Good afternoon, ladies and gentlemen. Welcome to the B2Gold Second Quarter 2015 Conference Call. I would now like to turn the meeting over to Mr. Clive Johnson, President and CEO. Please go ahead, Mr. Johnson.

Thank you, Operator. Good afternoon or good morning depending on where you are. This is our conference call to report the financial results for the second quarter of 2015. We are going to do a quick review of the financials because as you know, we already released the production numbers prior to this and we will focus to them in the financials and also we’re going to leave some time to answer any questions as well about B2Gold. The news release is quite detailed as the last one was but obviously more information will let you ask - questions on that. From my perspective, we had a very good quarter again. Some people said no surprise, I consider $70 an ounce less and operating cost to be for us a pleasant surprise and its indicative of the work we’ve been doing and we will continue to do going forward here to continue to legitimately work headways to find tool in our processes et cetera to optimize the mines that we have. The focus going forward is that and that will be also on of course construction of Fekola in Mali which is going well. I realize in today's market that’s a contrarian move to build a gold mine. Profitable gold mine and gold prices are lower. We don’t think that should be constraint but that's the nature of the market today. I’ll talk a bit about strategy later on. I'm going to pass over to Mike now to give - run through the highlights and then give some of the detail that's outlined in the news release on the second quarter. Mike?

Thanks Clive. I’ll take us through the income statement first for the quarter. With sales in the quarter of 114,000 ounces which was greater than the prior year quarter of 93,000 ounces and just marginally lower than budget of 180,000 ounces. Record sales in the quarter driven primarily by Otjikoto been included - at first full quarter of commercial production since Otjikoto started up. Otjikoto continues to ramp up very well and again very pleased with how it’s gone. Overall we realized that - our average realized price of [indiscernible] $193 per ounce versus as part of 1192 average. And total we had a 22% increase in ounces sold but offset by an 8% decline in the stock price. So, overall net revenues from sales of gold were up 14%. On a production side, we pre-release the production and we have a very good quarter. We projected just 122,000 ounces versus a prior year quarter production of 86,000 ounces and budget of 118,000 ounces. So, 36,000 ounces more add in the previous quarter last year and that’s a function, I guess to prior year Otjikoto been included for the first full quarter. There was 37,000 ounces from Otjikoto in Q2. That also was a function of Masbate was about 4,000 ounces higher than last year due to higher throughput and if you recall last year in June, we had the installation of a new signal so that production while that was being installed and brought online. So, we didn’t have that issue this year. So, again Masbate had a good quarter. Libertad was down compared to last year as expected. That’s really a function of timing and effect of last year we had the higher Crimea and Santa Maria pits which were mined in 2014. Then looking against budget, 122,000…

Thanks, Mike. I think we’ll talk about -- get an update from Bill now. Bill Lytle, who's there at Africa, and just come off as successful Otjikoto construction site up there which has been tremendous effort by – people in our group and also obviously in the next, and then maybe I’ll get Bill to give us an update on Fekola, the team of construction that's finished recently and maybe actually is in place and we've started [indiscernible]. Bill will talk to that. So Bill, can you give us a quick update on the next one, Fekola?

Yes, how do you hear me, Clive?

Fine.

Okay. So on Fekola, and I am calling from the Fekola site right now, so if I break off I'll try and call back in right away. Basically everything that we have promised to do is in place now. The key thing that we had committed to do and was preparing an access road from tar road between Canada and [Vancouver] [ph] to site. That is now in place. We are receiving everyday containers and equipment's at site. We are most of the way is through an air strip now so we can fly in and fly out. The path for the construction camp is complete, so our container camp that we have ordered will be arriving in the first part of October, so that crew is getting ready to mobilize, which works out very nicely. I know I wasn't asked to talk about Otjikoto with that, expansion project is ramping up this month, I'll get about a month off and then I’ll come here and start the Fekola project, that's worked out very well. The middle footprint has been cleared and basically ready now to start our foundation work there after the rainy season, we have stockpiled enough sand and gravel basically to get us through the first two years of concrete aggregate So, from a construction standpoint everything remains on schedule, materially complete, with what the budget was proposed for, and on schedule.

Okay. Thanks Bill, just, we'll open up for questions shortly, but just let me make a few comments on strategy and I can maybe clear up a few things from the corporate point of view. Obviously from what we heard from Mike we remain very focused on operations on optimizing which everyone talks about, we've actually been doing it quite effectively in the sense that obviously oil prices helped us, some other factors. But really there's also been tremendous amount of work done on site to continue to improve every aspect of our business and you are seeing some effects of that, our recoveries have been fantastic, the recoveries at Otjikoto and in fact the startup at Otjikoto has been the best that many of us have ever seen in our careers in terms of how rapidly that thing connect up and that's a real testament to the quality of construction I think that we did there. Also John Rajala, our VP of Metallurgical, has done a great job at all the sites and that's an area where an example of the kind of strength that we have in the team and the ability to bring or to have a team of some of the top people in the industry doing critical things like that. So lots of improvements in the operations and as Mike said, we're going through a good exercise here which all in my opinion all responsible gold producer should be going through and that is to look at your operations at lower gold prices and therefore looking at the economics for the next three to five years and see how that looks. And we think that will be an interesting exercise that might have some ton of surprises in size as well but a commitment to…

[Operator Instructions] The first question is from Rahul Paul with Canaccord Genuity. Please go ahead.

Hi everyone. Clive thanks for the reminder for two questions. First one, you said you’re undertaking a review of all your existing products the lower cost but you still seem to be committed to moving forward with Fekola which makes sense. Now just curious, what about the development of Wolfshag? Should we expect any changes to the timelines there or is that another project that shouldn’t be impacted?

Wolfshag is going to be private based, you exercise before this - new exercise we were continuing – we done lot of into drilling Wolfshag so, we’re now moving it into a plan as part of a mine plan in the next – and that's going to be a little behind, Mike do you want -

Wolfshag the new mine plan incorporating as part of Wolfshag expected by the end of the year

So, that hasn’t anything to do with this kind of current additional review we are doing. That’s part of the normal process we run by the end of the year we will have a incorporated Wolfshag. And look, if the economics suggest that we go for more Wolfshag earlier, we’ll obviously have a look at them. So, that will be a part of that exercise and look at that. But obviously at Wolfshag adds - creates a big question is, how much is underground and there is a couple of different views on that obviously driven by economics to say how far you go to open pit until the strip ratio pushes you underground. So, that’s all going on, no nasty surprises. We've been for drilling, it's been very consistent with what we saw before and so nothing there is surprising at all and it will enhance and improve. For the quarter we projected - but I think it's important to note that, next year we don’t see even though our production goes to 200,000 ounces. Next year that isn't because of Wolfshag that’s because of mining faster with the expansion mining, Otjikoto mine faster and the way the grade falls over the next year. So, next year is higher without any Wolfshag late 16, maybe 17 will be the year Wolfshag and so, we’ll have time to look and see what percentage of Wolfshag do we incorporate and when, so we could have a further boost, potential boost economics from looking at it that way as well.

Okay, thanks Clive. And then I think in the past you mentioned that you were working on a new resource model incorporating all the data from mining and create control year-to-date and all the drilling that was undertaking under last few years and that was expected to be complete in Q3 but fair to assume that the next update will see as release for the early next year incorporating all that and Wolfshag as well? Are we still expecting another interim update in Q3?

Roger?

[indiscernible].

Okay. Thanks. That's all that I had. Congratulations on a very nice quarter.

Thanks Rahul

Thank you. The next question is from Ovais Habib of Scotia Bank. Please go ahead.

Hi everyone. Again congrats on the great quarter. This new rule of two questions, so, I’ll stick to that. First question just on in terms of Masbate, you're looking to add two more associated banks and you’re expecting now, late 2015, early 2016, I believe. In terms of your study you guys have done, are you looking to see recoveries improving or kind of being in the currents levels?

I think, I’ll pass it over to Dale for that one.

Yes, to be clear, the tanks were expecting to be operational in the second quarter of 2016. We delayed the ordering of the tanks a little bit to make sure that the tank design and the specs tied in with some of the other work that we plan on doing with the client next year. With the addition of the tanks, remember we are running at a slightly closer grand right now that helps with throughput and it’s really the right thing to be doing under today's gold prices. We expect about a 2% additional recovery with the tanks in place. So, right now we are operating at about 2% less than what we would expect grinding to 150 microns or 100 microns.

Thanks Dale. And the next question. Just at Otjikoto, in Q2 you guys were primarily processing oxide I believe. When do you expect to start entering the transition of the sulphide zone at Otjikoto.

I don’t know if Bill we don’t have tones onto the phone he is away, so I don’t know he is probably the best guy to answer minutes come back to on that but so base anybody can sense to that Bill?

No I have a sense of that we are in the transition zone for sure, we are actually gone half way through it and moving towards the consolidated zone. So certainly Q3 we are going to see some hard material.

Okay. And then in terms of reconciliation down there as well, I mean that should improve when you are hitting the sulfides is that correct?

That’s the overall impression that we’re getting for sure, I think if you see for the last three months you need to include July which obviously wasn’t included in this press release, we continue to see grade coming closer and closer to reconciliations. So we are still are very confident that that is going to be the case.

Okay. Sounds good. Thanks guys. That is it from me.

Thanks.

Thank you. The next question is from Chris Thompson with Raymond James. Please go ahead.

Hi good morning guys. Congratulations on good quarter, so my two question relate to I guess net operating plans from Libertad and the second one from as that you said why don’t you just give us an idea on the niche on operating plan as far as pits are concerned for Libertad?

Sure. Pit sourcing through this quarter will continue to be have a lease central, Limon [ph] pit and Los Angles pit is on stream.

What sort of tons I mean can you just expand a little bit on Los Angeles we don’t know much about that, so what sort of tons you are layering into the plan and then what sort of grade can we anticipate from that?

Yes Los Angeles is relatively small pit, it’s about 210,000 tons it is pretty close to our operations in deliver debt we are counting on about 30,000 tons a month out of that operation, that carries three grams per ton. So far we have seen about 2.58 grams per ton out of it, but grade is improving as we advance in the pit, typical in some of these areas, small minors of work the upper elevation we have got that sorted out and we are now into main ore body.

Great, okay and then just a quick comment if you would of course taking with Libertad on Mojon underground and maybe just expand into the status as far as heavily in that please?

Sure. What we are looking at right now for Mojon underground this year, we’d like to initiate test grips and test development of the 390 elevation and was just over 300 meters of drifting and that is some test that should finish up, we will initiate that fairly soon and it should finish up towards the end of the year or early 2016 that will give us confirmation mine method and mine ability in the bottom central east area of Mojon. There are couple of potential targets there for underground in Mojon pit itself.

Okay in Antenna?

Antenna we remain plan to develop our underground infrastructure there that is all of it is in the current plan this year and that is all of that is included in our CapEx this year for Jabali Antenna underground.

Then the permitting I mean is that do you think we are going to see production in Q4 or early next year, I mean is the permitting a real issue there?

We pushed our forecast back really for Jabali Antenna to come into the back the last quarter and early into the last quarter of 2015, the permits is advanced, it’s just gone through the municipal review and it is sitting with Marina we are wrapping up a couple of issues and we then proceed to the public review portion of the permit, that is a process it typically takes two to three more weeks, so in general it is coming along quite well.

Okay great, okay and then quickly just moving onto Masbate, obviously fair amount of oil coming from Colorado you mentioned $0.60 oxide fuel from there is that the sort of blend you want to maintain in the near term?

Only In the very near-term we are looking at the third quarter running just under 50% oxide by the fourth quarter will be down to about 20% oxide, so towards the end of the year we come pretty much back on stream to where we would be in terms of oxide versus fresh ore, total for the year though will be mining more oxide, so on average for the year total be more in the range of 50% against our original anticipated 39%. So little bit more out of Colorado pit less out of Main Vein pit.

Great, thanks gentlemen finally Montana what is the status there?

We continue to work on the permitting, we’re still planning on mining there next year it’s permitting land acquisition in that process it’s underway right now and that’s advancing.

Is that middle of next year do you think towards the end or beginning?

I would say end of third quarter.

That’s 10%

All right. Thank you Dale thanks guys congratulations again.

Welcome that was actually eight questions with only few questions. okay so in the future we could do those details drive in a separate with Dale or to…

Okay. So someone that all thanks for your interest and any other questions.

Thank you. The next question is from [Ronald Lloyd] [ph], Private Investor. Please go ahead.

So the substance for shareholder here you want to comment on the first question about senior management director selling tens of thousands or 100,000 shares in July?

Sure. Yes, okay sure and what was our volume in July we say I don’t know, its probably $3 million day time 30% [ph]. A lot of volume in our stock very liquid stock, so little bit of shares sales really don’t affect the share price. People have now become fixed stated on well let’s just talk about that I know that I now Marconi, our new director sold some shares which got a lot of attention I thank you for bringing this up by the way because this is another one of the things I wanted to deal with. Marc sold some shares because he had a tax issue in Australia he did an excellent job of building a company up and acquiring and doing really good work on our what is a first class last deposit and he had a tax issue. I do not expect him -- because of the shares he got replaced by our shares for popular shares I don’t expect him to be tax vulnerable nor do I expect any of our executives or directors to be tax vulnerable. So I had no issue at all with Marc selling those shares and no one else should in my opinion, I think there’s lots more -- other things be looking at more closely. So let’s talk about compensation we’ll talk about that because I think we want to get promise – for executives who are way, way behind some of the other companies going to blast 60% of their market GAAP over the last three years or 80% in some cases. So but you should look at the whole compensation package I think when you look at this. In terms of sales, other sales people who are around here we’re it’s real this last period…

No, I mean, I don’t traditionally believe in buybacks, as I think I told you last time because I think that affects the best that we could do with the money. As a growth company we should give it out, and to give it to you guys. We should just dividend them all out. I think end of the day I mean, really we're building mines and we chose to do. Great to do thing, there is no - so any tax we take from channels [ph] we realize our objectives today. We'll definitely – I'd be hurt if would have buyback shares. Tax just came and we will remain at the end at strong cash position for the next 2 years as we go through building the mine. So we into that for more reasons, not for my considering. I guess, at the end of the day look, most of these would buy their shares back, they end up go back to the same price they were before anyway. If you really look at traditionally what happens with that. So we're not likely to do that. We're much more likely to pay a dividend into 3 years. So 2018 and beyond I mean, we'd be looking as a company to be issuing a dividend and those dividends should grow substantially with our projection of our free cash flow going forward. Q – Unidentified Analyst: Thank you.

Thank you.

[Operator Instructions] The next question is from [Goldie Bark with Haywood Securities] [ph]. Please go ahead.

Hey, good morning. Congratulations on a good quarter. Just to follow with a couple of questions. Leading in with Masbate, certainly evolution in their nature of the material going through the processing facility are you guys through this year? Next, how do you project recoveries, first half, I guess, and 2016? And do you think was there any significant impact with the line CIL plant expansion, I'll leave that to the first question for you guys to elaborate.

Dale?

Yes. Just pulling up the numbers here. We're looking at average recovery through the year, really in the original budget of about 74% built into that was no CIL expansion for the first three quarters, 2% adjustment on recovery in the last quarter. So that 2% recovery, penalty applies for a final quarter and first quarter of 2016 then we move forward. Longer term, I need to pull the projections [indiscernible] does to look at both by all means send me an email and I can comment at them a little more specifically, probably better with a little bit of timing. I can make a longer explanation for it.

Okay. Thanks, Dale. Just a follow up question on, are you guys are seeing some obviously fantastic processing rights going through their mine and as Bill was saying we are through the transition getting into, I guess processing. Coming to Q3 is there any – in Otjikoto correlations with the proportion build going through the gravity? And what is the proportion of bill coming through gravity and obviously those’s the equation and follow line for you now?

John, do you want to add to that one?

Yes. Sure, Clive. While the gravity recoveries is been running at 65% to 70% of the gold fed into the plant. So and that’s been since we've find tuned to the circuit and that included while we were processing oxide and now into transition and that’s where we expected to remain as we get into the deeper sell side. And that’s a biggest reason for our high recovery, overall recovery through the plant

Okay, great. Thank you, I'll follow up with you with the emails and details. Thanks.

Thank you. This will conclude today's question-and-answer session. I would now like to turn the meeting back over to Mr. Johnson.

Okay, well, I realized its Friday afternoon back ease. So thanks for your time and we will be talking again soon and we will be coming out as we said with - after scrutinizing our mine plants and using some of our gold price, we will be coming with that in later on in the year. And continue to focus on growing B2Gold. Thank you.

Thank you. The conference has now ended. Please disconnect your lines at this time. And we thank you for your participation.