RE:RE:RE:RE:.98 Valuation
Our $1,200/oz long-term gold price NAV is C$1.81/sh. B2Gold currently trades at 0.57x NAV and 4.1x 2017E
EBITDA, a discount to the intermediate producing peer average of 0.71x NAV but in line with the EBITDA
average of 4.5x 2017E; we believe B2Go
ld should trade at a premium given
its position as a stable producer
with exploration upside and, in our view, a strong management team with a track record for delivering value