" align=center vAlign=bottom nowrap>&nbsp;</TD>
    <TD width="1%" align=center vAlign=bottom nowrap>&nbsp;</TD>
    <TD width="10%" align=center vAlign=bottom nowrap><B><U>2013</U></B> </TD>
    <TD width="2%" align=center vAlign=bottom nowrap>&nbsp;</TD>
    <TD width="1%" align=center vAlign=bottom nowrap>&nbsp;</TD>
    <TD width="10%" align=center vAlign=bottom nowrap><B><U>2014</U></B> </TD>
    <TD width="2%" align=center vAlign=bottom nowrap>&nbsp;</TD>
    <TD width="1%" align=center vAlign=bottom nowrap>&nbsp;</TD>
    <TD width="10%" align=center vAlign=bottom nowrap><B><U>2013</U></B> </TD>
  <TD vAlign=bottom width="2%" align=center>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom align=center>&nbsp; </TD>
    <TD vAlign=bottom width="1%" align=center>&nbsp;</TD>
    <TD width="10%" align=center vAlign=bottom nowrap>&nbsp; </TD>
    <TD width="2%" align=center vAlign=bottom nowrap>&nbsp;</TD>
    <TD width="1%" align=center vAlign=bottom nowrap>&nbsp;</TD>
    <TD width="10%" align=center vAlign=bottom nowrap>&nbsp; </TD>
    <TD width="2%" align=center vAlign=bottom nowrap>&nbsp;</TD>
    <TD width="1%" align=center vAlign=bottom nowrap>&nbsp;</TD>
    <TD width="10%" align=center vAlign=bottom nowrap>&nbsp; </TD>
    <TD width="2%" align=center vAlign=bottom nowrap>&nbsp;</TD>
    <TD width="1%" align=center vAlign=bottom nowrap>&nbsp;</TD>
    <TD width="10%" align=center vAlign=bottom nowrap>&nbsp; </TD>
  <TD vAlign=bottom width="2%" align=center>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=center>&nbsp; </TD>
    <TD vAlign=bottom width="1%" align=center>&nbsp;</TD>
    <TD width="10%" align=center vAlign=bottom nowrap><B>$</B></TD>
    <TD width="2%" align=center vAlign=bottom nowrap>&nbsp;</TD>
    <TD width="1%" align=center vAlign=bottom nowrap>&nbsp;</TD>
    <TD width="10%" align=center vAlign=bottom nowrap><B>$</B></TD>
    <TD width="2%" align=center vAlign=bottom nowrap>&nbsp;</TD>
    <TD width="1%" align=center vAlign=bottom nowrap>&nbsp;</TD>
    <TD width="10%" align=center vAlign=bottom nowrap><B>$</B></TD>
    <TD width="2%" align=center vAlign=bottom nowrap>&nbsp;</TD>
    <TD width="1%" align=center vAlign=bottom nowrap>&nbsp;</TD>
    <TD width="10%" align=center vAlign=bottom nowrap><B>$</B></TD>
  <TD vAlign=bottom width="2%" align=center>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=center>&nbsp; </TD>
    <TD vAlign=bottom width="1%" align=center>&nbsp;</TD>
    <TD width="10%" align=center vAlign=bottom nowrap><STRONG>(000&#146;s)</STRONG> </TD>
    <TD width="2%" align=center vAlign=bottom nowrap><B></B></TD>
    <TD width="1%" align=center vAlign=bottom nowrap>&nbsp;</TD>
    <TD width="10%" align=center vAlign=bottom nowrap><STRONG>(000&#146;s)</STRONG> </TD>
    <TD width="2%" align=center vAlign=bottom nowrap><B></B></TD>
    <TD width="1%" align=center vAlign=bottom nowrap>&nbsp;</TD>
    <TD width="10%" align=center vAlign=bottom nowrap><STRONG>(000&#146;s)</STRONG> </TD>
    <TD width="2%" align=center vAlign=bottom nowrap><B></B></TD>
    <TD width="1%" align=center vAlign=bottom nowrap>&nbsp;</TD>
    <TD width="10%" align=center vAlign=bottom nowrap><STRONG>(000&#146;s)</STRONG> </TD>
  <TD vAlign=bottom width="2%" align=center><B></B></TD></TR>
  <TR>
    <TD vAlign=bottom>&nbsp; </TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff vAlign=bottom align=left>Production costs per
      consolidated financial statements </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%" align=right><B>69,194</B>
</TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%" align=right>66,341 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%" align=right><B>263,739</B>
    </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%" align=right>261,896 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Inventory sales adjustment </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="10%"
    align=right><B>2,984</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="10%"
    align=right>1,050 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="10%"
    align=right><B>(2,781</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="2%"
    align=left><B>)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="10%"
    align=right>(12,349</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="2%"
    align=left>) </TD></TR>
  <TR>
    <TD bgColor=#e6efff vAlign=bottom>&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%">&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%">&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%">&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%">&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom>&nbsp; </TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff vAlign=bottom align=left><B>Cash operating costs</B>
    </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%" align=right><B>72,178</B>
</TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%" align=right>67,391 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%" align=right><B>260,958</B>
    </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%" align=right>249,547 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom>&nbsp; </TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff vAlign=bottom align=left>Royalties and production
      taxes per consolidated financial </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp;statements </TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="10%" align=right><B>4,504</B> </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="10%" align=right>4,147 </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="10%" align=right><B>16,461</B> </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="10%" align=right>16,706 </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff vAlign=bottom align=left>Corporate administration </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%" align=right><B>9,957</B> </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%" align=right>7,924 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%" align=right><B>37,977</B>
</TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%" align=right>31,869 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Share-based payments &#150; RSUs<I><sup>(1)</sup></I> </TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="10%" align=right><B>1,136</B> </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="10%" align=right>1,120 </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="10%" align=right><B>8,436</B> </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="10%" align=right>5,949 </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff vAlign=bottom align=left>Community relations </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%" align=right><B>1,733</B> </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%" align=right>3,351 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%" align=right><B>7,529</B> </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%" align=right>8,079 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Reclamation liability accretion <I><sup>(2)</sup></I>
</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="10%" align=right><B>259</B> </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="10%" align=right>551 </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="10%" align=right><B>1,193</B> </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="10%" align=right>2,470 </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff vAlign=bottom align=left>Sustaining capital
      expenditures<I><sup>(3)</sup></I> </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%" align=right><B>13,355</B>
</TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%" align=right>17,233 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%" align=right><B>79,101</B>
</TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%" align=right>61,608 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Sustaining exploration<I><sup>(3)</sup></I> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="10%"
    align=right><B>2,645</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="10%"
    align=right>2,376 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="10%"
    align=right><B>11,016</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="10%"
    align=right>13,529 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="2%"
    align=left>&nbsp;</TD></TR>
  <TR>
    <TD bgColor=#e6efff vAlign=bottom>&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%">&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%">&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%">&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%">&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom>&nbsp; </TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff vAlign=bottom align=left><B>Total all-in sustaining
      costs</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#e6efff vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#e6efff vAlign=bottom
    width="10%" align=right><B>105,767</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#e6efff vAlign=bottom
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#e6efff vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#e6efff vAlign=bottom
    width="10%" align=right>104,093 </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#e6efff vAlign=bottom
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#e6efff vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#e6efff vAlign=bottom
    width="10%" align=right><B>422,671</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#e6efff vAlign=bottom
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#e6efff vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#e6efff vAlign=bottom
    width="10%" align=right>389,757 </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#e6efff vAlign=bottom
    width="2%" align=left>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom>&nbsp; </TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff vAlign=bottom align=left>Gold production (in ounces)
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="10%" align=right><B>111,804</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="10%" align=right>105,577 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="10%" align=right><B>384,003</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="10%" align=right>366,313 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="2%" align=left>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom>&nbsp; </TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD></TR>
  <TR>
    <TD bgColor=#e6efff vAlign=bottom>&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%">&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%">&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%">&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%">&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left><B>All-in sustaining cost per ounce of gold
      production</B> <B>($/ounce)</B> </TD>
    <TD vAlign=bottom width="1%" align=left></TD>
    <TD vAlign=bottom width="10%" align=right><B>946</B> </TD>
    <TD vAlign=bottom width="2%" align=right></TD>
    <TD vAlign=bottom width="1%" align=right></TD>
    <TD vAlign=bottom width="10%" align=right>986 </TD>
    <TD vAlign=bottom width="2%" align=right></TD>
    <TD vAlign=bottom width="1%" align=right></TD>
    <TD vAlign=bottom width="10%" align=right><B>1,101</B> </TD>
    <TD vAlign=bottom width="2%" align=right></TD>
    <TD vAlign=bottom width="1%" align=right></TD>
    <TD vAlign=bottom width="10%" align=right>1,064 </TD>
    <TD vAlign=bottom width="2%" align=left></TD></TR></TABLE>
<P align=justify><I><sup>(1) Included as a component of Share-based payments on the
statement of operations. <BR>(2) Excludes reclamation accretion relating to
Farley Lake.<BR>(3) Refer to Sustaining Capital Expenditures and
Exploration reconciliation below. </sup></I></P>
<P align=justify>The table below shows a reconciliation of the sustaining
capital expenditures and exploration to the annual consolidated financial
statements: </P>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD vAlign=bottom noWrap align=center>&nbsp; </TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="23%" colSpan=4 noWrap align=center><B>Three
      months ended</B> </TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="23%" colSpan=4 noWrap align=center><B>Year
      ended</B> </TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom noWrap align=center>&nbsp; </TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="23%" colSpan=4 noWrap align=center><B>December
      31</B> </TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="23%" colSpan=4 noWrap align=center><B>December
      31</B> </TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom noWrap align=center>&nbsp; </TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="23%" colSpan=4 noWrap
      align=center><B>(unaudited)</B> </TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="23%" colSpan=4 noWrap
      align=center><B>(unaudited)</B> </TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom noWrap align=center>&nbsp; </TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="10%" noWrap align=center>&nbsp; </TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="10%" noWrap align=center>&nbsp; </TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="10%" noWrap align=center>&nbsp; </TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="10%" noWrap align=center>&nbsp; </TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom noWrap align=center>&nbsp; </TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="10%" noWrap align=center><B><U>2014</U></B> </TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="10%" noWrap align=center><B><U>2013</U></B> </TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="10%" noWrap align=center><B><U>2014</U></B> </TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="10%" noWrap align=center><B><U>2013</U></B> </TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom noWrap align=center>&nbsp; </TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="10%" noWrap align=center>&nbsp; </TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="10%" noWrap align=center>&nbsp; </TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="10%" noWrap align=center>&nbsp; </TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="10%" noWrap align=center>&nbsp; </TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom noWrap align=center>&nbsp; </TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="10%" noWrap align=center><B>$</B></TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="10%" noWrap align=center><B>$</B></TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="10%" noWrap align=center><B>$</B></TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="10%" noWrap align=center><B>$</B></TD>
  <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom noWrap align=center>&nbsp; </TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="10%" noWrap align=center><STRONG>(000&#146;s)</STRONG>
    </TD>
    <TD vAlign=bottom width="2%" noWrap align=center><B></B></TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="10%" noWrap align=center><STRONG>(000&#146;s)</STRONG>
    </TD>
    <TD vAlign=bottom width="2%" noWrap align=center><B></B></TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="10%" noWrap align=center><STRONG>(000&#146;s)</STRONG>
    </TD>
    <TD vAlign=bottom width="2%" noWrap align=center><B></B></TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="10%" noWrap align=center><STRONG>(000&#146;s)</STRONG>
    </TD>
    <TD vAlign=bottom width="2%" noWrap align=center><B></B></TD></TR>
  <TR>
    <TD vAlign=bottom>&nbsp; </TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff vAlign=bottom align=left>Operating mine expenditures
      per statement of cash flows </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%" align=right><B>14,051</B>
</TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%" align=right>21,229 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%" align=right><B>83,791</B>
</TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%" align=right>80,356 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Jabali antenna growth capital expenditure </TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="10%" align=right><B>(478</B></TD>
    <TD vAlign=bottom width="2%" align=left><B>)</B> </TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="10%" align=right>- </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="10%" align=right><B>(2,008</B></TD>
    <TD vAlign=bottom width="2%" align=left><B>)</B> </TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="10%" align=right>- </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff vAlign=bottom align=left>Santa Pancha 2 growth capital
      expenditure </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%" align=right><B>(218</B></TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left><B>)</B> </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%" align=right>- </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%" align=right><B>(2,682</B></TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left><B>)</B> </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%" align=right>- </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Jabali development </TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="10%" align=right>- </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="10%" align=right>(3,215</TD>
    <TD vAlign=bottom width="2%" align=left>) </TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="10%" align=right>- </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="10%" align=right>(14,432</TD>
    <TD vAlign=bottom width="2%" align=left>) </TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff vAlign=bottom align=left>Libertad mill expansion </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%" align=right>- </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%" align=right>(158</TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>) </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%" align=right>- </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%" align=right>(2,240</TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Limon process plant upgrade </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="10%"
    align=right>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="10%"
    align=right>(623</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="2%"
    align=left>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="10%"
    align=right>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="10%"
    align=right>(2,076</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="2%"
    align=left>) </TD></TR>
  <TR>
    <TD bgColor=#e6efff vAlign=bottom>&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%">&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%">&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%">&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%">&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left><B>Sustaining Capital Expenditures</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width="10%"
    align=right><B>13,355</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width="10%"
    align=right>17,233 </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width="10%"
    align=right><B>79,101</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width="10%"
    align=right>61,608 </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width="2%"
    align=left>&nbsp;</TD></TR>
  <TR>
    <TD bgColor=#e6efff vAlign=bottom>&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%" align=right>&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=right>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=right>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%" align=right>&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=right>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=right>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%" align=right>&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=right>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=right>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%" align=right>&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Operating mine exploration expenditures per
      statement of cash flows </TD>
    <TD vAlign=bottom width="1%" align=left></TD>
    <TD vAlign=bottom width="10%" align=right><B>2,843</B> </TD>
    <TD vAlign=bottom width="2%" align=right></TD>
    <TD vAlign=bottom width="1%" align=right></TD>
    <TD vAlign=bottom width="10%" align=right>3,493 </TD>
    <TD vAlign=bottom width="2%" align=right></TD>
    <TD vAlign=bottom width="1%" align=right></TD>
    <TD vAlign=bottom width="10%" align=right><B>12,899</B> </TD>
    <TD vAlign=bottom width="2%" align=right></TD>
    <TD vAlign=bottom width="1%" align=right></TD>
    <TD vAlign=bottom width="10%" align=right>17,150 </TD>
    <TD vAlign=bottom width="2%" align=left></TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff vAlign=bottom align=left>Montana/Pajo growth
      exploration </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="10%" align=right><B>(198</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="2%" align=left><B>)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="10%" align=right>(1,117</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="2%" align=left>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="10%" align=right><B>(1,883</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="2%" align=left><B>)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="10%" align=right>(3,621</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="2%" align=left>) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left><B>Sustaining Exploration</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width="10%"
    align=right><B>2,645</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width="10%"
    align=right>2,376 </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width="10%"
    align=right><B>11,016</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width="10%"
    align=right>13,529 </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width="2%"
    align=left>&nbsp;</TD></TR></TABLE>
<P align=right>27</P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<!--$$/page=--><A name=page_28></A>
<P align=justify><B><I>Adjusted net income </I></B><B></B></P>
<P align=justify>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>A reconciliation of net income to adjusted net income is set
out in the table below: </P>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD vAlign=bottom noWrap align=center>&nbsp; </TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="23%" colSpan=4 noWrap align=center><B>Three
      months ended</B> </TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="23%" colSpan=4 noWrap align=center><B>Year
      ended</B> </TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom noWrap align=center>&nbsp; </TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="23%" colSpan=4 noWrap align=center><B>December
      31</B> </TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="23%" colSpan=4 noWrap
      align=center><B>December</B> </TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom noWrap align=center>&nbsp; </TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="23%" colSpan=4 noWrap
      align=center><B>(unaudited)</B> </TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="23%" colSpan=4 noWrap
      align=center><B>(unaudited)</B> </TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom noWrap align=center>&nbsp; </TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="10%" noWrap align=center>&nbsp; </TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="10%" noWrap align=center>&nbsp; </TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="10%" noWrap align=center>&nbsp; </TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="10%" noWrap align=center>&nbsp; </TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom noWrap align=center>&nbsp; </TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="10%" noWrap align=center><B><U>2014</U></B> </TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="10%" noWrap align=center><B><U>2013</U></B> </TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="10%" noWrap align=center><B><U>2014</U></B> </TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="10%" noWrap align=center><B><U>2013</U></B> </TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom noWrap align=center>&nbsp; </TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="10%" noWrap align=center>&nbsp; </TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="10%" noWrap align=center>&nbsp; </TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="10%" noWrap align=center>&nbsp; </TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="10%" noWrap align=center>&nbsp; </TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom noWrap align=center>&nbsp; </TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="10%" noWrap align=center><B>$</B></TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="10%" noWrap align=center><B>$</B></TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="10%" noWrap align=center><B>$</B></TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="10%" noWrap align=center><B>$</B></TD>
  <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom noWrap align=center>&nbsp; </TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="10%" noWrap align=center><STRONG>(000&#146;s)</STRONG>
    </TD>
    <TD vAlign=bottom width="2%" noWrap align=center></TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="10%" noWrap align=center><STRONG>(000&#146;s)</STRONG>
    </TD>
    <TD vAlign=bottom width="2%" noWrap align=center></TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="10%" noWrap align=center><STRONG>(000&#146;s)</STRONG>
    </TD>
    <TD vAlign=bottom width="2%" noWrap align=center></TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="10%" noWrap align=center><STRONG>(000&#146;s)</STRONG>
    </TD>
    <TD vAlign=bottom width="2%" noWrap align=center></TD></TR>
  <TR>
    <TD vAlign=bottom>&nbsp; </TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff vAlign=bottom align=left>Net (loss) income for the
      period Adjustments: </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left></TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%" align=right><B>(356,750</B>
    </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left><B>)</B> </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left></TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%" align=right>26,220 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left></TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left></TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%" align=right><B>(666,385</B>
    </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left><B>)</B> </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left></TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%" align=right>67,303 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left></TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp;Impairment of goodwill and long-lived
      assets </TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="10%" align=right><B>435,981</B> </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="10%" align=right>- </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="10%" align=right><B>734,378</B> </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="10%" align=right>- </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff vAlign=bottom align=left>&nbsp;Write-off of mineral
      property interests </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%" align=right><B>21,101</B>
</TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%" align=right>- </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%" align=right><B>21,465</B>
</TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%" align=right>9,564 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp;Gain on fair value of convertible notes
    </TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="10%" align=right><B>(20,970</B></TD>
    <TD vAlign=bottom width="2%" align=left><B>)</B> </TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="10%" align=right>(14,182</TD>
    <TD vAlign=bottom width="2%" align=left>) </TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="10%" align=right><B>(9,797</B></TD>
    <TD vAlign=bottom width="2%" align=left><B>)</B> </TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="10%" align=right>(22,815</TD>
    <TD vAlign=bottom width="2%" align=left>) </TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff vAlign=bottom align=left>&nbsp;Share-based payments
</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%" align=right><B>2,665</B> </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%" align=right>4,687 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%" align=right><B>16,105</B>
</TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%" align=right>18,328 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp;Provision for non-recoverable input
      taxes </TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="10%" align=right><B>13,018</B> </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="10%" align=right>- </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="10%" align=right><B>13,018</B> </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="10%" align=right>- </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff vAlign=bottom align=left>&nbsp;Write-down of long-term
      investments </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%" align=right><B>4,187</B> </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%" align=right>2,071 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%" align=right><B>7,194</B> </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%" align=right>20,552 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp;Unrealized (gains) losses on derivative
      instruments </TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="10%" align=right><B>1,992</B> </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="10%" align=right>(3,005</TD>
    <TD vAlign=bottom width="2%" align=left>) </TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="10%" align=right><B>50</B> </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="10%" align=right>2,660 </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff vAlign=bottom align=left>&nbsp;Deferred income tax
      expense (recovery) </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%"
    align=right><B>(109,576</B></TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left><B>)</B> </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%" align=right>(6,575</TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>) </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%"
    align=right><B>(109,316</B></TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left><B>)</B> </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%" align=right>(3,097</TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp;Gain on sale of Brucejack royalty </TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="10%" align=right><B>-</B> </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="10%" align=right>- </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="10%" align=right><B>-</B> </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="10%" align=right>(44,496</TD>
    <TD vAlign=bottom width="2%" align=left>) </TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff vAlign=bottom align=left>&nbsp;Convertible notes
      transaction costs </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%" align=right><B>-</B> </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%" align=right>657 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%" align=right><B>-</B> </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%" align=right>9,683 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp;CGA acquisition costs </TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="10%" align=right><B>-</B> </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="10%" align=right>- </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="10%" align=right><B>-</B> </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="10%" align=right>5,859 </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff vAlign=bottom align=left>&nbsp;Inventory fair value
      adjustments on CGA acquisition </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%" align=right><B>-</B> </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%" align=right>- </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%" align=right><B>-</B> </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%" align=right>32,869 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp;Amortization of deferred revenue </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="10%"
    align=right><B>-</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="10%"
    align=right>(9,254</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="2%"
    align=left>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="10%"
    align=right><B>-</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="10%"
    align=right>(37,404</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="2%"
    align=left>) </TD></TR>
  <TR>
    <TD bgColor=#e6efff vAlign=bottom>&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%">&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%">&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%">&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%">&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left><B>Adjusted net (loss) income </B><I><sup>(1)</sup></I>
    </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width="10%"
    align=right><B>(8,352</B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width="2%"
    align=left><B>)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width="10%"
    align=right>619 </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width="10%"
    align=right><B>6,712</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width="10%"
    align=right>59,006 </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width="2%"
    align=left>&nbsp;</TD></TR>
  <TR>
    <TD bgColor=#e6efff vAlign=bottom>&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%">&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%">&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%">&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%">&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom>&nbsp; </TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff vAlign=bottom align=left>Basic weighted average number
      of common shares outstanding (in thousands) </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#e6efff vAlign=bottom
    width="1%" align=left></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#e6efff vAlign=bottom
    width="10%" align=right><B>914,931</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#e6efff vAlign=bottom
    width="2%" align=right></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#e6efff vAlign=bottom
    width="1%" align=right></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#e6efff vAlign=bottom
    width="10%" align=right>651,005 </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#e6efff vAlign=bottom
    width="2%" align=right></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#e6efff vAlign=bottom
    width="1%" align=right></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#e6efff vAlign=bottom
    width="10%" align=right><B>741,097</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#e6efff vAlign=bottom
    width="2%" align=right></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#e6efff vAlign=bottom
    width="1%" align=right></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#e6efff vAlign=bottom
    width="10%" align=right>636,130 </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#e6efff vAlign=bottom
    width="2%" align=left></TD></TR>
  <TR>
    <TD vAlign=bottom>&nbsp; </TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff vAlign=bottom align=left><B>Adjusted net earnings per
      share &#150; basic ($/share)</B> </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%" align=right><B>(0.01</B></TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left><B>)</B> </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%" align=right>0.00 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%" align=right><B>0.01</B> </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="10%" align=right>0.09 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%"
  align=left>&nbsp;</TD></TR></TABLE>
<P align=justify><I><sup>(1) Comparatives have been adjusted for the removal of
foreign exchange (gains) losses</sup></I></P>
<P align=right>28</P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<!--$$/page=--><A name=page_29></A>
<P align=justify><B>SUMMARY OF UNAUDITED QUARTERLY RESULTS</B></P>
<DIV>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD align=left nowrap>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="8%" noWrap align=center><B><U>Q4</U></B> </TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="8%" noWrap align=center><B><U>Q3</U></B> </TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="8%" noWrap align=center><B><U>Q2</U></B> </TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="8%" noWrap align=center><B><U>Q1</U></B> </TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="8%" noWrap align=center><B><U>Q4</U></B> </TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="8%" noWrap align=center><B><U>Q3</U></B> </TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="8%" noWrap align=center><B><U>Q2</U></B> </TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="8%" noWrap align=center><B><U>Q1</U></B> </TD>
    <TD width="2%" align=left>&nbsp;</TD></TR>
  <TR>
    <TD nowrap>&nbsp; </TD>
    <TD width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="8%" noWrap align=center>&nbsp; </TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="8%" noWrap align=center>&nbsp; </TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="8%" noWrap align=center>&nbsp; </TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="8%" noWrap align=center>&nbsp; </TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="8%" noWrap align=center>&nbsp; </TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="8%" noWrap align=center>&nbsp; </TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="8%" noWrap align=center>&nbsp; </TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="8%" noWrap align=center>&nbsp; </TD>
    <TD width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left nowrap>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="8%" noWrap align=center><B><U>2014</U></B> </TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="8%" noWrap align=center><B><U>2014</U></B> </TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="8%" noWrap align=center><B><U>2014</U></B> </TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="8%" noWrap align=center><B><U>2014</U></B> </TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="8%" noWrap align=center><B><U>2013</U></B> </TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="8%" noWrap align=center><B><U>2013</U></B> </TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="8%" noWrap align=center><B><U>2013</U></B> </TD>
    <TD vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="1%" noWrap align=center>&nbsp;</TD>
    <TD vAlign=bottom width="8%" noWrap align=center><B><U>2013</U></B> </TD>
    <TD width="2%" align=left>&nbsp;</TD></TR>
  <TR>
    <TD nowrap>&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>
    <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 align=left nowrap bgColor=#e6efff>Gold revenue ($ in thousands) </TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=right>122,422 </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=right>114,924 </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=right>120,258 </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=right>129,020 </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=right>138,054 </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=right>128,730 </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=right>122,635 </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=right>154,853 </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD></TR>
  <TR>
    <TD nowrap>&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>
    <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 align=left nowrap bgColor=#e6efff>Gold sold (ounces) </TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=right>102,612 </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=right>91,282 </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=right>93,330 </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=right>98,995 </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=right>106,185 </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=right>93,429 </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=right>86,239 </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=right>95,042 </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD></TR>
  <TR>
    <TD nowrap>&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>
    <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 align=left nowrap bgColor=#e6efff>Average realized gold price
      <BR>
      &nbsp;&nbsp;&nbsp;&nbsp; ($/ounce) </TD>
    <TD bgColor=#e6efff width="1%" align=left></TD>
    <TD bgColor=#e6efff width="8%" align=right>1,193 </TD>
    <TD bgColor=#e6efff width="2%" align=left></TD>
    <TD bgColor=#e6efff width="1%" align=left></TD>
    <TD bgColor=#e6efff width="8%" align=right>1,259 </TD>
    <TD bgColor=#e6efff width="2%" align=left></TD>
    <TD bgColor=#e6efff width="1%" align=left></TD>
    <TD bgColor=#e6efff width="8%" align=right>1,289 </TD>
    <TD bgColor=#e6efff width="2%" align=left></TD>
    <TD bgColor=#e6efff width="1%" align=left></TD>
    <TD bgColor=#e6efff width="8%" align=right>1,303 </TD>
    <TD bgColor=#e6efff width="2%" align=left></TD>
    <TD bgColor=#e6efff width="1%" align=left></TD>
    <TD bgColor=#e6efff width="8%" align=right>1,300 </TD>
    <TD bgColor=#e6efff width="2%" align=left></TD>
    <TD bgColor=#e6efff width="1%" align=left></TD>
    <TD bgColor=#e6efff width="8%" align=right>1,378 </TD>
    <TD bgColor=#e6efff width="2%" align=left></TD>
    <TD bgColor=#e6efff width="1%" align=left></TD>
    <TD bgColor=#e6efff width="8%" align=right>1,422 </TD>
    <TD bgColor=#e6efff width="2%" align=left></TD>
    <TD bgColor=#e6efff width="1%" align=left></TD>
    <TD bgColor=#e6efff width="8%" align=right>1,629 </TD>
    <TD bgColor=#e6efff width="2%" align=left></TD></TR>
  <TR vAlign=top>
    <TD align=left nowrap>Gold produced (ounces) </TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>111,804 </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>90,192 </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>85,704 </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>96,303 </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>105,577 </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>98,992 </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>82,083 </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>79,661 </TD>
    <TD width="2%" align=left>&nbsp;</TD></TR>
  <TR>
    <TD nowrap bgColor=#e6efff>&nbsp; </TD>
    <TD bgColor=#e6efff width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff width="8%">&nbsp; </TD>
    <TD bgColor=#e6efff width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff width="8%">&nbsp; </TD>
    <TD bgColor=#e6efff width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff width="8%">&nbsp; </TD>
    <TD bgColor=#e6efff width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff width="8%">&nbsp; </TD>
    <TD bgColor=#e6efff width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff width="8%">&nbsp; </TD>
    <TD bgColor=#e6efff width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff width="8%">&nbsp; </TD>
    <TD bgColor=#e6efff width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff width="8%">&nbsp; </TD>
    <TD bgColor=#e6efff width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff width="8%">&nbsp; </TD>
    <TD bgColor=#e6efff width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left nowrap>Cash operating costs
      <EM><sup>(1)</sup><BR>
      </EM>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ($/ounce gold) </TD>
    <TD width="1%" align=left></TD>
    <TD width="8%" align=right>646 </TD>
    <TD width="2%" align=left></TD>
    <TD width="1%" align=left></TD>
    <TD width="8%" align=right>732 </TD>
    <TD width="2%" align=left></TD>
    <TD width="1%" align=left></TD>
    <TD width="8%" align=right>720 </TD>
    <TD width="2%" align=left></TD>
    <TD width="1%" align=left></TD>
    <TD width="8%" align=right>634 </TD>
    <TD width="2%" align=left></TD>
    <TD width="1%" align=left></TD>
    <TD width="8%" align=right>638 </TD>
    <TD width="2%" align=left></TD>
    <TD width="1%" align=left></TD>
    <TD width="8%" align=right>653 </TD>
    <TD width="2%" align=left></TD>
    <TD width="1%" align=left></TD>
    <TD width="8%" align=right>732 </TD>
    <TD width="2%" align=left></TD>
    <TD width="1%" align=left></TD>
    <TD width="8%" align=right>722 </TD>
    <TD width="2%" align=left></TD></TR>
  <TR vAlign=top>
    <TD align=left nowrap bgColor=#e6efff>Total cash costs <I><sup>(1)</sup> </I>($/ounce gold)    </TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=right>686 </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=right>772 </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=right>766 </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=right>679 </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=right>678 </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=right>698 </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=right>782 </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=right>771 </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD></TR>
  <TR>
    <TD nowrap>&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>
    <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 align=left nowrap bgColor=#e6efff>Net (loss) income for the period
      <EM><sup>(2)</sup><BR>
      </EM>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ($ in thousands) </TD>
    <TD bgColor=#e6efff width="1%" align=left></TD>
    <TD bgColor=#e6efff width="8%" align=right>(356,750</TD>
    <TD bgColor=#e6efff width="2%" align=left>) </TD>
    <TD bgColor=#e6efff width="1%" align=left></TD>
    <TD bgColor=#e6efff width="8%" align=right>(274,128</TD>
    <TD bgColor=#e6efff width="2%" align=left>) </TD>
    <TD bgColor=#e6efff width="1%" align=left></TD>
    <TD bgColor=#e6efff width="8%" align=right>(11,529</TD>
    <TD bgColor=#e6efff width="2%" align=left>) </TD>
    <TD bgColor=#e6efff width="1%" align=left></TD>
    <TD bgColor=#e6efff width="8%" align=right>(23,978</TD>
    <TD bgColor=#e6efff width="2%" align=left>) </TD>
    <TD bgColor=#e6efff width="1%" align=left></TD>
    <TD bgColor=#e6efff width="8%" align=left>26,220 </TD>
    <TD bgColor=#e6efff width="2%" align=left></TD>
    <TD bgColor=#e6efff width="1%" align=left></TD>
    <TD bgColor=#e6efff width="8%" align=right>7,949 </TD>
    <TD bgColor=#e6efff width="2%" align=right></TD>
    <TD bgColor=#e6efff width="1%" align=right></TD>
    <TD bgColor=#e6efff width="8%" align=right>33,071 </TD>
    <TD bgColor=#e6efff width="2%" align=right></TD>
    <TD bgColor=#e6efff width="1%" align=right></TD>
    <TD bgColor=#e6efff width="8%" align=right>63 </TD>
    <TD bgColor=#e6efff width="2%" align=left></TD></TR>
  <TR>
    <TD nowrap>&nbsp; </TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%" align=right>&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%" align=right>&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%" align=right>&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%" align=right>&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%" align=left>&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 align=left nowrap bgColor=#e6efff>(Loss) earnings per share
      <EM><sup>(2)</sup>&nbsp;<BR>
      </EM>&nbsp;&nbsp;&nbsp;&nbsp; &#150; basic ($) </TD>
    <TD bgColor=#e6efff width="1%" align=left></TD>
    <TD bgColor=#e6efff width="8%" align=right>(0.39 </TD>
    <TD bgColor=#e6efff width="2%" align=left>) </TD>
    <TD bgColor=#e6efff width="1%" align=left></TD>
    <TD bgColor=#e6efff width="8%" align=right>(0.39 </TD>
    <TD bgColor=#e6efff width="2%" align=left>) </TD>
    <TD bgColor=#e6efff width="1%" align=left></TD>
    <TD bgColor=#e6efff width="8%" align=right>(0.02 </TD>
    <TD bgColor=#e6efff width="2%" align=left>) </TD>
    <TD bgColor=#e6efff width="1%" align=left></TD>
    <TD bgColor=#e6efff width="8%" align=right>(0.04 </TD>
    <TD bgColor=#e6efff width="2%" align=left>) </TD>
    <TD bgColor=#e6efff width="1%" align=left></TD>
    <TD bgColor=#e6efff width="8%" align=left>0.04 </TD>
    <TD bgColor=#e6efff width="2%" align=left></TD>
    <TD bgColor=#e6efff width="1%" align=left></TD>
    <TD bgColor=#e6efff width="8%" align=right>0.01 </TD>
    <TD bgColor=#e6efff width="2%" align=left></TD>
    <TD bgColor=#e6efff width="1%" align=left></TD>
    <TD bgColor=#e6efff width="8%" align=right>0.05 </TD>
    <TD bgColor=#e6efff width="2%" align=left></TD>
    <TD bgColor=#e6efff width="1%" align=left></TD>
    <TD bgColor=#e6efff width="8%" align=right>0.00 </TD>
    <TD bgColor=#e6efff width="2%" align=left></TD></TR>
  <TR vAlign=top>
    <TD align=left nowrap>(Loss) earnings per share
      <EM><sup>(2)</sup><BR>
      </EM>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<EM> </EM>&#150; diluted ($) </TD>
    <TD width="1%" align=left></TD>
    <TD width="8%" align=right>(0.39 </TD>
    <TD width="2%" align=left>) </TD>
    <TD width="1%" align=left></TD>
    <TD width="8%" align=right>(0.39 </TD>
    <TD width="2%" align=left>) </TD>
    <TD width="1%" align=left></TD>
    <TD width="8%" align=right>(0.02 </TD>
    <TD width="2%" align=left>) </TD>
    <TD width="1%" align=left></TD>
    <TD width="8%" align=right>(0.04 </TD>
    <TD width="2%" align=left>) </TD>
    <TD width="1%" align=left></TD>
    <TD width="8%" align=left>0.02 </TD>
    <TD width="2%" align=left></TD>
    <TD width="1%" align=left></TD>
    <TD width="8%" align=right>0.00 </TD>
    <TD width="2%" align=left></TD>
    <TD width="1%" align=left></TD>
    <TD width="8%" align=right>0.05 </TD>
    <TD width="2%" align=left></TD>
    <TD width="1%" align=left></TD>
    <TD width="8%" align=right>0.00 </TD>
    <TD width="2%" align=left></TD></TR>
  <TR vAlign=top>
    <TD align=left nowrap bgColor=#e6efff>Cash flows from operating
      activities&nbsp;<BR>
      &nbsp;&nbsp;&nbsp;&nbsp; ($ in thousands) </TD>
    <TD bgColor=#e6efff width="1%" align=left></TD>
    <TD bgColor=#e6efff width="8%" align=right>38,564 </TD>
    <TD bgColor=#e6efff width="2%" align=left></TD>
    <TD bgColor=#e6efff width="1%" align=left></TD>
    <TD bgColor=#e6efff width="8%" align=right>33,183 </TD>
    <TD bgColor=#e6efff width="2%" align=left></TD>
    <TD bgColor=#e6efff width="1%" align=left></TD>
    <TD bgColor=#e6efff width="8%" align=right>24,217 </TD>
    <TD bgColor=#e6efff width="2%" align=left></TD>
    <TD bgColor=#e6efff width="1%" align=left></TD>
    <TD bgColor=#e6efff width="8%" align=right>17,737 </TD>
    <TD bgColor=#e6efff width="2%" align=left></TD>
    <TD bgColor=#e6efff width="1%" align=left></TD>
    <TD bgColor=#e6efff width="8%" align=left>38,352 </TD>
    <TD bgColor=#e6efff width="2%" align=left></TD>
    <TD bgColor=#e6efff width="1%" align=left></TD>
    <TD bgColor=#e6efff width="8%" align=right>35,454 </TD>
    <TD bgColor=#e6efff width="2%" align=right></TD>
    <TD bgColor=#e6efff width="1%" align=right></TD>
    <TD bgColor=#e6efff width="8%" align=right>23,678 </TD>
    <TD bgColor=#e6efff width="2%" align=right></TD>
    <TD bgColor=#e6efff width="1%" align=right></TD>
    <TD bgColor=#e6efff width="8%" align=right>50,343 </TD>
    <TD bgColor=#e6efff width="2%" align=right></TD></TR></TABLE></DIV>
<P align=justify><I><sup>(1) A cautionary note regarding non-IFRS measures is
included in the section titled &#147;Non-IFRS Measures.&#148; <BR>(2) Attributable to the
shareholders of the Company.</sup> </I></P>
<P align=justify>Quarterly gold revenue increased significantly in 2013, as a
result of higher gold production from the Company&#146;s Masbate Mine acquired on
January 16, 2013 as well as increased production from its Nicaraguan operations.
The net loss recorded in the first quarter of 2014 primarily resulted from the
loss on fair value of convertible notes of $38.3 million recorded during the
quarter, while the net loss in the second quarter of 2014 primarily related to
the loss on fair value of convertible notes of $4.4 million and a write-down of
long-term investments of $2.7 million. The net loss in the third and fourth
quarters of 2014 reflect the $298.4 million impairment charge relating to the
Company&#146;s goodwill and investment in Gramalote joint venture and a $436.0
million impairment charge, net of deferred income tax recoveries of $130.8
million, relating to the Masbate Mine&#146;s long-lived assets, respectively. </P>
<P align=justify><B>OUTLOOK</B> </P>
<P align=justify>Despite the current challenging gold price environment, the
future looks very bright for B2Gold. The Company is projecting another record
year of gold production in 2015. Company-wide production in 2015 from the newly
constructed Otjikoto Mine, and the Masbate, La Libertad and Limon Mines is
expected to be in the range of 500,000 to 540,000 ounces of gold, an increase of
approximately 35% over 2014 production. Consolidated cash operating costs are
expected to be in the range of $630 to $660 per ounce. The substantial increase
in the Company&#146;s consolidated gold production and the reduction in consolidated
cash operating costs per ounce reflect the positive impact of new production
from the Company&#146;s low-cost Otjikoto Mine which reached commercial production on
February 28, 2015. With the commencement of production at the Otjikoto Mine and
the promise of our next mine, the robust Fekola Project, on the horizon, our
growth as a profitable gold producer is unparalleled in the industry. Based on
current assumptions, B2Gold expects profitable gold production to grow from
380,000 ounces in 2014 to approximately 900,000 ounces in 2018. Perhaps more
importantly, the robust projected economics for both projects will continue to
lower B2Gold&#146;s consolidated cash operating costs and all-in sustaining costs per
ounce of gold.</P>
<P align=right>29</P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<!--$$/page=--><A name=page_30></A>
<P align=justify>Following the successful start-up of production and achievement
of commercial production ahead of schedule and on budget, in 2015, the Otjikoto
Mine is projected to produce 140,000 to 150,000 ounces of gold with cash
operating costs estimated in a range of $500 to $525 per ounce. Work is already
underway on the expansion of the Otjikoto Mill capacity from 2.5 million to 3
million tonnes per annum, with completion of the expansion anticipated in
Q3-2015. Work continues on the open pit and underground mine plan for the high
grade Wolfshag Zones adjacent to the Otjikoto ore body. A study incorporating
the open-pit and underground mining at Wolfshag into the Otjikoto Mine Plan is
expected by the end of 2015. Commencement of mining of the open pit component of
Wolfshag is planned for late 2016. Based on the expansion of the mill, and
current assumptions the Company expects the Otjikoto Mine to produce 200,000
ounces in both 2016 and 2017 and an average of 190,000 ounces of annual
production over an initial 9 year mine life. </P>
<P align=justify>Over the past several years B2Gold&#146;s successful mine
construction and strong mine operating performance has at times been reflected
in the Company&#146;s market valuation, allowing B2Gold to complete accretive
acquisitions utilizing the currency of its shares. B2Gold&#146;s experienced in-house
technical due diligence team and in-house construction team have allowed the
Company to turn accretive development acquisitions into profitable producing
mines, on budget and on schedule. In addition B2Gold&#146;s experienced exploration
team has further increased the value of these acquisitions by making additional
discoveries on the properties. This work will continue in 2015 with a
company-wide exploration budget of $32 million, including both brownfield and
greenfield exploration. </P>
<P align=justify>With the acquisition of the Fekola Project in Mali in 2014, by
way of a merger with Papillon, the Company has added another high quality
development project. The Fekola Project, based on the Papillon Preliminary
Economic Assessment, demonstrates robust economics with the potential to produce
300,000 ounces of gold annually with cash operating costs of approximately $580
per ounce and all in sustaining costs of approximately $725 per ounce. The
Company is currently conducting a feasibility work program at Fekola with the
final feasibility study scheduled for completion mid-year. Road construction and
other additional earthworks commenced in February 2015. The Company is again
utilizing the in-house construction team that recently completed the
construction of the Otjikoto Mine. Based on current assumptions the Company
expects to complete construction at Fekola and commence production ramp up in
late 2017. </P>
<P align=justify>Regarding financing for Fekola construction, discussions with
the Company&#146;s lenders are ongoing and the Company expects to complete an updated
and increased revolving credit facility in the second quarter. Coupled with our
substantial operating cash flows, we expect that the updated facility will be
sufficient to fund the Company&#146;s budgeted expenditures over the next two years
including the Fekola construction costs, based on current assumptions. </P>
<P align=justify>B2Gold has two additional development projects, the Kiaka
Project in Burkina Faso and the Gramalote Project, a joint venture with Anglo
Gold in Colombia. </P>
<P align=justify>The Kiaka Project hosts a large low grade potential open pit
deposit that was acquired through a friendly merger with Volta Resources. A
pre-feasibility study completed by Volta indicated a large low grade gold
deposit that would probably require higher gold prices than today to be
economic. B2Gold will complete a final feasibility study by year end, to further
evaluate the project and its economics at an estimated cost of $5 million. </P>
<P align=justify>The Gramalote Project in Colombia (49% B2Gold / 51% Anglo
Gold), based on a Preliminary Economic Assessment completed by Anglo Gold as
operator in 2014, established the potential for a large open pit ore body. While
the economics were encouraging, B2Gold and Anglo Gold decided not to proceed
with a final feasibility study at Gramalote due to the current gold price. The
partners will continue to pursue permitting, and have filed an Environmental
impact assessment with the government early in 2015. The Company views the
Gramalote Project as a significant asset in a better gold price environment.
</P>
<P align=justify>In conclusion, it is rewarding to look back on 2014, another
year of successful production and growth for B2Gold. Over the last few years the
Company has established itself as a profitable growth oriented intermediate gold
producer. B2Gold is looking forward to future success with the development of
the robust Fekola Project, as the next stage in its profitable growth. While the
gold sector has suffered in part due to lower gold prices, the Company believes
that its dramatic, profitable growth will ultimately be reflected in its market
valuation.</P>
<P align=justify><B>OUTSTANDING SHARE DATA </B></P>
<P align=justify>At March 10, 2015, 921,270,670 common shares were outstanding.
In addition, there were approximately 41,707,393 million stock options
outstanding with exercise prices ranging between Cdn.$0.84 to Cdn.$13.67 per
share and 2,529,561 million RSUs. As of January 1, 2014 and December 31, 2014,
we had 7,136,096 and 21,436,594 unoptioned common shares available for option
grants under our incentive stock option plan (amended and restated). </P>
<P align=right>30</P>
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<P align=justify><B>CAUTION ON FORWARD-LOOKING INFORMATION </B></P>
<P align=justify>This Management&#146;s Discussion and Analysis includes certain
&#147;forward-looking information&#148; and &#147;forward-looking statements&#148; (collectively
&#147;forward-looking statements&#148;) within the meaning of applicable Canadian and
United States securities legislation, including projections of future financial
and operational performance and statements regarding drilling, construction,
development, production, permitting and other activities on the Company&#146;s
properties, anticipated technical reports, economic assessments and feasibility
studies, the projections included in existing technical reports, economic
assessments and feasibility studies, the potential for expansion of resources
and reserves, the potential for expansion of production capacity, projected
capital investments and exploration, the expansion of the Otjikoto mine, the
potential production from the Kiaka Project, the potential completion of, and
production from, the Fekola gold project, the synergies and potential benefits
of the Scheme of Arrangement with Papillon (the &#147;Scheme&#148;), availability of and
potential amendments to credit facilities, potential acquisitions, the benefits
expected from acquisitions and planned safety initiatives. Estimates of mineral
resources and reserves are also forward looking statements because they
constitute projections regarding the amount of minerals that may be encountered
in the future and/or the anticipated economics of production, should a
production decision be made. All statements in this Management&#146;s Discussion and
Analysis that address events or developments that we expect to occur in the
future are forward-looking statements. Forward-looking statements are statements
that are not historical facts and are generally, although not always, identified
by words such as &#147;expect&#148;, &#147;plan&#148;, &#147;anticipate&#148;, &#147;project&#148;, &#147;target&#148;,
&#147;potential&#148;, &#147;schedule&#148;, &#147;forecast&#148;, &#147;budget&#148;, &#147;estimate&#148;, &#147;intend&#148; or &#147;believe&#148;
and similar expressions or their negative connotations, or that events or
conditions &#147;will&#148;, &#147;would&#148;, &#147;may&#148;, &#147;could&#148;, &#147;should&#148; or &#147;might&#148; occur. All such
forward-looking statements are based on the opinions and estimates of management
as of the date such statements are made. Forward-looking statements necessarily
involve assumptions, risks and uncertainties, certain of which are beyond
B2Gold&#146;s control, including risks associated with the uncertainty of reserve and
resource estimates; volatility of metal prices; risks of exploration,
development and mining; financing risks; ability to obtain any necessary
permits, consents or authorizations required for its activities, adequate
infrastructure, energy and other inputs; shortages or cost increases in
necessary equipment, supplies and labour; the business of B2Gold and Papillon
not being integrated successfully or such integration proving more difficult,
time consuming or costly than expected; not realizing the potential benefits of
the Scheme; regulatory, political and country risks; reliance upon third parties
and joint venture partners; litigation; as well as other factors identified in
B2Gold&#146;s filings with Canadian securities regulators and the U.S. Securities and
Exchange Commission (the &#147;SEC&#148;), which may be viewed at www.sedar.com and
www.sec.gov, respectively. The list is not exhaustive of the factors that may
affect the Company&#146;s forward-looking statements. There can be no assurance that
such statements will prove to be accurate, and actual results, performance or
achievements could differ materially from those expressed in, or implied by,
these forward-looking statements. Accordingly, no assurance can be given that
any events anticipated by the forward-looking statements will transpire or
occur, or if any of them do, what benefits B2Gold will derive therefrom. The
Company&#146;s forward looking statements reflect current expectations regarding
future events and operating performance and speak only as of the date hereof and
the Company does not assume any obligation to update forward-looking statements
if circumstances or management's beliefs, expectations or opinions should change
other than as required by applicable law. For the reasons set forth above, undue
reliance should not be placed on forward-looking statements. </P>
<P align=justify><B>CAUTIONARY STATEMENT REGARDING MINERAL RESERVE AND RESOURCE
ESTIMATES</B></P>
<P align=justify>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>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.</P>
<P align=right>31</P>
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<!--$$/page=--><A name=page_32></A>
<P align=justify>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. 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. Further, while NI
43-101 permits companies to disclose economic projections contained in
pre-feasibility studies and preliminary economic assessments, which are not
based on &#147;reserves&#148;, U.S. companies are not normally permitted to disclose
economic projections for a mineral property in their SEC filings prior to the
establishment of &#147;reserves.&#148; 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 or that describes the results of pre-feasibility
or other studies 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>32</P>
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</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">
<!--$$/page=--><A name=page_1></A>
<P align=center><B>FORM 13-502F1 <BR></B><B>CLASS 1 REPORTING ISSUERS &#150;
PARTICIPATION FEE </B></P>
<P align=justify>Reporting Issuer Name<B>: B2Gold Corp.</B><U> </U></P>
<P align=justify>End date of last completed fiscal year:<B> December 31,
2014</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><U>Market value of listed or quoted securities:
      <BR></U>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 align=right width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%">917,652,046 (i) </TD>
    <TD vAlign=bottom align=right width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="15%"></TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD align=right width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">&nbsp; </TD>
    <TD vAlign=bottom align=right width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="15%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>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 align=right width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%">$2.61 (ii) </TD>
    <TD vAlign=bottom align=right width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="15%"></TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD align=right width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">&nbsp; </TD>
    <TD vAlign=bottom align=right width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="15%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>Market value of class or series </TD>
    <TD align=right width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">&nbsp; </TD>
    <TD vAlign=bottom align=right width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="15%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=right width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">(i) X (ii) = </TD>
    <TD vAlign=bottom align=right width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="15%">2,395,071,840 (A) </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD align=right width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">&nbsp; </TD>
    <TD vAlign=bottom align=right width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="15%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>(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 align=right width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%"></TD>
    <TD vAlign=bottom align=right width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="15%"></TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=right width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">&nbsp; </TD>
    <TD vAlign=bottom align=right width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="15%">N/A (B) </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD align=right width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">&nbsp; </TD>
    <TD vAlign=bottom align=right width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="15%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left><U>Market value of other securities at end of the last
      completed fiscal year: </U></TD>
    <TD align=right width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%"></TD>
    <TD vAlign=bottom align=right width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="15%"></TD></TR>
  <TR vAlign=top>
    <TD align=left>(See paragraph 2.7(b) of the Rule) </TD>
    <TD align=right width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">&nbsp; </TD>
    <TD vAlign=bottom align=right width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="15%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp;(Provide details of how value was
      determined) </TD>
    <TD align=right width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">&nbsp; </TD>
    <TD vAlign=bottom align=right width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="15%">&nbsp; </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD align=right width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">&nbsp; </TD>
    <TD vAlign=bottom align=right width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="15%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=center>
      <P align=justify>&nbsp;&nbsp;&nbsp;<STRONG>Quoted Market Price from Bond
      Desk:</STRONG> </P></TD>
    <TD align=right width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">&nbsp; </TD>
    <TD vAlign=bottom align=right width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="15%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=center>
      <P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Convertible Senior
      Subordinated Notes </P></TD>
    <TD align=right width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">&nbsp; </TD>
    <TD vAlign=bottom align=right width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="15%">229,492,000 (C) </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD align=right width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">&nbsp; </TD>
    <TD vAlign=bottom align=right width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="15%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>(Repeat for each other class or series of securities to
      which paragraph 2.7(b) of the Rule applies) </TD>
    <TD align=right width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%"></TD>
    <TD vAlign=bottom align=right width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="15%"></TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=right width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">&nbsp; </TD>
    <TD vAlign=bottom align=right width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="15%">N/A (D) </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD align=right width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">&nbsp; </TD>
    <TD vAlign=bottom align=right width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="15%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left><STRONG>Capitalization for the last completed fiscal
      year</STRONG> </TD>
    <TD align=right width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">(A) + (B) + (C) </TD>
    <TD vAlign=bottom align=right width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="15%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>(Add market value of all classes and series of securities)
    </TD>
    <TD align=right width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">+ (D) = </TD>
    <TD vAlign=bottom align=right width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="15%">2,624,563,840 </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD align=right width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">&nbsp; </TD>
    <TD vAlign=bottom align=right width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="15%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Participation Fee </B></TD>
    <TD align=right width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">&nbsp; </TD>
    <TD vAlign=bottom align=right width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="15%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>(From Appendix A of the Rule, select the participation fee
      beside the capitalization calculated above) </TD>
    <TD align=right width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%"></TD>
    <TD vAlign=bottom align=right width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="15%">59,350 </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD align=right width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">&nbsp; </TD>
    <TD vAlign=bottom align=right width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="15%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left><STRONG>Late Fee</STRONG>, if applicable </TD>
    <TD align=right width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">&nbsp; </TD>
    <TD vAlign=bottom align=right width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="15%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>(As determined under section 2.5 of the Rule) </TD>
    <TD align=right width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">&nbsp; </TD>
    <TD vAlign=bottom align=right width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="15%">&nbsp; </TD></TR></TABLE></DIV><BR>
<HR align=center width="100%" color=black noShade SIZE=5>
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>5
<FILENAME>exhibit99-1x1x1.jpg
<DESCRIPTION>GRAPHIC
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
