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1. Company Snapshot

1.a. 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.

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1.b. Last Insights on BTO

B2Gold Corp.'s recent performance was driven by strategic expansion initiatives and renewable energy efforts. The company's focus on increasing production capabilities and sustainability, as evident from its Goose Project expansion and Fekola Solar Plant upgrades, has contributed to its positive market reaction. Additionally, the approval of a normal course issuer bid by the Toronto Stock Exchange suggests a commitment to shareholder return, potentially boosting investor confidence. Furthermore, the company's outperformance of the broader market in recent sessions indicates a growing interest in its stock.

1.c. Company Highlights

2. B2Gold's Q3 2025 Earnings: Strong Operational Performance and Financial Position

B2Gold reported a strong financial performance in Q3 2025, with revenue reaching $783 million and GAAP earnings per share of $0.01, impacted by non-cash derivative mark-to-market adjustments. Adjusted earnings per share were $0.14, benefiting from the strong gold price environment. The actual EPS came out at $0.195, slightly lower than estimates of $0.2331. The company's operating cash flows totaled $171 million, demonstrating its ability to generate cash from operations.

Publication Date: Nov -11

📋 Highlights
  • Operational Outperformance:: Fekola, Masbate, and Otjikoto mines exceeded production expectations, while Goose mine achieved commercial production with 4,000 tonnes/day design capacity expected by year-end.
  • Financial Performance:: GAAP earnings were $0.01/share (impacted by non-cash adjustments), but adjusted earnings rose to $0.14/share, supported by $783M revenue and $171M operating cash flows.
  • Strong Liquidity Position:: Cash and equivalents totaled $367M, with plans to repay $200M revolver drawdown by year-end, contingent on stable gold prices.
  • CapEx Adjustments at Goose:: Q4 2025 CapEx increased to $60M (from $45M–$46M) due to extended site operations and commissioning costs.

Operational Highlights

The company's operational performance was also impressive, with Fekola, Masbate, and Otjikoto mines exceeding expectations. The Goose mine achieved commercial production three months after the inaugural gold pour and is expected to reach design capacity of 4,000 tonnes per day by the end of the year. As Clive Johnson stated, "the company continues to operate normally" despite the political situation in Mali, and expects the regional mining permit to be issued soon.

Financial Position and Guidance

B2Gold's financial position remains strong, with cash and cash equivalents of $367 million at the end of the quarter. The company expects to repay some or all of the $200 million revolver drawdown by the year-end, indicating a healthy liquidity position. Analysts estimate next year's revenue growth at 20.5%, suggesting a positive outlook for the company's top-line growth.

Valuation Metrics

Looking at the valuation metrics, B2Gold's P/E Ratio stands at -12.47, indicating that the company's earnings are not currently reflected in its stock price. The P/S Ratio is 2.49, and the EV/EBITDA ratio is 2.98. The company's ROE is -13.96%, while the ROIC is 22.62%, suggesting that the company's operations are generating returns, but the equity is not. The Net Debt/EBITDA ratio is 0.07, indicating a manageable debt position.

Capital Expenditure and Future Plans

Regarding CapEx at Goose, Q3 saw higher spending than expected, possibly due to seasonality in Nunavut. The company adjusted its budget for Q4, adding $15 million to account for more people being on site longer than anticipated. This increased spending is expected to support the mine's ramp-up to design capacity.

3. NewsRoom

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Will Segovia and Marmato's Growth Prospects Drive Aris Mining's Momentum?

Dec -03

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B2Gold (TSX:BTO) Valuation: Analyzing Shareholder Optimism and Recent Price Momentum

Dec -01

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These stocks have the greatest “leverage” to rising gold prices: BofA

Dec -01

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Allied Gold vs. B2Gold: Which Gold Mining Stock has Greater Upside?

Nov -24

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Prospector Metals Raises $38 Million in a Non-Brokered Private Placement

Nov -21

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RBC Capital Affirms Hold Stance as B2Gold Corp. (BTG) Bounces to Profitability on High Gold Prices

Nov -21

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Does B2Gold’s Recent Mining Acquisition Signal an Opportunity After a 30% Price Drop?

Nov -20

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NioCorp Soars 56.4% in Past 3 Months: How Should You Play the Stock?

Nov -19

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (7.60%)

6. Segments

Fekola Mine

Expected Growth: 7%

Fekola Mine's 7% growth driven by increased gold production, improved ore grades, and enhanced processing recoveries. Strong exploration results and reserve additions also contribute to growth. Additionally, B2Gold Corp.'s cost-saving initiatives and favorable gold prices support the mine's expansion.

Otjikoto Mine

Expected Growth: 8%

Otjikoto Mine's 8% growth driven by increased gold production, improved ore grades, and enhanced processing recoveries. Strong exploration results and reserve additions also contribute to growth. Additionally, B2Gold Corp.'s cost-saving initiatives and favorable gold prices support the mine's expansion.

Masbate Mine

Expected Growth: 9%

Masbate Mine's 9% growth driven by increased gold production, improved mill recoveries, and higher gold grades. Additionally, successful exploration and drilling programs have expanded mineral reserves, supporting future production growth. Furthermore, B2Gold Corp.'s cost-saving initiatives and efficient operations have enhanced profitability, contributing to the mine's overall growth.

7. Detailed Products

Gold

B2Gold Corp. is a leading gold producer with operations in Mali, Namibia, and the Philippines. The company's primary product is gold, which is extracted from its mines and sold to refineries and other buyers.

Copper

B2Gold Corp. also produces copper as a by-product of its gold mining operations. Copper is extracted from the ore and sold to manufacturers and refineries.

Silver

Silver is another by-product of B2Gold Corp.'s gold mining operations. The company extracts silver from the ore and sells it to refineries and other buyers.

8. B2Gold Corp.'s Porter Forces

Forces Ranking

Threat Of Substitutes

B2Gold Corp. operates in the gold mining industry, which has few substitutes. However, the company faces competition from other precious metals and alternative investments, which could potentially substitute gold.

Bargaining Power Of Customers

B2Gold Corp.'s customers, primarily gold refineries and jewelry manufacturers, have limited bargaining power due to the company's strong market position and the lack of alternative suppliers.

Bargaining Power Of Suppliers

B2Gold Corp. relies on suppliers for equipment, materials, and services. While the company has some bargaining power due to its size, suppliers still have some negotiating power, particularly for specialized equipment and services.

Threat Of New Entrants

The gold mining industry has high barriers to entry, including significant capital requirements, regulatory hurdles, and environmental concerns, making it difficult for new entrants to join the market.

Intensity Of Rivalry

The gold mining industry is highly competitive, with many established players competing for market share. B2Gold Corp. faces intense rivalry from other gold mining companies, which can lead to downward pressure on prices and profit margins.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 4.80%
Debt Cost 9.70%
Equity Weight 95.20%
Equity Cost 9.70%
WACC 9.70%
Leverage 5.04%

11. Quality Control: B2Gold Corp. passed 4 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
Lundin Gold

A-Score: 6.5/10

Value: 1.9

Growth: 9.1

Quality: 8.6

Yield: 6.0

Momentum: 10.0

Volatility: 3.7

1-Year Total Return ->

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Stock-Card
B2Gold

A-Score: 6.0/10

Value: 7.8

Growth: 3.9

Quality: 4.3

Yield: 6.0

Momentum: 9.5

Volatility: 4.7

1-Year Total Return ->

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Stock-Card
Kinross Gold

A-Score: 6.0/10

Value: 4.3

Growth: 7.2

Quality: 8.0

Yield: 2.0

Momentum: 10.0

Volatility: 4.7

1-Year Total Return ->

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Stock-Card
Eldorado Gold

A-Score: 5.9/10

Value: 7.0

Growth: 6.7

Quality: 6.7

Yield: 0.0

Momentum: 10.0

Volatility: 5.0

1-Year Total Return ->

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Stock-Card
Royal Gold

A-Score: 5.7/10

Value: 1.8

Growth: 6.1

Quality: 7.8

Yield: 2.0

Momentum: 9.0

Volatility: 7.3

1-Year Total Return ->

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Stock-Card
Hecla Mining

A-Score: 3.9/10

Value: 1.5

Growth: 4.0

Quality: 5.9

Yield: 0.0

Momentum: 9.5

Volatility: 2.7

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

6.29$

Current Price

6.29$

Potential

-0.00%

Expected Cash-Flows