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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 2025 Earnings: A Record Year with Strong Production and Cash Flows

B2Gold Corporation reported a record revenue of $3 billion in 2025, with the fourth quarter contributing $1.05 billion to the total. The company's production for the year was approximately 980,000 ounces, near the midpoint of its guidance. GAAP earnings per share for Q4 2025 were $0.13, while adjusted earnings per share were $0.11. Operating cash flows for 2025 were substantial at $896 million, with $286 million generated in Q4. The company's cash and cash equivalents stood at $380 million at the end of 2025. The actual EPS for the quarter came in at $0.147, slightly below estimates of $0.1808.

Publication Date: Feb -22

📋 Highlights
  • Record 2025 Revenue:: Achieved $3 billion, with Q4 revenue at $1.05 billion.
  • Production Guidance Met:: 980,000 ounces produced in 2025, aligning with midpoint of guidance.
  • Strong Operating Cash Flows:: $896 million in 2025, including $286 million in Q4.
  • Share Buybacks:: Repurchased 2 million shares for $10 million in 2025; 5 million shares for $24 million post-year-end.

Production and Cost Guidance

For 2026, B2Gold expects production to range between 820,000 and 970,000 ounces. The Fekola mine is anticipated to maintain a consistent production level throughout the year, pending the approval of the Fekola Regional permit in Q1 2026. Meanwhile, the Goose mine is expected to ramp up production throughout 2026, with plans for a crushing circuit improvement in the second half of the year. This improvement is likely to significantly reduce the all-in sustaining cost (ASIC) at Goose once the crusher remediation is complete.

Cash Flows and Share Buybacks

The company generated substantial operating cash flows in 2025 and has been active in repurchasing shares. In 2025, B2Gold repurchased 2 million shares for $10 million, and subsequent to year-end, it bought an additional 5 million shares for $24 million. The company plans to continue share buybacks, contingent on the gold price environment and cash flows. With a strong cash position and robust cash generation, B2Gold is well-positioned to continue returning value to shareholders.

Valuation and Outlook

Analysts estimate B2Gold's revenue to grow by 25.1% in 2026. Currently, the stock trades at a P/E Ratio of 17.81, P/B Ratio of 2.01, and an EV/EBITDA of 4.57. These valuation metrics suggest a reasonable pricing considering the company's growth prospects and profitability, with an ROIC of 12.84% and ROE of 12.15%. As the company continues to produce gold at competitive costs and maintains a strong financial position, it is poised for continued success in 2026.

3. NewsRoom

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Profit Rebound, Dividend Hike and Buyback Could Be A Game Changer For B2Gold (TSX:BTO)

Feb -23

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B2Gold Profitability Return Highlights Cash Returns And Perceived Valuation Upside

Feb -22

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B2Gold (BTG) Climbs 5.27% on Return to Profitability

Feb -21

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B2Gold Maintained at Buy at Stifel Canada Following Q4 Results; Price Target Kept at C$10.50

Feb -20

Source:

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Royal Gold Q4 Earnings Miss Estimates, Revenues Surge 85% Y/Y

Feb -19

Source: zacks.com

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B2Gold: Q4 Earnings Snapshot

Feb -18

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B2Gold Reports Q4 and Full Year 2025 Results & 2026 Guidance; Achieved 2025 Gold Production and Cost Guidance; Record Annual Revenue in 2025 of Over $3 Billion; Gold Production for 2026 Anticipated to be Between 820,000 and 970,000 oz; Q1 2026 Dividend of US$0.02 Per Share Declared

Feb -18

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Assessing B2Gold (TSX:BTO) Valuation After Strong Multi‑Period Returns And Goose Mine Progress

Feb -18

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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: 8.2

Yield: 6.0

Momentum: 10.0

Volatility: 4.0

1-Year Total Return ->

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Stock-Card
Kinross Gold

A-Score: 6.0/10

Value: 3.8

Growth: 7.2

Quality: 8.1

Yield: 2.0

Momentum: 10.0

Volatility: 4.7

1-Year Total Return ->

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Stock-Card
B2Gold

A-Score: 5.9/10

Value: 7.7

Growth: 3.9

Quality: 4.3

Yield: 6.0

Momentum: 9.0

Volatility: 4.3

1-Year Total Return ->

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Stock-Card
Eldorado Gold

A-Score: 5.7/10

Value: 5.9

Growth: 6.6

Quality: 6.8

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: 6.0

Quality: 8.4

Yield: 2.0

Momentum: 9.0

Volatility: 7.0

1-Year Total Return ->

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Stock-Card
Hecla Mining

A-Score: 4.1/10

Value: 1.0

Growth: 4.0

Quality: 7.2

Yield: 0.0

Momentum: 10.0

Volatility: 2.3

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

7.57$

Current Price

7.57$

Potential

-0.00%

Expected Cash-Flows