B2Gold (BTO) AI Stock Analysis

• Market Cap: $5.44B
• Dividend Yield: 4.61%
• Average Volume (3M): 3.80M
• Price to Earnings (P/E): ―
• Beta (1Y): 1.20
• Revenue Growth: 5.97%
• EPS Growth: -1677.31%
• Country: CA
• Employees: 2,212
• Sector: Basic Materials
• Sector Strength: 60
• Industry: Gold
• EPS (TTM): 0.13
• Shares Outstanding: 1,319,720,800
• 10 Day Avg. Volume: 3,532,169
• 30 Day Avg. Volume: 3,795,361
• PEG Ratio: <0.01
• Price to Book (P/B): 1.03
• Price to Sales (P/S): 0.00
• P/FCF Ratio: 21.96
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: $6.51
• Price Target Upside: 45.60% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 10

B2Gold's overall score reflects a balanced outlook. The company's strong cash flow and balance sheet are key strengths, providing resilience despite declining revenue and profitability. Technical analysis shows mixed trends, and a high dividend yield offers income potential. Positive earnings guidance and strategic corporate events further support the stock's potential, although operational challenges remain a concern.

Positive Factors

Cash Flow

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

Exploration Potential

The company's historic success of converting in excess of 75% of Inferred Mineral Resources to Indicated Mineral Resources and the exploration potential at the Back River District suggest upside potential.

Operational Efficiency

The company is evaluating multiple strategies to increase gold recovery, reduce costs, and potentially increase throughput, indicating significant upside potential.

Negative Factors

Cost Increase

Unit costs increased substantially from the prior LoM plan and were materially higher vs. BofAe.

Production Delays

Production from Fekola Regional has been delayed to late 2025 from mid-2025.

Resource Decline

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. is a Canadian-based gold producer with a global portfolio of mining operations. The company operates primarily in the gold mining sector, with core operations in diverse geographic locations including Mali, the Philippines, and Namibia. B2Gold is recognized for its commitment to responsible mining practices and its efforts in sustainable development, ensuring that its operations benefit local communities and minimize environmental impact.

How the Company Makes Money

B2Gold makes money through the exploration, development, and mining of gold resources. The company's primary revenue stream comes from the sale of gold produced at its mining operations. B2Gold benefits from economies of scale by operating multiple mines, which helps to reduce costs and increase profitability. Significant partnerships with local governments and adherence to international mining standards also contribute to its earnings by facilitating stable and efficient operations. Additionally, B2Gold engages in strategic acquisitions and exploration activities to expand its resource base and increase future production capacity.

B2Gold Financial Statement Overview

Summary

B2Gold's financials reflect mixed performance. While the company maintains a strong balance sheet with low leverage, profitability has been challenging, as seen in the negative net income and EBIT in the TTM. The cash flow situation is improving, but operational and revenue growth pressures remain areas of concern.

Income Statement

The income statement shows a challenging period, particularly in the TTM, with a significant net loss driven by negative EBIT and EBITDA margins. The gross profit margin is relatively healthy at 38.54%, but revenue has decreased slightly compared to the previous year, resulting in a revenue growth rate of -1.04%. This reflects the downturn in profitability and operational efficiency.

Balance Sheet

The balance sheet indicates a strong equity position with an equity ratio of 63.44%, suggesting financial stability. The debt-to-equity ratio is low at 0.08, which shows conservative financial leverage. However, the return on equity is negative due to the net loss, highlighting potential profitability concerns.

Cash Flow

Cash flow analysis reveals a positive operating cash flow to net income ratio, indicating effective cash generation despite the net loss. The free cash flow has turned positive in the TTM, showing improvement, though the free cash flow growth rate is not available due to previous negative values. This suggests a cautious but improving cash flow situation.

Breakdown
TTM	Dec 2023	Dec 2022	Dec 2021	Dec 2020	Dec 2019
Income Statement		Total Revenue
1.91B	1.93B	1.73B	1.76B	1.79B	1.16B
	Gross Profit
737.78M	1.18B	604.24M	768.55M	958.29M	450.46M
	EBIT
-411.93M	327.40M	162.95M	714.63M	606.79M	121.09M
	EBITDA
-47.11M	736.63M	925.31M	1.08B	1.35B	760.25M
	Net Income Common Stockholders
-731.23M	10.10M	252.87M	420.06M	628.06M	293.38M
Balance Sheet		Cash, Cash Equivalents and Short-Term Investments
102.75M	306.89M	651.95M	673.00M	479.69M	140.60M
	Total Assets
2.55B	4.87B	3.68B	3.56B	3.36B	2.68B
	Total Debt
479.54M	180.81M	57.23M	75.13M	110.02M	261.85M
	Net Debt
376.78M	-126.09M	-594.72M	-597.87M	-369.66M	121.25M
	Total Liabilities
894.95M	964.64M	569.44M	600.29M	701.79M	631.42M
	Stockholders Equity
1.61B	3.81B	3.01B	2.86B	2.57B	1.99B
Cash Flow		Free Cash Flow
156.46M	-116.78M	205.47M	421.79M	598.07M	230.81M
	Operating Cash Flow
962.50M	714.45M	595.80M	724.11M	950.64M	491.97M
	Investing Cash Flow
-798.75M	-845.34M	-388.78M	-286.28M	-337.96M	-262.79M
	Financing Cash Flow
-35.07M	-192.51M	-211.28M	-234.23M	-278.87M	-192.06M

B2Gold Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 4.47
• 50DMA: Positive
• 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 Positive. The current price of 4.47 is above the 20-day moving average (MA) of 4.25, above the 50-day MA of 4.28, and above the 200-day MA of 3.96, indicating a bullish trend. The MACD of -0.02 indicates Positive momentum. The RSI at 57.49 is Neutral, neither overbought nor oversold. The STOCH value of 52.81 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for TSE:BTO.

B2Gold Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
OR	74 Outperform	$6.12B	139.03	2.50%	0.79%	12.78%	―
ELD	74 Outperform	$5.13B	12.05	8.91%	―	41.46%	187.54%
OLA	71 Outperform	C$4.10B	40.45	-0.28%	―	72.95%	97.10%
BTO	68 Neutral	$5.44B	―	-17.61%	4.61%	5.97%	-1677.31%
IMG	63 Neutral	$5.07B	4.48	28.42%	―	69.19%	417.02%
ARTG	62 Neutral	C$4.54B	―	-3.49%	―	―	-154.04%
Sector *	50 Neutral	$1.98B	-1.08	-21.29%	3.61%	1.96%	-30.59%

B2Gold Corporate Events

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.

Spark’s Take on TSE:BTO Stock

According to Spark, TipRanks’ AI Analyst, TSE:BTO is a Neutral.

B2Gold has a moderately positive outlook due to its strong cash flow and balance sheet, despite declining revenue and profitability. Technical analysis indicates mixed signals, while valuation benefits from a high dividend yield. The earnings call provides optimism with growth prospects and financial robustness, but past operational challenges remain a concern.

To see Spark’s full report on TSE:BTO stock, click here.

B2Gold Receives TSX Approval for Share Repurchase Plan

B2Gold Corp. has received approval from the Toronto Stock Exchange to implement a normal course issuer bid, allowing the company to repurchase up to 5% of its outstanding shares over the next year. This move is part of B2Gold’s amended shareholder return strategy, reflecting the company’s belief that its shares may be undervalued and that repurchasing shares is a desirable use of capital, potentially impacting its market valuation and shareholder value.

B2Gold Updates Goose Project Plan with Enhanced Gold Production Outlook

B2Gold Corp. has announced an updated mineral reserve life of mine plan for its Goose Project in the Back River Gold District, highlighting a significant improvement in both indicated and inferred mineral resources. The company is on track with construction and development, aiming for first gold pour in the second quarter of 2025 and commercial production by the third quarter. The Goose Project is expected to enhance B2Gold’s production profile with an average annual gold production of approximately 300,000 ounces over the first six years, supported by improved gold grades and recovery rates. This development positions B2Gold to strengthen its market presence and offers potential benefits for stakeholders through increased production and resource conversion.

B2Gold Completes Major Solar Expansion at Fekola Mine

B2Gold has completed the Phase 2 expansion of the Fekola Solar Plant in Mali, which is now operational. This expansion added 46,200 solar panels, increasing the plant’s capacity to 52 MW of solar power and 27.7 MWh of battery storage. The project, which generated local employment and training opportunities, is expected to significantly reduce carbon emissions and heavy fuel oil consumption, supplying approximately 30% of the site’s electricity demand. This initiative aligns with B2Gold’s commitment to renewable energy and its goal of reducing greenhouse gas emissions by 30% by 2030.