B2Gold (BTO) AI Stock Analysis

• Market Cap: $6.04B
• Dividend Yield: 0.72%
• Average Volume (3M): 2.80M
• Price to Earnings (P/E): ―
• Beta (1Y): 1.23
• Revenue Growth: 5.97%
• EPS Growth: -1677.31%
• Country: CA
• Employees: 2,212
• Sector: Basic Materials
• Sector Strength: 68
• Industry: Gold
• EPS (TTM): 0.12
• Shares Outstanding: 1,321,372,800
• 10 Day Avg. Volume: 3,161,079
• 30 Day Avg. Volume: 2,799,932
• PEG Ratio: -3.97
• Price to Book (P/B): 1.54
• Price to Sales (P/S): 0.00
• P/FCF Ratio: 13.36
• Enterprise Value/Market Cap: 0.78
• Enterprise Value/Revenue: 0.61
• Enterprise Value/Gross Profit: 6.63
• Enterprise Value/Ebitda: 3.49
• 1Y Price Target: $6.64
• Price Target Upside: 40.67% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 10

• Rating: 66 Neutral
• Price Target: C$5.00 ▲(5.93%Upside)

B2Gold's overall score reflects a balance between operational challenges and strategic opportunities. Strong cash flow and recent project advancements are key positives, whereas technical indicators and valuation metrics highlight areas of caution. The company's ability to overcome revenue and profitability declines will be crucial for future stock performance.

Positive Factors

Cash Flow Generation

The company plans to see elevated cash flow generation due to increased production of above 330kozpa, accompanied by a decrease in costs.

Operator Reputation

The company is considered a proven, competent operator with a well-regarded track record.

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 compared to last year's PEA.

NPV Reduction

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.

Resource Estimate

Updated mineral resource estimate saw a 19% decrease in Reserves and a 10% decrease in M&I Resource.

B2Gold Business Overview & Revenue Model

Company Description

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.

How the Company Makes Money

B2Gold makes money primarily through the extraction and sale of gold from its mining operations. The company's revenue streams are driven by the volume of gold produced and the prevailing market prices for gold. Additionally, B2Gold may generate revenue from by-products such as silver and copper, which are often found alongside gold in its mining operations. Key factors contributing to its earnings include operational efficiencies, cost management, and strategic acquisitions or partnerships that enhance its mining capabilities or expand its resource base. The company also invests in exploration activities to identify new gold resources that can be developed into future revenue-generating assets.

B2Gold Financial Statement Overview

Summary

B2Gold shows operational challenges with declining revenue and profitability. However, it maintains a solid balance sheet and strong cash flow generation, indicating financial resilience. The company should focus on reversing revenue and profitability declines to improve its financial health further.

Income Statement

The income statement shows declining revenue and profitability. The gross profit margin and net profit margin have decreased significantly from previous years, showing a negative trend in profitability with a net loss in the latest year. Revenue growth is negative, indicating challenges in maintaining revenue levels. The EBIT margin is also negative, reflecting operational challenges.

Balance Sheet

The balance sheet displays a solid equity base with a debt-to-equity ratio that remains manageable. However, there is a decline in stockholders' equity over the past year. The equity ratio is strong, indicating a stable financial structure, but the decrease in equity suggests some risk in maintaining this stability.

Cash Flow

Despite the income statement's negative results, the cash flow statement is strong with substantial operating cash flow and positive free cash flow. The free cash flow growth rate is impressive, and the operating cash flow to net income ratio indicates effective cash generation despite net losses.

Breakdown	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	1.90B	1.93B	1.73B	1.76B	1.79B
Gross Profit	706.20M	1.18B	604.24M	768.55M	958.29M
EBITDA	93.03M	736.63M	925.31M	1.08B	1.35B
Net Income	-629.89M	10.10M	252.87M	420.06M	628.06M
Balance Sheet
Total Assets	4.81B	4.87B	3.68B	3.56B	3.36B
Cash, Cash Equivalents and Short-Term Investments	348.54M	306.89M	651.95M	673.00M	479.69M
Total Debt	427.86M	220.96M	90.48M	75.13M	110.02M
Total Liabilities	1.78B	964.64M	569.44M	600.29M	701.79M
Stockholders Equity	2.98B	3.81B	3.01B	2.86B	2.57B
Cash Flow
Free Cash Flow	860.74M	638.09M	205.47M	421.79M	598.07M
Operating Cash Flow	877.60M	714.45M	595.80M	724.11M	950.64M
Investing Cash Flow	-763.30M	-845.34M	-388.78M	-286.28M	-337.96M
Financing Cash Flow	-69.07M	-192.51M	-211.28M	-234.23M	-278.87M

B2Gold Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 4.72
• 50DMA: Negative
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:BTO, the sentiment is Neutral. The current price of 4.72 is below the 20-day moving average (MA) of 4.85, below the 50-day MA of 4.76, and above the 200-day MA of 4.16, indicating a neutral trend. The MACD of -0.04 indicates Positive momentum. The RSI at 45.55 is Neutral, neither overbought nor oversold. The STOCH value of 21.52 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for TSE:BTO.

B2Gold Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
BTO	66 Neutral	$6.04B	―	-17.61%	0.72%	5.97%	-1677.31%
Sector *	44 Neutral	AU$1.45B	-5.90	-41.37%	4.07%	-3.45%	-43.04%
EGO	―	$4.05B	12.32	8.91%	―	―	―
IAG	―	$3.98B	5.01	28.42%	―	―	―
OLA	81 Outperform	C$5.12B	40.45	-0.28%	―	72.95%	97.10%
OR	―	$5.15B	166.87	2.50%	0.03%	―	―
ARGTF	―	$4.33B	―	-3.49%	―	―	―

B2Gold Corporate Events

B2Gold to Announce Q2 2025 Financial Results

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.

B2Gold Reports Positive Feasibility Study for Gramalote Project

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.

B2Gold Achieves First Gold Pour at Goose Mine, Expands Canadian Operations

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.

B2Gold Announces 2025 Annual Meeting Details and Proxy Support

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.

B2Gold’s 2024 ESG and Climate Strategy: A Commitment to Responsible Mining

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.

B2Gold Corp. Exceeds Q1 2025 Expectations and Advances Goose Project

B2Gold Corp. reported strong operational and financial results for the first quarter of 2025, with gold production exceeding expectations and lower than anticipated all-in sustaining costs. The Goose Project is on track for its first gold production next month, with the total construction and mine development budget remaining at C$1,540 million, indicating positive progress and financial stability for the company.