B2Gold (BTG)
Market Price (11/3/2026): $4.73 | Market Cap: $6.2 BilSector: Materials | Industry: Gold
B2Gold (BTG)
Market Price (11/3/2026): $4.73Market Cap: $6.2 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 14%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 8.7%, FCF Yield is 15% Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 74% 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 24%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 24% 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 -13% | 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. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 14%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 8.7%, FCF Yield is 15% |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 74% |
| 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 24%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 24% |
| 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 -13% |
| 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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Updated on 11/1/2026
B2Gold (BTG) stock has gained about 30% since 7/31/2026 because of the following key factors:
1. Significant Increase in Gold Prices: A primary macroeconomic driver for B2Gold's stock appreciation was the notable surge in gold prices. Gold entered August 2026 near $4,000 per ounce and rose approximately 10% to trade around $4,380 per ounce by mid-August 2026. The price peaked at approximately $4,603.65 per ounce by August 23, 2026. This upward trend in the underlying commodity directly benefited gold producers like B2Gold.
2. Improved Free Cash Flow Outlook with Completion of Gold Prepay Contracts: B2Gold's free cash flow outlook significantly improved with the completion of its gold prepay contracts by the end of fiscal Q2 2026 (June 30, 2026). This meant that all future gold sales would be at spot prices, leading to an anticipated substantial boost in free cash flow for the second half of 2026. Additionally, the company's gold collar contracts are scheduled to conclude in December 2026, further unencumbering future gold sales and cash flow generation starting in 2027.
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B2Gold (BTG) stock has gained about 30% since 7/31/2026 because of the following key factors:
1. Significant Increase in Gold Prices: A primary macroeconomic driver for B2Gold's stock appreciation was the notable surge in gold prices. Gold entered August 2026 near $4,000 per ounce and rose approximately 10% to trade around $4,380 per ounce by mid-August 2026. The price peaked at approximately $4,603.65 per ounce by August 23, 2026. This upward trend in the underlying commodity directly benefited gold producers like B2Gold.
2. Improved Free Cash Flow Outlook with Completion of Gold Prepay Contracts: B2Gold's free cash flow outlook significantly improved with the completion of its gold prepay contracts by the end of fiscal Q2 2026 (June 30, 2026). This meant that all future gold sales would be at spot prices, leading to an anticipated substantial boost in free cash flow for the second half of 2026. Additionally, the company's gold collar contracts are scheduled to conclude in December 2026, further unencumbering future gold sales and cash flow generation starting in 2027.
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Updated on 11/1/2026
B2Gold (BTG) stock has gained about 30% since 7/31/2026 because of the following key factors:
1. Significant Increase in Gold Prices: A primary macroeconomic driver for B2Gold's stock appreciation was the notable surge in gold prices. Gold entered August 2026 near $4,000 per ounce and rose approximately 10% to trade around $4,380 per ounce by mid-August 2026. The price peaked at approximately $4,603.65 per ounce by August 23, 2026. This upward trend in the underlying commodity directly benefited gold producers like B2Gold.
2. Improved Free Cash Flow Outlook with Completion of Gold Prepay Contracts: B2Gold's free cash flow outlook significantly improved with the completion of its gold prepay contracts by the end of fiscal Q2 2026 (June 30, 2026). This meant that all future gold sales would be at spot prices, leading to an anticipated substantial boost in free cash flow for the second half of 2026. Additionally, the company's gold collar contracts are scheduled to conclude in December 2026, further unencumbering future gold sales and cash flow generation starting in 2027.
3. Positive Operational Momentum and Exploration Success at Goose Mine: The company provided a favorable operations update for its Goose Mine in September 2026. A new mobile crushing plant was successfully commissioned in August 2026, achieving throughput exceeding 3,000 tonnes per day, addressing previous fire-related disruptions. B2Gold confirmed it remained on track to achieve its 2026 annual production guidance of 170,000 to 200,000 ounces of gold from Goose Mine, with Q4 2026 expected to be the strongest quarter. Furthermore, positive drill results, including high-grade infill intersections such as 19.12 g/t gold over 21.23 meters at the Llama target and the discovery of a new gold zone called Tattuk, indicated potential for extended mine life.
4. Advancement of Fekola Regional Project with Anticipated Mali Permit: B2Gold made progress on its Fekola Regional project in Mali. Following productive meetings with the Malian government in late July 2026, the near-term approval of the Menankoto Exploitation Permit was anticipated. This permit is crucial for initiating pre-stripping activities at Fekola Regional, a project expected to ramp up operations through 2027 and contribute over 150,000 ounces of gold per year from 2028 through the mid-2030s.
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B2Gold (BTG) stock has gained about 30% since 7/31/2026 because of the following key factors:
1. Significant Increase in Gold Prices: A primary macroeconomic driver for B2Gold's stock appreciation was the notable surge in gold prices. Gold entered August 2026 near $4,000 per ounce and rose approximately 10% to trade around $4,380 per ounce by mid-August 2026. The price peaked at approximately $4,603.65 per ounce by August 23, 2026. This upward trend in the underlying commodity directly benefited gold producers like B2Gold.
2. Improved Free Cash Flow Outlook with Completion of Gold Prepay Contracts: B2Gold's free cash flow outlook significantly improved with the completion of its gold prepay contracts by the end of fiscal Q2 2026 (June 30, 2026). This meant that all future gold sales would be at spot prices, leading to an anticipated substantial boost in free cash flow for the second half of 2026. Additionally, the company's gold collar contracts are scheduled to conclude in December 2026, further unencumbering future gold sales and cash flow generation starting in 2027.
3. Positive Operational Momentum and Exploration Success at Goose Mine: The company provided a favorable operations update for its Goose Mine in September 2026. A new mobile crushing plant was successfully commissioned in August 2026, achieving throughput exceeding 3,000 tonnes per day, addressing previous fire-related disruptions. B2Gold confirmed it remained on track to achieve its 2026 annual production guidance of 170,000 to 200,000 ounces of gold from Goose Mine, with Q4 2026 expected to be the strongest quarter. Furthermore, positive drill results, including high-grade infill intersections such as 19.12 g/t gold over 21.23 meters at the Llama target and the discovery of a new gold zone called Tattuk, indicated potential for extended mine life.
4. Advancement of Fekola Regional Project with Anticipated Mali Permit: B2Gold made progress on its Fekola Regional project in Mali. Following productive meetings with the Malian government in late July 2026, the near-term approval of the Menankoto Exploitation Permit was anticipated. This permit is crucial for initiating pre-stripping activities at Fekola Regional, a project expected to ramp up operations through 2027 and contribute over 150,000 ounces of gold per year from 2028 through the mid-2030s.
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Stock Movement Drivers
Fundamental Drivers
The 27.7% change in BTG stock from 7/31/2026 to 11/2/2026 was primarily driven by a 44.5% change in the company's Net Income Margin (%).| (LTM values as of) | 7312026 | 11022026 | Change |
|---|---|---|---|
| Stock Price ($) | 3.74 | 4.77 | 27.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 3,688 | 3,785 | 2.6% |
| Net Income Margin (%) | 14.8% | 21.3% | 44.5% |
| P/E Multiple | 9.2 | 7.9 | -14.5% |
| Shares Outstanding (Mil) | 1,341 | 1,332 | 0.7% |
| Cumulative Contribution | 27.7% |
Market Drivers
7/31/2026 to 11/2/2026| Return | Correlation | |
|---|---|---|
| BTG | 27.7% | |
| Market (SPY) | 0.7% | 43.3% |
| Sector (XLB) | 6.4% | 43.5% |
Fundamental Drivers
The 6.9% change in BTG stock from 4/30/2026 to 11/2/2026 was primarily driven by a 62.4% change in the company's Net Income Margin (%).| (LTM values as of) | 4302026 | 11022026 | Change |
|---|---|---|---|
| Stock Price ($) | 4.46 | 4.77 | 6.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 3,061 | 3,785 | 23.6% |
| Net Income Margin (%) | 13.1% | 21.3% | 62.4% |
| P/E Multiple | 14.8 | 7.9 | -47.0% |
| Shares Outstanding (Mil) | 1,337 | 1,332 | 0.4% |
| Cumulative Contribution | 6.9% |
Market Drivers
4/30/2026 to 11/2/2026| Return | Correlation | |
|---|---|---|
| BTG | 6.9% | |
| Market (SPY) | 4.9% | 45.6% |
| Sector (XLB) | 4.7% | 44.4% |
Fundamental Drivers
The 10.5% change in BTG stock from 10/31/2025 to 11/2/2026 was primarily driven by a 74.2% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 10312025 | 11022026 | Change |
|---|---|---|---|
| Stock Price ($) | 4.32 | 4.77 | 10.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,172 | 3,785 | 74.2% |
| P/S Multiple | 2.6 | 1.7 | -36.1% |
| Shares Outstanding (Mil) | 1,322 | 1,332 | -0.7% |
| Cumulative Contribution | 10.5% |
Market Drivers
10/31/2025 to 11/2/2026| Return | Correlation | |
|---|---|---|
| BTG | 10.5% | |
| Market (SPY) | 11.2% | 46.3% |
| Sector (XLB) | 27.0% | 51.2% |
Fundamental Drivers
The 64.1% change in BTG stock from 10/31/2023 to 11/2/2026 was primarily driven by a 96.2% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 10312023 | 11022026 | Change |
|---|---|---|---|
| Stock Price ($) | 2.91 | 4.77 | 64.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,929 | 3,785 | 96.2% |
| Net Income Margin (%) | 15.6% | 21.3% | 36.8% |
| P/E Multiple | 12.1 | 7.9 | -34.9% |
| Shares Outstanding (Mil) | 1,252 | 1,332 | -6.0% |
| Cumulative Contribution | 64.1% |
Market Drivers
10/31/2023 to 11/2/2026| Return | Correlation | |
|---|---|---|
| BTG | 64.1% | |
| Market (SPY) | 86.0% | 27.8% |
| Sector (XLB) | 48.8% | 40.7% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| BTG Return | -27% | -5% | -7% | -18% | 89% | 7% | 7% |
| Peers Return | 20% | -8% | 3% | 10% | 148% | 6% | 229% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 10% | 101% |
Monthly Win Rates [3] | |||||||
| BTG Win Rate | 33% | 50% | 33% | 42% | 67% | 55% | |
| Peers Win Rate | 50% | 48% | 60% | 53% | 78% | 44% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 36% | |
Max Drawdowns [4] | |||||||
| BTG Max Drawdown | -44% | -41% | -34% | -29% | -36% | -41% | |
| Peers Max Drawdown | -33% | -47% | -34% | -37% | -22% | -40% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[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 11/2/2026 (YTD)
How Low Can It Go
| Event | BTG | S&P 500 |
|---|---|---|
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -13.0% | -7.8% |
| % Gain to Breakeven | 15.0% | 8.5% |
| Time to Breakeven | 11 days | 18 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -22.5% | -9.5% |
| % Gain to Breakeven | 29.1% | 10.5% |
| Time to Breakeven | 382 days | 24 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -23.4% | -24.5% |
| % Gain to Breakeven | 30.5% | 32.4% |
| Time to Breakeven | 92 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -40.2% | -33.7% |
| % Gain to Breakeven | 67.2% | 50.9% |
| Time to Breakeven | 24 days | 140 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -23.8% | -3.7% |
| % Gain to Breakeven | 31.2% | 3.9% |
| Time to Breakeven | 21 days | 6 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -47.5% | -12.2% |
| % Gain to Breakeven | 90.6% | 13.9% |
| Time to Breakeven | 39 days | 62 days |
In The Past
B2Gold's stock fell -1.5% during the 2025 US Tariff Shock. Such a loss loss requires a 1.6% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
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| Event | BTG | S&P 500 |
|---|---|---|
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -22.5% | -9.5% |
| % Gain to Breakeven | 29.1% | 10.5% |
| Time to Breakeven | 382 days | 24 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -23.4% | -24.5% |
| % Gain to Breakeven | 30.5% | 32.4% |
| Time to Breakeven | 92 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -40.2% | -33.7% |
| % Gain to Breakeven | 67.2% | 50.9% |
| Time to Breakeven | 24 days | 140 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -23.8% | -3.7% |
| % Gain to Breakeven | 31.2% | 3.9% |
| Time to Breakeven | 21 days | 6 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -47.5% | -12.2% |
| % Gain to Breakeven | 90.6% | 13.9% |
| Time to Breakeven | 39 days | 62 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -75.3% | -6.8% |
| % Gain to Breakeven | 304.7% | 7.3% |
| Time to Breakeven | 158 days | 15 days |
| 2013 Taper Tantrum | ||
| % Loss | -20.7% | -0.2% |
| % Gain to Breakeven | 26.1% | 0.2% |
| Time to Breakeven | 4 days | 1 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -83.3% | -53.4% |
| % Gain to Breakeven | 499.9% | 114.4% |
| Time to Breakeven | 532 days | 1085 days |
In The Past
B2Gold's stock fell -1.5% during the 2025 US Tariff Shock. Such a loss loss requires a 1.6% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About B2Gold (BTG)
B2Gold Corp. is a Vancouver, Canada-headquartered gold producer focused on the extraction and production of gold. The company's core business involves operating gold mines to generate its primary product: physical gold, which is then sold into global markets.
The company operates three key producing gold mines across different regions: the Fekola Mine in Mali, the Masbate Mine in the Philippines, and the Otjikoto Mine in Namibia. Beyond direct mine operations, B2Gold also holds strategic investments in other mining companies, including a 25% interest in Calibre Mining Corp. and approximately a 19% interest in BeMetals Corp.
In addition to its operating mines and equity investments, B2Gold maintains a portfolio of evaluation and exploration assets in Mali, Uzbekistan, and Finland, indicating potential future growth opportunities. The company's primary customers are global commodity markets, including institutional investors, central banks, and industrial buyers who purchase gold as a store of value, an investment asset, or for various industrial applications.
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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.
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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:
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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.
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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.
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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.
Peer Outperformance in Gold
BTG has trailed 66% of its 35 Gold peers over 5Y. Among the peers that beat it are AGI, KGC and EGO. Gold ranks 3rd of 15 industries in Materials by median 5Y return. That makes it one of the strongest corners of the sector.
Share of Gold constituents that BTG has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
63%
of 40 industry peers · 10.5% return
3Y
18%
of 39 industry peers · 58.3% return
5Y
34%
of 35 industry peers · 40.0% return
Gold peers with revenue growth within 4pp of BTG's that beat it on at least 2 of 3 windows, and by at least 20pp over 5Y. Growth is matched by construction, so the gap is largely a re-rating gap. The multiple column is the context for it.
| Ticker | Name | Rev Growth 3Y Avg | P/E | 1Y | 3Y | 5Y | 5Y Gap |
|---|---|---|---|---|---|---|---|
| BTG | B2Gold | 28.9% | 7.9x | 10.5% | 58.3% | 40.0% | — |
| AGI | Alamos Gold | 31.8% | 10.9x | -9.5% | 109.7% | 280.3% | +240pp |
| KGC | Kinross Gold | 26.5% | 7.7x | -11.1% | 282.6% | 275.5% | +235pp |
| EGO | Eldorado Gold | 30.5% | 12.6x | 26.4% | 189.5% | 250.5% | +210pp |
| CGAU | Centerra Gold | 25.0% | 9.2x | 77.5% | 268.8% | 211.0% | +171pp |
| OR | OR Royalties | 30.2% | 21.7x | 3.3% | 162.9% | 180.7% | +141pp |
Price returns, excluding dividends. P/E shown for context only and not used for matching.
Median price return by industry across the Materials sector, ranked by 5Y. Gold is BTG's own industry. Use this to see which corners of the sector have carried the returns.
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Steel | 14 | 21.4% | 46.4% | 148.8% | STLD 332% · HCC 262% · RS 222% |
| Copper | 7 | 36.2% | 100.8% | 141.1% | SCCO 265% · TGB 237% · HBM 226% |
| Gold ← | 36 | 3.3% | 154.6% | 91.8% | IAG 476% · OGC 350% · AGI 280% |
| Silver | 6 | 19.2% | 217.7% | 72.7% | AYA 245% · HL 135% · EXK 45% |
| Construction Materials | 6 | -7.5% | 26.8% | 47.0% | USLM 380% · CRH 110% · VMC 54% |
| Aluminum | 3 | 13.2% | 118.4% | 42.1% | CENX 154% · AA -11% |
| Metal, Glass & Plastic Containers | 11 | 12.7% | 18.9% | 12.5% | GEF 51% · ATR 20% · SLGN 13% |
| Paper & Plastic Packaging Products & Materials | 7 | 25.5% | 20.9% | 3.5% | PKG 124% · CCK 23% · AMCR 4% |
| Diversified Metals & Mining | 24 | -54.5% | -6.8% | -8.7% | USAR 29615% · MTRN 157% · SKE 157% |
| Specialty Chemicals | 41 | 14.3% | 1.2% | -15.0% | NEU 147% · ESI 49% · ECL 44% |
| Diversified Chemicals | 3 | 14.9% | 2.8% | -15.4% | CBT 51% · ASH -15% |
| Commodity Chemicals | 13 | 9.2% | -18.3% | -30.7% | HWKN 341% · MEOH 64% · DOW -23% |
| Precious Metals & Minerals | 8 | -14.6% | 130.3% | -50.0% | PPTA 260% |
| Fertilizers & Agricultural Chemicals | 10 | -41.6% | -54.9% | -58.4% | CF 137% · NTR 23% · MOS -43% |
| Paper Products | 4 | -37.3% | -61.7% | -81.8% |
Median of constituents with a full price history over each window. Top names are limited to companies above $2B market cap.
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 33.23 |
| Mkt Cap | 23.8 |
| Rev LTM | 8,444 |
| Op Inc LTM | 4,420 |
| FCF LTM | 2,635 |
| FCF 3Y Avg | 1,968 |
| CFO LTM | 4,137 |
| CFO 3Y Avg | 3,206 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 42.4% |
| Rev Chg 3Y Avg | 28.9% |
| Rev Chg Q | 14.0% |
| QoQ Delta Rev Chg LTM | 2.6% |
| Op Inc Chg LTM | 69.7% |
| Op Inc Chg 3Y Avg | 125.6% |
| Op Mgn LTM | 52.4% |
| Op Mgn 3Y Avg | 39.1% |
| QoQ Delta Op Mgn LTM | 0.3% |
| CFO/Rev LTM | 48.9% |
| CFO/Rev 3Y Avg | 39.5% |
| FCF/Rev LTM | 27.9% |
| FCF/Rev 3Y Avg | 28.4% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Fekola Mine | 1,744 | 952 | 1,144 | 1,067 | 1,024 |
| Masbate Mine | 687 | 464 | 373 | 385 | 399 |
| Otjikoto Mine | 685 | 486 | 418 | 280 | 339 |
| Goose Mine | 166 | 0 | 0 | 0 | |
| Fekola Regional | 0 | 0 | 0 | 0 | |
| Other Mineral Properties | 0 | 0 | 0 | 0 | |
| Corporate & Other | -220 | 0 | 0 | 0 | |
| Total | 3,061 | 1,902 | 1,934 | 1,733 | 1,762 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Fekola Mine | 490 | -77 | 122 | 232 | 263 |
| Masbate Mine | 264 | 113 | 65 | 71 | 133 |
| Otjikoto Mine | 247 | 122 | 85 | 34 | 72 |
| Goose Mine | 80 | -664 | -3 | 0 | |
| Fekola Regional | -4 | -69 | -45 | -10 | |
| Other Mineral Properties | -8 | -2 | -107 | -9 | 10 |
| Corporate & Other | -643 | -51 | -75 | -31 | -16 |
| Total | 427 | -627 | 42 | 287 | 461 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Goose Mine | 2,286 | 1,607 | 1,480 | 0 | |
| Fekola Mine | 1,533 | 1,369 | 1,342 | 1,456 | 1,382 |
| Masbate Mine | 735 | 770 | 740 | 755 | 787 |
| Corporate & Other | 421 | 197 | 263 | 481 | 588 |
| Other Mineral Properties | 382 | 329 | 385 | 341 | 362 |
| Otjikoto Mine | 311 | 356 | 414 | 439 | 442 |
| Fekola Regional | 212 | 187 | 251 | 209 | |
| Total | 5,879 | 4,814 | 4,875 | 3,681 | 3,561 |
Price Behavior
Price Behavior
| Market Price | $4.77 | |
| Market Cap ($ Bil) | 6.4 | |
| First Trading Date | 06/24/2008 | |
| Distance from 52W High | -22.2% | |
| 50 Days | 200 Days | |
| DMA Price | $5.27 | $4.80 |
| DMA Trend | up | up |
| Distance from DMA | -9.6% | -0.7% |
| 3M | 1YR | |
| Volatility | 67.1% | 61.2% |
| Downside Capture | 233.63 | 247.87 |
| Upside Capture | 419.02 | 219.32 |
| Correlation (S&P 500) | 46.5% | 46.4% |
BTG Betas & Captures as of 10/31/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 2.93 | 2.85 | 2.75 | 2.32 | 2.19 | 0.92 |
| Up Beta | -0.04 | -0.15 | -0.30 | 0.89 | 2.01 | 0.67 |
| Down Beta | 3.45 | 4.45 | 4.49 | 3.45 | 2.10 | 0.84 |
| Up Capture | 206% | 252% | 432% | 298% | 364% | 129% |
| Bmk +ve Days | 12 | 18 | 28 | 62 | 130 | 427 |
| Stock +ve Days | 10 | 19 | 34 | 59 | 122 | 373 |
| Down Capture | 329% | 292% | 216% | 192% | 162% | 105% |
| Bmk -ve Days | 10 | 25 | 36 | 64 | 121 | 325 |
| Stock -ve Days | 12 | 23 | 29 | 65 | 122 | 352 |
[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 | -0.4% | 61.2% | 0.22 | - |
| Sector ETF (XLB) | 26.4% | 17.7% | 1.16 | 51.1% |
| Equity (SPY) | 11.6% | 12.8% | 0.57 | 45.3% |
| Gold (GLD) | -2.3% | 28.6% | -0.09 | 72.6% |
| Commodities (DBC) | 43.1% | 20.9% | 1.60 | 3.4% |
| Real Estate (VNQ) | 11.0% | 13.7% | 0.50 | 19.5% |
| Bitcoin (BTCUSD) | -28.8% | 43.6% | -0.66 | 28.5% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with BTG | |
|---|---|---|---|---|
| BTG | 5.5% | 46.5% | 0.26 | - |
| Sector ETF (XLB) | 6.6% | 19.1% | 0.23 | 42.1% |
| Equity (SPY) | 12.0% | 17.1% | 0.52 | 28.6% |
| Gold (GLD) | 16.5% | 19.0% | 0.69 | 68.8% |
| Commodities (DBC) | 8.4% | 19.6% | 0.31 | 23.3% |
| Real Estate (VNQ) | 1.1% | 18.9% | -0.05 | 26.6% |
| Bitcoin (BTCUSD) | 4.1% | 51.6% | 0.26 | 19.0% |
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 | 8.2% | 47.9% | 0.34 | - |
| Sector ETF (XLB) | 10.7% | 20.7% | 0.46 | 28.6% |
| Equity (SPY) | 15.2% | 17.9% | 0.72 | 19.6% |
| Gold (GLD) | 11.6% | 16.5% | 0.57 | 66.0% |
| Commodities (DBC) | 7.8% | 18.1% | 0.34 | 21.8% |
| Real Estate (VNQ) | 5.4% | 20.7% | 0.22 | 19.6% |
| Bitcoin (BTCUSD) | 61.7% | 66.3% | 1.01 | 14.3% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 6/3/2026| 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 | |||
| 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 |
|---|---|---|
| 06/30/2026 | 08/07/2026 | 6-K |
| 03/31/2026 | 05/07/2026 | 6-K |
| 12/31/2025 | 03/11/2026 | 40-F |
| 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 |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/07/2026 | 6-K |
| 03/31/2026 | 05/07/2026 | 6-K |
| 12/31/2025 | 03/11/2026 | 40-F |
| 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 |
| 09/30/2021 | 11/03/2021 | 6-K |
| 06/30/2021 | 08/05/2021 | 6-K |
| 03/31/2021 | 05/05/2021 | 6-K |
| 12/31/2020 | 03/30/2021 | 40-F |
| 09/30/2020 | 11/04/2020 | 6-K |
| 06/30/2020 | 08/06/2020 | 6-K |
| 03/31/2020 | 05/06/2020 | 6-K |
| 12/31/2019 | 03/20/2020 | 40-F |
| 09/30/2019 | 11/06/2019 | 6-K |
Investor Activity (13F)
Updated Nov 3, 202613F holdings as of Mar 31, 2026 (Q1 2026)
Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Pale Fire Capital SE | $315.9 Mil | 27.8% | 60 | ADD +77.4% | 13F |
| Condire Management, LP | $52.4 Mil | 5.1% | 19 | Hold | 13F |
| TT International Asset Management LTD | $42.9 Mil | 4.7% | 48 | ADD +211.0% | 13F |
| Merk Investments LLC | $9.1 Mil | 2.5% | 11 | Hold | 13F |
| Maple Rock Capital Partners Inc. | $37.0 Mil | 1.2% | 44 | New | 13F |
| Active Manager |
|---|
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Pale Fire Capital SE | $315.9 Mil | 27.8% | 60 | ADD +77.4% | 13F |
| Condire Management, LP | $52.4 Mil | 5.1% | 19 | Hold | 13F |
| TT International Asset Management LTD | $42.9 Mil | 4.7% | 48 | ADD +211.0% | 13F |
| Maple Rock Capital Partners Inc. | $37.0 Mil | 1.2% | 44 | New | 13F |
| Merk Investments LLC | $9.1 Mil | 2.5% | 11 | Hold | 13F |
Industry Resources
| Materials Resources |
| Chemical & Engineering News (C&EN) |
| Mining.com |
| Plastics News |
| Gold Resources |
| Kitco News |
| World Gold Council |
| Mining Journal |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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Core Cache Last Updated: 11/2/2026