<SEC-DOCUMENT>0001062993-16-007014.txt : 20160111
<SEC-HEADER>0001062993-16-007014.hdr.sgml : 20160111
<ACCEPTANCE-DATETIME>20160111170631
ACCESSION NUMBER:		0001062993-16-007014
CONFORMED SUBMISSION TYPE:	F-10/A
PUBLIC DOCUMENT COUNT:		4
FILED AS OF DATE:		20160111
DATE AS OF CHANGE:		20160111

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:		F-10/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-208506
		FILM NUMBER:		161336962

	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>F-10/A
<SEQUENCE>1
<FILENAME>formf10a.htm
<DESCRIPTION>FORM F-10/A
<TEXT>
<HTML>
<HEAD>
   <TITLE>B2Gold Corp.: Form F-10/A - Filed by newsfilecorp.com</TITLE>
</HEAD>

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

<HR noshade align="center" width=100% size=3 color="black">
<A name=page_x1></A>
<P align=center><B>As filed with the Securities and Exchange Commission on
January 11, 2016. </B></P>
<P align=right><B>Registration No. 333-208506 </B></P>
<P align=right style="BORDER-BOTTOM: #000000 3px double">&nbsp;</P>
<P align=center><B><FONT size=5>U.S. SECURITIES AND EXCHANGE COMMISSION
</FONT></B><BR>WASHINGTON, D.C. 20549 <BR>___________________________________
</P>
<P align=center><B>Amendment No. 3 </B><BR><B>to </B><BR><B><FONT size=5>Form
F-10 </FONT></B><BR><B>REGISTRATION STATEMENT UNDER </B><BR><B>THE SECURITIES
ACT OF 1933 </B><BR>___________________________________ </P>
<P align=center><B><U><FONT size=5>B2Gold Corp.</FONT></U></B><B>
</B><BR><I>(Exact name of Registrant as specified in its charter) </I></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=center><B><U>British Columbia, Canada </U></B></TD>
    <TD align=center width="33%"><B><U>1040 </U></B></TD>
    <TD align=center width="33%"><B><U>n/a </U></B></TD></TR>
  <TR vAlign=top>
    <TD align=center><I>(Province or other Jurisdiction of </I></TD>
    <TD align=center width="33%"><I>(Primary Standard Industrial
      Classification </I></TD>
    <TD align=center width="33%"><I>(I.R.S. Employer Identification Number, if
      </I></TD></TR>
  <TR vAlign=top>
    <TD align=center><I>Incorporation or Organization) </I></TD>
    <TD align=center width="33%"><I>Code Number) </I></TD>
    <TD align=center width="33%"><I>any) </I></TD></TR></TABLE>
<P align=center><B>Suite 3100, Three Bentall Centre </B><BR><B>595 Burrard
Street </B><BR><B>Vancouver, British Columbia, Canada, V7X 1J1
</B><BR><B><U>(604) 681-8371</U></B><B> </B><BR><I>(Address and telephone number
of Registrant&#146;s principal executive offices) </I></P>
<P align=center><B>DL Services, Inc. </B><BR><B>701 Fifth Avenue, Suite 6100
</B><BR><B>Seattle, Washington 98104 </B><BR><B><U>(206) 903-8800</U></B><B>
</B><BR><I>(Name, address (including zip code) and telephone number (including
area code) of agent for service in the United States) </I></P>
<P align=center>___________________________________ </P>
<P align=center><B>With a copy to: </B><BR><B>Christopher L. Doerksen
</B><BR><B>Dorsey &amp; Whitney LLP </B><BR><B>701 Fifth Avenue </B><BR><B>Suite
6100 </B><BR><B>Seattle, Washington 98104 </B><BR><B><U>(206) 903-8800
</U></B><BR>___________________________________ </P>
<P align=center><B>Approximate date of commencement of proposed sale to the
public:</B><BR>From time to time after the effective date of this Registration
Statement.<B> </B></P>
<P align=center><B><U>Province of British Columbia, Canada</U></B><B>
</B><BR><I>(Principal jurisdiction regulating this offering)
</I><BR>___________________________________ </P>
<P align=justify>It is proposed that this filing shall become effective (check
appropriate box below): </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left >A. </TD>
    <TD align=left width="95%">[ ] upon filing with the Commission, pursuant
      to Rule 467(a) (if in connection with an offering being made
      contemporaneously in the United States and Canada). </TD></TR>
  <TR vAlign=top>
    <TD align=left >B. </TD>
    <TD align=left width="95%">[X] at some future date (check appropriate box
      below) </TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD align=left >1. </TD>
    <TD align=left width="90%">
      <P align=justify>[ ] pursuant to Rule 467(b) on ( ) at ( ) (designate a
      time not sooner than seven calendar days after filing). </P></TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >2. </TD>
    <TD align=left width="90%">
      <P align=justify>[ ] pursuant to Rule 467(b) on ( ) at ( ) (designate a
      time seven calendar days or sooner after filing) because the securities
      regulatory authority in the review jurisdiction has issued a receipt or
      notification of clearance on ( ). </P></TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >3. </TD>
    <TD align=left width="90%">
      <P align=justify>[X] pursuant to Rule 467(b) as soon as practicable after
      notification of the Commission by the Registrant or the Canadian
      securities regulatory authority of the review jurisdiction that a receipt
      or notification of clearance has been issued with respect hereto.
  </P></TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >4. </TD>
    <TD align=left width="90%">
      <P align=justify>[ ] after the filing of the next amendment to this Form
      (if preliminary material is being filed). </P></TD></TR></TABLE>
<P align=justify style="text-indent:5%">If any of the securities being
registered on this form are to be offered on a delayed or continuous basis
pursuant to the home jurisdiction&#146;s shelf prospectus offering procedures, check
the following box. [X] </P>
<P align=center>___________________________________ </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_x2></A>
<P align=justify><B>The Registrant hereby amends this Registration Statement on
such date or dates as may be necessary to delay its effective date until the
Registration Statement shall become effective as provided in Rule 467 under the
Securities Act of 1933 or on such date as the Commission, acting pursuant to
Section 8(a) of the Act, may determine. </B></P>
<P align=justify style="BORDER-BOTTOM: #000000 3px double">&nbsp;</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_x3></A>
<P align=center><B>PART I </B></P>
<P align=center><B>INFORMATION REQUIRED TO BE DELIVERED TO OFFEREES OR
PURCHASERS </B></P>
<P align=center>I-1</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>

<A name=page_1></A>
<P align=justify><B><I>Information has been incorporated by reference in this
short form base shelf prospectus from documents</I></B><B> </B><B><I>filed with
securities commissions or similar authorities in Canada. Copies of the
documents</I></B><B> </B><B><I>incorporated herein by reference may be obtained
on request, without charge, from the Corporate</I></B><B> </B><B><I>Secretary of
B2Gold Corp. at Suite 3100, Three Bentall Centre, 595 Burrard Street, Vancouver,
British Columbia, Canada V7X 1J1, telephone (604) 681-8371 and are also
available electronically at www.sedar.com.</I></B><B> </B></P>
<P align=center><B>SHORT FORM BASE SHELF PROSPECTUS</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><I><U>New Issue </U></I></TD>
    <TD align=right width="50%">January 11, 2016 </TD></TR></TABLE>
<P align=center><IMG src="formf10ax1x1.jpg" border=0 width="274" height="222"> </P>
<P align=center><B><FONT size=4>B2GOLD CORP. </FONT></B><BR><B><FONT
size=4>US$300,000,000</FONT></B><BR><B><FONT size=4>Debt Securities
</FONT></B><BR><B><FONT size=4>Warrants </FONT></B><BR><B><FONT
size=4>Subscription Receipts </FONT></B><BR><B><FONT size=4>Units
</FONT></B><BR><B><FONT size=4>Common Shares </FONT></B></P>
<P align=justify>B2Gold Corp. (&#147;<B>B2Gold</B>&#148; or the &#147;<B>Company</B>&#148;) may
offer and sell, from time to time, debt securities (&#147;<B>Debt Securities</B>&#148;),
warrants to purchase common shares of the Company (&#147;<B>Warrants</B>&#148;),
subscription receipts (&#147;<B>Subscription Receipts</B>&#148;) or common shares of the
Company (&#147;<B>Common Shares</B>&#148;) or any combination of such securities
(&#147;<B>Units</B>&#148;) (all of the foregoing collectively, the &#147;<B>Securities</B>) up
to an aggregate initial offering price of US$300,000,000<B> </B>(or its
equivalent in Canadian dollars) during the 25-month period that this short form
base shelf prospectus (the &#147;<B>Prospectus</B>&#148;), including any amendments
hereto, remains effective. Securities may be offered in amounts, at prices and
on terms to be determined based on market conditions at the time of sale and set
forth in an accompanying prospectus supplement (a &#147;<B>Prospectus
Supplement</B>&#148;). In addition, Securities may be offered and issued in
consideration for the acquisition of other businesses, assets or securities by
us or one of our subsidiaries. The consideration for any such acquisition may
consist of any of the Securities separately, a combination of Securities or any
combination of among other things, Securities, cash and assumption of
liabilities.<B> </B></P>
<P align=justify><B>Investing in the Securities involves significant risks.
Prospective investors should carefully consider the risk factors described under
the heading &#147;Risk Factors&#148; and elsewhere in this Prospectus and in the documents
incorporated by reference in this Prospectus.</B></P>
<P align=justify><B>This offering is made by a Canadian issuer that is permitted
under a multijurisdictional disclosure system adopted by the United States to
prepare this Prospectus in accordance with Canadian disclosure requirements.
Prospective investors should be aware that such requirements are different from
those applicable to issuers in the United States. Financial statements </B><B>incorporated herein by reference have been prepared in
accordance with International Financial Reporting Standards, as issued by the
International Accounting Standards Board (&#147;IFRS&#148;), and thus may not be
comparable to financial statements of United States companies. </B></P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_2></A>
<P align=justify><B>Prospective investors should be aware that the acquisition
of the Securities may have tax consequences both in the United States and in
Canada. Such consequences for investors who are resident in, or citizens of, the
United States or who are resident in Canada may not be described fully herein or
in any applicable Prospectus Supplement. Prospective investors should read the
tax discussion contained in the applicable Prospectus Supplement with respect to
a particular offering of Securities and consult their own tax advisors with
respect to their own particular circumstances. </B></P>
<P align=justify><B>The enforcement by investors of civil liabilities under the
U.S. federal securities laws may be affected adversely by the fact that the
Company is incorporated or organized under the laws of British Columbia, Canada,
that the majority of the Company&#146;s officers and directors and some or all of the
experts named in this Prospectus are residents of a country other than the
United States, and that a substantial portion of the assets of the Company and
said persons are located outside the United States. </B></P>
<P align=justify><B>Neither the United States Securities and Exchange Commission
(the &#147;SEC&#148;) nor any state securities regulator has approved or disapproved of
the Securities offered hereby, passed upon the accuracy or adequacy of this
Prospectus or determined if this Prospectus is truthful or complete. Any
representation to the contrary is a criminal offense. </B></P>
<P align=justify><B>No underwriter has been involved in the preparation of this
Prospectus or performed any review of the content of this Prospectus. </B></P>
<P align=justify>The specific terms of the Securities with respect to a
particular offering will be set out in the applicable Prospectus Supplement and
may include, where applicable (i) in the case of Common Shares, the number of
Common Shares offered, the offering price, whether the Common Shares are being
offered for cash, and any other terms specific to the Common Shares being
offered, (ii) in the case of Debt Securities, the specific designation, the
aggregate principal amount, the currency or the currency unit for which the Debt
Securities may be purchased, the maturity, the interest provisions, the
authorized denominations, the offering price, whether the Debt Securities are
being offered for cash, the covenants, the events of default, any terms for
redemption or retraction, any exchange or conversion rights attached to the Debt
Securities and any other terms specific to the Debt Securities being offered,
(iii) in the case of Warrants, the offering price, whether the Warrants are
being offered for cash, the designation, the number and the terms of the Common
Shares or Debt Securities purchasable upon exercise of the Warrants, any
procedures that will result in the adjustment of these numbers, the exercise
price, the dates and periods of exercise, the currency in which the Warrants are
issued and any other terms specific to the Warrants being offered, (iv) in the
case of Subscription Receipts, the number of Subscription Receipts being
offered, the offering price, whether the Subscription Receipts are being offered
for cash, the procedures for the exchange of the Subscription Receipts for
Common Shares, Debt Securities or Warrants, as the case may be, and any other
terms specific to the Subscription Receipts being offered, and (v) in the case
of Units, the designation, number and terms of the Common Shares, Warrants,
Subscription Receipts or Debt Securities comprising the Units. Where required by
statute, regulation or policy, and where Securities are offered in currencies
other than Canadian dollars, appropriate disclosure of foreign exchange rates
applicable to the Securities will be included in the Prospectus Supplement
describing the Securities. </P>
<P align=justify>This Prospectus does not qualify for issuance debt securities
in respect of which the payment of principal and/or interest may be determined,
in whole or in part, by reference to one or more underlying interests,
including, for example, an equity or debt security, or a statistical measure of
economic or financial performance (including, but not limited to, any currency,
consumer price or mortgage index, or the price or value of one or more
commodities, indices or other items, or any other item or formula, or any
combination or basket of the foregoing items). For greater certainty, this
Prospectus may qualify for issuance debt securities, including Debt Securities
convertible into other Securities of the Company, in respect of which the
payment of principal and/or interest may be determined, in whole or in part, by
reference to published rates of a central banking authority or one or more
financial institutions, such as a prime rate or bankers&#146; acceptance rate, or to
recognized market benchmark interest rates such as LIBOR, EURIBOR or a U.S.
federal funds rate. </P>
<P align=justify>All shelf information permitted under applicable laws to be
omitted from this Prospectus will be contained in one or more Prospectus
Supplements that will be delivered to purchasers together with this Prospectus.
Each Prospectus Supplement will be incorporated by reference into this
Prospectus for the purposes of securities legislation as of the date of the
Prospectus Supplement and only for the purposes of the distribution of the
Securities to which the Prospectus Supplement pertains. </P>
<P align=justify>This Prospectus constitutes a public offering of the Securities
only in those jurisdictions where they may be lawfully offered for sale and only
by persons permitted to sell the Securities in such jurisdictions. We may offer
and sell Securities to, or through, underwriters or dealers, directly to one or
more other purchasers, or through agents pursuant to exemptions from
registration or qualification under applicable securities laws. A Prospectus
Supplement relating to each issue of Securities will set forth the names of any
underwriters, dealers or agents involved in the offering and sale of the
Securities and will set forth the terms of the offering of the Securities, the
method of distribution of the Securities, including, to the
extent applicable, the proceeds to us and any fees, discounts, concessions or
other compensation payable to the underwriters, dealers or agents, and any other
material terms of the plan of distribution.</P>
<P align=center>ii </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_3></A>
<P align=justify>In connection with any offering of the Securities, other than
an &#147;at-the-market distribution&#148; (as defined under applicable Canadian securities
legislation) unless otherwise specified in a Prospectus Supplement, the
underwriters or agents may over-allot or effect transactions which stabilize or
maintain the market price of the Securities offered at a higher level than that
which might exist in the open market. Such transaction, if commenced, may be
interrupted or discontinued at any time. See &#147;Plan of Distribution&#148;. </P>
<P align=justify>No underwriter or dealer involved in an &#147;at-the-market
distribution&#148; under this Prospectus, no affiliate of such an underwriter or
dealer and no person or company acting jointly or in concert with such an
underwriter or dealer will over-allot securities in connection with such
distribution or effect any other transactions that are intended to stabilize or
maintain the market price of the Securities. </P>
<P align=justify>Our outstanding Common Shares are listed and posted for trading
on the Toronto Stock Exchange (the &#147;<B>TSX</B>&#148;) under the symbol &#147;BTO&#148; and on
the NYSE MKT LLC (&#147;<B>NYSE MKT</B>&#148;) under the symbol &#147;BTG&#148;. On January 8, 2016,
the last trading day of the Common Shares prior to the date of this Prospectus,
the closing price of the Common Shares on the TSX and NYSE MKT was C$1.34 and
US$0.9495, respectively. <B>Unless otherwise specified in the applicable
Prospectus Supplement, the Debt Securities, the Warrants, the Subscription
Receipts and the Units will not be listed on any securities exchange. There is
no market through which these Securities may be sold and purchasers may not be
able to resell these Securities purchased under this Prospectus. This may affect
the pricing of these Securities in the secondary market, the transparency and
availability of trading prices, the liquidity of these Securities, and the
extent of issuer regulation. </B></P>
<P align=justify>Our head office is located at Suite 3100, Three Bentall Centre,
595 Burrard Street, Vancouver, British Columbia, V7X 1J1. Our registered and
records office is located at 1600 &#150; 925 West Georgia Street, Vancouver, British
Columbia, V6C 3L2. </P>
<P align=justify>Mr. Rayment, Mr. Korpan, Mr. Mtshisi and Mr. Connelly all being
directors of the Company reside outside Canada. Mr. Rayment, Mr. Korpan, Mr.
Mtshisi and Mr. Connelly have appointed B2Gold Corp., Suite 3100, Three Bentall
Centre, 595 Burrard Street, Vancouver, British Columbia, Canada V7X 1J1, as
their agent for service of process in Canada. Prospective investors are advised
that it may not be possible for investors to enforce judgments obtained in
Canada against Mr. Rayment, Mr. Korpan, Mr. Mtshisi and Mr. Connelly, even
though they have appointed an agent for service of process. </P>
<P align=center>iii </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_4></A>
<P align=center><B>TABLE OF CONTENTS</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 width="5%"  >&nbsp;</TD>
    <TD align=left bgColor=#eeeeee><A
      href="#page_1">SHORT
      FORM BASE SHELF PROSPECTUS </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee ><A
      href="#page_1">i
      </A></TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left><A
      href="#page_5">CAUTIONARY
      NOTE TO UNITED STATES INVESTORS </A></TD>
    <TD align=right width="5%" ><A
      href="#page_5">1
      </A></TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#eeeeee><A
      href="#page_5">CAUTIONARY
      NOTE REGARDING FORWARD-LOOKING STATEMENTS </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee ><A
      href="#page_5">1
      </A></TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left><A
      href="#page_6">PRESENTATION
      OF FINANCIAL INFORMATION </A></TD>
    <TD align=right width="5%" ><A
      href="#page_6">2
      </A></TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#eeeeee><A
      href="#page_6">CURRENCY
      PRESENTATION AND EXCHANGE RATE INFORMATION </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee ><A
      href="#page_6">2
      </A></TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left><A
      href="#page_7">DOCUMENTS
      INCORPORATED BY REFERENCE </A></TD>
    <TD align=right width="5%" ><A
      href="#page_7">3
      </A></TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#eeeeee><A
      href="#page_8">AVAILABLE
      INFORMATION </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee ><A
      href="#page_8">4
      </A></TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left><A
      href="#page_8">DOCUMENTS
      FILED AS PART OF THE REGISTRATION STATEMENT </A></TD>
    <TD align=right width="5%" ><A
      href="#page_8">4
      </A></TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#eeeeee><A
      href="#page_9">THE
      COMPANY </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee ><A
      href="#page_9">5
      </A></TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left><A
      href="#page_9">MANAGEMENT
      AND BOARD OF DIRECTORS </A></TD>
    <TD align=right width="5%" ><A
      href="#page_9">5
      </A></TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#eeeeee><A
      href="#page_11">RISK
      FACTORS </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee ><A
      href="#page_11">7
      </A></TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left><A
      href="#page_12">USE
      OF PROCEEDS </A></TD>
    <TD align=right width="5%" ><A
      href="#page_12">8
      </A></TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#eeeeee><A
      href="#page_12">EARNINGS
      COVERAGE RATIO </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee ><A
      href="#page_12">8
      </A></TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left><A
      href="#page_12">CONSOLIDATED
      CAPITALIZATION </A></TD>
    <TD align=right width="5%" ><A
      href="#page_12">8
      </A></TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#eeeeee><A
      href="#page_12">DESCRIPTION
      OF EXISTING INDEBTEDNESS </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee ><A
      href="#page_12">8
      </A></TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left><A
      href="#page_13">PLAN
      OF DISTRIBUTION </A></TD>
    <TD align=right width="5%" ><A
      href="#page_13">9
      </A></TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#eeeeee><A
      href="#page_13">PRIOR
      SALES </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee ><A
      href="#page_13">9
      </A></TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left><A
      href="#page_14">PRICE
      RANGE AND TRADING VOLUME </A></TD>
    <TD align=right width="5%" ><A
      href="#page_14">10
      </A></TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#eeeeee><A
      href="#page_15">DIVIDEND
      POLICY </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee ><A
      href="#page_15">11
      </A></TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left><A
      href="#page_15">DESCRIPTION
      OF DEBT SECURITIES </A></TD>
    <TD align=right width="5%" ><A
      href="#page_15">11
      </A></TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#eeeeee><A
      href="#page_21">DESCRIPTION
      OF WARRANTS </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee ><A
      href="#page_21">17
      </A></TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left><A
      href="#page_22">DESCRIPTION
      OF SUBSCRIPTION RECEIPTS </A></TD>
    <TD align=right width="5%" ><A
      href="#page_22">18
      </A></TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#eeeeee><A
      href="#page_23">DESCRIPTION
      OF UNITS </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee ><A
      href="#page_23">19
      </A></TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left><A
      href="#page_23">DESCRIPTION
      OF SHARE CAPITAL </A></TD>
    <TD align=right width="5%" ><A
      href="#page_23">19
      </A></TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#eeeeee><A
      href="#page_24">CERTAIN
      INCOME TAX CONSIDERATIONS </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee ><A
      href="#page_24">20
      </A></TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left><A
      href="#page_24">LEGAL
      MATTERS </A></TD>
    <TD align=right width="5%" ><A
      href="#page_24">20
      </A></TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#eeeeee><A
      href="#page_24">TRANSFER
      AGENT AND REGISTRAR </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee ><A
      href="#page_24">20
      </A></TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left><A
      href="#page_24">INTEREST
      OF EXPERTS </A></TD>
    <TD align=right width="5%" ><A
      href="#page_24">20
      </A></TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#eeeeee><A
      href="#page_24">ENFORCEABILITY
      OF CIVIL LIABILITIES </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee ><A
      href="#page_24">20
      </A></TD></TR>
  </TABLE>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You should rely only on the
information contained in or incorporated by reference in this Prospectus and any
applicable Prospectus Supplement in connection with an investment in Securities.
We have not authorized anyone to provide you with different information. We are
not making an offer of the Securities in any jurisdiction where such offer is
not permitted. You should assume that the information appearing in this
Prospectus or any Prospectus Supplement is accurate only as of the date on the
front of those documents and that information contained in any document
incorporated by reference is accurate only as of the date of that document
unless specified otherwise. Our business, financial condition, results of
operations and prospects may have changed since those dates. </P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In this Prospectus and any
Prospectus Supplement, unless the context otherwise requires, the terms &#147;we&#148;,
&#147;our&#148;, &#147;us&#148;, the &#147;Company&#148; and &#147;B2Gold&#148; refer to B2Gold Corp., and unless the
context otherwise requires, our direct and indirect subsidiaries.</P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Market data and certain industry
forecasts used in this Prospectus or any applicable Prospectus Supplement and
the documents incorporated by reference herein or therein were obtained from
market research, publicly available information and industry publications. We
believe that these sources are generally reliable, but the accuracy and
completeness of the information is not guaranteed. We have not independently
verified this information and do not make any representation as to the accuracy
of this information. </P>
<P align=center>iv </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_5></A>
<P align=center><B>CAUTIONARY NOTE TO UNITED STATES INVESTORS </B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are permitted under a
multi-jurisdictional disclosure system adopted by the securities regulatory
authorities in Canada and the United States to prepare this Prospectus,
including the documents incorporated by reference and any Prospectus Supplement,
in accordance with the requirements of Canadian securities laws, which differ
from the requirements of United States securities laws. All mineral resource and
reserve estimates included in this Prospectus, including the documents
incorporated by reference, have been prepared in accordance with National
Instrument 43-101 <I>Standards of Disclosure for Mineral Projects </I>(&#147;<B>NI
43-101</B>&#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. These
standards differ significantly from the mineral reserve disclosure requirements
of the SEC set out in Industry Guide 7. Consequently, mineral reserve and
mineral resource information included and incorporated by reference in this
Prospectus and any Prospectus Supplement is not comparable to similar
information that would generally be disclosed by U.S. companies in accordance
with the rules of the SEC.</P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 mineral 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 included and
incorporated by reference in this Prospectus and any Prospectus Supplement may
not qualify as &#147;reserves&#148; under SEC standards.</P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, the information
included and incorporated by reference in this Prospectus uses the terms
&#147;mineral resources&#148;, &#147;measured 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 mineral 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 mineral resource
exists. In accordance with Canadian rules, estimates of &#147;inferred mineral
resources&#148; cannot form the basis of feasibility or, except in limited
circumstances, other economic studies. It cannot be assumed that all or any part
of &#147;measured mineral resources&#148;, &#147;indicated mineral resources&#148; or &#147;inferred
mineral resources&#148; will ever be upgraded to a higher category or mineral
resources or that mineral resources will be classified as mineral reserves.
Investors are cautioned not to assume that any part of the reported &#147;measured
mineral resources&#148;, &#147;indicated mineral resources&#148; or &#147;inferred mineral
resources&#148; included and incorporated by reference in this Prospectus and any
Prospectus Supplement is economically or legally mineable. Disclosure of
&#147;contained ounces&#148; in a resource is permitted under NI 43-101; however, the SEC
normally only permits issuers to report mineralization that does not constitute
&#147;reserves&#148; by SEC standards as in-place tonnage and grade without reference to
unit measures. In addition, the documents incorporated by reference in this
Prospectus include information regarding adjacent or nearby properties on which
we have no right to mine. The SEC does not normally allow U.S. companies to
include such information in their filings with the SEC. For the above reasons,
information included and incorporated by reference in this Prospectus and any
Prospectus Supplement that describes our 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>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_6></A>
<P align=center><B>CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS </B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The information included and
  incorporated by reference in this Prospectus includes certain &#147;forward-looking
  information&#148; and &#147;forward-looking statements&#148; (collectively &#147;<B>forward-looking
    statements</B>&#148;) within the meaning of applicable Canadian and United States
  securities legislation, including projections of future financial and
  operational performance; statements with respect to future events or future
  performance, production estimates, anticipated operating and production costs
  and revenue, estimates of capital expenditures; recovery and grade estimates;
  anticipated exploration, development, construction, production, permitting and
  other activities on the Company&#146;s properties, including finalizing the Mining
  Convention and the ownership of the entity that will hold the Fekola project
  with the Government of Mali, the potential development and potential production
  from the Fekola project and the anticipated arrival of the permanent camp there;
  the life of mine at the Fekola project; estimated financial returns from the
  Fekola project; completion of a mining study for the Otjikoto mine as well as a
  new geologic model for the Otjikoto Pit and the Wolfshag zone, updating the
  Kiaka feasibility study; the projections included in existing technical reports,
  economic assessments and feasibility studies, including the feasibility study
  for the Fekola project; the potential for expansion of mineral resources and
  mineral reserves, including at the Masbate mine; the potential for expansion of
  production capacity, including the cost reduction and continued ramp up, improvements and expansion of gold production at the Otjikoto
mine and development of the adjacent Wolfshag zone, potential expansion options
for the Masbate mine, the completion of permitting in respect of the Jabali
Antenna Pit, production from the Jabali Antenna Pit and increased production at
La Libertad, and the potential to extend the mine life of the La Libertad and
Limon mines; projected capital investments and exploration; and the adequacy of
capital, financing needs and the potential availability of and potential for
receiving further commitments under our new revolving credit facility; the
potential availability of flexible financing arrangements, including our new
revolving credit facility; the availability of the accordion feature under our
new revolving credit facility and the potential increase in available funds
under it; the repayment of our previous credit facility; and whether our new
revolving credit facility will provide sufficient funds for the construction of
the Fekola project and to meet our objective of having $100 million on hand.
Estimates of mineral resources and mineral reserves are also forward looking
statements because they constitute projections, based on certain estimates and
assumptions, 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 included and incorporated by reference herein
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 our control,
including risks associated with the volatility of metal prices; risks and
dangers inherent in exploration, development and mining activities; risks of not
achieving production or cost estimates; uncertainty of mineral reserve and
mineral resource estimates; material differences for reporting mineralized
material between United States reporting standards and the Canadian standards;
financing risks; risks related to hedging activities and ore purchase
commitments; the ability to obtain and maintain any necessary permits, consents
or authorizations required for mining activities; inability to comply with
Philippines regulations related to ownership of natural resources and operation,
management and control of our business; risks related to environmental
regulations or hazards and compliance with complex regulations associated with
mining activities; the ability to replace mineral reserves and identify
acquisition opportunities or complete desirable acquisitions; the failure to
integrate business and assets that we have acquired or may acquire in the
future; unknown liabilities of companies that we have acquired; fluctuations in
exchange rates; availability of financing and financing risks; risks related to
operations in foreign countries and compliance with foreign laws including
changes in such laws, risks related to remote operations and the availability of
adequate infrastructure, fluctuations in price and availability of energy and
other inputs necessary for mining operations; shortages or cost increases in
necessary equipment, supplies and labour; regulatory, political and country
risks including the risk of terrorist activity; climate change risks; volatility
of global financial conditions; disruptions arising from conflicts with small
scale miners in certain countries; risks related to reliance upon contractors,
third parties and joint venture partners; challenges to title or surface rights;
dependence on key personnel; risks associated with conflicts of interest among
our directors and officers; the risk of an uninsurable or uninsured loss;
litigation risk; taxation, including changes in tax laws and interpretation of
tax laws; difficulty in achieving and maintaining the adequacy of internal
control over financial reporting as required by the Sarbanes-Oxley Act; risks
related to the ongoing epidemic of the Ebola virus disease in West Africa; and
community support for our operations including risks related to strikes and the
halting of such operations, from time to time, as well as other factors
identified and as described in more detail under the heading &#147;Risk Factors&#148; in
our most recent annual information form and this Prospectus and in the documents
incorporated by reference herein. The list is not exhaustive of the factors that
may affect our 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 or liabilities we will derive
therefrom. Our forward looking statements reflect current expectations regarding
future events and operating performance and speak only as of the date hereof and
we do 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=center><B>PRESENTATION OF FINANCIAL INFORMATION </B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The financial statements included
or incorporated by reference in this Prospectus or any Prospectus Supplement are
presented in United States dollars and have been prepared in accordance with
IFRS as issued by the International Accounting Standards Board, including IAS
34, Interim Financial Reporting, as appropriate. </P>
<P align=center><B>CURRENCY PRESENTATION AND EXCHANGE RATE INFORMATION </B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All dollar amounts in this
Prospectus and any Prospectus Supplement are or will be in United States
dollars, unless otherwise indicated. All references to &#147;$&#148; or &#147;US$&#148; refer to
U.S. dollars and &#147;C$&#148; refers to Canadian dollars. On January 8, 2016, the noon
spot rate for Canadian dollars in terms of the United States dollar,
as quoted by the Bank of Canada, was US$1.00=C$ 1.42 or C$1.00=US$ 0.71. </P>
<P align=center>2 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_7></A>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table sets forth,
for each period indicated, the exchange rates of the Canadian dollar to the U.S.
dollar for the end of period and the high, low and average (based on the
exchange rate on the last day of each month during such period) exchange rates
for such period (such rates, which are expressed in Canadian dollars are based
on the noon buying rate for U.S. dollars reported by the Bank of Canada). </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="14%"><B>2013</B> </TD>
    <TD align=center width="1%"  >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="14%"><B>2014</B> </TD>
    <TD align=center width="1%"  >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="14%"><B>2015</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Rate at the end of period </TD>
    <TD align=center width="14%" bgColor=#e6efff>$1.0636 </TD>
    <TD align=center width="1%"  bgColor=#e6efff
    >&nbsp;</TD>
    <TD align=center width="14%" bgColor=#e6efff>$1.1601 </TD>
    <TD align=center width="1%"  bgColor=#e6efff
    >&nbsp;</TD>
    <TD align=center width="14%" bgColor=#e6efff>$1.3840 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Average rate during period </TD>
    <TD align=center width="14%">$1.0299 </TD>
    <TD align=center width="1%"  >&nbsp;</TD>
    <TD align=center width="14%">$1.1045 </TD>
    <TD align=center width="1%"  >&nbsp;</TD>
    <TD align=center width="14%">$1.2787 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Highest rate during period </TD>
    <TD align=center width="14%" bgColor=#e6efff>$1.0697 </TD>
    <TD align=center width="1%"  bgColor=#e6efff
    >&nbsp;</TD>
    <TD align=center width="14%" bgColor=#e6efff>$1.1643 </TD>
    <TD align=center width="1%"  bgColor=#e6efff
    >&nbsp;</TD>
    <TD align=center width="14%" bgColor=#e6efff>$1.3990 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Lowest rate during period </TD>
    <TD align=center width="14%">$0.9839 </TD>
    <TD align=center width="1%"  >&nbsp;</TD>
    <TD align=center width="14%">$1.0614 </TD>
    <TD align=center width="1%"  >&nbsp;</TD>
    <TD align=center width="14%">$1.1728 </TD></TR></TABLE>
<P align=center><B>DOCUMENTS INCORPORATED BY REFERENCE </B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Information has been
incorporated by reference in this Prospectus from documents filed with
securities commissions or similar authorities in Canada and filed with, or
furnished to, the SEC.</B> Copies of the documents incorporated herein by
reference may be obtained on request without charge from the Corporate Secretary
of the Company at Suite 3100, Three Bentall Centre, 595 Burrard Street,
Vancouver, British Columbia, Canada V7X 1J1, telephone: (604) 681-8371. These
documents are also available through the internet on SEDAR, which can be
accessed online at www.sedar.com. </P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following documents of the
Company filed with the securities commissions or similar authorities in Canada
are specifically incorporated by reference in, and form an integral part of,
this Prospectus: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>annual information form, dated March 27, 2015, for the
      year ended December 31, 2014;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>audited consolidated financial statements for the years
      ended December 31, 2014 and 2013, together with the notes thereto and the
      auditor&#146;s report thereon;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>management&#146;s discussion and analysis of the financial
      position and results of operations for the year ended December 31,
      2014;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(d) </TD>
    <TD>
      <P align=justify>management information circular, dated May 8, 2015,
      prepared in connection with our annual general and special meeting of
      shareholders held on June 12, 2015;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(e) </TD>
    <TD>
      <P align=justify>unaudited condensed interim consolidated financial
      statements for the three and nine months ended September 30, 2015,
      together with the notes thereto;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(f) </TD>
    <TD>
      <P align=justify>management&#146;s discussion and analysis of the financial
      position and results of operations for the three and nine months ended
      September 30, 2015;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(g) </TD>
    <TD>
      <P align=justify>press release dated May 20, 2015, relating to the Company
      securing a new revolving credit facility; and</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(h) </TD>
    <TD>
      <P align=justify>press release dated June 11, 2015, relating to the
      results of the optimized feasibility study for the Fekola project and the
      closing of the Company&#146;s new revolving credit
facility.</P></TD></TR></TABLE>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any document of the types
referred to in the preceding paragraph (excluding press releases and
confidential material change reports) or of any other type required to be
incorporated by reference into a short form prospectus pursuant to National
Instrument 44-101 &#150; <I>Short Form Prospectus Distributions</I> that are filed by
us with a securities commission or similar authority in Canada after the date of
this Prospectus and prior to the termination of the offering under any
Prospectus Supplement shall be deemed to be incorporated by reference in this
Prospectus. In addition, any document filed by us with the SEC or furnished to
the SEC on Form 6-K or otherwise after the date of this Prospectus shall be
deemed to be incorporated by reference into this Prospectus if, and to the
extent, so provided. </P>
<P align=center>3 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_8></A>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Any statement contained in
this Prospectus or in a document incorporated or deemed to be incorporated by
reference herein shall be deemed to be modified or superseded for purposes of
this Prospectus to the extent that a statement contained herein or in any other
subsequently filed document which also is or is deemed to be incorporated by
reference herein modifies or supersedes such statement. The modifying or
superseding statement need not state that it has modified or superseded a prior
statement or include any other information set forth in the document it modifies
or supersedes. The making of a modifying or superseding statement shall not be
deemed an admission for any purposes that the modified or superseded statement,
when made, constituted a misrepresentation, an untrue statement of a material
fact or an omission to state a material fact that is required to be stated or
that is necessary to make a statement not misleading in light of the
circumstances in which it was made. Any statement so modified or superseded
shall not constitute a part of this Prospectus, except as so modified or
superseded. </B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A Prospectus Supplement
containing the specific terms of an offering of Securities will be delivered to
purchasers of such Securities together with this Prospectus and will be deemed
to be incorporated by reference into this Prospectus as of the date of such
Prospectus Supplement, but only for the purposes of the offering of Securities
covered by that Prospectus Supplement. </P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon a new annual information
form and related annual financial statements being filed by us with, and where
required, accepted by, the applicable securities regulatory authority during the
currency of this Prospectus, the previous annual information form, the previous
annual financial statements and all interim financial statements, material
change reports and information circulars and all Prospectus Supplements filed
prior to the commencement of our financial year in which a new annual
information form is filed shall be deemed no longer to be incorporated into this
Prospectus for purposes of future offers and sales of Securities hereunder. </P>
<P align=center><B>AVAILABLE INFORMATION </B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have filed with the SEC a
registration statement on Form F-10 relating to the Securities. This Prospectus,
which constitutes a part of the registration statement, does not contain all of
the information contained in the registration statement, certain items of which
are contained in the exhibits to the registration statement as permitted by the
rules and regulations of the SEC. Statements included or incorporated by
reference in this Prospectus about the contents of any contract, agreement or
other documents referred to are not necessarily complete, and in each instance
you should refer to the exhibits for a more complete description of the matter
involved. Each such statement is qualified in its entirety by such reference.
</P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are subject to the information
requirements of the <I>United States Securities Exchange Act of 1934</I> as
amended (the &#147;<B>Exchange Act</B>&#148;), and applicable Canadian securities
legislation, and in accordance therewith file reports and other information with
the SEC and with the securities regulators in Canada. Under a
multi-jurisdictional disclosure system adopted by the United States, documents
and other information that we file with the SEC may be prepared in accordance
with the disclosure requirements of Canada, which are different from those of
the United States. As a foreign private issuer, we are exempt from the rules
under the Exchange Act prescribing the furnishing and content of proxy
statements, and our officers, directors and principal shareholders are exempt
from the reporting and short-swing profit recovery provisions contained in
Section 16 of the Exchange Act. In addition, we are not required to publish
financial statements as promptly as U.S. companies. </P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You may read any document that we
have filed with the SEC at the SEC&#146;s public reference room in Washington, D.C.
You may also obtain copies of those documents from the public reference room of
the SEC at 100 F Street, N.E., Washington, D.C. 20549 by paying a fee. You
should call the SEC at 1-800-SEC-0330 or access its website at www.sec.gov for
further information about the public reference rooms. You may read and download
the documents we have filed with the SEC&#146;s Electronic Data Gathering and
Retrieval System at www.sec.gov. You may read and download any public document
that we have filed with the Canadian securities regulatory authorities under our
corporate profile on the SEDAR website at www.sedar.com. </P>
<P align=center><B>DOCUMENTS FILED AS PART OF THE REGISTRATION STATEMENT
</B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following documents have been
or will be filed with the SEC as part of the registration statement of which
this Prospectus forms a part: (i) the documents referred to under the heading
&#147;Documents Incorporated by Reference&#148;; (ii) consents of auditor, engineers and
geologists; (iii) powers of attorney from certain directors and officers of the
Company; and (iv) the form of Indenture (as defined below). A copy of the form
of warrant indenture, subscription receipt agreement or statement of eligibility
of trustee on Form T-1, as applicable, will be filed by post-effective amendment
or by incorporation by reference to documents filed or furnished with the SEC
under the Exchange Act.</P>
<P align=center>4 </P>
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<P align=center><B>THE COMPANY </B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are a Vancouver-based gold
producer with four operating mines (two mines in Nicaragua, one mine in the
Philippines and one mine in Namibia) and one mine under construction in Mali. In
addition, the Company has a portfolio of other evaluation and exploration
projects in several countries including 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. </P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;More detailed information
regarding the business of the Company, its operations and its assets and
properties can be found in our annual information form and other documents which
are incorporated herein by reference. See &#147;Documents Incorporated by Reference&#148;.
</P>
<P align=center><B>MANAGEMENT AND BOARD OF DIRECTORS </B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following is a brief
description of the principal business activities and experience of our senior
management and directors: </P>
<P align=justify><B>Clive Johnson </B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clive Johnson has served as a
Director and the President of B2Gold since December 2006 and Chief Executive
Officer since March 2007. Mr. Johnson oversees our long-term strategy and
development as well as the day-to-day activities of B2Gold. Previously, Mr.
Johnson was involved with Bema Gold Corporation (&#147;<B>Bema</B>&#148;) and its
predecessor companies since 1977. Mr. Johnson was appointed the President and
Chief Executive Officer of Bema after it was created by the amalgamation of
three Bema group companies in 1988. He was the driving force in Bema&#146;s
transition from a junior exploration company to an international intermediate
gold producer. Mr. Johnson is currently a director of Uracan Resources Ltd. </P>
<P align=justify><B>Roger Richer </B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Roger Richer has served as our
Executive Vice President, General Counsel since March 2007 and our Secretary
since December 2006. Mr. Richer manages the legal affairs, corporate records and
corporate governance of B2Gold. Mr. Richer has over 30 years of experience in
mining law, corporate finance and international business transactions and
practices. Mr. Richer was with Bema Gold from its inception in 1988 until 2007.
He has a Bachelor of Arts and a Bachelor of Law degree from the University of
Victoria. </P>
<P align=justify><B>Michael Cinnamond </B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Michael Cinnamond has served as
our Senior Vice President of Finance and Chief Financial Officer since April 1,
2014. Mr. Cinnamond oversees the financial reporting, cash management and tax
planning of B2Gold as well as financial compliance and reporting to the
regulatory authorities. Prior to joining us, Mr. Cinnamond was an audit partner
at PricewaterhouseCoopers LLP where he was the BC Resources Leader for the
Mining, Forestry and Energy and Utilities practices. Mr. Cinnamond has 16 years
of experience in the mining industry sector. Mr. Cinnamond holds an LL.B
designation from the University of Exeter. </P>
<P align=justify><B>Tom Garagan </B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tom Garagan has served as our
Senior Vice President of Exploration since March 2007. Mr. Garagan is
responsible for all aspects of our exploration, including technical review of
new acquisitions. Mr. Garagan is a geologist with over 30 years of experience.
Mr. Garagan was with Bema from 1991 to 2007 and was appointed Vice President of
Exploration in 1996. He has worked in North and South America, East and West
Africa and Russia. He was instrumental in several discoveries, including the
Cerro Casale and Kupol deposits. Mr. Garagan currently serves as a director of
Uracan Resources Ltd. Mr. Garagan has a Bachelor of Science (Honours) degree in
geology from the University of Ottawa. </P>
<P align=justify><B>Dennis Stansbury </B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dennis Stansbury has served as
our Senior Vice President of Engineering and Project Evaluations (and prior to
that our Senior Vice President of Development and Production) since March 2007.
Mr. Stansbury is a mining engineer with over 35 years of engineering,
construction, production and management experience at surface and underground
mines in ten different countries. After working for a number of gold mining
companies in South America and the United States, he joined Bema as Vice
President South America in 1994 and was appointed Vice President of Development
and Production in 1996. Mr. Stansbury has a Bachelor of Science degree in mining
engineering from Montana College of Mineral Science and Technology. </P>
<P align=center>5 </P>
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<P align=justify><B>Robert Cross </B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Robert Cross was appointed to our
board of directors and as Chairman of the board in October 2007. Mr. Cross has
over 25 years of experience as a financier in the mining and oil &amp; gas
sectors. Mr. Cross is a co-founder, director and Non-Executive Chairman of
Bankers Petroleum Ltd., and a co-founder, director and Chairman of Petrodorado
Energy Ltd., and until October 2007, was the Non-Executive Chairman of Northern
Orion Resources Inc. Mr. Cross also serves as director of BNK Petroleum Inc. and
Petro-Victory Energy Corp. Mr. Cross served as Chairman and Chief Executive
Officer of Yorkton Securities Inc. between 1996 and 1998, a director of LNG
Energy Ltd. from 2007 to 2011, and a director of Athabasca Potash Inc. from 2009
to 2010. He also served as an Investment Banking Partner with Gordon Capital
Corporation in Toronto from 1987 to 1994. Mr. Cross holds a degree in
Engineering from the University of Waterloo and received his MBA from Harvard
Business School in 1987. </P>
<P align=justify><B>Robert Gayton </B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dr. Robert Gayton was appointed
to our board of directors in October 2007. Dr. Gayton is a Chartered Accountant
and has acted as a consultant to various public companies since 1990. He was the
Chief Financial Officer of Western Silver Corporation from 1995 to 2004 and
served as a director of Western Silver Corporation from 2004 to 2006. From 2003
to 2007, Dr. Gayton served as a director of Bema. Dr. Gayton was Vice President
of Finance of Doublestar Resources Ltd. from 2003 to 2006 and a director from
1999 to 2007. He was a director of Northern Orion Resources Inc. from 2004 to
2007, LNG Energy Ltd. from 2011 to 2012, Palo Duro Energy Inc. from 2007 to
2012, Northisle Copper and Gold Inc. from 2011 to 2012, Copper North Mining
Corp. from 2011 to 2012, Quaterra Resources Inc. from 1997 to 2012, Intrinsyc
Software International, Inc. from 1992 to 2010, and IMN Resources Inc. from 2008
to 2009. Each of these companies was subsequently acquired by way of takeover.
Dr. Gayton is currently a director and the chair or a member of the audit and/or
other committees of Nevsun Resources Ltd., Amerigo Resources Ltd., Eastern
Platinum Ltd. and Western Copper and Gold Corporation. </P>
<P align=justify><B>Jerry Korpan </B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jerry Korpan was appointed to our
board of directors in November 2007. Mr. Korpan served as Managing Director of
Yorkton Securities UK until 1999 and a director of Bema from 2002 to 2007. Until
2011, he was the Executive Director of Emergis Capital S.A., a company based in
Antwerp, Belgium. Currently, Mr. Korpan serves as a director of Mitra Energy
Limited, an independent oil company operating in South East Asia, and Midas Gold
Corporation. </P>
<P align=justify><B>Barry Rayment </B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dr. Barry Rayment was appointed
to our board of directors in October 2007. Dr. Rayment is a mining geologist
with 40 years of experience in base and precious metal exploration and
development. Between 1990 and 1993, he served as the President of Bema and also
served as a director of Bema from 1988 to 2007. Dr. Rayment served as President
of Mining Assets Corporation, a private company that provides consulting
services to the mining industry between 1993 and 2010. He is currently a
director of Golden Predator Mining Corp. Dr. Rayment was a director of EMC
Metals Corp. between 2008 and 2009. Dr. Rayment obtained his Ph.D. in Mining
Geology at the Royal School of Mines, London. </P>
<P align=justify><B>Bongani Mtshisi </B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bongani Mtshisi was appointed to
our board of directors in December 2011, following B2Gold&#146;s acquisition of Auryx
Gold Corp. (&#147;<B>Auryx</B>&#148;) in 2011. Mr. Mtshisi is a Mining Engineer by
training with more than 12 years of experience working in key commodity sectors
such as platinum, gold, diamond, nickel and copper (Anglo American Platinum
Limited, Debeers/HUF joint venture and Sub Nigel Gold Mining Company). Mr.
Mtshisi is currently the CEO of BSC Resources Ltd., a company that is involved
in the exploration and development of copper and nickel commodities in South
Africa. Mr. Mtshisi was also a founder and Chairman of Auryx. Mr. Mtshisi has a
National diploma in Metalliferous Mining from Damelin College and a National
Certificate in Project Management from The Technikon Witwatersrand, both in
South Africa. </P>
<P align=center>6 </P>
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<P align=justify><B>Kevin Bullock</B> </P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kevin Bullock was appointed to
our board of directors in December 2013, following our acquisition of Volta
Resources Inc. Mr. Bullock is a mining engineer with over 25 years of experience
at senior levels in mining exploration, mine development and mine operations.
Prior to joining our board, Mr. Bullock was the President and CEO of Volta
Resources Inc. and its predecessor company, Goldcrest Resources Ltd. since its
inception in 2002. Prior to Volta and Goldcrest Resources Ltd., Mr. Bullock was
Vice President Operations for Kirkland Lake Gold Ltd. and was instrumental in
the reopening of its Macassa Gold Mine in Kirkland Lake, Ontario. Mr. Bullock is
currently a director of Metallum Resources, New Millenium Iron Corp. and
Anaconda Mining Inc.</P>
<P align=justify><B>Mark Connelly</B> </P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mark Connelly was appointed to
our board of directors in October 2014, following our acquisition of Papillon.
Prior to joining our board, Mr. Connelly was Managing Director and CEO of
Papillon. With over 25 years of experience in the mining industry, Mr. Connelly
held senior executive positions with Adamus Resources Limited, Newmont Mining
Corporation and Inmet Mining Corporation prior to Papillon. Mr. Connelly has
extensive experience with the development, construction and operation of mining
projects for a variety of commodities, including gold, base metals and other
resources in West Africa, Australia, North America and Europe. Mr. Connelly is
currently a director of West African Resources Limited.</P>
<P align=center><B>RISK FACTORS </B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;An investment in our Securities
involves risks. In addition to the risk factors set forth below, you should
carefully consider the risks described in the sections entitled &#147;Risk Factors&#148;
in any Prospectus Supplement and those set forth in documents incorporated by
reference in this Prospectus and any applicable Prospectus Supplement, as well
as other information in this Prospectus and any applicable Prospectus
Supplement, before purchasing any of our Securities. Each of the risks described
herein and in these sections and documents could materially and adversely affect
our business, financial condition, results of operations and prospects, cause
actual events to differ materially from those described in forward looking
statements and information relating to the Company and could result in a loss of
your investment. Additional risks and uncertainties not known to us or that we
currently deem immaterial may also impair our business, financial condition,
results of operations and prospects. See &#147;Documents Incorporated by Reference.&#148;
</P>
<P align=justify><B>There is an absence of a public market for certain of the
Securities </B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There is no public market for the
Debt Securities, Warrants, Subscription Receipts or Units and, unless otherwise
specified in the applicable Prospectus Supplement, we do not intend to apply for
listing of the Debt Securities, Warrants, Subscription Receipts or Units on any
securities exchanges. If the Debt Securities, Warrants, Subscription Receipts or
Units are traded after their initial issue, they may trade at a discount from
their initial offering prices depending on prevailing interest rates (as
applicable), the market for similar securities and other factors, including
general economic conditions and our financial condition. There can be no
assurance as to the liquidity of the trading market for the Debt Securities,
Warrants, Subscription Receipts or Units, or that a trading market for these
securities will develop. </P>
<P align=justify><B>The Debt Securities will be structurally subordinated to any
indebtedness of our subsidiaries </B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We carry on our business through
corporate subsidiaries, and the majority of our assets are held in corporate
subsidiaries. Our results of operations and ability to service indebtedness,
including the Debt Securities, are dependent upon the results of operations of
these subsidiaries and the payment of funds by these subsidiaries to us in the
form of loans, dividends or otherwise. Our subsidiaries will not have an
obligation to pay amounts due pursuant to any debt securities or to make any
funds available for payment on debt securities, whether by dividends, interest,
loans, advances or other payments. In addition, the payment of dividends and the
making of loans, advances and other payments to us by our subsidiaries may be
subject to statutory or contractual restrictions. The Indenture (as defined
below) does not limit our ability or the ability of our subsidiaries to incur
indebtedness. Such indebtedness of our subsidiaries would be structurally senior
to the Debt Securities. In the event of the liquidation of any subsidiary, the
assets of the subsidiary would be used first to repay the obligations of the
subsidiary, including indebtedness and trade payables, prior to being used by us
to pay our indebtedness, including any Debt Securities.</P>
<P align=center>7 </P>
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<P align=justify><B>Changes in interest rates may cause the market price or
value of the Debt Securities to decline </B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prevailing interest rates will
affect the market price or value of the Debt Securities. The market price or
value of the Debt Securities may decline as prevailing interest rates for
comparable debt instruments rise, and increase as prevailing interest rates for
comparable debt instruments decline.</P>
<P align=justify><B>Fluctuations in foreign currency markets may cause the value
of the Debt Securities to decline </B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Debt Securities denominated or
payable in foreign currencies may entail significant risk. These risks include,
without limitation, the possibility of significant fluctuations in the foreign
currency markets, the imposition or modification of foreign exchange controls
and potential liquidity in the secondary market. These risks will vary depending
upon the currency or currencies involved and will be more fully described in the
applicable Prospectus Supplement. </P>
<P align=center><B>USE OF PROCEEDS </B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless otherwise specified in a
Prospectus Supplement, the net proceeds from the sale of Securities will be used
for general corporate purposes, including funding ongoing operations and/or
working capital requirements, to repay indebtedness outstanding from time to
time, discretionary capital programs and potential future acquisitions. Each
Prospectus Supplement will contain specific information concerning the use of
proceeds from that sale of Securities.</P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All expenses relating to an
offering of Securities and any compensation paid to underwriters, dealers or
agents, as the case may be, will be paid out of the proceeds from the sale of
Securities, unless otherwise stated in the applicable Prospectus Supplement.
</P>
<P align=center><B>EARNINGS COVERAGE RATIO </B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Earnings coverage ratios will be
provided as required in the applicable Prospectus Supplement with respect to the
issuance of Debt Securities pursuant to this Prospectus. </P>
<P align=center><B>CONSOLIDATED CAPITALIZATION </B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Since the date of the unaudited
condensed interim consolidated financial statements of the Company as at and for
the nine months ended September 30, 2015 which are incorporated by reference in
this Prospectus, the only material change to the share and loan capital of the
Company on a consolidated basis, was the drawdown of US$50 million under the
Company&#146;s new US$350 million revolving credit facility (the &#147;<B>Credit
Facility</B>&#148;).</P>
<P align=center><B>DESCRIPTION OF EXISTING INDEBTEDNESS </B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We entered into the Credit
Facility with a syndicate of international banks pursuant to a credit agreement
made as of May 20, 2015. The Credit Facility also allows for an accordion
feature whereby upon receipt of additional binding commitments, the facility may
be increased to US$450 million any time prior to the maturity date. HSBC, as
sole lead arranger and sole bookrunner, is the administrative agent. The
syndicate includes The Bank of Nova Scotia, Soci&#233;t&#233; G&#233;n&#233;rale and ING Bank N.V,
as mandated lead arrangers. Proceeds from the Credit Facility were used to repay
our previous US$200 million revolving credit facility and for general corporate
purposes. The Credit Facility bears interest on a sliding scale of between Libor
plus 2.25% to 3.25% based on our consolidated net leverage ratio. Commitment
fees for the undrawn portion of the facility will also be on a similar sliding
scale basis of between 0.5% and 0.925% . The term for the Credit Facility is
four years, maturing on May 20, 2019, except that it shall become due on July 1,
2018 in the event that our 3.25% convertible senior subordinated notes (the
&#147;<B>Convertible Notes</B>&#148;) due on October 1, 2018 remain outstanding or the
maturity date of the Convertible Notes has not been extended to at least 90 days
after May 20, 2019. Upon closing of the Credit Facility, an initial drawdown of
US$150 million was made which was used to repay the cumulative amount drawn
under our previous credit facility. A subsequent drawdown of US$50 million was
made for general corporate purposes. </P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have outstanding as of January
8, 2016, US$258.75 million Convertible Notes. Proceeds from the sale of the
Convertible Notes were for general corporate purposes. The Convertible Notes
bear interest at 3.25% payable semi-annually in arrears on April 1 and October 1
of each year, beginning on April 1, 2014, and mature on October 1, 2018, unless
earlier redeemed, repurchased or converted. The Convertible Notes are
convertible by holders into our Common Shares, based on an initial conversion
rate of 254.2912 Common Shares per US$1,000 principal amount. </P>
<P align=center>8 </P>
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<P align=center><B>PLAN OF DISTRIBUTION </B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We may sell the Securities,
separately or together: (a) to one or more underwriters or dealers; (b) through
one or more agents; or (c) directly to one or more other purchasers. Each
Prospectus Supplement will set forth the terms of the offering, including the
name or names of any underwriters or agents, the purchase price or prices of the
Securities and the proceeds to the Company from the sale of the Securities. In
addition, Securities may be offered and issued in consideration for the
acquisition (an &#147;<B>Acquisition</B>&#148;) of other businesses, assets or securities
by us or our subsidiaries. The consideration for any such Acquisition may
consist of any of the Securities separately, a combination of Securities or any
combination of, among other things, securities, cash and assumption of
liabilities.</P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Securities may be sold from
time to time in one or more transactions at a fixed price or prices which may be
changed or at market prices prevailing at the time of sale, at prices related to
such prevailing market prices or at negotiated prices, including sales in
transactions that are deemed to be &#147;at-the-market distributions&#148; as defined in
National Instrument 44-102 - <I>Shelf Distributions</I>, including sales made
directly on the TSX, NYSE MKT or other existing trading markets for the Common
Shares. The prices at which the Securities may be offered may vary as between
purchasers and during the period of distribution. If, in connection with the
offering of Securities at a fixed price or prices, the underwriters have made a
bona fide effort to sell all of the Securities at the initial offering price
fixed in the applicable Prospectus Supplement, the public offering price may be
decreased and thereafter further changed, from time to time, to an amount not
greater than the initial public offering price fixed in such Prospectus
Supplement, in which case the compensation realized by the underwriters will be
decreased by the amount that the aggregate price paid by purchasers for the
Securities is less than the gross proceeds paid to us by the underwriters.</P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Underwriters, dealers or agents
who participate in the distribution of Securities may be entitled under
agreements to be entered into with the Company to indemnification by us against
certain liabilities, including liabilities under the United States Securities
Act of 1933, as amended, and applicable Canadian securities legislation, or to
contribution with respect to payments which such underwriters, dealers or agents
may be required to make in respect thereof. The underwriters, dealers or agents
with whom we enter into agreements may be customers of, engage in transactions
with, or perform services for, us in the ordinary course of business. </P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In connection with any offering
of Securities, except as otherwise set out in a Prospectus Supplement relating
to a particular offering of Securities, the underwriters or dealers, as the case
may be, may over-allot or effect transactions intended to fix or stabilize the
market price of the Securities at a level above that which might otherwise
prevail in the open market. Such transactions, if commenced, may be discontinued
at any time. </P>
<P align=center><B>PRIOR SALES </B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During the 12 month period before
the date of this Prospectus, we have issued the following Common Shares and
securities convertible into Common Shares: </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 nowrap>&nbsp; </TD>
    <TD width="25%" align=left nowrap>&nbsp; </TD>
    <TD width="25%" align=left nowrap>&nbsp; </TD>
  <TD width="25%" align=center nowrap><B>Number of </B></TD>
  </TR>
  <TR vAlign=top>

    <TD align=left nowrap>&nbsp; </TD>
    <TD width="25%" align=center nowrap><B>Price per </B></TD>
    <TD width="25%" align=center nowrap><B><U>Security </U></B></TD>
  <TD width="25%" align=center nowrap><B><U>Securities Issued or </U></B></TD>
  </TR>
  <TR vAlign=top>
    <TD align=center nowrap><B><U>Date of Issue </U></B></TD>
    <TD width="25%" align=center nowrap><B><U>Security (C$) </U></B></TD>
    <TD width="25%" align=center nowrap></TD>
  <TD width="25%" align=center nowrap><B><U>Granted </U></B></TD>
  </TR>
  <TR vAlign=top>
    <TD align=center bgColor=#e6efff>January 19, 2015 </TD>
    <TD align=center width="25%" bgColor=#e6efff>2.40 </TD>
    <TD align=center width="25%" bgColor=#e6efff>Stock Options </TD>
    <TD align=center width="25%" bgColor=#e6efff>50,000 </TD></TR>
  <TR vAlign=top>
    <TD align=center>January 26, 2015 </TD>
    <TD align=center width="25%">2.30 </TD>
    <TD align=center width="25%">Common Shares </TD>
    <TD align=center width="25%">3,110,950 </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#e6efff>February 2, 2015 </TD>
    <TD align=center width="25%" bgColor=#e6efff>2.49 </TD>
    <TD align=center width="25%" bgColor=#e6efff>Restricted Share Units </TD>
    <TD align=center width="25%" bgColor=#e6efff>75,000 </TD></TR>
  <TR vAlign=top>
    <TD align=center>February 11, 2015 </TD>
    <TD align=center width="25%">2.16 </TD>
    <TD align=center width="25%">Restricted Share Units </TD>
    <TD align=center width="25%">90,000 </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#e6efff>February 18, 2015 </TD>
    <TD align=center width="25%" bgColor=#e6efff>2.10 </TD>
    <TD align=center width="25%" bgColor=#e6efff>Stock Options </TD>
    <TD align=center width="25%" bgColor=#e6efff>1,140,000 </TD></TR>
  <TR vAlign=top>
    <TD align=center>March 23, 2015 </TD>
    <TD align=center width="25%">1.90 </TD>
    <TD align=center width="25%">Restricted Share Units </TD>
    <TD align=center width="25%">1,259,910 </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#e6efff>March 30, 2015 </TD>
    <TD align=center width="25%" bgColor=#e6efff>2.00 </TD>
    <TD align=center width="25%" bgColor=#e6efff>Stock Options </TD>
    <TD align=center width="25%" bgColor=#e6efff>20,521,500 </TD></TR>
  <TR vAlign=top>
    <TD align=center>April 1, 2015 </TD>
    <TD align=center width="25%">1.93 </TD>
    <TD align=center width="25%">Restricted Share Units </TD>
    <TD align=center width="25%">90,000 </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#e6efff>April 10, 2015 </TD>
    <TD align=center width="25%" bgColor=#e6efff>2.01 </TD>
    <TD align=center width="25%" bgColor=#e6efff>Common Shares </TD>
    <TD align=center width="25%" bgColor=#e6efff>313,059 </TD></TR>
  <TR vAlign=top>
    <TD align=center>April 15, 2015 </TD>
    <TD align=center width="25%">2.01 </TD>
    <TD align=center width="25%">Common Shares </TD>
    <TD align=center width="25%">125,224 </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#e6efff>April 23, 2015 </TD>
    <TD align=center width="25%" bgColor=#e6efff>1.92 </TD>
    <TD align=center width="25%" bgColor=#e6efff>Common Shares </TD>
    <TD align=center width="25%" bgColor=#e6efff>2,557,083 </TD></TR>
  <TR vAlign=top>
    <TD align=center>April 23, 2015 </TD>
    <TD align=center width="25%">1.90 </TD>
    <TD align=center width="25%">Stock Options </TD>
    <TD align=center width="25%">170,000 </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#e6efff>June 11, 2015 </TD>
    <TD align=center width="25%" bgColor=#e6efff>2.01 </TD>
    <TD align=center width="25%" bgColor=#e6efff>Stock Options </TD>
    <TD align=center width="25%" bgColor=#e6efff>212,000 </TD></TR>
  <TR vAlign=top>
    <TD align=center>June 18, 2015 </TD>
    <TD align=center width="25%">2.01 </TD>
    <TD align=center width="25%">Stock Options </TD>
    <TD align=center width="25%">250,000 </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#e6efff>July 2, 2015 </TD>
    <TD align=center width="25%" bgColor=#e6efff>1.87 </TD>
    <TD align=center width="25%" bgColor=#e6efff>Restricted Share Units </TD>
    <TD align=center width="25%" bgColor=#e6efff>150,000 </TD></TR>
  <TR vAlign=top>
    <TD align=center>August 28, 2015 </TD>
    <TD align=center width="25%">1.62 </TD>
    <TD align=center width="25%">Restricted Share Units </TD>
    <TD align=center width="25%">50,000 </TD></TR></TABLE>
<P align=center>9 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_14></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left nowrap>&nbsp; </TD>
    <TD width="25%" align=center nowrap><B>Price per</B> </TD>
    <TD width="25%" align=left nowrap>&nbsp; </TD>
  <TD width="25%" align=center nowrap><B>Number of</B> </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left nowrap>&nbsp; </TD>
    <TD width="25%" align=center nowrap><B><U>Security (C$)</U></B> </TD>
    <TD width="25%" align=center nowrap><B><U>Security</U></B> </TD>
  <TD width="25%" align=center nowrap><B>Securities Issued or</B> </TD>
  </TR>
  <TR vAlign=top>
    <TD align=center nowrap><B><U>Date of Issue</U></B> </TD>
    <TD width="25%" align=left nowrap>&nbsp; </TD>
    <TD width="25%" align=left nowrap>&nbsp; </TD>
  <TD width="25%" align=center nowrap><B><U>Granted</U></B> </TD>
  </TR>
  <TR vAlign=top>
    <TD align=center bgColor=#e6efff>August 31, 2015 </TD>
    <TD align=center width="25%" bgColor=#e6efff>1.65 </TD>
    <TD align=center width="25%" bgColor=#e6efff>Stock Options </TD>
    <TD align=center width="25%" bgColor=#e6efff>175,000 </TD></TR>
  <TR vAlign=top>
    <TD align=center>September 23, 2015 </TD>
    <TD align=center width="25%">1.49 </TD>
    <TD align=center width="25%">Common Shares </TD>
    <TD align=center width="25%">50,000 </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#e6efff>December 15, 2015 </TD>
    <TD align=center width="25%" bgColor=#e6efff>1.63 </TD>
    <TD align=center width="25%" bgColor=#e6efff>Common Shares </TD>
    <TD align=center width="25%" bgColor=#e6efff>125,144 </TD></TR></TABLE>
<P align=center><B>PRICE RANGE AND TRADING VOLUME </B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our Common Shares are listed and
posted for trading on the TSX and NYSE MKT under the trading symbols &#147;BTO&#148; and
&#147;BTG&#148;, respectively. The following tables set out the market price range and
trading volumes of our Common Shares on the TSX and NYSE MKT for the periods
indicated. </P>
<P align=justify><B>Toronto Stock Exchange (prices in Canadian dollars) </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 style="BORDER-BOTTOM: #000000 1px solid" align=center><B>Year</B> </TD>
    <TD align=left width="40%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="15%"><B>High</B> </TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="15%"><B>Low</B> </TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="15%"><B>Volume</B> </TD>
  </TR>
  <TR vAlign=top>
    <TD align=center>&nbsp; </TD>
    <TD align=left width="40%">&nbsp; </TD>
    <TD align=center width="15%"><B>(C$)</B> </TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="15%"><B>(C$)</B> </TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="15%"><B>(no. of shares)</B> </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#e6efff>2016 </TD>
    <TD align=left width="40%" bgColor=#e6efff>January 1 - 8 </TD>
    <TD align=center width="15%" bgColor=#e6efff>1.53 </TD>
    <TD align=center width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=center width="15%" bgColor=#e6efff>1.24 </TD>
    <TD align=center width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=center width="15%" bgColor=#e6efff>62,589,619</TD></TR>
  <TR vAlign=top>
    <TD align=center>&nbsp; </TD>
    <TD align=left width="40%">December </TD>
    <TD align=center width="15%">1.69 </TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="15%">1.38 </TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="15%">96,459,976 </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="40%" bgColor=#e6efff>November </TD>
    <TD align=center width="15%" bgColor=#e6efff>1.51 </TD>
    <TD align=center width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=center width="15%" bgColor=#e6efff>1.31 </TD>
    <TD align=center width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=center width="15%" bgColor=#e6efff>88,246,740 </TD></TR>
  <TR vAlign=top>
    <TD align=center>&nbsp; </TD>
    <TD align=left width="40%">October </TD>
    <TD align=center width="15%">1.88 </TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="15%">1.37 </TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="15%">92,462,882 </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="40%" bgColor=#e6efff>September </TD>
    <TD align=center width="15%" bgColor=#e6efff>1.75 </TD>
    <TD align=center width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=center width="15%" bgColor=#e6efff>1.35 </TD>
    <TD align=center width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=center width="15%" bgColor=#e6efff>70,145,106 </TD></TR>
  <TR vAlign=top>
    <TD align=center>&nbsp; </TD>
    <TD align=left width="40%">August </TD>
    <TD align=center width="15%">1.79 </TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="15%">1.30 </TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="15%">73,025,399 </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="40%" bgColor=#e6efff>July </TD>
    <TD align=center width="15%" bgColor=#e6efff>1.98 </TD>
    <TD align=center width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=center width="15%" bgColor=#e6efff>1.34 </TD>
    <TD align=center width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=center width="15%" bgColor=#e6efff>72,352,487 </TD></TR>
  <TR vAlign=top>
    <TD align=center>&nbsp; </TD>
    <TD align=left width="40%">June </TD>
    <TD align=center width="15%">2.21 </TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="15%">1.90 </TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="15%">48,159,947 </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="40%" bgColor=#e6efff>May </TD>
    <TD align=center width="15%" bgColor=#e6efff>2.18 </TD>
    <TD align=center width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=center width="15%" bgColor=#e6efff>1.86 </TD>
    <TD align=center width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=center width="15%" bgColor=#e6efff>63,718,986 </TD></TR>
  <TR vAlign=top>
    <TD align=center>&nbsp; </TD>
    <TD align=left width="40%">April </TD>
    <TD align=center width="15%">2.04 </TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="15%">1.86 </TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="15%">54,618,270 </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="40%" bgColor=#e6efff>March </TD>
    <TD align=center width="15%" bgColor=#e6efff>2.17 </TD>
    <TD align=center width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=center width="15%" bgColor=#e6efff>1.79 </TD>
    <TD align=center width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=center width="15%" bgColor=#e6efff>96,223,177 </TD></TR>
  <TR vAlign=top>
    <TD align=center>&nbsp; </TD>
    <TD align=left width="40%">February </TD>
    <TD align=center width="15%">2.47 </TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="15%">1.99 </TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="15%">77,092,854 </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#e6efff>2015 </TD>
    <TD align=left width="40%" bgColor=#e6efff>January </TD>
    <TD align=center width="15%" bgColor=#e6efff>2.88 </TD>
    <TD align=center width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=center width="15%" bgColor=#e6efff>1.84 </TD>
    <TD align=center width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=center width="15%" bgColor=#e6efff>143,470,405
</TD></TR></TABLE></DIV>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On January 8, 2016, the closing
price of our Common Shares on the TSX was C$1.34 per share. </P>
<P align=justify><B>NYSE MKT (prices in U.S. dollars) </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 style="BORDER-BOTTOM: #000000 1px solid" align=center><B>Year</B> </TD>
    <TD align=left width="40%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="15%"><B>High</B> </TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="15%"><B>Low</B> </TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="15%"><B>Volume</B> </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="40%">&nbsp; </TD>
    <TD align=center width="15%"><B>(US$)</B> </TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="15%"><B>(US$)</B> </TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="15%"><B>(no. of shares)</B> </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#e6efff>2016 </TD>
    <TD align=left width="40%" bgColor=#e6efff>January 1 - 8 </TD>
    <TD align=center width="15%" bgColor=#e6efff>1.08 </TD>
    <TD align=center width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=center width="15%" bgColor=#e6efff>0.88 </TD>
    <TD align=center width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=center width="15%" bgColor=#e6efff>12,299,249</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="40%">December </TD>
    <TD align=center width="15%">1.26 </TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="15%">0.9907 </TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="15%">190,875,279 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="40%" bgColor=#e6efff>November </TD>
    <TD align=center width="15%" bgColor=#e6efff>1.14 </TD>
    <TD align=center width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=center width="15%" bgColor=#e6efff>0.989 </TD>
    <TD align=center width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=center width="15%" bgColor=#e6efff>43,924,312 </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="40%">October </TD>
    <TD align=center width="15%">1.46 </TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="15%">1.03 </TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="15%">40,716,298 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="40%" bgColor=#e6efff>September </TD>
    <TD align=center width="15%" bgColor=#e6efff>1.29 </TD>
    <TD align=center width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=center width="15%" bgColor=#e6efff>1.00 </TD>
    <TD align=center width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=center width="15%" bgColor=#e6efff>68,403,358 </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="40%">August </TD>
    <TD align=center width="15%">1.37 </TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="15%">0.98 </TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="15%">49,556,383 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="40%" bgColor=#e6efff>July </TD>
    <TD align=center width="15%" bgColor=#e6efff>1.57 </TD>
    <TD align=center width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=center width="15%" bgColor=#e6efff>1.02 </TD>
    <TD align=center width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=center width="15%" bgColor=#e6efff>40,234,259 </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="40%">June </TD>
    <TD align=center width="15%">1.77 </TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="15%">1.52 </TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="15%">42,892,809 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="40%" bgColor=#e6efff>May </TD>
    <TD align=center width="15%" bgColor=#e6efff>1.79 </TD>
    <TD align=center width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=center width="15%" bgColor=#e6efff>1.53 </TD>
    <TD align=center width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=center width="15%" bgColor=#e6efff>38,194,045 </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="40%">April </TD>
    <TD align=center width="15%">1.71 </TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="15%">1.48 </TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="15%">33,974,902 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="40%" bgColor=#e6efff>March </TD>
    <TD align=center width="15%" bgColor=#e6efff>1.73 </TD>
    <TD align=center width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=center width="15%" bgColor=#e6efff>1.39 </TD>
    <TD align=center width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=center width="15%" bgColor=#e6efff>59,877,340 </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="40%">February </TD>
    <TD align=center width="15%">1.96 </TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="15%">1.57 </TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="15%">28,815,762 </TD></TR></TABLE></DIV>
<P align=center>10 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_15></A><BR>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      ><B>Year</B> </TD>
    <TD align=left width="40%" >&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="15%"><B>High</B> </TD>
    <TD align=center width="1%"  >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="15%"><B>Low</B> </TD>
    <TD align=center width="1%"  >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="15%"><B>Volume</B> </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="40%" >&nbsp; </TD>
    <TD align=center width="15%"><B>(US$)</B> </TD>
    <TD align=center width="1%"  >&nbsp;</TD>
    <TD align=center width="15%"><B>(US$)</B> </TD>
    <TD align=center width="1%"  >&nbsp;</TD>
    <TD align=center width="15%"><B>(no. of shares)</B> </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#e6efff >2015 </TD>
    <TD align=left width="40%" bgColor=#e6efff >January </TD>
    <TD align=center width="15%" bgColor=#e6efff>2.38 </TD>
    <TD align=center width="1%"  bgColor=#e6efff
    >&nbsp;</TD>
    <TD align=center width="15%" bgColor=#e6efff>1.57 </TD>
    <TD align=center width="1%"  bgColor=#e6efff
    >&nbsp;</TD>
    <TD align=center width="15%" bgColor=#e6efff>63,293,381
</TD></TR></TABLE></DIV>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On January 8, 2016, the closing
price of our Common Shares on NYSE MKT was US$0.9495 per share. </P>
<P align=center><B>DIVIDEND POLICY </B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have not declared any
dividends or distributions on our Common Shares since our incorporation. We
intend to retain our earnings, if any, to finance the growth and development of
our operations and do not presently anticipate paying any dividends or
distributions in the foreseeable future. Our board of directors may, however,
declare from time to time such cash dividends or distributions out of the monies
legally available for dividends or distributions as the board of directors
considers advisable. Any future determination to pay dividends or make
distributions will be at the discretion of the board of directors and will
depend on our capital requirements, results of operations and such other factors
as the board of directors considers relevant. </P>
<P align=center><B>DESCRIPTION OF DEBT SECURITIES </B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In this section describing the
Debt Securities, the terms &#147;Company&#148; and &#147;B2Gold Corp.&#148; refer only to B2Gold
Corp. without any of its subsidiaries. This section describes the general terms
that will apply to any Debt Securities issued pursuant to this Prospectus. The
specific terms of the Debt Securities, and the extent to which the general terms
described in this section apply to those Debt Securities, will be set forth in
the applicable Prospectus Supplement. The Debt Securities will be issued in one
or more series under an indenture (the &#147;<B>Indenture</B>&#148;) to be entered into
between the Company and one or more trustees (the &#147;<B>Trustee</B>&#148;) that will be
named in a Prospectus Supplement for a series of Debt Securities. To the extent
applicable, the Indenture will be subject to and governed by the <I>United
States Trust Indenture Act of 1939</I>, as amended. A copy of the form of the
Indenture to be entered into has been filed with the SEC as an exhibit to the
registration statement of which this Prospectus forms a part. The description of
certain provisions of the Indenture in this section is not intended to be
complete and is qualified in its entirety by reference to the provisions of the
Indenture. Terms used in this summary that are not otherwise defined herein have
the meaning ascribed to them in the Indenture.</P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We may issue Debt Securities and
incur additional indebtedness other than through the offering of Debt Securities
pursuant to this Prospectus. We may be required to obtain the consent of our
lenders for the issuance of certain Debt Securities, depending on their specific
terms.</P>
<P align=justify><B>General </B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Indenture does not limit the
amount of Debt Securities which we may issue under the Indenture, and we may
issue Debt Securities in one or more series. Debt Securities may be denominated
and payable in any currency. Unless otherwise indicated in the applicable
Prospectus Supplement, the Indenture permits us, without the consent of the
holders of any Debt Securities, to increase the principal amount of any series
of Debt Securities we have previously issued under the Indenture and to issue
such increased principal amount.</P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The applicable Prospectus
Supplement will set forth the following terms relating to the Debt Securities
offered by such Prospectus Supplement (the &#147;<B>Offered Securities</B>&#148;):</P>
<UL style="TEXT-ALIGN: justify">
  <LI>
  <P>the specific designation of the Offered Securities; any limit on the
  aggregate principal amount of the Offered Securities; the date or dates, if
  any, on which the Offered Securities will mature and the portion (if less than
  all of the principal amount) of the Offered Securities to be payable upon
  declaration of acceleration of maturity; </P>
  <LI>
  <P>the rate or rates at which the Offered Securities will bear interest, if
  any, the date or dates on which any such interest will begin to accrue and on
  which any such interest will be payable and the record dates for any interest
  payable on the Offered Securities which are in registered form; </P>
  <LI>
  <P>the terms and conditions under which we may be obligated to redeem, repay
  or purchase the Offered Securities pursuant to any sinking fund or analogous
  provisions or otherwise; </P>
  <LI>
  <P>the terms and conditions upon which we may redeem the Offered Securities,
  in whole or in part, at our option; </P></LI></UL>
<P align=center>11 </P>
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<A name=page_16></A>
<UL style="TEXT-ALIGN: justify">
  <LI>
  <P>whether the Offered Securities will be issuable in registered form or
  bearer form or both, and, if issuable in bearer form, the restrictions as to
  the offer, sale and delivery of the Offered Securities which are in bearer
  form and as to exchanges between registered form and bearer form; </P>
  <LI>
  <P>whether the Offered Securities will be issuable in the form of registered
  global securities (&#147;<B>Global Securities</B>&#148;), and, if so, the identity of
  the depositary for such registered Global Securities; </P>
  <LI>
  <P>the denominations in which registered Offered Securities will be issuable,
  if other than denominations of US$1,000 and any multiple thereof, and the
  denominations in which bearer Offered Securities will be issuable, if other
  than US$1,000; </P>
  <LI>
  <P>each office or agency where payments on the Offered Securities will be made
  (if other than the offices or agencies described under &#147;Payment&#148; below) and
  each office or agency where the Offered Securities may be presented for
  registration of transfer or exchange; </P>
  <LI>
  <P>if other than U.S. dollars, the currency in which the Offered Securities
  are denominated or the currency in which we will make payments on the Offered
  Securities; </P>
  <LI>
  <P>the terms, if any, on which the Offered Securities may be converted or
  exchanged for other of our Securities or securities of other entities; </P>
  <LI>
  <P>any index, formula or other method used to determine the amount of payments
  of principal of (and premium, if any) or interest, if any, on the Offered
  Securities; </P>
  <LI>
  <P>any other terms of the Offered Securities which apply solely to the Offered
  Securities, or terms generally applicable to the Debt Securities which are not
  to apply to the Offered Securities; and </P>
  <LI>
  <P>if not obtained as at the date of such Prospectus Supplement, any consents
  required to be obtained with respect to the issuance of the Offered
  Securities. </P></LI></UL>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless otherwise indicated in the applicable Prospectus
Supplement:</P>
<UL style="TEXT-ALIGN: justify">
  <LI>
  <P>holders may not tender Debt Securities to us for repurchase; and </P>
  <LI>
  <P>the rate or rates of interest on the Debt Securities will not increase if
  we become involved in a highly leveraged transaction or we are acquired by
  another entity. </P></LI></UL>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We may issue Debt Securities
under the Indenture bearing no interest or interest at a rate below the
prevailing market rate at the time of issuance. We may offer and sell Debt
Securities at a discount below their stated principal amount. We will describe
in the applicable Prospectus Supplement any Canadian and U.S. federal income tax
consequences and other special considerations applicable to any discounted Debt
Securities or other Debt Securities offered and sold at par which are treated as
having been issued at a discount for Canadian and/or U.S. federal income tax
purposes.</P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any Debt Securities we issue will
be our direct, unconditional and unsecured obligations and will rank equally
among themselves and with all of our other unsecured, unsubordinated
obligations, except to the extent prescribed by law. Debt Securities we issue
will be structurally subordinated to all existing and future liabilities,
including trade payables and other indebtedness, of our subsidiaries.</P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We will agree to provide to the
Trustee (i) annual reports containing audited financial statements and (ii)
quarterly reports for the first three quarters of each fiscal year containing
unaudited financial information.</P>
<P align=justify><B>Form, Denomination, Exchange and Transfer </B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless otherwise indicated in the
applicable Prospectus Supplement, we will issue Debt Securities only in fully
registered form without coupons, and in denominations of US$1,000 and multiples
of US$1,000. Debt Securities may be presented for exchange and registered Debt
Securities may be presented for registration of transfer in the manner set forth
in the Indenture and in the applicable Prospectus Supplement, without service charges. We may,
however, require payment sufficient to cover any taxes or other governmental
charges due in connection with the exchange or transfer. We will appoint the
Trustee as security registrar. Bearer Debt Securities and the coupons applicable
to bearer Debt Securities thereto will be transferable by delivery.</P>
<P align=center>12 </P>
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<P align=justify><B>Payment </B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless otherwise indicated in the
applicable Prospectus Supplement, we will make payments on registered Debt
Securities (other than Global Securities) at the office or agency of the
Trustee, except that we may choose to pay interest (a) by check mailed to the
address of the person entitled to such payment as specified in the security
register or (b) by wire transfer to an account maintained by the person entitled
to such payment as specified in the security register. Unless otherwise
indicated in the applicable Prospectus Supplement, we will pay any interest due
on registered Debt Securities to the persons in whose name such registered Debt
Securities are registered on the day or days, specified in the applicable
Prospectus Supplement.</P>
<P align=justify><B>Registered Global Securities </B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Registered debt securities of a
series may be issued in whole or in part in global form that will be deposited
with, or on behalf of, a depositary identified in the Prospectus Supplement.
Global Securities will be registered in the name of a financial institution that
we select, and the debt securities included in the Global Securities may not be
transferred to the name of any other direct holder unless the special
circumstances described below occur. The financial institution that acts as the
sole direct holder of the Global Securities is called the &#147;Depositary&#148;. Any
person wishing to own Debt Securities issued in the form of Global Securities
must do so indirectly by virtue of an account with a broker, bank or other
financial institution that, in turn, has an account with the Depositary.</P>
<P align=justify><I>Special Investor Considerations for Global Securities
</I></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our obligations, as well as the
obligations of the Trustee and those of any third parties we employed or the
Trustee, run only to persons who are registered as holders of Debt Securities.
For example, once we make payment to the registered holder, we have no further
responsibility for the payment even if that holder is legally required to pass
the payment along to an investor but does not do so. As an indirect holder, an
investor's rights relating to a Global Security will be governed by the account
rules of the investor&#146;s financial institution and of the Depositary, as well as
general laws relating to debt securities transfers.</P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;An investor should be aware that
when Debt Securities are issued in the form of Global Securities:</P>
<UL style="TEXT-ALIGN: justify">
  <LI>
  <P>the investor cannot have Debt Securities registered in his or her own name;
  </P>
  <LI>
  <P>the investor cannot receive physical certificates for his or her interest
  in the Debt Securities; </P>
  <LI>
  <P>the investor must look to his or her own bank or brokerage firm for
  payments on the Debt Securities and protection of his or her legal rights
  relating to the Debt Securities; </P>
  <LI>
  <P>the investor may not be able to sell interests in the Debt Securities to
  some insurance companies and other institutions that are required by law to
  hold the physical certificates of Debt Securities that they own; </P>
  <LI>
  <P>the Depositary&#146;s policies will govern payments, transfers, exchange and
  other matters relating to the investor's interest in the Global Security. We
  and the Trustee will have no responsibility for any aspect of the Depositary&#146;s
  actions or for its records of ownership interests in the Global Security. We
  and the Trustee also do not supervise the Depositary in any way; and </P>
  <LI>
  <P>the Depositary will usually require that interests in a Global Security be
  purchased or sold within its system using same-day funds. </P></LI></UL>
<P align=center>13 </P>
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<A name=page_18></A>
<P align=justify><I>Special Situations When Global Security Will be Terminated
</I></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In a few special situations
described below, a Global Security will terminate and interests in it will be
exchanged for physical certificates representing Debt Securities. After that
exchange, an investor may choose whether to hold Debt Securities directly or
indirectly through an account at its bank or brokerage firm. Investors must
consult their own banks or brokers to find out how to have their interests in
Debt Securities transferred into their own names, so that they will be direct
holders.</P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The special situations for
termination of a Global Security are:</P>
<UL style="TEXT-ALIGN: justify">
  <LI>
  <P>when the Depositary notifies us that it is unwilling, unable or no longer
  qualified to continue as Depositary (unless a replacement Depositary is
  named); and </P>
  <LI>
  <P>when and if we decide to terminate a Global Security. </P></LI></UL>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Prospectus Supplement may
list situations for terminating a Global Security that would apply only to the
particular series of Debt Securities covered by the Prospectus Supplement. When
a Global Security terminates, the Depositary (and not us or the Trustee) is
responsible for deciding the names of the institutions that will be the initial
direct holders. </P>
<P align=justify><B>Events of Default </B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The term &#147;Event of Default&#148; with
respect to Debt Securities of any series means any of the following:</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>default in the payment of the principal of (or any
      premium on) any Security of that series at its maturity;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>default in the payment of any interest on any Security of
      that series when it becomes due and payable, and continuance of such
      default for a period of 30 days;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>default in the deposit of any sinking fund payment when
      the same becomes due by the terms of the Debt Securities of that
      series;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(d) </TD>
    <TD>
      <P align=justify>default in the performance, or breach, of any other
      covenant or agreement of ours in the Indenture in respect of the Debt
      Securities of that series (other than a covenant or agreement for which
      default or breach is specifically dealt with elsewhere in the Indenture),
      where such default or breach continues for a period of 90 days after
      written notice to us by the Trustee or the holders of at least 25% in
      principal amount of all outstanding Debt Securities affected
    thereby;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(e) </TD>
    <TD>
      <P align=justify>certain events of bankruptcy, insolvency or
      reorganization; or</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(f) </TD>
    <TD>
      <P align=justify>any other Events of Default provided with respect to the
      Debt Securities of that series.</P></TD></TR></TABLE>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If an Event of Default described
in clause (a), (b) or (c) above occurs and is continuing with respect to Debt
Securities of any series, then the Trustee or the holders of not less than 25%
in principal amount of the outstanding Debt Securities of that series may
require the principal amount (or, if the Debt Securities of that series are
Original Issue Discount Securities or Indexed Securities, such portion of the
principal amount as may be specified in the terms of that series) of all the
outstanding Debt Securities of that series and any accrued but unpaid interest
on such Debt Securities be paid immediately. If an Event of Default described in
clause (d) or (f) above occurs and is continuing with respect to Debt Securities
of one or more series, then the Trustee or the holders of not less than 25% in
principal amount of the outstanding Debt Securities of all series affected
thereby (as one class) may require the principal amount (or, if any of the Debt
Securities of such affected series are Original Issue Discount Securities or
Indexed Securities, such portion of the principal amount as may be specified in
the terms of such affected series) of all the outstanding Debt Securities of
such affected series and any accrued but unpaid interest on such Debt Securities
be paid immediately. If an Event of Default described in clause (e) above occurs
and is continuing, then the Trustee or the holders of not less than 25% in
principal amount of all outstanding Debt Securities (as a class) may require the
principal amount (or, if the Debt Securities or any series are Original Issue
Discount Securities or Indexed Securities, such portion of the principal amount
as may be specified in the terms of that series) of all the outstanding
Securities and any accrued but unpaid interest on such Debt Securities be paid
immediately. However, at any time after a declaration of acceleration with
respect to Debt Securities of any series (or of all series, as the case may be)
has been made and before a judgment or decree for payment of the money due has
been obtained, the holders of a majority in principal amount of the outstanding
Debt Securities of such series (or of all series, as the case may be), by
written notice to us and the Trustee, may, under certain circumstances, rescind and annul such acceleration. The
applicable Prospectus Supplement will contain provisions relating to
acceleration of the maturity of a portion of the principal amount of Original
Issue Discount Securities or Indexed Securities upon the occurrence of any Event
of Default and the continuation thereof.</P>
<P align=center>14 </P>
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<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except during default, the
Trustee is not obligated to exercise any of its rights and powers under the
Indenture at the request or direction of any of the holders, unless the holders
have offered to the Trustee reasonable indemnity. If the holders provide
reasonable indemnity, the holders of a majority in principal amount of the
outstanding Debt Securities of all series affected by an Event of Default may,
subject to certain limitations, direct the time, method and place of conducting
any proceeding for any remedy available to the Trustee, or exercising any trust
or power conferred on the Trustee, with respect to the Debt Securities of all
series affected by such Event of Default.</P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No holder of a Debt Security of
any series will have any right to institute any proceedings, unless:</P>
<UL style="TEXT-ALIGN: justify">
  <LI>
  <P>such holder has previously given to the Trustee written notice of a
  continuing Event of Default with respect to the Debt Securities of that
  series; </P>
  <LI>
  <P>the holders of at least 25% in principal amount of the outstanding Debt
  Securities of all series affected by such Event of Default have made written
  request and have offered reasonable indemnity to the Trustee to institute such
  proceedings as trustee; and </P>
  <LI>
  <P>the Trustee has failed to institute such proceedings, and has not received
  from the holders of a majority in the aggregate principal amount of
  outstanding Debt Securities of all series affected by such Event of Default a
  direction inconsistent with such request, within 60 days after such notice,
  request and offer. </P></LI></UL>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;However, these limitations do not
apply to a suit instituted by the holder of a Debt Security for the enforcement
of payment of principal of or interest on such Debt Security on or after the
applicable due date of such payment.</P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We will be required to furnish to
the Trustee annually an officers&#146; certificate as to the performance of certain
of our obligations under the Indenture and as to any default in such
performance.</P>
<P align=justify><B>Defeasance </B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;When we use the term
&#147;defeasance&#148;, we mean discharge from some or all of our obligations under the
Indenture with respect to Debt Securities of a particular series. If we deposit
with the Trustee sufficient cash or government securities to pay the principal,
interest, any premium and any other sums due to the stated maturity or a
redemption date of the Debt Securities of a particular series, then at our
option:</P>
<UL style="TEXT-ALIGN: justify">
  <LI>
  <P>We will be discharged from our obligations with respect to the Debt
  Securities of such series with certain exceptions, and the holders of the Debt
  Securities of the affected series will not be entitled to the benefits of the
  Indenture except for registration of transfer and exchange of Debt Securities
  and replacement of lost, stolen or mutilated Debt Securities and certain other
  limited rights. Such holders may look only to such deposited funds or
  obligations for payment; or </P>
  <LI>
  <P>We will no longer be under any obligation to comply with certain covenants
  under the Indenture, and certain Events of Default will no longer apply to us.
  </P></LI></UL>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To exercise defeasance we also
must deliver to the Trustee:</P>
<UL style="TEXT-ALIGN: justify">
  <LI>
  <P>an opinion of U.S. counsel to the effect that the deposit and related
  defeasance would not cause the holders of the Debt Securities of the
  applicable series to recognize income, gain or loss for U.S. federal income
  tax purposes and that holders of the Debt Securities of that series will be
  subject to U.S. federal income tax on the same amounts, in the same manner and
  at the same times as would have been the case if such defeasance had not
  occurred; and </P>
  <LI>
  <P>an opinion of Canadian counsel or a ruling from Canada Revenue Agency that
  there would be no such recognition of income, gain or loss for Canadian
  federal or provincial tax purposes and that holders of the Debt Securities of
  such series will be subject to Canadian federal and provincial income tax on the
same amounts, in the same manner and at the same times as would have been the
case if such defeasance had not occurred.</P></LI></UL>
<P align=center>15 </P>
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<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, no Event of Default
with respect to the Debt Securities of the applicable series can have occurred
and we cannot be an insolvent person under the <I>Bankruptcy and Insolvency Act
</I>(Canada). In order for U.S. counsel to deliver the opinion that would allow
us to be discharged from all of our obligations under the Debt Securities of any
series, we must have received from, or there must have been published by, the
Internal Revenue Service a ruling, or there must have been a change in law so
that the deposit and defeasance would not cause holders of the Debt Securities
of such series to recognize income, gain or loss for U.S. federal income tax
purposes and so that such holders would be subject to U.S. federal income tax on
the same amounts, in the same manner and at the same time as would have been the
case if such defeasance had not occurred.</P>
<P align=justify><B>Modifications and Waivers </B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We may modify or amend the
Indenture with the consent of the holders of a majority in aggregate principal
amount of the outstanding Debt Securities of all series affected by such
modification or amendment provided, however, that we must receive consent from
the holder of each outstanding Debt Security of such affected series to:</P>
<UL style="TEXT-ALIGN: justify">
  <LI>
  <P>change the stated maturity of the principal of or interest on such
  outstanding Debt Security; </P>
  <LI>
  <P>reduce the principal amount of or interest on such outstanding Debt
  Security; </P>
  <LI>
  <P>reduce the amount of the principal payable upon the acceleration of the
  maturity of an outstanding Original Issue Discount Security; </P>
  <LI>
  <P>change the place or currency of payments on such outstanding Debt Security;
  </P>
  <LI>
  <P>impair the right to institute suit for the enforcement of any payment on or
  with respect to any Debt Security; </P>
  <LI>
  <P>reduce the percentage in principal amount of outstanding Debt Securities of
  such series from which the consent of holders is required to modify or amend
  the Indenture or waive compliance with certain provisions of the Indenture or
  waive certain defaults; or </P>
  <LI>
  <P>modify any provisions of the Indenture relating to modifying or amending
  the Indenture or waiving past defaults or covenants except as otherwise
  specified. </P></LI></UL>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The holders of a majority in
principal amount of Debt Securities of any series may waive our compliance with
certain restrictive provisions of the Indenture with respect to such series. The
holders of a majority in principal amount of outstanding Debt Securities of all
series with respect to which an Event of Default has occurred may waive any past
default under the Indenture, except a default in the payment of the principal
of, or interest on, any Security or in respect of any item listed above.</P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Indenture or the Debt
Securities may be amended or supplemented, without the consent of any holder of
such Debt Securities, in order to, among other things, cure any ambiguity or
inconsistency or to make any change, in any case, that does not have a
materially adverse effect on the rights of any holder of such Debt
Securities.</P>
<P align=justify><B>Consent to Jurisdiction and Service </B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under the Indenture, we will
irrevocably appoint an authorized agent upon which process may be served in any
suit, action or proceeding arising out of or relating to the Indenture and the
Debt Securities and for actions brought under federal or state securities laws
brought in any federal or state court located in The City of New York (herein
after referred to as a New York Court), and will submit to such non-exclusive
jurisdiction.</P>
<P align=justify><B>Governing Law </B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Indenture and the Debt
Securities will be governed by and construed in accordance with the laws of the
State of New York.</P>
<P align=center>16 </P>
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<A name=page_21></A>
<P align=justify><B>Enforceability of Judgments </B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Since all of the assets of the
Company are outside the United States, any judgment obtained in the United
States against us would need to be satisfied by seeking enforcement of such
judgment in a court located outside of the United States from our assets. We
have been advised by our Canadian counsel, Lawson Lundell LLP, that there is
doubt as to the enforceability in Canada by a court in original actions, or in
actions to enforce judgments of United States courts, of civil liabilities
predicated upon United States federal securities laws. </P>
<P align=justify><B>The Trustee </B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Trustee under the Indenture
will be named in the applicable Prospectus Supplement. </P>
<P align=center><B>DESCRIPTION OF WARRANTS </B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We may issue Warrants to purchase
Common Shares or Debt Securities<B>.</B> This section describes the general
terms that will apply to any Warrants issued pursuant to this Prospectus. </P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Warrants may be offered
separately or together with other Securities and may be attached to or separate
from any other Securities. Unless the applicable Prospectus Supplement otherwise
indicates, each series of Warrants will be issued under a separate warrant
indenture to be entered into between us and one or more banks or trust companies
acting as Warrant agent. The Warrant agent will act solely as our agent and will
not assume a relationship of agency with any holders of Warrant certificates or
beneficial owners of Warrants. The applicable Prospectus Supplement will include
details of the warrant indentures, if any, governing the Warrants being offered.
The specific terms of the Warrants, and the extent to which the general terms
described in this section apply to those Warrants, will be set out in the
applicable Prospectus Supplement. </P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding the foregoing, we
will not offer Warrants for sale separately to any member of the public in
Canada unless the offering of such Warrants is in connection with and forms part
of the consideration for an acquisition or merger transaction or unless the
Prospectus Supplement containing the specific terms of the Warrants to be
offered separately is first approved for filing by the securities commissions or
similar regulatory authorities in each of the provinces of Canada where the
Warrants will be offered for sale. </P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Prospectus Supplement
relating to any Warrants that we offer will describe the Warrants and the
specific terms relating to the offering. The description will include, where
applicable: </P>
<UL style="TEXT-ALIGN: justify">
  <LI>
  <P>the designation and aggregate number of Warrants; </P>
  <LI>
  <P>the price at which the Warrants will be offered; </P>
  <LI>
  <P>the currency or currencies in which the Warrants will be offered; </P>
  <LI>
  <P>the date on which the right to exercise the Warrants will commence and the
  date on which the right will expire; </P>
  <LI>
  <P>the designation, number and terms of the Common Shares or Debt Securities,
  as applicable, that may be purchased upon exercise of the Warrants, and the
  procedures that will result in the adjustment of those numbers; </P>
  <LI>
  <P>the exercise price of the Warrants; </P>
  <LI>
  <P>the designation and terms of the Securities, if any, with which the
  Warrants will be offered, and the number of Warrants that will be offered with
  each Security; </P>
  <LI>
  <P>if the Warrants are issued as a unit with another Security, the date, if
  any, on and after which the Warrants and the other Security will be separately
  transferable; </P>
  <LI>
  <P>any minimum or maximum amount of Warrants that may be exercised at any one
  time; </P></LI></UL>
<P align=center>17 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
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<A name=page_22></A>
<UL style="TEXT-ALIGN: justify">
  <LI>
  <P>any terms, procedures and limitations relating to the transferability,
  exchange or exercise of the Warrants; </P>
  <LI>
  <P>whether the Warrants will be subject to redemption or call and, if so, the
  terms of such redemption or call provisions; </P>
  <LI>
  <P>material United States and Canadian federal income tax consequences of
  owning the Warrants; and </P>
  <LI>
  <P>any other material terms or conditions of the Warrants. </P></LI></UL>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Warrant certificates will be
exchangeable for new Warrant certificates of different denominations at the
office indicated in the Prospectus Supplement. Prior to the exercise of their
Warrants, holders of Warrants will not have any of the rights of holders of the
securities subject to the Warrants. We may amend the warrant indenture(s) and
the Warrants, without the consent of the holders of the Warrants, to cure any
ambiguity, to cure, correct or supplement any defective or inconsistent
provision or in any other manner that will not prejudice the rights of the
holders of outstanding Warrants, as a group. </P>
<P align=center><B>DESCRIPTION OF SUBSCRIPTION RECEIPTS </B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We may issue Subscription
Receipts, separately or together, with Common Shares,<B> </B>Debt Securities or
Warrants, as the case may be. The Subscription Receipts will be issued under a
subscription receipt agreement. This section describes the general terms that
will apply to any Subscription Receipts that we may offer pursuant to this
Prospectus. </P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The applicable Prospectus
Supplement will include details of the subscription receipt agreement covering
the Subscription Receipts being offered. We will file a copy of the subscription
receipt agreement relating to an offering of Subscription Receipts with
securities regulatory authorities in Canada and the United States after we have
entered into it. The specific terms of the Subscription Receipts, and the extent
to which the general terms described in this section apply to those Subscription
Receipts, will be set forth in the applicable Prospectus Supplement. This
description will include, where applicable: </P>
<UL style="TEXT-ALIGN: justify">
  <LI>
  <P>the number of Subscription Receipts; </P>
  <LI>
  <P>the price at which the Subscription Receipts will be offered and whether
  the price is payable in instalments; </P>
  <LI>
  <P>conditions to the exchange of Subscription Receipts into Common Shares,
  Debt Securities or Warrants, as the case may be, and the consequences of such
  conditions not being satisfied; </P>
  <LI>
  <P>the procedures for the exchange of the Subscription Receipts into Common
  Shares, Debt Securities or Warrants; </P>
  <LI>
  <P>the number of Common Shares or Warrants that may be exchanged upon exercise
  of each Subscription Receipt; </P>
  <LI>
  <P>the aggregate principal amount, currency or currencies, denominations and
  terms of the series of Debt Securities that may be exchanged upon exercise of
  the Subscription Receipts; </P>
  <LI>
  <P>the designation and terms of any other Securities with which the
  Subscription Receipts will be offered, if any, and the number of subscription
  receipts that will be offered with each Security; </P>
  <LI>
  <P>the dates or periods during which the Subscription Receipts may be
  exchanged into Common Shares, Debt Securities or Warrants; </P>
  <LI>
  <P>terms applicable to the gross or net proceeds from the sale of the
  Subscription Receipts plus any interest earned thereon; </P>
  <LI>
  <P>material United States and Canadian federal income tax consequences of
  owning the Subscription Receipts; </P>
  <LI>
  <P>any other rights, privileges, restrictions and conditions attaching to the
  Subscription Receipts; and </P>
  <LI>
  <P>any other material terms and conditions of the Subscription Receipts.
  </P></LI></UL>
<P align=center>18 </P>
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<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subscription Receipt certificates
will be exchangeable for new Subscription Receipt certificates of different
denominations at the office indicated in the Prospectus Supplement. Prior to the
exchange of their Subscription Receipts, holders of Subscription Receipts will
not have any of the rights of holders of the securities subject to the
Subscription Receipts. </P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under the subscription receipt
agreement, a Canadian purchaser of Subscription Receipts will have a contractual
right of rescission following the issuance of Common Shares, Debt Securities or
Warrants, as the case may be, to such purchaser, entitling the purchaser to
receive the amount paid for the Subscription Receipts upon surrender of the
Common Shares, Debt Securities or Warrants, as the case may be, if this
Prospectus, the applicable Prospectus Supplement, and any amendment thereto,
contains a misrepresentation, provided such remedy for rescission is exercised
within 180 days of the date the Subscription Receipts are issued. This right of
rescission does not extend to holders of Subscription Receipts who acquire such
Subscription Receipts from an initial purchaser, on the open market or
otherwise, or to initial purchasers who acquire Subscription Receipts in the
United States or other jurisdictions outside Canada. </P>
<P align=center><B>DESCRIPTION OF UNITS </B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We may issue Units comprised of
one or more of the other Securities described in the Prospectus in any
combination. Each Unit will be issued so that the holder of the Unit is also the
holder of each of the Securities included in the Unit. Thus, the holder of a
Unit will have the rights and obligations of a holder of each included Security.
The unit agreement, if any, under which a Unit is issued may provide that the
Securities included in the Unit may not be held or transferred separately, at
any time or at any time before a specified date. </P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The particular terms and
provisions of Units offered by any Prospectus Supplement, and the extent to
which the general terms and provisions described below may apply thereto, will
be described in the Prospectus Supplement filed in respect of such Units. </P>
<P align=center><B>DESCRIPTION OF SHARE CAPITAL </B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our authorized share capital
consists of an unlimited number of Common Shares and an unlimited number of
preferred shares. As at the date of this Prospectus, 926,864,297 Common Shares
and no preferred shares are issued and outstanding. </P>
<P align=justify><B>Common Shares</B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Registered holders of Common
Shares are entitled to receive notice of and attend all meetings of our
shareholders, and are entitled to one vote for each Common Share held. In
addition, holders of Common Shares are entitled to receive on a pro rata basis
dividends if, as and when declared by our board of directors and, upon
liquidation, dissolution or winding-up, are entitled to receive on a pro rata
basis our net assets after payment of debts and other liabilities, in each case
subject to the rights, privileges, restrictions and conditions attaching to any
other series or class of shares, including preferred shares, ranking in priority
to, or equal with, the holders of the Common Shares. Any alteration of the
rights attached to Common Shares must be approved by at least two-thirds of the
Common Shares voted at a meeting of our shareholders.</P>
<P align=justify><B>Preferred Shares </B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Preferred shares without par
value may at any time and from time to time be issued in one or more series. Our
board of directors may from time to time by resolution determine the maximum
number of preferred shares of any such series or determine there is no maximum,
determine the designation of the preferred shares of that series and amend our
articles to create, define and attach, and if permitted by the <I>Business
Corporations Act </I>(British Columbia) (&#147;<B>BCBCA</B>&#148;), alter, vary or
abrogate, any special rights and restrictions to be attached to the preferred
shares of that series. Except as provided in the special rights and restrictions
attaching to the preferred shares, the holders of preferred shares will not be
entitled to receive notice of, attend or vote any meeting of our shareholders.
Holders of preferred shares will be entitled to preference with respect to the
payment of dividends on such shares over the Common Shares, and over any other
of our shares ranking junior to the preferred shares with respect to payment of
dividends. In the event of our liquidation, dissolution or winding-up, holders
of preferred shares will be entitled to preference with respect to distribution
of our property or assets over the Common Shares and over any of our other
shares ranking junior to the preferred shares with respect to the repayment of
capital paid up on, and the payment of any or all accrued and unpaid cumulative
dividends whether or not earned or declared, or any or all declared and unpaid
non-cumulative dividends, on the preferred shares. </P>
<P align=center>19 </P>
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<P align=center><B>CERTAIN INCOME TAX CONSIDERATIONS </B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The applicable Prospectus
Supplement will describe certain Canadian and U.S. federal income tax
consequences to investors described therein of acquiring any Securities offered
thereunder. </P>
<P align=center><B>LEGAL MATTERS </B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certain legal matters related to
the Securities offered by this Prospectus will be passed upon on our behalf by
Lawson Lundell LLP with respect to Canadian legal matters and by Dorsey &amp;
Whitney LLP with respect to U.S. legal matters. </P>
<P align=center><B>TRANSFER AGENT AND REGISTRAR </B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The transfer agent and registrar
for the Common Shares in Canada is Computershare Investor Services Inc. at its
principal offices in Vancouver, British Columbia. </P>
<P align=center><B>INTEREST OF EXPERTS </B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;None of Donald E. Hulse, P.E.,
William J. Crowl, MMSA, Deepak Malhotra, Ph.D., Mark Turner, B.Eng., MAusIMM CP,
Andrew Vigar, B. App Sc Geo., FAusIMM, MSEG, FAusMM CP, Mark Wanless,
Pr.Sci.Nat., Shaun Crisp, Pr.Sci.Nat., William Lytle, P.E., M.Sc., B.Sc., Tom
Garagan, P.Geo, B.Sc., Hermanus Kriel, Pr.Eng., B.Eng., Glenn Bezuidenhout,
Pr.Eng., FSAIMM, Guy Wiid, Pr.Eng., M.Sc., B.Sc. and Werner Petrick, Certified
Environmental Practitioner, B.Sc. Eng., M.Env. Mgt., William N. Pearson, Ph.D.,
P.Geo., Graham Speirs, P.Eng., Nic Johnson, MAIG, Chris Kaye, FAusIMM, Don
Tschabrun RM SME, Stephanus Coetzee, Pr.SciNat, Ben Parsons, MAusIMM (CP), MSc,
Jonathon Priest, SCPM, C.Eng., MIMMM, PMP, M.Eng, Andrew Carter, B.Sc., C.Eng.,
MIMMM, MSAIMM, SME, Laszlo Bodi, P.Eng., Richard Hope, C.Eng., MIMMM, Geoff
Ricks, C.Env, FIMMM PhD, Ian Lloyd, B.Eng., M.Sc., C.Eng. MIET, Brian Scott, P.
Geo., Kevin Pemberton, P.E., Peter Montano, P.E., Vaughan Chamberlain, FAusIMM,
Ken Jones, P.E., Sandy Hunter, MAusIMM (CP) and David Morgan, MIE Aust CPEng,<B>
</B>each being persons who have prepared or certified a report under NI 43-101
referenced in this Prospectus, either directly or in a document incorporated by
reference, received or has received a direct or indirect interest in any
securities or other property of the Company or of any associate or affiliate of
the Company.</P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As at the date hereof, the
aforementioned persons, and the directors, officers and employees, as
applicable, of each of the aforementioned companies and partnerships
beneficially own, directly or indirectly, in the aggregate, less than one
percent of the securities of the Company.</P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Neither the aforementioned
persons, nor any director, officer, employee or partner, as applicable, of the
aforementioned companies or partnerships, is currently expected to be elected,
appointed or employed as a director, officer or employee of us or of any
associate or affiliate of us.</P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our auditor,
PricewaterhouseCoopers LLP, Chartered Professional Accountants, of Vancouver,
British Columbia, report that they are independent from us in accordance with
the Chartered Professional Accountants of British Columbia, Canada, Code of
Professional Conduct and with the rules and regulations of the SEC.
PricewaterhouseCoopers LLP is registered with the Public Company Accounting
Oversight Board. </P>
<P align=center><B>ENFORCEABILITY OF CIVIL LIABILITIES </B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are a company organized and
existing under the BCBCA. Many of our directors and officers, and some of the
experts named in this Prospectus, are residents of Canada or otherwise reside
outside the United States, and all or a substantial portion of their assets, and
a substantial portion of our assets, are located outside the United States. We
have appointed an agent for service of process in the United States, but it may
be difficult for holders of Securities who reside in the United States to effect
service within the United States upon those directors, officers and experts who
are not residents of the United States. It may also be difficult for holders of
Securities who reside in the United States to realize in the United States upon
judgments of courts of the United States predicated upon our civil liability and
the civil liability of our directors, officers and experts under the United
States federal securities laws. A final judgment for a liquidated sum in favour
of a private litigant granted by a United States court and predicated solely
upon civil liability under United States federal securities laws would, subject
to certain exceptions identified in the law of individual provinces and
territories of Canada, likely be enforceable in Canada if the United States
court in which the judgment was obtained had a basis for jurisdiction in the matter that would be recognized by the domestic Canadian
court for the same purposes. There is a significant risk that a given Canadian
court may not have jurisdiction or may decline jurisdiction over a claim based
solely upon United States federal securities law on application of the conflict
of laws principles of the province or territory in Canada in which the claim is
brought.</P>
<P align=center>20 </P>
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<P align=center><B>PART II </B></P>
<P align=center><B>INFORMATION NOT REQUIRED TO BE DELIVERED TO
</B><BR><B>OFFEREES OR PURCHASERS </B></P>
<P align=justify><B>Indemnification of Directors and Officers. </B></P>
<P align=justify><B><I>Business Corporations Act </I></B></P>
<P align=justify>The <I>Business Corporations Act</I> (British Columbia)
(&#147;BCBCA&#148;) provides that a company may: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%" ></TD>
    <TD align=left>&#149; </TD>
    <TD align=left width="90%">
      <P align=justify>indemnify an eligible party against all judgments,
      penalties or fines awarded or imposed in, or amounts paid in settlement
      of, an eligible proceeding, to which the eligible party is or may be
      liable; and </P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="90%">
      <P align=justify></P></TD></TR>
  <TR vAlign=top>
    <TD width="5%"></TD>
    <TD align=left>&#149; </TD>
    <TD align=left width="90%">
      <P align=justify>after the final disposition of an eligible proceeding,
      pay the &#147;expenses&#148; (which includes costs, charges and expenses (including
      legal and other fees) but excludes judgments, penalties, fines or amounts
      paid in settlement of a proceeding) actually and reasonably incurred by an
      eligible party in respect of that proceeding. </P></TD></TR></TABLE>
<P align=justify>However, after the final disposition of an eligible proceeding,
a company must pay expenses actually and reasonably incurred by an eligible
party in respect of that proceeding if the eligible party (i) has not been
reimbursed for those expenses, and (ii) is wholly successful, on the merits or
otherwise, or is substantially successful on the merits, in the outcome of the
proceeding. The BCBCA also provides that a company may pay the expenses as they
are incurred in advance of the final disposition of an eligible proceeding if
the company first receives from the eligible party a written undertaking that,
if it is ultimately determined that the payment of expenses is prohibited under
the BCBCA, the eligible party will repay the amounts advanced. </P>
<P align=justify>For the purpose of the BCBCA, an &#147;eligible party,&#148; in relation
to a company, means an individual who: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&#149; </TD>
    <TD align=left width="90%">is or was a director or officer of the company;
    </TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="90%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>&#149; </TD>
    <TD align=left width="90%">is or was a director or officer of another
      corporation </TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD align=left>o </TD>
    <TD align=left width="85%">at a time when the corporation is or was an
      affiliate of the company, or </TD></TR>
  <TR vAlign=top>
    <TD width="10%">&nbsp;</TD>
    <TD align=left>o </TD>
    <TD align=left width="85%">at the request of the company; or
</TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%" ></TD>
    <TD align=left>&#149; </TD>
    <TD align=left width="90%">at the request of the company, is or was, or
      holds or held a position equivalent to that of, a director or officer of a
      partnership, trust, joint venture or other unincorporated entity;
  </TD></TR></TABLE>
<P align=justify>and includes, with some exceptions, the heirs and personal or
other legal representatives of that individual. </P>
<P align=justify>An &#147;eligible proceeding&#148; under the BCBCA is a proceeding in
which an eligible party or any of the heirs and personal or other legal
representatives of the eligible party, by reason of the eligible party being or
having been a director or officer of, or holding or having held a position
equivalent to that of a director or officer of, the company or an associated
corporation (i) is or may be joined as a party, or (ii) is or may be liable for
or in respect of a judgment, penalty or fine in, or expenses related to, the
proceeding. A &#147;proceeding&#148; includes any legal proceeding or investigative
action, whether current, threatened, pending or completed. </P>
<P align=justify>Notwithstanding the foregoing, the BCBCA prohibits indemnifying
an eligible party or paying the expenses of an eligible party if any of the
following conditions apply: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%"  ></TD>
    <TD align=left >&#149; </TD>
    <TD align=left width="90%">if the indemnity or payment is made under an
      earlier agreement to indemnify or pay expenses and, at the time that such
      agreement was made, the company was prohibited from giving the indemnity
      or paying the expenses by its memorandum or articles;
</TD></TR></TABLE><BR>
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<TABLE
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  <TR vAlign=top>
    <TD width="5%"  ></TD>
    <TD align=left >&#149; </TD>
    <TD align=left width="90%">
      <P align=justify>if the indemnity or payment is made otherwise than under
      an earlier agreement to indemnify or pay expenses and, at the time that
      the indemnity or payment is made, the company is prohibited from giving
      the indemnity or paying the expenses by its memorandum or articles;
  </P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD >&nbsp; </TD>
    <TD width="90%">
      <P align=justify> </P></TD></TR>
  <TR vAlign=top>
    <TD width="5%" ></TD>
    <TD align=left >&#149; </TD>
    <TD align=left width="90%">
      <P align=justify>if, in relation to the subject matter of the eligible
      proceeding, the eligible party did not act honestly and in good faith with
      a view to the best interests of the company or the associated corporation,
      or as the case may be; or </P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD >&nbsp; </TD>
    <TD width="90%">
      <P align=justify> </P></TD></TR>
  <TR vAlign=top>
    <TD width="5%" ></TD>
    <TD align=left >&#149; </TD>
    <TD align=left width="90%">
      <P align=justify>in the case of an eligible proceeding other than a civil
      proceeding, if the eligible party did not have reasonable grounds for
      believing that the eligible party&#146;s conduct in respect of which the
      proceeding was brought was lawful. </P></TD></TR></TABLE>
<P align=justify>Additionally, if an eligible proceeding is brought against an
eligible party by or on behalf of the company or by or on behalf of an
associated corporation, the company must not (i) indemnify the eligible party in
respect of the proceeding; or (ii) pay the expenses of the eligible party in
respect of the proceeding. </P>
<P align=justify>Whether or not payment of expenses or indemnification has been
sought, authorized or declined under the BCBCA, on the application of a company
or an eligible party, the Supreme Court of British Columbia may do one or more
of the following: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%"  ></TD>
    <TD align=left >&#149; </TD>
    <TD align=left width="90%">order a company to indemnify an eligible party
      against any liability incurred by the eligible party in respect of an
      eligible proceeding; </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD >&nbsp; </TD>
    <TD width="90%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD width="5%" ></TD>
    <TD align=left >&#149; </TD>
    <TD align=left width="90%">order a company to pay some or all of the
      expenses incurred by an eligible party in respect of an eligible
      proceeding; </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD >&nbsp; </TD>
    <TD width="90%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD width="5%" ></TD>
    <TD align=left >&#149; </TD>
    <TD align=left width="90%">order the enforcement of, or any payment under,
      an agreement of indemnification entered into by a company; </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD >&nbsp; </TD>
    <TD width="90%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD width="5%" ></TD>
    <TD align=left >&#149; </TD>
    <TD align=left width="90%">order a company to pay some or all of the
      expenses actually and reasonably incurred by any person in obtaining an
      order under this section; or </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD >&nbsp; </TD>
    <TD width="90%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&#149; </TD>
    <TD align=left width="90%">make any other order the court considers
      appropriate. </TD></TR></TABLE>
<P align=justify>The BCBCA provides that a company may purchase and maintain
insurance for the benefit of an eligible party or the heirs and personal or
other legal representatives of the eligible party against any liability that may
be incurred by reason of the eligible party being or having been a director or
officer of, or holding or having held a position equivalent to that of a
director or officer of, the company or an associated corporation. </P>
<P align=justify><B><I>Articles of the Registrant</I></B><I> </I></P>
<P align=justify>The Registrant&#146;s articles provide that, subject to the BCBCA,
the Registrant must indemnify a director, former director or alternate director
and his or her heirs and legal personal representatives against all eligible
penalties to which such person is or may be liable and must, after the final
disposition of an eligible proceeding, pay the expenses actually and reasonably
incurred by such person in respect of that proceeding. Pursuant to the
Registrant&#146;s articles, each director is deemed to have contracted with the
Registrant on the aforementioned terms. </P>
<P align=justify>The Registrant&#146;s articles further provide that the Registrant
may indemnify any person, subject to any restrictions in the BCBCA, and that the
failure of a director, alternate director or officer of the Registrant to comply
with the BCBCA or the Registrant&#146;s articles does not invalidate any indemnity to
which he or she is entitled under the Registrant&#146;s articles. </P>
<P align=justify>The Registrant is authorized by its articles to purchase and
maintain insurance for the benefit of any eligible party. <B></B></P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_x6></A>
<P align=justify>The Registrant maintains directors&#146; and officers&#146; liability
insurance coverage through a policy covering the Registrant and its
subsidiaries, which has an annual aggregate policy limit of Cdn$100 million,
subject to a corporate deductible of Cdn$100,000 per loss for all claims
pursuant to Canadian securities laws and Cdn$500,000 per loss for all claims
pursuant to U.S. securities laws or relating to mergers and acquisitions. This
insurance provides coverage for indemnity payments made by the Registrant to its
directors, alternate directors and officers as required or permitted by law for
losses, including legal costs, incurred by officers, directors and alternate
directors in their capacity as such. This policy also provides coverage directly
to individual directors, alternate directors and officers if they are not
indemnified by the Registrant. The insurance coverage for directors, alternate
directors and officers has customary exclusions, including certain acts of libel
and slander, and those acts determined to be uninsurable under law, or
deliberately fraudulent or dishonest or to have resulted in personal profit or
advantage. <B></B></P>
<P align=justify>Insofar as indemnification for liabilities arising under the
Securities Act of 1933, as amended, may be permitted to directors, officers or
persons controlling the Registrant pursuant to the foregoing provisions, the
Registrant has been informed that in the opinion of the Commission such
indemnification is against public policy as expressed in the Securities Act of
1933, as amended, and is therefore unenforceable.<B> </B></P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_x7></A>
<P align=justify><B>Exhibits </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 noWrap align=center ><B><U>Exhibit</U></B> </TD>
    <TD noWrap align=center width="90%"><B><U>Description</U></B> </TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD width="90%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee >4.1 </TD>
    <TD align=left width="90%" bgColor=#eeeeee>Annual information form for the
      year ended December 31, 2014 dated March 27, 2015 (incorporated by
      reference from the Registrant&#146;s Annual Report on Form 40-F filed with the
      Commission on March 30, 2015) </TD>
  </TR>
  <TR vAlign=top>
    <TD align=center > 4.2 </TD>
    <TD align=left width="90%"> Audited consolidated financial statements of
      the Registrant for the years ended December 31, 2014 and 2013 together
      with the notes thereto and the auditor&#146;s report thereon, (incorporated by
      reference from the Registrant&#146;s Annual Report on Form 40-F filed with the
      Commission on March 30, 2015) </TD>
  </TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee >4.3 </TD>
    <TD align=left width="90%" bgColor=#eeeeee>Management&#146;s discussion and
      analysis of financial position and results of operations for the year
      ended December 31, 2014 (incorporated by reference from the Registrant&#146;s
      Annual Report on Form 40-F filed with the Commission on March 30, 2015)  </TD>
  </TR>
  <TR vAlign=top>
    <TD align=center >4.4 </TD>
    <TD align=left width="90%">Management information circular of the
      Registrant dated May 8, 2015 prepared in connection with the Registrant&#146;s
      annual meeting of shareholders held on June 12, 2015 (incorporated by
      reference from the Registrant&#146;s Form 6-K furnished to the Commission on
      May 13, 2015) </TD>
  </TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee> 4.5 </TD>
    <TD align=left width="90%" bgColor=#eeeeee>Unaudited condensed interim
      consolidated financial statements of the Registrant for the three and nine
      months ended September 30, 2015, together with the notes thereto
      (incorporated by reference from the Registrant&#146;s Form 6-K furnished to the
      Commission on November 13, 2015) </TD>
  </TR>
  <TR vAlign=top>
    <TD align=center >4.6  </TD>
    <TD align=left width="90%"> Management&#146;s discussion and analysis of
      financial position and results of operations for the three and nine months
      ended September 30, 2015 (incorporated by reference from the Registrant&#146;s
      Form 6-K furnished to the Commission on November 13, 2015) </TD>
  </TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee > 4.7 </TD>
    <TD align=left width="90%" bgColor=#eeeeee> Press release dated May 20,
      2015 (incorporated by reference from the Registrant&#146;s Form 6-K furnished
      to the Commission on May 21, 2015) </TD>
  </TR>
  <TR vAlign=top>
    <TD align=center > 4.8 </TD>
    <TD align=left width="90%"> Press release dated June 11, 2015 (incorporated
      by reference from the Registrant&#146;s Form 6-K furnished to the Commission on
      June 12, 2015) </TD>
  </TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee ><a href="exhibit5-1.htm"> 5.1</a> </TD>
    <TD align=left width="90%" bgColor=#eeeeee> <a href="exhibit5-1.htm">Consent of
      PricewaterhouseCoopers LLP </a></TD></TR>
  <TR vAlign=top>
    <TD align=center >5.2 </TD>
    <TD align=left width="90%"> Consent of William Pearson* </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee >5.3 </TD>
    <TD align=left width="90%" bgColor=#eeeeee>Consent of Graham Speirs*
</TD></TR>
  <TR vAlign=top>
    <TD align=center >5.4 </TD>
    <TD align=left width="90%">Consent of Brian Scott* </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee >5.5 </TD>
    <TD align=left width="90%" bgColor=#eeeeee>Consent of Mark Wanless* </TD></TR>
  <TR vAlign=top>
    <TD align=center >5.6 </TD>
    <TD align=left width="90%">Consent of Shaun Crisp* </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee >5.7 </TD>
    <TD align=left width="90%" bgColor=#eeeeee>Consent of Hermanus Kriel*
  </TD></TR>
  <TR vAlign=top>
    <TD align=center >5.8 </TD>
    <TD align=left width="90%">Consent of Werner Petrick* </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee >5.9 </TD>
    <TD align=left width="90%" bgColor=#eeeeee>Consent of William Lytle*
</TD></TR>
  <TR vAlign=top>
    <TD align=center >5.10 </TD>
    <TD align=left width="90%">Consent of Tom Garagan* </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee >5.11 </TD>
    <TD align=left width="90%" bgColor=#eeeeee>Consent of Glenn Bezuidenhout*
    </TD></TR>
  <TR vAlign=top>
    <TD align=center >5.12 </TD>
    <TD align=left width="90%">Consent of Guy Wiid* </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee >5.13 </TD>
    <TD align=left width="90%" bgColor=#eeeeee>Consent of Mark Turner* </TD></TR>
  <TR vAlign=top>
    <TD align=center ><a href="exhibit5-14.htm">5.14 </a></TD>
    <TD align=left width="90%"><a href="exhibit5-14.htm">Consent of Andrew Vigar </a></TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee >5.15 </TD>
    <TD align=left width="90%" bgColor=#eeeeee>Consent of Peter Montano*
</TD></TR>
  <TR vAlign=top>
    <TD align=center >5.16 </TD>
    <TD align=left width="90%">Consent of Kevin Pemberton* </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee >5.17 </TD>
    <TD align=left width="90%" bgColor=#eeeeee>Consent of Vaughan Chamberlain*
    </TD></TR>
  <TR vAlign=top>
    <TD align=center >5.18 </TD>
    <TD align=left width="90%">Consent of Ben Parsons* </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee >5.19 </TD>
    <TD align=left width="90%" bgColor=#eeeeee>Consent of Jonathon Priest*
  </TD></TR>
  <TR vAlign=top>
    <TD align=center >5.20 </TD>
    <TD align=left width="90%">Consent of Andrew Carter* </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee >5.21 </TD>
    <TD align=left width="90%" bgColor=#eeeeee>Consent of Laszlo Bodi* </TD></TR>
  <TR vAlign=top>
    <TD align=center >5.22 </TD>
    <TD align=left width="90%">Consent of Richard Hope* </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee >5.23 </TD>
    <TD align=left width="90%" bgColor=#eeeeee>Consent of Geoff Ricks* </TD></TR>
  <TR vAlign=top>
    <TD align=center >5.24 </TD>
    <TD align=left width="90%">Consent of Ian Lloyd* </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee >5.25 </TD>
    <TD align=left width="90%" bgColor=#eeeeee>Consent of Nic Johnson* </TD></TR>
  <TR vAlign=top>
    <TD align=center >5.26 </TD>
    <TD align=left width="90%">Consent of Chris Kaye* </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee >5.27 </TD>
    <TD align=left width="90%" bgColor=#eeeeee>Consent of Don Tschabrun*
</TD></TR>
  <TR vAlign=top>
    <TD align=center >5.28 </TD>
    <TD align=left width="90%">Consent of Stephanus Coetzee*
</TD></TR>
  <TR vAlign=top>
    <TD noWrap align=center bgColor=#eeeeee>5.29 </TD>
    <TD noWrap align=left width="90%" bgColor=#eeeeee>Consent of Donald Hulse*
  </TD>
  </TR>
</TABLE>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_x8></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=center>5.30 </TD>
    <TD align=left width="90%">Consent of William Crowl* </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee>5.31 </TD>
    <TD align=left width="90%" bgColor=#eeeeee>Consent of Deepak Malhotra*
  </TD></TR>
  <TR vAlign=top>
    <TD align=center>5.32 </TD>
    <TD align=left width="90%">Consent of Sandy Hunter* </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee>5.33 </TD>
    <TD align=left width="90%" bgColor=#eeeeee>Consent of David Morgan* </TD></TR>
  <TR vAlign=top>
    <TD align=center>5.34 </TD>
    <TD align=left width="90%">Consent of Ken Jones* </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee>6.1 </TD>
    <TD align=left width="90%" bgColor=#eeeeee>Powers of Attorney* </TD></TR>
  <TR vAlign=top>
    <TD align=center>7.1 </TD>
    <TD align=left width="90%">Form of Indenture relating to securities to
      which this Registration Statement relates (if debt securities are offered
      by a supplement to this Registration Statement, the Registrant will file
      with the Commission a trustee&#146;s Statement of Eligibility on Form T-1)*
  </TD></TR></TABLE>
<P align=justify style="BORDER-top: #000000 2px solid">* Previously filed. </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_x9></A>
<P align=center><B>PART III </B></P>
<P align=center><B>UNDERTAKING AND CONSENT TO SERVICE OF PROCESS </B></P>
<P align=justify><B>Item 1. Undertaking. </B></P>
<P align=justify style="text-indent:5%">The Registrant undertakes to make
available, in person or by telephone, representatives to respond to inquiries
made by the Commission staff, and to furnish promptly, when requested to do so
by the Commission staff, information relating to the securities registered
pursuant to this Form F-10 or to transactions in said securities. </P>
<P align=justify><B>Item 2. Consent to Service of Process. </B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>Concurrently with the filing of this Registration
      Statement, the Registrant is filing with the Commission a written
      irrevocable consent and power of attorney on Form F-X.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>Any change to the name or address of the Registrant&#146;s
      agent for service shall be communicated promptly to the Commission by
      amendment to Form F-X referencing the file number of this Registration
      Statement.</P></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_x10></A>
<P align=center><B>SIGNATURES </B></P>
<P align=justify style="text-indent:5%">Pursuant to the requirements of
the Securities Act of 1933, the Registrant certifies that it has reasonable
grounds to believe that it meets all of the requirements for filing on Form F-10
and has duly caused this Amendment No. 3 to this Registration Statement to be
signed on its behalf by the undersigned, thereunto duly authorized, in the City
of Vancouver, Province of British Columbia, Canada, on this 11<SUP>th</SUP> day
of January, 2016. </P>
<DIV align=right>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="50%" border=0>

  <TR vAlign=top>
    <TD width="10%" align=left>&nbsp;</TD>
    <TD align=left width="93%" colSpan=2><B>B2GOLD CORP.</B> </TD></TR>
  <TR>
    <TD width="10%">&nbsp;</TD>
    <TD width="20%">&nbsp; </TD>
    <TD>&nbsp; </TD></TR>
  <TR>
    <TD width="10%">&nbsp;</TD>
    <TD width="20%">&nbsp; </TD>
    <TD>&nbsp; </TD></TR>
  <TR>
    <TD width="10%">&nbsp;</TD>
    <TD width="20%">&nbsp; </TD>
    <TD>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD width="10%" align=left>By: </TD>
    <TD colspan="2" align=left style="BORDER-BOTTOM: #000000 1px solid">/s/
      Roger Richer </TD>
    </TR>
  <TR vAlign=top>
    <TD width="10%" align=left>&nbsp;</TD>
    <TD align=left width="20%">Name: </TD>
    <TD align=left>Roger Richer </TD></TR>
  <TR vAlign=top>
    <TD width="10%" align=left>&nbsp;</TD>
    <TD align=left width="20%">Title: </TD>
    <TD align=left>Executive Vice President, General Counsel and
      Secretary </TD></TR></TABLE>
</DIV>
<P align=justify style="text-indent:5%">Pursuant to the requirements of
the Securities Act of 1933, this Amendment No. 3 to this Registration Statement
has been signed by the following persons in the capacities and on the dates
indicated: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD noWrap align=center><B><U>Signature</U></B> </TD>
    <TD noWrap align=center width="5%" >&nbsp;</TD>
    <TD noWrap align=center width="30%"><B><U>Title</U></B> </TD>
    <TD noWrap align=center width="30%"><B><U>Date</U></B> </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="5%" >&nbsp;</TD>
    <TD width="30%">&nbsp; </TD>
    <TD width="30%">&nbsp; </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="5%" >&nbsp;</TD>
    <TD width="30%">&nbsp; </TD>
    <TD width="30%">&nbsp; </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="5%" >&nbsp;</TD>
    <TD width="30%">&nbsp; </TD>
    <TD width="30%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>/s/ Clive T.
      Johnson </TD>
    <TD align=left width="5%" >&nbsp;</TD>
    <TD align=left width="30%">President, Chief Executive Officer and </TD>
    <TD align=right width="30%">January 11, 2016 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Clive T. Johnson </TD>
    <TD align=left width="5%" >&nbsp;</TD>
    <TD align=left width="30%">Director (Principal Executive Officer) </TD>
    <TD align=left width="30%">&nbsp; </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="5%" >&nbsp;</TD>
    <TD width="30%">&nbsp; </TD>
    <TD width="30%">&nbsp; </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="5%" >&nbsp;</TD>
    <TD width="30%">&nbsp; </TD>
    <TD width="30%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>/s/ Mike Cinnamond
    </TD>
    <TD align=left width="5%" >&nbsp;</TD>
    <TD align=left width="30%">Senior Vice President of Finance and Chief </TD>
    <TD align=right width="30%">January 11, 2016 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Mike Cinnamond </TD>
    <TD align=left width="5%" >&nbsp;</TD>
    <TD align=left width="30%">Financial Officer (Principal Financial </TD>
    <TD align=left width="30%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="5%" >&nbsp;</TD>
    <TD align=left width="30%">Officer and Principal Accounting Officer) </TD>
    <TD align=left width="30%">&nbsp; </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="5%" >&nbsp;</TD>
    <TD width="30%">&nbsp; </TD>
    <TD width="30%">&nbsp; </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="5%" >&nbsp;</TD>
    <TD width="30%">&nbsp; </TD>
    <TD width="30%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;* </TD>
    <TD align=left width="5%" >&nbsp;</TD>
    <TD align=left width="30%">Chairman of the Board </TD>
    <TD align=right width="30%">January 11, 2016 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Robert Cross </TD>
    <TD align=left width="5%" >&nbsp;</TD>
    <TD align=left width="30%">&nbsp; </TD>
    <TD align=left width="30%">&nbsp; </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="5%" >&nbsp;</TD>
    <TD width="30%">&nbsp; </TD>
    <TD width="30%">&nbsp; </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="5%" >&nbsp;</TD>
    <TD width="30%">&nbsp; </TD>
    <TD width="30%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp;* </TD>
    <TD align=left width="5%" >&nbsp;</TD>
    <TD align=left width="30%">Director </TD>
    <TD align=right width="30%">January 11, 2016 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Jerry Korpan </TD>
    <TD align=left width="5%" >&nbsp;</TD>
    <TD align=left width="30%">&nbsp; </TD>
    <TD align=left width="30%">&nbsp; </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="5%" >&nbsp;</TD>
    <TD width="30%">&nbsp; </TD>
    <TD width="30%">&nbsp; </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="5%" >&nbsp;</TD>
    <TD width="30%">&nbsp; </TD>
    <TD width="30%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>/s/ Barry Rayment
    </TD>
    <TD align=left width="5%" >&nbsp;</TD>
    <TD align=left width="30%">Director and Authorized Representative in </TD>
    <TD align=right width="30%">January 11, 2016 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Barry Rayment </TD>
    <TD align=left width="5%" >&nbsp;</TD>
    <TD align=left width="30%">the United States </TD>
    <TD align=left width="30%">&nbsp; </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="5%" >&nbsp;</TD>
    <TD width="30%">&nbsp; </TD>
    <TD width="30%">&nbsp; </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="5%" >&nbsp;</TD>
    <TD width="30%">&nbsp; </TD>
    <TD width="30%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp;* </TD>
    <TD align=left width="5%" >&nbsp;</TD>
    <TD align=left width="30%">Director </TD>
    <TD align=right width="30%">January 11, 2016 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Robert Gayton </TD>
    <TD align=left width="5%" >&nbsp;</TD>
    <TD align=left width="30%">&nbsp; </TD>
    <TD align=left width="30%">&nbsp; </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="5%" >&nbsp;</TD>
    <TD width="30%">&nbsp; </TD>
    <TD width="30%">&nbsp; </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="5%" >&nbsp;</TD>
    <TD width="30%">&nbsp; </TD>
    <TD width="30%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp;* </TD>
    <TD align=left width="5%" >&nbsp;</TD>
    <TD align=left width="30%">Director </TD>
    <TD align=right width="30%">January 11, 2016 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Bongani Mtshisi </TD>
    <TD align=left width="5%" >&nbsp;</TD>
    <TD align=left width="30%">&nbsp; </TD>
    <TD align=left width="30%">&nbsp; </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="5%" >&nbsp;</TD>
    <TD width="30%">&nbsp; </TD>
    <TD width="30%">&nbsp; </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="5%" >&nbsp;</TD>
    <TD width="30%">&nbsp; </TD>
    <TD width="30%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp;* </TD>
    <TD align=left width="5%" >&nbsp;</TD>
    <TD align=left width="30%">Director </TD>
    <TD align=right width="30%">January 11, 2016 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Kevin Bullock </TD>
    <TD align=left width="5%" >&nbsp;</TD>
    <TD align=left width="30%">&nbsp; </TD>
    <TD align=left width="30%">&nbsp; </TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=center><B><U>Signature</U></B> </TD>
    <TD align=center width="5%">&nbsp;</TD>
    <TD align=center width="30%"><B><U>Title</U></B> </TD>
    <TD align=center width="30%"><B><U>Date</U></B> </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="5%">&nbsp;</TD>
    <TD align=left width="30%">&nbsp; </TD>
    <TD width="30%">&nbsp; </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="5%">&nbsp;</TD>
    <TD align=left width="30%">&nbsp; </TD>
    <TD width="30%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp;* </TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=left width="30%">Director </TD>
  <TD align=right width="30%">January 11, 2016 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Mark Connelly </TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=left width="30%">&nbsp; </TD>
    <TD align=left width="30%">&nbsp; </TD></TR></TABLE><BR>
<DIV align=left>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="50%" border=0>

  <TR vAlign=top>
    <TD align=left>* By: </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="95%">/s/
      Mike Cinnamond </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="95%">Name: Mike Cinnamond </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="95%">Title: Attorney-in-Fact
</TD></TR></TABLE></DIV><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_x12></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 noWrap align=center ><B><U>Exhibit</U></B> </TD>
    <TD noWrap align=center width="90%"><B><U>Description</U></B> </TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD width="90%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee >4.1 </TD>
    <TD align=left width="90%" bgColor=#eeeeee>Annual information form for the
      year ended December 31, 2014 dated March 27, 2015 (incorporated by
      reference from the Registrant&#146;s Annual Report on Form 40-F filed with the
    Commission on March 30, 2015) </TD>
  </TR>
  <TR vAlign=top>
    <TD align=center > 4.2 </TD>
    <TD align=left width="90%"> Audited consolidated financial statements of
      the Registrant for the years ended December 31, 2014 and 2013 together
      with the notes thereto and the auditor&#146;s report thereon, (incorporated by
      reference from the Registrant&#146;s Annual Report on Form 40-F filed with the
    Commission on March 30, 2015) </TD>
  </TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee >4.3 </TD>
    <TD align=left width="90%" bgColor=#eeeeee>Management&#146;s discussion and
      analysis of financial position and results of operations for the year
      ended December 31, 2014 (incorporated by reference from the Registrant&#146;s
    Annual Report on Form 40-F filed with the Commission on March 30, 2015)  </TD>
  </TR>
  <TR vAlign=top>
    <TD align=center >4.4 </TD>
    <TD align=left width="90%">Management information circular of the
      Registrant dated May 8, 2015 prepared in connection with the Registrant&#146;s
      annual meeting of shareholders held on June 12, 2015 (incorporated by
      reference from the Registrant&#146;s Form 6-K furnished to the Commission on
    May 13, 2015) </TD>
  </TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee> 4.5 </TD>
    <TD align=left width="90%" bgColor=#eeeeee>Unaudited condensed interim
      consolidated financial statements of the Registrant for the three and nine
      months ended September 30, 2015, together with the notes thereto
      (incorporated by reference from the Registrant&#146;s Form 6-K furnished to the
    Commission on November 13, 2015) </TD>
  </TR>
  <TR vAlign=top>
    <TD align=center >4.6  </TD>
    <TD align=left width="90%"> Management&#146;s discussion and analysis of
      financial position and results of operations for the three and nine months
      ended September 30, 2015 (incorporated by reference from the Registrant&#146;s
    Form 6-K furnished to the Commission on November 13, 2015) </TD>
  </TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee > 4.7 </TD>
    <TD align=left width="90%" bgColor=#eeeeee> Press release dated May 20,
      2015 (incorporated by reference from the Registrant&#146;s Form 6-K furnished
    to the Commission on May 21, 2015) </TD>
  </TR>
  <TR vAlign=top>
    <TD align=center > 4.8 </TD>
    <TD align=left width="90%"> Press release dated June 11, 2015 (incorporated
      by reference from the Registrant&#146;s Form 6-K furnished to the Commission on
    June 12, 2015) </TD>
  </TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee ><a href="exhibit5-1.htm"> 5.1</a> </TD>
    <TD align=left width="90%" bgColor=#eeeeee> <a href="exhibit5-1.htm">Consent of
      PricewaterhouseCoopers LLP </a></TD></TR>
  <TR vAlign=top>
    <TD align=center >5.2 </TD>
    <TD align=left width="90%"> Consent of William Pearson* </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee >5.3 </TD>
    <TD align=left width="90%" bgColor=#eeeeee>Consent of Graham Speirs*
</TD></TR>
  <TR vAlign=top>
    <TD align=center >5.4 </TD>
    <TD align=left width="90%">Consent of Brian Scott* </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee >5.5 </TD>
    <TD align=left width="90%" bgColor=#eeeeee>Consent of Mark Wanless* </TD></TR>
  <TR vAlign=top>
    <TD align=center >5.6 </TD>
    <TD align=left width="90%">Consent of Shaun Crisp* </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee >5.7 </TD>
    <TD align=left width="90%" bgColor=#eeeeee>Consent of Hermanus Kriel*
  </TD></TR>
  <TR vAlign=top>
    <TD align=center >5.8 </TD>
    <TD align=left width="90%">Consent of Werner Petrick* </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee >5.9 </TD>
    <TD align=left width="90%" bgColor=#eeeeee>Consent of William Lytle*
</TD></TR>
  <TR vAlign=top>
    <TD align=center >5.10 </TD>
    <TD align=left width="90%">Consent of Tom Garagan* </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee >5.11 </TD>
    <TD align=left width="90%" bgColor=#eeeeee>Consent of Glenn Bezuidenhout*
    </TD></TR>
  <TR vAlign=top>
    <TD align=center >5.12 </TD>
    <TD align=left width="90%">Consent of Guy Wiid* </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee >5.13 </TD>
    <TD align=left width="90%" bgColor=#eeeeee>Consent of Mark Turner* </TD></TR>
  <TR vAlign=top>
    <TD align=center ><a href="exhibit5-14.htm">5.14 </a></TD>
    <TD align=left width="90%"><a href="exhibit5-14.htm">Consent of Andrew Vigar </a></TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee >5.15 </TD>
    <TD align=left width="90%" bgColor=#eeeeee>Consent of Peter Montano*
</TD></TR>
  <TR vAlign=top>
    <TD align=center >5.16 </TD>
    <TD align=left width="90%">Consent of Kevin Pemberton* </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee >5.17 </TD>
    <TD align=left width="90%" bgColor=#eeeeee>Consent of Vaughan Chamberlain*
    </TD></TR>
  <TR vAlign=top>
    <TD align=center >5.18 </TD>
    <TD align=left width="90%">Consent of Ben Parsons* </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee >5.19 </TD>
    <TD align=left width="90%" bgColor=#eeeeee>Consent of Jonathon Priest*
  </TD></TR>
  <TR vAlign=top>
    <TD align=center >5.20 </TD>
    <TD align=left width="90%">Consent of Andrew Carter* </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee >5.21 </TD>
    <TD align=left width="90%" bgColor=#eeeeee>Consent of Laszlo Bodi* </TD></TR>
  <TR vAlign=top>
    <TD align=center >5.22 </TD>
    <TD align=left width="90%">Consent of Richard Hope* </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee >5.23 </TD>
    <TD align=left width="90%" bgColor=#eeeeee>Consent of Geoff Ricks* </TD></TR>
  <TR vAlign=top>
    <TD align=center >5.24 </TD>
    <TD align=left width="90%">Consent of Ian Lloyd* </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee >5.25 </TD>
    <TD align=left width="90%" bgColor=#eeeeee>Consent of Nic Johnson* </TD></TR>
  <TR vAlign=top>
    <TD align=center >5.26 </TD>
    <TD align=left width="90%">Consent of Chris Kaye* </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee >5.27 </TD>
    <TD align=left width="90%" bgColor=#eeeeee>Consent of Don Tschabrun*
</TD></TR>
  <TR vAlign=top>
    <TD align=center >5.28 </TD>
    <TD align=left width="90%">Consent of Stephanus Coetzee*
</TD></TR>
  <TR vAlign=top>
    <TD noWrap align=center bgColor=#eeeeee>5.29 </TD>
    <TD noWrap align=left width="90%" bgColor=#eeeeee>Consent of Donald Hulse*
  </TD>
  </TR>
</TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=center>5.30 </TD>
    <TD align=left width="90%">Consent of William Crowl* </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee>5.31 </TD>
  <TD align=left width="90%" bgColor=#eeeeee>Consent of Deepak Malhotra*  </TD></TR>
  <TR vAlign=top>
    <TD align=center>5.32 </TD>
    <TD align=left width="90%">Consent of Sandy Hunter* </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee>5.33 </TD>
    <TD align=left width="90%" bgColor=#eeeeee>Consent of David Morgan* </TD></TR>
  <TR vAlign=top>
    <TD align=center>5.34 </TD>
    <TD align=left width="90%">Consent of Ken Jones* </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee>6.1 </TD>
    <TD align=left width="90%" bgColor=#eeeeee>Powers of Attorney* </TD></TR>
  <TR vAlign=top>
    <TD align=center>7.1 </TD>
    <TD align=left width="90%">Form of Indenture relating to securities to
      which this Registration Statement relates (if debt securities are offered
      by a supplement to this Registration Statement, the Registrant will file
  with the Commission a trustee&#146;s Statement of Eligibility on Form T-1)*  </TD></TR></TABLE>
<P align=justify style="BORDER-top: #000000 2px solid">* Previously filed. </P>
<HR align=center width="100%" color=black noShade SIZE=5>
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>2
<FILENAME>exhibit5-1.htm
<DESCRIPTION>EXHIBIT 5.1
<TEXT>
<HTML>
<HEAD>
   <TITLE>B2Gold Corp.: Exhibit 5.1 - Filed by newsfilecorp.com</TITLE>
   <META name="HandheldFriendly" content="true">
</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><i><font size="4">Consent of PricewaterhouseCoopers LLP</font></i> </P>
<P align=justify>We hereby consent to the incorporation by reference in this registration statement on form F-10/A (No. 333-208506) of B2Gold Corp. of our report dated March 12, 2015 relating to the consolidated financial statements and effectiveness of internal control over financial reporting of B2Gold Corp., which appears in B2Gold Corp.&rsquo;s Annual Report on Form 40-F for the year ended December 31, 2014.</P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="50%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>/s/ PricewaterhouseCoopers LLP</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left><b>Chartered Professional Accountants</b></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Vancouver, British Columbia</TD></TR>
  <TR vAlign=top>
    <TD align=left>January 11, 2016</TD>
  </TR>
</TABLE>
</DIV><BR>
<HR align=center width="100%" color=black noShade SIZE=5>

</BODY>

</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.14
<SEQUENCE>3
<FILENAME>exhibit5-14.htm
<DESCRIPTION>EXHIBIT 5.14
<TEXT>
<HTML>
<HEAD>
   <TITLE>B2Gold Corp. Exhibit 5.14- 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>CONSENT OF ANDREW VIGAR</B> </P>
<P align=justify>The undersigned hereby consents to the references to, and the
information derived from, the report titled &#147;NI 43-101 Technical Report Masbate
Gold Project Republic of the Philippines&#148; dated June 20, 2012, and to the
references, as applicable, to the undersigned&#146;s name included in or incorporated
by reference in the Registration Statement on Form F-10 being filed by B2Gold
Corp.<B> </B></P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="50%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>/s/ Andrew Vigar
    </TD></TR>
  <TR vAlign=top>
    <TD align=left>Andrew Vigar, B. App. Sc Geo, FAusIMM, </TD></TR>
  <TR vAlign=top>
    <TD align=left>MSEG </TD></TR>
  <TR vAlign=top>
    <TD align=left>January 11, 2016 </TD></TR></TABLE></DIV><BR>
<HR align=center width="100%" color=black noShade SIZE=5>

</BODY>

</HTML>

</TEXT>
</DOCUMENT>
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<SEQUENCE>4
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
