PRESS RELEASE FROM MARKETWIRE B2Gold Corp. Achieves Record Third Quarter/Year-To-Date 2016 Gold Production And Revenue Thursday, October 13, 2016 B2Gold Corp. Achieves Record Third Quarter/Year-to-Date 2016 Gold Production and Revenue 14:53 EDT Thursday, October 13, 2016 VANCOUVER, BRITISH COLUMBIA--(Marketwired - Oct. 13, 2016) - B2Gold Corp. (TSX:BTO)(NYSE MKT:BTG)(NAMIBIAN:B2G) ("B2Gold" or the "Company") is pleased to announce record gold production and record gold revenue for the third quarter and first nine months of 2016. All dollar figures are in United States dollars unless otherwise indicated. 2016 Third Quarter Highlights Record quarterly consolidated gold production of 146,686 ounces, 6% (or 7,988 ounces) above budget and 18% (or 22,315 ounces) greater than the same period in 2015 Record gold revenue of $193 million on record sales of 145,029 ounces at an average price of $1,331 per ounce, an increase in revenue of 39% (or $53.7 million) over the same period in 2015 Masbate Mine's 2016 annual production guidance increased to between 200,000 to 210,000 ounces of gold (up from its original guidance range of between 175,000 to 185,000 ounces of gold) Masbate Mine achieves approximately 6 million man-hours (or 353 days) without a "Lost-Time-Injury" as at September 30, 2016 Otjikoto Mine achieves record quarterly production of 47,564 ounces of gold The Company is now on track to meet a revised annual consolidated production guidance range of between 535,000 to 575,000 ounces of gold in 2016 (up from the original consolidated guidance range of between 510,000 to 550,000 ounces of gold) Consolidated cash operating costs/all-in sustaining costs are expected to be below or near the low end of the Company's annual cost guidance range of between $560 to $595 per ounce and between $895 to $925 per ounce, respectively Construction of the Fekola mine is progressing well, on schedule and on budget, and is expected to commence production in the fourth quarter in 2017 2016 First Nine Months Highlights Record year-to-date consolidated gold production of 409,772 ounces, 6% (or 22,651 ounces) above budget and 13% (or 47,976 ounces) over the same period in 2015 Record year-to-date consolidated gold revenue of $502.1 million on record sales of 396,757 ounces at an average price of $1,266 per ounce Completed a series of prepaid gold sales transactions totaling $120 million Signed a Euro equivalent $80.9 million Equipment Facility with Caterpillar Financial SARL for the Fekola project (funding subject to satisfaction of conditions precedent) Additional positive exploration drill results reported for the Company's Mali and Burkina Faso greenfield targets Received 2015 Award for Social Responsibility in Nicaragua on May 5, 2016 Gold Production Consolidated gold production in the third quarter of 2016 was another quarterly record of 146,686 ounces, 6% (or 7,988 ounces) above budget and 18% (or 22,315 ounces) higher than the same period in 2015. The excellent quarter highlights the continued very strong performance of the Masbate Mine and record quarterly production from the Otjikoto Mine. Following another very strong operational quarter at the Masbate Mine, its 2016 annual production guidance has been increased to between 200,000 to 210,000 ounces of gold (significantly up from its original guidance range of between 175,000 to 185,000 ounces of gold). The Company's other operating mines remain on track to meet their full-year production guidance. Consolidated gold production for the first nine months of 2016 was a year-to-date record 409,772 ounces, 6% (or 22,651 ounces) above budget and 13% (or 47,976 ounces, including 18,815 ounces of pre-commercial production from Otjikoto) higher than the same period in 2015. B2Gold is projecting another record year for gold production in 2016. Following the uplift in guidance for Masbate, the Company is now on track to meet a revised annual consolidated production guidance range of between 535,000 to 575,000 ounces of gold in 2016 (up from the original consolidated guidance range of between 510,000 to 550,000 ounces of gold). The Company's third quarter 2016 consolidated financial statements will be released on November 3, 2016. Details of the consolidated cash operating costs/all-in sustaining costs (see "Non-IFRS measures" below) will also be released at that time. However, the Company expects consolidated cash operating costs/all-in sustaining costs to be below or near the low end of its annual cost guidance range of between $560 to $595 per ounce and between $895 to $925 per ounce, respectively. Gold Revenue Consolidated gold revenue in the third quarter of 2016 was a quarterly record $193 million on record sales of 145,029 ounces at an average price of $1,331 per ounce compared to $139.3 million on sales of 124,481 ounces at an average price of $1,119 per ounce in the third quarter of 2015. The 39% (or $53.7 million) increase in gold revenue was mainly attributable to a 17% increase in gold sales volume and a 19% increase in the average realized gold price. Consolidated gold revenue for the first nine months of 2016 was a nine-month record of $502.1 million on record sales of 396,757 ounces at an average price of $1,266 per ounce compared to $414.6 million (or $437.7 million including $23.1 million of pre-commercial sales from Otjikoto) on sales of 353,703 ounces (or 372,169 ounces including 18,466 ounces of pre-commercial sales from Otjikoto) at an average price of $1,172 per ounce in the first nine months of 2015. Operations Mine-by-mine gold production in the third quarter and first nine months of 2016 was as follows: Mine Q3 2016 Production (ounces) First Nine Months 2016 Production (ounces) 2016 Updated Guidance (ounces) 2016 Original Guidance (ounces) Masbate 47,676 157,591 200,000 - 210,000 175,000 - 185,000 Otjikoto 47,564 119,439 160,000 - 170,000 160,000 - 170,000 La Libertad 37,261 97,266 125,000 - 135,000 125,000 - 135,000 Limon 14,185 35,476 50,000 - 60,000 50,000 - 60,000 B2Gold Consolidated 146,686 409,772 535,000 - 575,000 510,000 - 550,000 Masbate Gold Mine - Philippines The Masbate Mine in the Philippines continued its very strong operational performance into the third quarter of 2016, producing 47,676 ounces of gold, 4% (or 1,806 ounces) above budget and 18% (or 7,308 ounces) higher than the third quarter of 2015. Masbate's strong quarter was driven by better-than-expected grades from the Main Vein Stage 1 pit and higher recoveries arising from higher-than-budgeted oxide ore from the Colorado pit. In addition, recoveries were positively impacted by the newly completed process plant upgrades (adding residence time and additional oxygen to the CIL circuit to achieve optimum leach performance). For the full-year 2016, the Masbate Mine is now forecast to produce between 200,000 to 210,000 ounces of gold (significantly up from its original guidance range of between 175,000 to 185,000 ounces of gold). Throughout 2016, the trend of better-than-expected grades in Main Vein Stage 1 pit combined with more oxide ore than modelled from the Colorado pit has continued. In the third quarter of 2016, high grade ore tonnes and grade mined from the Mein Vein Stage 1 pit were both significantly above budget by 68% (1,299,351 tonnes versus 772,507 tonnes budget) and 24% (1.48 g/t versus 1.19 g/t budget), respectively. High grade ore tonnes mined from the Colorado pit in the quarter were also significantly above budget by 39% (1,068,467 tonnes @ 0.99 g/t versus 769,941 tonnes @ 1.01 g/t budget). Of the high grade ore mined in the quarter from the Colorado pit, 99%was oxide material compared to budget of 46%. Mill throughput in the third quarter of 2016 was 1,604,176 tonnes compared to budget of 1,727,603 tonnes and 1,669,355 tonnes in the third quarter of 2015. Mill throughput in the quarter was affected by a six day plant shutdown to tie-in various plant upgrades. This shutdown had been originally planned for October but was moved up to late September. Mill head grade in the quarter was 1.20 g/t, 7% higher than budget of 1.12 g/t and 20% higher compared to 1.00 g/t in the third quarter of 2015. Mill head grade was lower compared to the second quarter of 2016 of 1.40 g/t as a result of a change in the mine plan (discussed in the paragraph below) which now prioritizes lower grade Colorado ore as mill feed for the remainder of 2016. Mill recoveries averaged 77.2% which was better than budget of 73.9% and 75.0% in the third quarter of 2015. In August 2016, Masbate's mine plan was adjusted to optimize the mine's development sequence/gold production through to 2017 and beyond. These adjustments included accelerated mining in the Main Vein Stage 1 pit, expanding the Colorado pit and commencing site preparations for later Main Vein stages. In addition, the lower grade (but higher recovery) Colorado pit ore has now been prioritized as mill feed ahead of the higher grade Main Vein ore, largely due to the higher than budgeted oxide ore content being sourced from the larger Colorado pit. The excess higher grade ore from Main Vein Stage 1 pit will now be stockpiled and processed in 2017. The modified mine plan provides for continued strong gold production in the fourth quarter of 2016 while optimizing production in 2017 and beyond. Masbate's process plant upgrades have now been substantially completed with most process improvements integrated into operation slightly ahead of the original schedule. The tie-in of the plant upgrades undertaken during the six-day shutdown in September involved screens, cyclones, pump drives, grinding circuit improvements, additional cooling capacity and additional pumps. The plant upgrades are expected to improve gold recoveries and sustain throughput on harder ore types. Year-to-date, gold production at Masbate was 157,591 ounces of gold, significantly above budget by 16% (or 21,209 ounces) and 23% (or 29,746 ounces) higher than the first nine months of 2015. The Company is pleased to announce that as at September 30, 2016 the Masbate operations had completed approximately 6 million man-hours (or 353 days) without a "Lost-Time-Injury". This achievement was attained by staff, workers, and contractors who are truly committed to working safely. As previously reported by the Company on September 27, 2016, recently in the Philippines the results of mine audits were announced by the Department of Environment and Natural Resources (DENR) and DENR spokespersons have advised the Company that the Masbate project will receive a Show-Cause Order related to its operations. The Company has not yet received the Show-Cause Order but is working diligently to immediately address the three main findings that have been communicated to date by the DENR. The personnel at the DENR and the Mines and Geosciences Bureau (MBG) have been highly cooperative and supportive in helping to resolve these matters. None of the findings communicated involve any environmental or social issues. They are related to administrative issues only. B2Gold is confident that these issues will be resolved in a timely manner and operations continue uninterrupted. Otjikoto Mine, Namibia The Otjikoto Mine in Namibia produced a quarterly record 47,564 ounces of gold in the third quarter of 2016, 10% (or 4,191 ounces) above budget and 24% (or 9,312 ounces) higher than the third quarter of 2015. The increased production was mainly due to higher mill throughput. Mill throughput exceeded budget mainly due to the benefits associated with several debottlenecking initiatives undertaken during the year and was also higher than the prior year quarter due to the completion of Otjikoto's mill expansion project earlier in September 2015 (which has increased plant capacity from 2.5 million tonnes per annum to 3.0 million tonnes per annum). Head grade and recoveries in the quarter were 1.66 g/t (Q3 2015 - 1.71 g/t) and 98.0% (Q3 2015 - 99.1%), respectively, and were both approximately in-line with budget. Ore for the third quarter of 2016 was mined from the Otjikoto Phase 1 pit which was reopened after the new access ramp was completed in June 2016. In the fourth quarter of 2016, the majority of ore produced will continue to be sourced from the Otjikoto Phase 1 pit, with minor ore tonnage from the Otjikoto Phase 2 pit and the new Wolfshag starter pit. Development of the Wolfshag starter pit is progressing on schedule, with the first ore expected before the end of 2016. During the first nine months of 2016, the Otjikoto Mine produced 119,439 ounces of gold, 3% (or 2,987 ounces) above budget and 12% higher compared to 106,349 ounces (including 18,815 ounces of pre-commercial production) produced in the same period last year. The Otjikoto Mine is on track to meet its annual production guidance of between 160,000 to 170,000 ounces of gold in 2016. Gold grade is expected to increase slightly during the fourth quarter of 2016, as the higher grade ore near the bottom of the Otjikoto Phase 1 pit is mined out and the first ore from the Wolfshag starter pit is produced. Wolfshag will continue to produce higher than average grade ore for three to five years, depending on the transition to underground mining. Life-of-mine production plans for the Otjikoto project, incorporating the Wolfshag open pit and underground mines, have been completed for various options and will be further refined as the detailed geotechnical, hydrogeological, and design studies are completed in the fourth quarter of 2016 (open pit) and first-half of 2017 (underground). La Libertad Gold Mine - Nicaragua Gold production at La Libertad Mine in Nicaragua was 37,261 ounces in the third quarter of 2016, 9% (or 3,014 ounces) above budget and 19% (or 6,027 ounces) higher than the prior-year quarter. The increase was due to better grade. Mill head grade in the quarter was 2.19 g/t, 13% above budget (of 1.93 g/t) and 23% higher than the third quarter of 2015 (of 1.78 g/t). During the quarter, La Libertad's mine schedule was modified to mine additional high grade ore from the Jabali Central pit to offset permitting delays at the Jabali Antenna pit. Mining from the Jabali Antenna pit, previously scheduled to begin in the second quarter of 2016, is now expected to commence in 2017 upon completion of the resettlement activities and receipt of the remaining mining permits. The mill continues to operate well processing 556,730 tonnes (Q3 2015 - 581,597 tonnes) with recoveries of 95.2% (Q3 2015 - 94.0%). Mill throughput was 29,850 tonnes below budget in the quarter due to the additional "harder" Jabali Central ore being processed. For the nine months ended September 30, 2016, La Libertad produced 97,266 ounces of gold, 4% (or 3,805 ounces) above budget and 15% (or 13,025 ounces) higher than the first nine months of 2015. La Libertad's full-year production is expected to be at the high end of its guidance range of between 125,000 to 135,000 ounces in 2016. El Limon Gold Mine - Nicaragua El Limon open pit and underground mine in Nicaragua produced 14,185 ounces of gold in the third quarter of 2016, slightly below budget (of 15,208 ounces), but consistent with the prior-year quarter of 14,517 ounces. The mill continues to operate well processing 128,809 tonnes (Q3 2015 - 128,002 tonnes) with recoveries averaging 94.5% (Q3 2015 - 94.1%). Both throughput and recoveries were slightly above budget. Mill head grade was 3.63 g/t (Q3 2015 - 3.75 g/t) compared to budget of 3.93 g/t. Although underground-sourced grade was better than anticipated (4.58 g/t versus budget of 4.20 g/t), mill feed was supplemented in the quarter with lower grade material from surface stockpiles due to fleet availability and maintenance program changes. During the quarter, two haul trucks and a long-hole drill were added. Year-to-date, El Limon produced 35,476 ounces of gold compared to budget of 40,826 ounces and 43,361 ounces produced in the same period last year. For full-year 2016, El Limon is on track to meet the low end of its 2016 production guidance range of between 50,000 to 60,000 ounces of gold. Development Fekola Development Project - Mali In the third quarter of 2016, B2Gold's construction team continued to develop the Fekola project in Mali which remains on schedule and on budget to commence production in the fourth quarter of 2017. Significant activities during the quarter included: Earthwork and surface water control structures largely completed; Primary crusher concrete nearing completion; Reclaim concrete complete; Mill concrete nearing completion; Conveyor structure installation in progress; Leach tank erection complete, structural and mechanical installation in progress; Power plant concrete pouring in progress; Permanent camp complete and operational; All design and procurement items remain on schedule; Workforce maintained at approximately 800 employees and contractors. On June 11, 2015, the Company announced robust results from the optimized Feasibility Study at the Fekola project. According to the Feasibility Study, and subject to the qualifications and assumptions therein, the current average annual gold production for the first seven years is estimated to be approximately 350,000 ounces per year at average cash operating costs of $418 per ounce (based on low-grade stockpiling in the initial years of operation) and for the life of mine plan approximately 276,000 ounces per year at average cash operating costs of $552 per ounce. On June 29, 2016, the Company announced an exploration update for its Fekola project. Based on the positive drill results to date (at both new near surface targets and underground below the main Fekola pit) and exploration potential, the Company is constructing the Fekola mine with a +25% design factor. This means that the capacity for throughput of ore at Fekola could reach up to 5 million tonnes per year in the initial years of production, beyond the optimized Feasibility Study's estimated throughput of 4 million tonnes per year, for relatively low additional capital cost. On August 2, 2016, the Company elected to proceed with the mill expansion and approved an $18 million expansion budget (for additional items including a pebble crusher and one additional generator). With this additional capital investment, the Fekola mill expansion is expected to be completed in late 2017 and commissioned in conjunction with the main plant commissioning. This mill capacity increase from 4 million tonnes per year to 5 million tonnes per year could potentially increase annual production by up to 20% (subject to mine planning), surpassing initial projections of approximately 350,000 ounces of gold per year. During the first quarter of 2016, the Company increased its 2016 exploration budget for Mali from $6.9 million to $11.4 million. The Company is approximately 70% through a 98,500 metre diamond, reverse circulation, auger and air core drill program to follow up on the successful 2015 program. About B2Gold