B2Gold (BTG)
Market Price (3/30/2026): $4.26 | Market Cap: $5.7 BilSector: Materials | Industry: Gold
B2Gold (BTG)
Market Price (3/30/2026): $4.26Market Cap: $5.7 BilSector: MaterialsIndustry: Gold
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 8.9%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 5.1%, FCF Yield is 16% | Weak multi-year price returns3Y Excs Rtn is -29% | Key risksBTG key risks include [1] geopolitical instability at its cornerstone Fekola mine in Mali and [2] production shortfalls stemming from operational hurdles at both the Fekola and new Goose mines. |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 61% | ||
| Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 46% | ||
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 29%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 29% | ||
| Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -29% | ||
| Megatrend and thematic driversMegatrends include Sustainable Resource Management. Themes include Resource Efficiency Solutions, and Water Treatment Solutions. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 8.9%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 5.1%, FCF Yield is 16% |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 61% |
| Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 46% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 29%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 29% |
| Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -29% |
| Megatrend and thematic driversMegatrends include Sustainable Resource Management. Themes include Resource Efficiency Solutions, and Water Treatment Solutions. |
| Weak multi-year price returns3Y Excs Rtn is -29% |
| Key risksBTG key risks include [1] geopolitical instability at its cornerstone Fekola mine in Mali and [2] production shortfalls stemming from operational hurdles at both the Fekola and new Goose mines. |
Qualitative Assessment
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B2Gold (BTG) stock has lost about 5% since 11/30/2025 because of the following key factors:
1. Weaker 2026 Production Guidance and Higher Anticipated Costs.
B2Gold's 2026 gold production guidance is projected to be between 820,000 and 970,000 ounces, a decrease from the 979,604 ounces produced in 2025. This anticipated decline is largely due to the planned conclusion of open-pit mining at the Otjikoto mine and ongoing stripping activities at the Fekola mine. Concurrently, the company has forecast higher consolidated all-in sustaining costs (AISC) for 2026, ranging from $2,400 to $2,580 per gold ounce sold, significantly up from $1,754 per ounce sold in Q4 2025.
2. Disappointing Q4 2025 Earnings Miss.
The company reported adjusted net income of $0.11 per share for the fourth quarter of 2025, which fell short of the Zacks Consensus Estimate of $0.20 per share, representing a negative earnings surprise of 45.00%. This miss was partially attributed to the timing of gold shipments from the Fekola mine, where over 20,000 ounces were delivered shortly after December 31, 2025, and therefore not recognized in the 2025 revenue.
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1. Weaker 2026 Production Guidance and Higher Anticipated Costs.
B2Gold's 2026 gold production guidance is projected to be between 820,000 and 970,000 ounces, a decrease from the 979,604 ounces produced in 2025. This anticipated decline is largely due to the planned conclusion of open-pit mining at the Otjikoto mine and ongoing stripping activities at the Fekola mine. Concurrently, the company has forecast higher consolidated all-in sustaining costs (AISC) for 2026, ranging from $2,400 to $2,580 per gold ounce sold, significantly up from $1,754 per ounce sold in Q4 2025.
2. Disappointing Q4 2025 Earnings Miss.
The company reported adjusted net income of $0.11 per share for the fourth quarter of 2025, which fell short of the Zacks Consensus Estimate of $0.20 per share, representing a negative earnings surprise of 45.00%. This miss was partially attributed to the timing of gold shipments from the Fekola mine, where over 20,000 ounces were delivered shortly after December 31, 2025, and therefore not recognized in the 2025 revenue.
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Stock Movement Drivers
Fundamental Drivers
The -7.3% change in BTG stock from 11/30/2025 to 3/29/2026 was primarily driven by a -48.9% change in the company's P/E Multiple.| (LTM values as of) | 11302025 | 3292026 | Change |
|---|---|---|---|
| Stock Price ($) | 4.58 | 4.25 | -7.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,507 | 3,061 | 22.1% |
| Net Income Margin (%) | 8.8% | 13.1% | 50.0% |
| P/E Multiple | 27.7 | 14.1 | -48.9% |
| Shares Outstanding (Mil) | 1,324 | 1,337 | -0.9% |
| Cumulative Contribution | -7.3% |
Market Drivers
11/30/2025 to 3/29/2026| Return | Correlation | |
|---|---|---|
| BTG | -7.3% | |
| Market (SPY) | -5.3% | 40.4% |
| Sector (XLB) | 10.0% | 58.7% |
Fundamental Drivers
The 4.2% change in BTG stock from 8/31/2025 to 3/29/2026 was primarily driven by a 40.9% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 8312025 | 3292026 | Change |
|---|---|---|---|
| Stock Price ($) | 4.08 | 4.25 | 4.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,172 | 3,061 | 40.9% |
| P/S Multiple | 2.5 | 1.9 | -25.2% |
| Shares Outstanding (Mil) | 1,322 | 1,337 | -1.1% |
| Cumulative Contribution | 4.2% |
Market Drivers
8/31/2025 to 3/29/2026| Return | Correlation | |
|---|---|---|
| BTG | 4.2% | |
| Market (SPY) | 0.6% | 36.7% |
| Sector (XLB) | 7.1% | 51.4% |
Fundamental Drivers
The 64.0% change in BTG stock from 2/28/2025 to 3/29/2026 was primarily driven by a 59.9% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 2282025 | 3292026 | Change |
|---|---|---|---|
| Stock Price ($) | 2.59 | 4.25 | 64.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,914 | 3,061 | 59.9% |
| P/S Multiple | 1.8 | 1.9 | 4.5% |
| Shares Outstanding (Mil) | 1,311 | 1,337 | -1.9% |
| Cumulative Contribution | 64.0% |
Market Drivers
2/28/2025 to 3/29/2026| Return | Correlation | |
|---|---|---|
| BTG | 64.0% | |
| Market (SPY) | 9.8% | 23.6% |
| Sector (XLB) | 12.4% | 39.5% |
Fundamental Drivers
The 43.1% change in BTG stock from 2/28/2023 to 3/29/2026 was primarily driven by a 83.7% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 2282023 | 3292026 | Change |
|---|---|---|---|
| Stock Price ($) | 2.97 | 4.25 | 43.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,666 | 3,061 | 83.7% |
| Net Income Margin (%) | 13.9% | 13.1% | -5.7% |
| P/E Multiple | 13.6 | 14.1 | 3.8% |
| Shares Outstanding (Mil) | 1,064 | 1,337 | -20.4% |
| Cumulative Contribution | 43.1% |
Market Drivers
2/28/2023 to 3/29/2026| Return | Correlation | |
|---|---|---|
| BTG | 43.1% | |
| Market (SPY) | 69.4% | 22.3% |
| Sector (XLB) | 26.8% | 36.1% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| BTG Return | -27% | -5% | -7% | -18% | 89% | -9% | -9% |
| Peers Return | 20% | -8% | 3% | 10% | 148% | 8% | 236% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | -5% | 72% |
Monthly Win Rates [3] | |||||||
| BTG Win Rate | 33% | 50% | 33% | 42% | 67% | 67% | |
| Peers Win Rate | 50% | 48% | 60% | 53% | 78% | 67% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 33% | |
Max Drawdowns [4] | |||||||
| BTG Max Drawdown | -39% | -25% | -19% | -26% | -6% | -13% | |
| Peers Max Drawdown | -20% | -31% | -23% | -30% | -5% | -2% | |
| S&P 500 Max Drawdown | -1% | -25% | -1% | -2% | -15% | -5% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: AEM, KGC, NEM, GOLD, SSRM.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 3/27/2026 (YTD)
How Low Can It Go
| Event | BTG | S&P 500 |
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -52.7% | -25.4% |
| % Gain to Breakeven | 111.2% | 34.1% |
| Time to Breakeven | 1,247 days | 464 days |
| 2020 Covid Pandemic | ||
| % Loss | -43.4% | -33.9% |
| % Gain to Breakeven | 76.8% | 51.3% |
| Time to Breakeven | 33 days | 148 days |
| 2018 Correction | ||
| % Loss | -39.2% | -19.8% |
| % Gain to Breakeven | 64.5% | 24.7% |
| Time to Breakeven | 355 days | 120 days |
| 2008 Global Financial Crisis | ||
| % Loss | -83.3% | -56.8% |
| % Gain to Breakeven | 500.0% | 131.3% |
| Time to Breakeven | 532 days | 1,480 days |
Compare to AEM, KGC, NEM, GOLD, SSRM
In The Past
B2Gold's stock fell -52.7% during the 2022 Inflation Shock from a high on 1/5/2021. A -52.7% loss requires a 111.2% gain to breakeven.
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About B2Gold (BTG)
B2Gold Corp. operates as a gold producer with three operating mines in Mali, the Philippines, and Namibia. It operates the Fekola Mine in Mali, the Masbate Mine in the Philippines, and the Otjikoto Mine in Namibia. The company also has an 25% interest in the Calibre Mining Corp.; and approximately 19% interest in BeMetals Corp. In addition, it has a portfolio of other evaluation and exploration assets in Mali, Uzbekistan, and Finland. The company was incorporated in 2006 and is headquartered in Vancouver, Canada.
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Here are a few analogies for B2Gold:
- A global gold miner, similar to a mid-sized Newmont.
- It's a gold producer with international operations, much like a smaller Barrick Gold.
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- Gold: Mined and produced from its operating mines in Mali, the Philippines, and Namibia.
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B2Gold Corp. sells its gold primarily to other companies. Due to the nature of commodity sales, specific major customer names are not publicly disclosed. However, the categories of corporate entities that typically purchase gold from producers like B2Gold include:
- Gold Refiners: Companies that process raw doré or unrefined gold into high-purity investment-grade gold bars and other forms.
- Bullion Banks: Financial institutions that specialize in the trading, financing, and storage of physical gold, acting as intermediaries in the global gold market.
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Clive T. Johnson President, Chief Executive Officer & Director Clive T. Johnson has served as a Founding Director and the President of B2Gold since December 2006, and as Chief Executive Officer since March 2007. He oversees B2Gold's long-term strategy and development and leads the executive team. Previously, Mr. Johnson was involved with Bema Gold and its predecessor companies since 1977. He was appointed President and Chief Executive Officer of Bema Gold after its formation in 1988 through the amalgamation of three Bema group companies. He was instrumental in Bema's transformation from a junior exploration company to an international intermediate gold producer, leading successful ventures into Chile in the late 1980s and Russia in the late 1990s. Bema Gold was acquired by Kinross Gold in 2007. Mr. Johnson then co-founded B2Gold in 2007 with other former Bema Gold executives. Mike Cinnamond President and Chief Executive Officer (effective June 4, 2026); Senior Vice President, Finance & Chief Financial Officer (current) Mike Cinnamond joined B2Gold in 2013 and has served as Senior Vice President, Finance and Chief Financial Officer since April 1, 2014. He will succeed Mr. Johnson as President and Chief Executive Officer, effective June 4, 2026. Prior to joining B2Gold, 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. He has over 25 years of experience in the mining industry sector and has known Bema Gold and B2Gold executives since the late 1990s through his work as their client at PwC. Mr. Cinnamond currently serves on the Boards of Directors of Onyx Gold Corp. and Contango Ore Inc. He previously served as a Director of HighGold Mining Inc. prior to its acquisition by Contango. Michael McDonald Chief Financial Officer (effective June 4, 2026); Vice President, Investor Relations, Corporate Development & Treasury (current) Michael McDonald will succeed Mike Cinnamond as Chief Financial Officer, effective June 4, 2026. He brings more than 15 years of experience in capital markets. Mr. McDonald joined B2Gold from Gold Standard Ventures, where he served as Vice President, Corporate Development & Investor Relations from 2021. Prior to that, he held corporate development and investor relations roles with SSR Mining from 2010 to 2017, and again from 2019 to 2020. From 2017 to 2019, he was Vice President, Metal Sales for Goldcorp. Mr. McDonald began his career in investment banking with CIBC. William Lytle Senior Vice President & Chief Operating Officer William "Bill" Lytle originally joined the Bema Gold team in 1998, working on the Kupol and Julietta projects, and later became Vice President of Environmental, Health, Safety and Permitting for Bema. In 2011, he became the Country Manager for B2Gold Namibia, overseeing the construction of the Otjikoto mine and its transition into operations. He was promoted to Vice President, Africa in 2014, during which time he oversaw the mine construction at the Fekola Project. In February 2016, Mr. Lytle was promoted to Senior Vice President, Operations. Dennis Stansbury Senior Vice President, Engineering & Project Evaluations Dennis Stansbury has served as Senior Vice President of Engineering and Project Evaluations since March 2007, and prior to that as Senior Vice President of Development and Production. He is a mining engineer with over 40 years of engineering, construction, production, and management experience in surface and underground mines across fifteen countries. Mr. Stansbury joined Bema Gold as Vice President South America in 1994 and was appointed Vice President of Development and Production in 1996. He was one of the five founding members of B2Gold Corp. Mr. Stansbury played a pivotal role in the acquisition, development, and/or construction of the Masbate Mine in the Philippines, the Otjikoto Mine in Namibia, the Kiaka Project in Burkina Faso, and the Fekola Mine in Mali.AI Analysis | Feedback
Here are the key risks to B2Gold (BTG):
- Geopolitical and Jurisdictional Risk in Mali: B2Gold faces significant geopolitical and jurisdictional risks due to its substantial operations in Mali, particularly its Fekola Mine, which accounts for a large portion of its gold production. Mali has a history of political instability, including military-led governments and changes to mining codes that can impact foreign mining companies. Although B2Gold has successfully negotiated agreements with the Malian government regarding new mining codes and the Fekola Complex, the broader political climate and actions taken against other miners in the country maintain this as a primary concern.
- Gold Price Volatility: As a gold producer, B2Gold's profitability is highly sensitive to fluctuations in the global price of gold. While the company has benefited from high gold prices and has a low-cost operational profile that provides some insulation against short-term price movements, a significant and sustained decline in gold prices would negatively impact its revenue, earnings, and cash flow. Changes in gold prices also directly affect the royalties and all-in sustaining costs (AISC) incurred by the company.
- Operational and Execution Risks: B2Gold is exposed to operational risks inherent in mining, such as unexpected geological conditions, equipment failures, labor disputes, and cost overruns. Specifically, the ramp-up of new projects, such as the Goose Mine in Canada, has introduced execution complexity and higher all-in sustaining costs during its initial phases. While the Goose Mine is expected to contribute to production growth and geographic diversification, its successful and cost-effective integration remains a key operational challenge.
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Increased resource nationalism and potential for unfavorable mining code revisions in Mali
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For B2Gold (BTG), a gold producer, the addressable market for its main product, gold, is global.
The global gold market was valued at approximately USD 291.68 billion in 2024 and is projected to reach USD 400 billion by the end of 2030, growing at a compound annual growth rate (CAGR) of 6.51% during the forecast period of 2025-2030. In terms of volume, the global gold market size stood at 4,890.0 Tons in 2025 and is expected to grow from 5,118.1 Tons in 2026 to 7,424.4 Tons by 2034, recording a CAGR of 4.70% during the forecast period.
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B2Gold Corp. (BTG) is expected to drive future revenue growth over the next 2-3 years through several key initiatives and market factors:
-
Ramp-up of the Goose Mine in Canada: The newly commercialized Goose Mine in Nunavut, Canada, which commenced production in Q3 2025, is a significant growth driver. It is projected to ramp up considerably in 2026 and beyond, with an anticipated annual production of approximately 300,000 ounces for its initial six years.
-
Expansion of the Fekola Complex in Mali: The Fekola Mine in Mali is set for increased production through both underground operations and the development of the Fekola Regional project. Approval for underground mining at Fekola was secured in July 2025, contributing immediate ounces and projecting a significant ramp-up from 2026 onwards. The Fekola Regional exploitation permit is also expected to add approximately 180,000 ounces of annual gold production between 2026 and 2029.
-
Favorable Gold Price Environment and Expiry of Gold Prepay Obligations: Sustained or higher realized gold prices are a crucial external driver of revenue. Gold prices were noted near $4,000 per ounce in late 2025, with an average of $3,290 per ounce in Q2 2025. Furthermore, the expiry of existing gold prepay obligations by June 2026 will allow B2Gold to sell a larger portion of its gold production at prevailing market prices, which are currently significantly higher than the prepay rate, thereby boosting revenue per ounce sold.
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Development of the Antelope Deposit at the Otjikoto Mine in Namibia: An improved construction decision for the Antelope underground deposit at the Otjikoto Mine is expected to enhance gold production and extend the mine's operational life into the 2030s, leveraging the existing low-cost infrastructure.
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Share Repurchases
- B2Gold announced its intention to implement a Normal Course Issuer Bid (NCIB) to purchase up to 5% of its outstanding common shares, which was approved by the TSX on April 1, 2025, for the period until April 2, 2026.
- During the year ended December 31, 2025, the company repurchased 2 million shares for $10 million under the NCIB.
- Subsequent to year-end 2025 and up to February 18, 2026, an additional 5 million shares were repurchased for $24 million, bringing total repurchases under the NCIB to 7 million shares for $34 million.
Share Issuance
- On January 28, 2025, B2Gold completed an offering of 2.75% convertible senior unsecured notes totalling US$460 million, with net proceeds intended for working capital and general corporate purposes.
- The company's shares outstanding increased from 1.237 billion in 2023 to 1.309 billion in 2024 (a 5.77% increase) and further to 1.481 billion in 2025 (a 13.14% increase from 2024).
Outbound Investments
- For the first nine months of 2024, B2Gold recorded a dilution loss on its investment in Calibre Mining Corp. of $9 million, as its stake decreased from 24% to 15% following Calibre's acquisition of Marathon Gold Corp. in January 2024.
- B2Gold commenced feasibility work on the Gramalote Gold Project in Colombia, with a feasibility study scheduled for mid-2025, which indicated positive project economics.
Capital Expenditures
- B2Gold's capital expenditures were $863 million in 2025, $901.3 million in 2024, and $824.9 million in 2023.
- A significant focus of capital expenditures has been the Goose Project in Canada, with estimated total construction and mine development cash expenditures before first gold production at C$1,540 million, with $471 million spent in 2025.
- In 2025, Fekola Mine capital expenditures are expected to be approximately $234 million (including sustaining and non-sustaining capital) primarily for deferred stripping, mining equipment, tailings storage, and underground development, while $61 million is budgeted for exploration across various projects, including the Back River Gold District.
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Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 34.08 |
| Mkt Cap | 20.2 |
| Rev LTM | 9,479 |
| Op Inc LTM | 2,312 |
| FCF LTM | 1,731 |
| FCF 3Y Avg | 1,151 |
| CFO LTM | 2,328 |
| CFO 3Y Avg | 1,717 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 45.9% |
| Rev Chg 3Y Avg | 26.1% |
| Rev Chg Q | 60.9% |
| QoQ Delta Rev Chg LTM | 13.3% |
| Op Mgn LTM | 45.7% |
| Op Mgn 3Y Avg | 29.9% |
| QoQ Delta Op Mgn LTM | 5.2% |
| CFO/Rev LTM | 37.4% |
| CFO/Rev 3Y Avg | 35.9% |
| FCF/Rev LTM | 30.7% |
| FCF/Rev 3Y Avg | 18.2% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 20.2 |
| P/S | 4.1 |
| P/EBIT | 11.2 |
| P/E | 15.1 |
| P/CFO | 10.0 |
| Total Yield | 7.3% |
| Dividend Yield | 0.9% |
| FCF Yield 3Y Avg | 6.7% |
| D/E | 0.1 |
| Net D/E | -0.0 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | -22.7% |
| 3M Rtn | 1.3% |
| 6M Rtn | 19.2% |
| 12M Rtn | 98.6% |
| 3Y Rtn | 100.7% |
| 1M Excs Rtn | -13.8% |
| 3M Excs Rtn | 10.7% |
| 6M Excs Rtn | 25.2% |
| 12M Excs Rtn | 90.9% |
| 3Y Excs Rtn | 51.7% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Fekola Mine | 1,144 | 1,067 | 1,024 | 1,113 | 617 |
| Otjikoto Mine | 418 | 280 | 339 | 307 | 247 |
| Masbate Mine | 373 | 385 | 399 | 368 | 294 |
| Corporate & Other | 0 | 0 | 30 | ||
| Fekola Regional | 0 | 0 | |||
| Goose Project | 0 | 0 | |||
| Other Mineral Properties | 0 | 0 | |||
| Discont. Operations | -162 | ||||
| Libertad Mine | 82 | ||||
| Limon Mine | 47 | ||||
| Total | 1,934 | 1,733 | 1,762 | 1,789 | 1,156 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Fekola Mine | 122 | 232 | 263 | 411 | |
| Otjikoto Mine | 85 | 34 | 72 | 68 | |
| Masbate Mine | 65 | 71 | 133 | 234 | |
| Goose Project | -3 | 0 | |||
| Fekola Regional | -45 | -10 | |||
| Corporate & Other | -75 | -31 | -16 | -58 | |
| Other Mineral Properties | -107 | -9 | 10 | 16 | |
| Total | 42 | 287 | 461 | 672 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Goose Project | 1,480 | 0 | |||
| Fekola Mine | 1,342 | 1,456 | 1,382 | 1,404 | |
| Masbate Mine | 740 | 755 | 787 | 864 | |
| Otjikoto Mine | 414 | 439 | 442 | 451 | |
| Other Mineral Properties | 385 | 341 | 362 | 355 | |
| Corporate & Other | 263 | 481 | 588 | 289 | |
| Fekola Regional | 251 | 209 | |||
| Total | 4,875 | 3,681 | 3,561 | 3,362 |
Price Behavior
Price Behavior
| Market Price | $4.25 | |
| Market Cap ($ Bil) | 5.6 | |
| First Trading Date | 06/24/2008 | |
| Distance from 52W High | -31.3% | |
| 50 Days | 200 Days | |
| DMA Price | $5.12 | $4.44 |
| DMA Trend | up | up |
| Distance from DMA | -17.0% | -4.3% |
| 3M | 1YR | |
| Volatility | 68.7% | 54.0% |
| Downside Capture | 1.78 | 0.55 |
| Upside Capture | 330.84 | 107.61 |
| Correlation (SPY) | 41.4% | 23.6% |
BTG Betas & Captures as of 2/28/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 3.86 | 1.99 | 1.89 | 1.58 | 0.57 | 0.61 |
| Up Beta | 2.35 | 2.09 | 2.69 | 2.68 | 0.60 | 0.49 |
| Down Beta | 2.31 | -0.26 | -0.01 | 0.23 | 0.32 | 0.57 |
| Up Capture | 661% | 547% | 430% | 310% | 127% | 52% |
| Bmk +ve Days | 9 | 20 | 31 | 70 | 142 | 431 |
| Stock +ve Days | 13 | 26 | 35 | 71 | 142 | 372 |
| Down Capture | 340% | 161% | 161% | 141% | 45% | 85% |
| Bmk -ve Days | 12 | 21 | 30 | 54 | 109 | 320 |
| Stock -ve Days | 8 | 15 | 24 | 48 | 99 | 350 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with BTG | |
|---|---|---|---|---|
| BTG | 40.3% | 54.6% | 0.82 | - |
| Sector ETF (XLB) | 14.6% | 20.9% | 0.55 | 39.2% |
| Equity (SPY) | 14.5% | 18.9% | 0.59 | 23.4% |
| Gold (GLD) | 50.2% | 27.7% | 1.46 | 70.5% |
| Commodities (DBC) | 17.8% | 17.6% | 0.85 | 31.2% |
| Real Estate (VNQ) | 0.4% | 16.4% | -0.15 | 21.8% |
| Bitcoin (BTCUSD) | -23.7% | 44.2% | -0.49 | 20.4% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with BTG | |
|---|---|---|---|---|
| BTG | 2.2% | 43.9% | 0.19 | - |
| Sector ETF (XLB) | 6.7% | 18.9% | 0.25 | 41.7% |
| Equity (SPY) | 11.8% | 17.0% | 0.54 | 27.4% |
| Gold (GLD) | 20.7% | 17.7% | 0.96 | 67.4% |
| Commodities (DBC) | 11.6% | 18.9% | 0.50 | 32.4% |
| Real Estate (VNQ) | 3.0% | 18.8% | 0.07 | 28.1% |
| Bitcoin (BTCUSD) | 4.0% | 56.6% | 0.29 | 16.3% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with BTG | |
|---|---|---|---|---|
| BTG | 12.8% | 48.6% | 0.44 | - |
| Sector ETF (XLB) | 10.1% | 20.6% | 0.44 | 26.7% |
| Equity (SPY) | 14.0% | 17.9% | 0.67 | 17.2% |
| Gold (GLD) | 13.3% | 15.8% | 0.70 | 65.3% |
| Commodities (DBC) | 8.2% | 17.6% | 0.39 | 26.4% |
| Real Estate (VNQ) | 4.7% | 20.7% | 0.19 | 19.6% |
| Bitcoin (BTCUSD) | 66.4% | 66.8% | 1.06 | 13.5% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| SUMMARY STATS | |||
| # Positive | 0 | 0 | 0 |
| # Negative | 0 | 0 | 0 |
| Median Positive | |||
| Median Negative | |||
| Max Positive | |||
| Max Negative | |||
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 09/30/2025 | 11/06/2025 | 6-K |
| 06/30/2025 | 08/08/2025 | 6-K |
| 03/31/2025 | 05/08/2025 | 6-K |
| 12/31/2024 | 03/28/2025 | 40-F |
| 09/30/2024 | 11/07/2024 | 6-K |
| 06/30/2024 | 08/09/2024 | 6-K |
| 03/31/2024 | 05/08/2024 | 6-K |
| 12/31/2023 | 03/15/2024 | 40-F |
| 09/30/2023 | 11/09/2023 | 6-K |
| 06/30/2023 | 08/03/2023 | 6-K |
| 03/31/2023 | 05/10/2023 | 6-K |
| 12/31/2022 | 03/16/2023 | 40-F |
| 09/30/2022 | 11/01/2022 | 6-K |
| 06/30/2022 | 08/04/2022 | 6-K |
| 03/31/2022 | 05/04/2022 | 6-K |
| 12/31/2021 | 03/30/2022 | 40-F |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
Prefer one of these to Trefis? Tell us why.