B2Gold (BTO) AI Stock Analysis

• Market Cap: C$6.38B
• Dividend Yield: 3.06%
• Average Volume (3M): 3.00M
• 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: 61
• Industry: Gold
• EPS (TTM): 0.12
• Shares Outstanding: 1,321,372,800
• 10 Day Avg. Volume: 3,167,969
• 30 Day Avg. Volume: 2,996,496
• PEG Ratio: -0.37
• Price to Book (P/B): 1.25
• Price to Sales (P/S): 0.00
• P/FCF Ratio: 18.33
• Enterprise Value/Market Cap: 0.50
• Enterprise Value/Revenue: 0.41
• Enterprise Value/Gross Profit: 4.49
• Enterprise Value/Ebitda: 2.36
• 1Y Price Target: C$6.90
• Price Target Upside: 40.31% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 10

• Rating: 74 Outperform
• Price Target: C$5.50 ▲(11.79%Upside)

B2Gold's overall score is driven by its strong financial resilience and positive strategic developments, such as the Goose project and share repurchase plan. While technical indicators show modest momentum, valuation remains a concern due to net losses. The earnings call highlights a positive future outlook, contributing significantly to the score.

Positive Factors

Company Operations

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.

Financial Performance

Cash Costs of $832/oz were lower than expectations, while AISC of $1,533/oz was slightly below expectations.

Future Production

The Back River District is expected to produce increased cash flow due to elevated production and decreased costs.

Negative Factors

Cost Estimates

Goose’s new LoM average all-in sustaining cost (AISC) is $1,547/oz, up 28% vs. BofAe and a 100% from the prior LoM plan.

Permitting and Production Delays

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

Resource Estimates

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 exhibits operational challenges with declining revenue and profitability. However, it maintains a solid balance sheet and strong cash flow generation, showcasing 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: Positive
• Last Price: 4.92
• 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 4.92 is below the 20-day moving average (MA) of 4.98, above the 50-day MA of 4.61, and above the 200-day MA of 4.13, indicating a neutral trend. The MACD of 0.09 indicates Positive momentum. The RSI at 53.67 is Neutral, neither overbought nor oversold. The STOCH value of 41.86 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
ELD	78 Outperform	$5.60B	12.43	8.91%	―	41.46%	187.54%
BTO	74 Outperform	C$6.38B	―	-17.61%	3.06%	5.97%	-1677.31%
IMG	74 Outperform	$5.58B	4.93	28.42%	―	69.19%	417.02%
OR	69 Neutral	$6.43B	146.14	2.50%	0.76%	12.78%	―
OLA	69 Neutral	C$4.27B	40.45	-0.28%	―	72.95%	97.10%
ARTG	62 Neutral	$5.53B	―	-3.49%	―	―	-154.04%
Sector *	44 Neutral	C$956.42M	-6.69	-13.35%	2.79%	17.55%	-32.18%

B2Gold Corporate Events

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.

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.