B2Gold (BTO) AI Stock Analysis

• Market Cap: $7.54B
• Dividend Yield: 2.61%
• Average Volume (3M): 6.88M
• Price to Earnings (P/E): 24.6
• Beta (1Y): 1.49
• Revenue Growth: 34.31%
• EPS Growth: N/A
• Country: CA
• Employees: 2,212
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Gold
• EPS (TTM): 0.20
• Shares Outstanding: 1,322,986,200
• 10 Day Avg. Volume: 7,834,556
• 30 Day Avg. Volume: 6,881,979
• PEG Ratio: <0.01
• Price to Book (P/B): 1.07
• Price to Sales (P/S): 1.68
• P/FCF Ratio: 3.72
• Enterprise Value/Market Cap: 0.00
• Enterprise Value/Revenue: 0.00
• Enterprise Value/Gross Profit: 0.00
• Enterprise Value/Ebitda: 0.00
• 1Y Price Target: $8.02
• Price Target Upside: 49.63% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 10
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 51 Neutral
• Price Target: C$5.50 ▲(2.61% Upside)

B2Gold's overall stock score reflects mixed financial performance and bearish technical indicators. While the company has strong operational results and a solid balance sheet, profitability and cash flow issues weigh heavily. The earnings call provided some positive insights, but technical analysis suggests caution.

Positive Factors

Strong Operational Performance

Exceeding production expectations at key mines indicates strong operational efficiency and enhances the company's ability to generate revenue sustainably.

Stable Operations in Mali

Stable operations in Mali, despite political concerns, ensure continued production and revenue from a key asset, supporting long-term business stability.

Low Leverage

Low leverage provides financial stability and flexibility, allowing the company to navigate market fluctuations and invest in growth opportunities.

Negative Factors

Profitability Challenges

Profitability issues and declining cash flow can hinder reinvestment in operations and growth, impacting long-term financial health and shareholder returns.

Crushing Capacity Issues

Crushing capacity issues at Goose Mine may limit production efficiency and increase costs, affecting the company's ability to meet production targets.

Revised Production Guidance

Reduced production guidance for Goose Mine suggests operational challenges, potentially impacting revenue forecasts and investor confidence.

B2Gold Business Overview & Revenue Model

Company Description

B2Gold Corp (BTO) is a low-cost international senior gold producer headquartered in Vancouver, Canada. The company operates three significant gold mines: the Fekola Mine in Mali, the Masbate Mine in the Philippines, and the Otjikoto Mine in Namibia. B2Gold is primarily focused on the exploration, development, and mining of gold, with a commitment to sustainable and responsible mining practices. The company also has several exploration projects worldwide, enhancing its growth potential in the gold sector.

How the Company Makes Money

B2Gold 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 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

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

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

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.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	2.17B	1.90B	1.93B	1.73B	1.76B	1.79B
Gross Profit	1.27B	1.07B	1.18B	988.10M	1.15B	1.26B
EBITDA	1.86B	926.24M	869.71M	916.92M	1.09B	1.18B
Net Income	-433.63M	-629.89M	10.10M	252.87M	420.06M	628.06M
Balance Sheet
Total Assets	5.30B	4.81B	4.84B	3.72B	3.53B	3.36B
Cash, Cash Equivalents and Short-Term Investments	309.64M	348.33M	304.69M	658.34M	666.67M	478.72M
Total Debt	441.94M	437.62M	190.74M	57.79M	74.43M	109.80M
Total Liabilities	1.99B	1.78B	957.71M	575.03M	594.64M	700.38M
Stockholders Equity	3.26B	2.98B	3.78B	3.04B	2.83B	2.57B
Cash Flow
Free Cash Flow	-306.53M	185.63K	-25.37M	303.59M	463.76M	665.94M
Operating Cash Flow	531.98M	824.38M	721.38M	573.74M	705.83M	985.77M
Investing Cash Flow	-843.80M	-726.65M	-859.05M	-377.21M	-281.47M	-355.09M
Financing Cash Flow	163.73M	-54.67M	-190.98M	-200.67M	-224.17M	-279.92M

B2Gold Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 5.36
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Positive
• MACD: Positive
• RSI: Positive
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:BTO, the sentiment is Negative. The current price of 5.36 is below the 20-day moving average (MA) of 6.94, below the 50-day MA of 6.59, and above the 200-day MA of 4.96, indicating a neutral trend. The MACD of -0.30 indicates Positive momentum. The RSI at 29.37 is Positive, neither overbought nor oversold. The STOCH value of 3.83 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for TSE:BTO.

B2Gold Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
ELD	68 Neutral	$7.60B	14.61	9.54%	―	44.88%	38.67%
IMG	66 Neutral	$9.67B	19.93	10.09%	―	56.17%	-51.73%
OR	66 Neutral	$8.31B	40.35	11.26%	0.64%	37.22%	―
ARTG	62 Neutral	$7.54B	87.32	28.16%	―	―	―
Sector *	61 Neutral	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%
OLA	56 Neutral	C$4.38B	138.06	4.89%	―	123.03%	―
BTO	51 Neutral	$7.54B	24.59	6.90%	2.61%	34.31%	―

B2Gold Corporate Events

B2Gold Corp. Reports Robust Q3 2025 Results and Strategic Developments

B2Gold Corp. reported strong operational and financial results for the third quarter of 2025, with total gold production reaching 254,369 ounces, surpassing expectations. Despite challenges at the Goose Mine, the company maintains its production guidance for other mines and has approved the development of the Antelope underground deposit, which is expected to enhance future production capabilities.

The most recent analyst rating on (TSE:BTO) stock is a Hold 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.

B2Gold’s Fekola Complex Operations in Mali Remain Stable

B2Gold Corp. has announced that its operations at the Fekola Complex in Mali are continuing without interruption, with all permits and licenses in good standing. The company maintains its 2025 gold production guidance for the Fekola Complex at 515,000 to 550,000 ounces and is in the final stages of obtaining the Fekola Regional exploitation permit. This stability in operations underscores B2Gold’s commitment to safe and reliable gold production, contributing to economic benefits and job creation in Mali.

The most recent analyst rating on (TSE:BTO) stock is a Hold 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.

B2Gold to Announce Q3 2025 Financial Results

B2Gold Corp. announced it will release its third quarter 2025 financial results on November 5, 2025, after the North American markets close. A conference call to discuss the results will be held on November 6, 2025, providing stakeholders with insights into the company’s financial performance and future outlook.

The most recent analyst rating on (TSE:BTO) stock is a Buy with a C$8.50 price target. To see the full list of analyst forecasts on B2Gold stock, see the TSE:BTO Stock Forecast page.

B2Gold Achieves Commercial Production at Goose Mine

B2Gold Corp. has announced the achievement of commercial production at its Goose Mine in Nunavut, Canada, as of October 2, 2025. This milestone was reached after 30 consecutive days of mill throughput at 65% or greater of its design capacity. The Goose Mine is expected to be a cornerstone of B2Gold’s production base, with significant gold production projections for the coming years. The company anticipates producing between 80,000 to 110,000 ounces of gold in 2025, with annual production expected to average 300,000 ounces from 2026 to 2031. This development is a testament to B2Gold’s operational capabilities and strategic positioning in the gold mining industry.

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 Updates on Goose Mine and Fekola Complex Operations

B2Gold Corp. has provided an update on its Goose Mine in Canada, which achieved its first gold pour in June 2025 and is on track for commercial production soon. The company has adjusted its 2025 gold production guidance for Goose Mine due to a shortfall in crushing plant capacity but expects strong production in Q4. Additionally, B2Gold is conducting optimization studies that could enhance production capacity and reduce operational costs. Meanwhile, the Fekola Complex in Mali continues to exceed production expectations, with underground operations commencing and further expansion anticipated with the upcoming Fekola Regional exploitation permit.

The most recent analyst rating on (TSE:BTO) stock is a Hold with a C$5.00 price target. To see the full list of analyst forecasts on B2Gold stock, see the TSE:BTO Stock Forecast page.

B2Gold Files Technical Report for Gramalote Project in Colombia

On August 27, 2025, B2Gold Corp. announced the filing of a technical report for the Gramalote Project in Colombia, with an effective date of July 14, 2025. The report, prepared in compliance with NI 43-101 standards, highlights the company’s ongoing exploration and development efforts at the site, with contributions from qualified professionals in geology, engineering, and sustainability. This development underscores B2Gold’s strategic focus on expanding its gold mining operations in Colombia, potentially enhancing its market position and offering new opportunities for stakeholders.

The most recent analyst rating on (TSE:BTO) stock is a Hold with a C$5.50 price target. To see the full list of analyst forecasts on B2Gold stock, see the TSE:BTO Stock Forecast page.

B2Gold Corp. Earnings Call Highlights Operational Success

B2Gold Corp. recently held its earnings call, which was marked by a largely positive sentiment. The company highlighted operational successes, financial stability, and strategic milestones, particularly in the Mali region and at the newly constructed Goose Mine. Despite minor challenges such as timing issues with gold shipments and CapEx overruns at Goose Mine, B2Gold’s outlook remains robust.

B2Gold Corp. Reports Strong Q2 2025 Results

B2Gold Corp. is an international senior gold producer headquartered in Vancouver, Canada, with operations in Canada, Mali, Namibia, and the Philippines, and various development and exploration projects worldwide.

B2Gold Exceeds Q2 2025 Gold Production Expectations and Advances Key Projects

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.