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B2Gold Corp. (TSE:BTO)
:BTO
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B2Gold (BTO) AI Stock Analysis

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TSE:BTO

B2Gold

(NYSE MKT:BTO)

Rating:62Neutral
Price Target:
C$5.50
▼(-3.51% Downside)
B2Gold's overall stock score reflects a mixed financial performance with strong technical indicators and positive earnings call highlights. The company's revenue growth and strategic milestones, such as the Goose Mine, are promising, but profitability and cash flow challenges weigh on the score. The technical analysis suggests positive momentum, while the valuation is hindered by a negative P/E ratio. The earnings call provided a boost with optimistic guidance and operational achievements.
Positive Factors
Company Reputation
The company is considered a proven, competent operator with a well-regarded track record.
Production Growth
Segovia expansion expected to drive production growth.
Project Development
The project has been significantly de-risked for future development due to robust drilling programs and engineering studies.
Negative Factors
Feasibility Study
The Feasibility Study highlighted slightly lower annual production and slightly higher costs, which had a slightly negative impact on estimates.
Financial Metrics
The project's NPV is now US$556M, significantly lower than the US$941M disclosed in the Feasibility Study due to the use of a different price deck and timing of first gold.
Mineral Resources
Updated mineral resource estimate saw a 19% decrease in Reserves and a 10% decrease in M&I Resource.

B2Gold (BTO) vs. iShares MSCI Canada ETF (EWC)

B2Gold Business Overview & Revenue Model

Company DescriptionB2Gold 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.
How the Company Makes MoneyB2Gold generates revenue primarily through the sale of gold. The company mines gold at its operational sites and sells it in the form of bullion or refined gold. Key revenue streams include gold production from its three major mines, with the Fekola Mine being a significant contributor owing to its high production output and low operating costs. Additionally, B2Gold benefits from a diversified portfolio of mining operations and exploration projects, which can lead to increased production in the future. The company also engages in hedging strategies to manage gold price volatility and optimize its revenue. Strategic partnerships and contracts with local governments and stakeholders in the regions where it operates further contribute to its earnings stability and growth potential.

B2Gold Earnings Call Summary

Earnings Call Date:Aug 07, 2025
(Q2-2025)
|
% Change Since: |
Next Earnings Date:Nov 05, 2025
Earnings Call Sentiment Positive
The earnings call conveyed strong operational and financial performance, with significant milestones achieved at Goose Mine and positive developments in Mali. However, there were timing issues with gold sales and increased capital expenditures. Despite these challenges, the company remains optimistic about meeting annual guidance.
Q2-2025 Updates
Positive Updates
Successful Gold Production and Cost Management
Fekola, Masbate, and Otjikoto mines exceeded production expectations, resulting in lower-than-expected cash operating costs per ounce. Cash cost guidance range has been reduced to $740-$800 per ounce, down from $835-$895.
Goose Mine Milestone
Celebrated the inaugural gold ore at the newly constructed Goose Mine. The mine is expected to reach commercial production rapidly by September 2025.
Positive Developments in Mali
Received approval for underground operations at Fekola in Mali, signaling strong cooperation with the Malian government.
Strong Financial Performance
Operating cash flow before working capital adjustments was $301 million. The company maintains a strong balance sheet with $308 million in cash and a full $800 million available on the revolving credit facility.
Gramalote Feasibility Study
Announced positive results from the Gramalote feasibility study, demonstrating a meaningful production profile and positive project economics.
Negative Updates
Timing Issues with Gold Sales
Slightly behind budgeted sales ounces in the quarter due to the timing of shipments, which were sold in early July.
Increased Capital Expenditure at Goose
Experienced approximately 5% overall cost increases against the budget for Goose Mine, with a $100 million acceleration of costs and upgrades.
Permit Delays in Mali
Delays in obtaining the regional exploitation permit for Fekola, attributed to governmental changes and focus on other mining house issues.
Company Guidance
During B2Gold Corporation's second quarter 2025 financial results conference call, President and CEO Clive Johnson highlighted a robust performance across their operations, particularly at the Fekola, Masbate, and Otjikoto mines, where production exceeded expectations, leading to reduced cash operating costs per ounce. The company marked a significant milestone with the inaugural gold ore at the newly constructed Goose Mine, expecting commercial production ramp-up by September 2025. In terms of financial performance, CFO Michael Cinnamond reported basic and adjusted earnings per share of $0.12, with operating cash flow before working capital adjustments reaching $301 million. The company's balance sheet remains strong, with $308 million in cash and cash equivalents and an undrawn revolving credit facility of $800 million. B2Gold reiterated their 2025 production guidance, expecting to produce between 970,000 and 1,075,000 ounces, with Goose projected to contribute 120,000 to 150,000 ounces. The call also noted lower-than-expected cash cost guidance for their three operating mines, now forecasted to be between $740 and $800 per ounce, reflecting a positive adjustment from previous guidance.

B2Gold Financial Statement Overview

Summary
B2Gold's financial performance is mixed. The company shows revenue growth and maintains a strong balance sheet with low leverage, but faces profitability and cash flow challenges. The negative net income and declining cash flow are areas of concern that need addressing to ensure long-term financial health.
Income Statement
45
Neutral
B2Gold's income statement shows a mixed performance. The TTM data indicates a gross profit margin of 41.34%, which is decent but has declined from previous years. The net profit margin is negative at -19.96%, reflecting a significant net loss. Revenue growth is positive at 10.12% TTM, suggesting some recovery, but the EBIT margin is negative, indicating operational challenges. Overall, the company faces profitability issues despite revenue growth.
Balance Sheet
65
Positive
The balance sheet is relatively strong with a low debt-to-equity ratio of 0.13 TTM, indicating conservative leverage. However, the return on equity is negative at -13.97%, reflecting the net losses. The equity ratio is stable, showing a solid capital structure. Despite the negative ROE, the low leverage provides financial stability.
Cash Flow
50
Neutral
Cash flow analysis reveals challenges, with a significant decline in free cash flow growth at -81.65% TTM. The operating cash flow to net income ratio is 0.56, indicating some cash generation capability, but the free cash flow to net income ratio is negative, highlighting cash flow issues. The company needs to improve its cash flow management to support operations.
BreakdownTTMDec 2024Dec 2023Dec 2022Dec 2021Dec 2020
Income Statement
Total Revenue2.17B1.90B1.93B1.73B1.76B1.79B
Gross Profit897.98M706.20M1.18B604.24M768.55M958.29M
EBITDA268.82M93.03M736.63M925.31M1.08B1.35B
Net Income-433.63M-629.89M10.10M252.87M420.06M628.06M
Balance Sheet
Total Assets5.31B4.81B4.87B3.68B3.56B3.36B
Cash, Cash Equivalents and Short-Term Investments310.31M348.54M306.89M651.95M673.00M479.69M
Total Debt434.35M427.86M220.96M90.48M75.13M110.02M
Total Liabilities1.99B1.78B964.64M569.44M600.29M701.79M
Stockholders Equity3.27B2.98B3.81B3.01B2.86B2.57B
Cash Flow
Free Cash Flow-92.58M860.74M638.09M205.47M421.79M598.07M
Operating Cash Flow538.31M877.60M714.45M595.80M724.11M950.64M
Investing Cash Flow-846.83M-763.30M-845.34M-388.78M-286.28M-337.96M
Financing Cash Flow156.20M-69.07M-192.51M-211.28M-234.23M-278.87M

B2Gold Technical Analysis

Technical Analysis Sentiment
Positive
Last Price5.70
Price Trends
50DMA
5.05
Positive
100DMA
4.81
Positive
200DMA
4.30
Positive
Market Momentum
MACD
0.21
Negative
RSI
64.76
Neutral
STOCH
83.64
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:BTO, the sentiment is Positive. The current price of 5.7 is above the 20-day moving average (MA) of 5.39, above the 50-day MA of 5.05, and above the 200-day MA of 4.30, indicating a bullish trend. The MACD of 0.21 indicates Negative momentum. The RSI at 64.76 is Neutral, neither overbought nor oversold. The STOCH value of 83.64 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for TSE:BTO.

B2Gold Peers Comparison

Overall Rating
UnderperformOutperform
Sector (61)
Financial Indicators
Name
Overall Rating
Market Cap
P/E Ratio
ROE
Dividend Yield
Revenue Growth
EPS Growth
62
Neutral
C$7.50B-12.34%2.85%15.08%-204.35%
61
Neutral
$10.24B6.180.71%2.90%3.45%-36.02%
$5.02B12.6910.82%
$5.35B6.6026.28%
57
Neutral
C$4.94B154.694.89%123.03%
$6.04B76.666.27%0.60%
$4.83B80.9212.71%
* Basic Materials Sector Average
Performance Comparison
Ticker
Company Name
Price
Change
% Change
TSE:BTO
B2Gold
5.70
2.27
66.04%
EGO
Eldorado Gold
25.43
9.31
57.75%
IAG
IAMGOLD
9.43
4.62
96.05%
TSE:OLA
Orla Mining
15.80
10.45
195.33%
OR
Osisko Gold Royalties
32.50
16.14
98.66%
ARGTF
Artemis Gold
21.88
13.16
150.92%

B2Gold Corporate Events

Business Operations and StrategyFinancial Disclosures
B2Gold Exceeds Q2 2025 Gold Production Expectations and Advances Key Projects
Positive
Aug 7, 2025

B2Gold Corp. reported strong operational and financial results for Q2 2025, with gold production exceeding expectations at 229,454 ounces and lower cash operating costs of $745 per ounce. The company achieved its inaugural gold pour at the Goose Mine and received approval for underground mining at Fekola, positioning itself for continued growth. The positive feasibility study for the Gramalote Project in Colombia indicates promising future production, enhancing B2Gold’s industry positioning and potential stakeholder benefits.

The most recent analyst rating on (TSE:BTO) stock is a Buy with a C$6.00 price target. To see the full list of analyst forecasts on B2Gold stock, see the TSE:BTO Stock Forecast page.

Business Operations and Strategy
B2Gold Receives Mali’s Approval for Underground Mining at Fekola
Positive
Jul 30, 2025

B2Gold Corp. has received approval from the State of Mali to commence underground mining operations at the Fekola Mine, a significant step for the company’s production growth in the region. The Fekola Complex, partially owned by the State of Mali, is expected to see a substantial increase in gold production, with the underground operations contributing 25,000 to 35,000 ounces in 2025 and ramping up in subsequent years. Additionally, the development of the Fekola Regional area is anticipated to further enhance production, contributing approximately 180,000 ounces annually from 2026 to 2029, and extending the mine’s life well into the 2030s. This strategic development underscores B2Gold’s commitment to expanding its operations and strengthening its position in the gold mining industry.

The most recent analyst rating on (TSE:BTO) stock is a Buy with a C$6.50 price target. To see the full list of analyst forecasts on B2Gold stock, see the TSE:BTO Stock Forecast page.

Financial Disclosures
B2Gold to Announce Q2 2025 Financial Results
Neutral
Jul 15, 2025

B2Gold Corp. is set to release its second quarter 2025 financial results on August 7, 2025, after the North American markets close. The company will host a conference call on August 8, 2025, to discuss these results, providing stakeholders with insights into its financial performance and operational strategies. This announcement is significant for stakeholders as it offers an opportunity to assess B2Gold’s market positioning and future prospects in the gold production industry.

The most recent analyst rating on (TSE:BTO) stock is a Buy with a C$8.25 price target. To see the full list of analyst forecasts on B2Gold stock, see the TSE:BTO Stock Forecast page.

Business Operations and StrategyFinancial Disclosures
B2Gold Reports Positive Feasibility Study for Gramalote Project
Positive
Jul 14, 2025

B2Gold announced positive feasibility study results for its Gramalote Project in Colombia, projecting significant gold production and strong economic returns. The study highlights an after-tax NPV of $941 million at a $2,500/oz gold price, with a 22.4% IRR, and emphasizes the project’s robust drilling and engineering studies, which reduce development risks. The project benefits from local community and government support, with necessary permits in place, though modifications are needed for the medium-scale project.

The most recent analyst rating on (TSE:BTO) stock is a Buy with a C$6.00 price target. To see the full list of analyst forecasts on B2Gold stock, see the TSE:BTO Stock Forecast page.

Product-Related AnnouncementsBusiness Operations and Strategy
B2Gold Achieves First Gold Pour at Goose Mine, Expands Canadian Operations
Positive
Jun 30, 2025

B2Gold Corp. has successfully poured its first gold at the Goose Mine, marking its first Canadian operating asset and the fourth in its global portfolio. This milestone signifies a significant step in diversifying and enhancing the company’s production capabilities. The Goose Mine, part of the Back River Gold District in Nunavut, Canada, is expected to ramp up to commercial production by the third quarter of 2025, with an estimated annual production of 300,000 ounces over the next six years. The company emphasizes collaboration with the Kitikmeot Inuit Association to ensure socio-economic benefits for the region. B2Gold’s exploration efforts continue to show promise, with significant potential across the Back River Gold District.

The most recent analyst rating on (TSE:BTO) stock is a Buy with a C$6.00 price target. To see the full list of analyst forecasts on B2Gold stock, see the TSE:BTO Stock Forecast page.

Shareholder Meetings
B2Gold Announces 2025 Annual Meeting Details and Proxy Support
Positive
Jun 12, 2025

B2Gold Corp. has announced details for its 2025 Annual General and Special Meeting of Shareholders, scheduled for June 19, 2025, in Vancouver and online. The company has received support from leading proxy advisory firms, Glass Lewis and Institutional Shareholder Services, recommending shareholders vote in favor of all proposed items, including setting the number of directors, electing directors, appointing an auditor, and a non-binding advisory vote on executive compensation. The meeting will also feature a presentation on B2Gold’s 2024 performance and a corporate update for the first half of 2025, followed by a Q&A session.

The most recent analyst rating on (TSE:BTO) stock is a Buy with a C$6.00 price target. To see the full list of analyst forecasts on B2Gold stock, see the TSE:BTO Stock Forecast page.

Business Operations and StrategyFinancial Disclosures
B2Gold’s 2024 ESG and Climate Strategy: A Commitment to Responsible Mining
Positive
May 28, 2025

B2Gold Corp. has released its ninth annual Responsible Mining Report and its fourth annual Climate Strategy Update, highlighting its commitment to ESG practices and climate risk management. In 2024, B2Gold achieved a total consolidated gold production of 804,778 ounces, generated $1.9 billion in revenue, and invested significantly in local communities and national employment. The company’s focus on local procurement and diversity initiatives underscores its dedication to sustainable and inclusive growth, aiming to create long-term value for stakeholders while maintaining high standards of operational excellence.

The most recent analyst rating on (TSE:BTO) stock is a Buy with a C$6.00 price target. To see the full list of analyst forecasts on B2Gold stock, see the TSE:BTO Stock Forecast page.

Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

Disclaimer

This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.Date of analysis: Aug 20, 2025