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Here are 1-3 brief analogies for B2Gold:

• Like a smaller, more focused Barrick Gold (GOLD) or Newmont (NEM), but entirely dedicated to global gold mining and production.
• An ExxonMobil (XOM) or Chevron (CVX) of the precious metals world, extracting and producing gold from its mines instead of oil and gas.

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• Gold: A precious metal extracted and refined from the company's mining operations for sale on the global market.

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B2Gold Corp. (BTG), a leading gold mining company, sells its gold production primarily to other companies rather than directly to individuals.

Due to the commodity nature of gold and standard industry practices, B2Gold does not publicly disclose the specific names of its major customers. As is typical for gold producers, B2Gold sells its gold doré (a semi-pure alloy of gold and silver) to a limited number of reputable entities within the precious metals market. These typically include:

• Precious Metal Refiners: These specialized companies process the gold doré into pure gold bullion, which is then sold into the broader market to financial institutions, central banks, industrial users, and jewelry manufacturers.
• Financial Institutions: Certain financial institutions act as direct purchasers or intermediaries in the global gold market, facilitating the sale and distribution of the commodity.

Gold mining companies generally do not identify these buyers as "major customers" in the traditional sense that might have publicly traded symbols, as their product is a globally traded commodity sold into an established market through various channels. B2Gold's annual filings confirm they have contractual arrangements with refiners and financial institutions for the sale of all their gold and silver doré production, but they do not name these specific entities.

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The key risks to B2Gold's business include geopolitical instability, operational challenges and production variability, and gold price volatility.

1. Geopolitical Risk, particularly in Mali: B2Gold faces significant geopolitical risk, especially concerning its Fekola mine in Mali, which accounts for a substantial portion of its projected production. The company has encountered issues with mining permit renewals and changes in mining codes, leading to negotiations and financial settlements with the Malian government. These geopolitical factors have contributed to below-guidance production results and a decline in B2Gold's share price in the past.
2. Operational Challenges and Production Variability: B2Gold has experienced operational hurdles and production shortfalls. For instance, the Fekola mine's 2024 production was below its annual guidance due to delays in accessing higher-grade ore and excavator damage, which affected equipment availability. Additionally, the ramp-up of the new Goose Mine has encountered "hiccups," contributing to reduced output and increased costs, leading to a cautious outlook from analysts. The company has also revised its production forecast downwards due to these anticipated operational challenges.
3. Gold Price Volatility: As a company primarily focused on gold production, B2Gold's revenue is highly dependent on the price of gold. While high gold prices have positively impacted revenue, the inherent volatility of metal prices remains a significant risk to the company's financial performance.

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• Increased geopolitical risk and resource nationalism in Mali. B2Gold's Fekola mine in Mali is a significant contributor to its production and cash flow. Mali has experienced ongoing political instability, including military coups, and recently enacted a new mining code (August 2023) that allows the state to acquire larger equity stakes in mining projects, imposes new taxes, and grants the government more flexibility to renegotiate existing conventions. This represents a clear and increasing threat to the stability, profitability, and long-term security of B2Gold's operations in its key jurisdiction.
• The increasing role of cryptocurrencies as an alternative store of value. Assets like Bitcoin are increasingly positioned and adopted by investors as "digital gold," a hedge against inflation, and a store of value. This emerging trend presents a potential long-term threat to gold's traditional role as the primary alternative investment asset. A sustained shift in investor preference away from physical gold towards digital alternatives could erode demand for gold, putting downward pressure on gold prices and thereby impacting the revenues and profitability of gold mining companies like B2Gold.

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Here are 3-5 expected drivers of future revenue growth for B2Gold (BTG) over the next 2-3 years:

1. Increased Gold Production from the Goose Mine: The Goose Mine, which commenced commercial production in the third quarter of 2025, is expected to be a significant contributor to B2Gold's revenue growth. Forecasts indicate production of approximately 250,000 ounces in 2026 and 330,000 ounces in 2027. The average annual gold production for the initial six years of operation (2026-2031) is projected to be around 300,000 ounces. The company also plans to implement supplemental mobile crushing capacity at the Goose mine, aiming for a design capacity of 4,000 tonnes per day by year-end, with permanent modifications expected in 2026 to further enhance throughput.
2. Ramp-up of the Fekola Regional Project: The Fekola Regional project in Mali is anticipated to commence gold production in early 2026. This project is expected to add approximately 180,000 ounces of gold per year for the first five years, meaningfully extending the mining complex life at Fekola. The company expects to receive the Fekola Regional exploitation permit by the end of the third quarter of 2025, with mining pre-stripping activities commencing immediately thereafter.
3. Development of the Antelope Underground Deposit at Otjikoto Mine: B2Gold has made a construction decision on the Antelope underground deposit in Namibia. This development is expected to significantly increase gold production at the Otjikoto mine and extend its operational life into the 2030s. Antelope is projected to begin contributing to output in 2026–27, boosting Otjikoto's production by about 110,000 ounces annually over the life of the mine.
4. Favorable Gold Price Environment: B2Gold is well-positioned to capitalize on a strong and sustained gold price environment. Gold prices have more than doubled since 2020, with analysts projecting stable gold prices above $3,000 per ounce and current prices soaring past $4,000 per ounce. This favorable pricing directly contributes to higher revenue for the gold producer.

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Share Repurchases

• B2Gold received approval from the Toronto Stock Exchange for a Normal Course Issuer Bid (NCIB) in April 2025.
• Under this program, the company plans to repurchase up to 65,980,840 shares, representing 5% of its issued and outstanding shares as of March 20, 2025.
• The NCIB runs from April 3, 2025, to April 2, 2026, with all purchased shares to be cancelled, reflecting management's belief that shares may be undervalued.

Share Issuance

• In January 2025, B2Gold issued $460 million in 2.75% convertible senior unsecured notes due 2030.
• The initial conversion rate for these notes is approximately $3.17 per share, potentially leading to the issuance of nearly 146 million additional shares if the price remains above this level by 2030.
• Proceeds from the notes offering were used to repay the company's revolving credit facility.

Outbound Investments

• B2Gold acquired Sabina Gold & Silver in April 2023 for C$1.2 billion, gaining the Goose project in Nunavut, Canada.
• The company acquired AngloGold Ashanti's 50% interest in the Gramalote project in Colombia in October 2023, securing full ownership.

Capital Expenditures

• Total capital expenditures for the year ended December 31, 2024, were $258 million, primarily allocated to deferred stripping, mobile equipment purchases and rebuilds, tailings storage facility expansion, and Fekola underground mine development.
• For 2025, consolidated capital expenditures are expected to total approximately $400 million, with significant amounts directed towards the Goose Project (total construction and mine development costs of C$1,540 million, with C$530 million additional expenses anticipated from July 2024 to Q2 2025), the Fekola Complex ($234 million), the Otjikoto Mine ($39 million), and the Masbate Mine ($47 million).
• Key focuses include the construction and development of the Goose Project for initial gold production in Q2 2025, Fekola underground development, and the Antelope underground deposit at the Otjikoto Mine to extend its mine life, with an estimated pre-production capital cost of $105 million.