B2Gold (BTG) AI Stock Analysis
B2Gold
(NYSE MKT:BTG)
No summary available
B2Gold Key Performance Indicators (KPIs)
Net Income BreakdownAnalyzes the sources of net income, highlighting profitability from different operations and revealing areas of strength or concern in the company's financial health.
Operating mines (Fekola, Masbate and Otjikoto) transition into the primary profit engines in 2025–Q1 2026, but consolidated net income is highly volatile because of large one‑offs at the Goose Project and a growing Corporate & Other drag that offset operational strength. Management’s strong cash flow, the Fingold monetization and active buybacks supply financial flexibility to fund Goose repairs and capacity upgrades, yet permit timing at Fekola and Masbate’s fuel exposure are real near‑term risks that could quickly reverse the apparent momentum.
The FlyB2Gold (BTG) vs. SPDR S&P 500 ETF (SPY)
- Market Cap
- $6.21B
- Dividend Yield
- 1.70%
- Average Volume (3M)
- 25.12M
- Price to Earnings (P/E)
- 8.0
- Beta (1Y)
- 1.06
- Revenue Growth
- 74.23%
- EPS Growth
- ―
- Country
- US
- Employees
- 6,327
- Sector
- Basic Materials
- Sector Strength
- 61
- Industry
- Gold
B2Gold Business Overview & Revenue Model
Company Description
B2Gold Corp. is a prominent gold mining company that manages three active operations: the Fekola Mine in Mali, the Masbate Mine in the Philippines, and the Otjikoto Mine in Namibia. Beyond its direct mining activities, the firm maintains significant...
B2Gold Earnings Call Summary
The call delivered several meaningful positives: a material permitting milestone for Fekola Regional that unlocks long-term production growth (>150,000 oz/year from 2028), in-line Q2 production (204k oz) with outperformance at key mines (Fekola, Masbate, Otjikoto), a $325 million asset sale, elimination of prepay/collar encumbrances heading into 2027, narrowed company guidance and lower AISC expectations, and continued active capital returns. Offsetting these positives were notable near-term cash pressures—negative free cash flow of $258 million in Q2 driven by front-loaded cash taxes (45% of expected 2026 tax paid in Q2), realized losses from collar contracts (~$71M), and operational disruption and incremental costs at Goose due to the April crusher fire. While there are short-term cash-flow and operational headwinds, the strategic and operational milestones materially strengthen the company’s medium-term outlook.
Q2-2026 Updates
Positive Updates
Negative Updates
Company Guidance
Management narrowed 2026 consolidated guidance to 820,000–920,000 ounces (Q2 production ~204,000 oz) with the Fekola Complex pegged at 390,000–420,000 oz; consolidated cash operating costs remain $1,155–$1,280/oz produced and all‑in sustaining costs were lowered to $2,370–$2,550/oz sold (management expects full‑year AISC at or below the low end). The newly issued Menankoto permit lets Fekola Regional begin pre‑stripping, with ramp through 2027 and an expected steady‑state >150,000 oz/year from 2028 through the mid‑2030s; Goose is being remediated to exceed 3,000 t/d in Q4 and reach a 4,000 t/d run‑rate (targeting ~300,000 oz/year by mid‑2027). Q2 financials included net income attributable to shareholders of $417M (adjusted net income $41M; adjusted EPS $0.03), ~$71M of realized losses on gold collars, operating cash flow before WC $94M and free cash flow of negative $258M (Q2 cash taxes were just under 45% of expected 2026 cash tax). Balance sheet and capital actions: $287M cash, $405M working capital, $325M proceeds from the sale of Fingold (70% interest), NCIB repurchases YTD ~35M shares for $172M (19M for $92M this quarter), $52M dividends in H1 and total shareholder returns of $224M (>4% of market cap); with prepaid deliveries completed in June and collars ending in December, management expects materially stronger free cash flow at current gold prices.
B2Gold Peers Comparison
Overall Rating
TSE:ARTG82Outperform
TSE:OGC78.1Outperform
TSE:DPM78Outperform
TSE:ELD67Neutral
Financial Indicators
| Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
| TSE:ARTG | 82Outperform | CAD 8.43B | 14.63 | 51.31% | 0.14% | 411.07% | 541.04% |
| TSE:OGC | 78Outperform | CAD 7.58B | 6.62 | 37.64% | 1.25% | 55.87% | 135.78% |
| TSE:DPM | 78Outperform | CAD 10.99B | 11.58 | 24.39% | 0.46% | 96.03% | 113.85% |
| TSE:ELD | 67Neutral | CAD 11.76B | 10.51 | 11.89% | 0.70% | 24.59% | 65.97% |
| Sector * | 61Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% |
* Basic Materials Sector Average
Performance Comparison
| Show on chart | Ticker | Company Name | Price | Change | % Change |
|---|---|---|---|---|---|
| BTG | B2Gold Corp. | 4.70 | 0.74 | 18.63% | |
| TSE:ELD | Eldorado Gold | 44.38 | 7.21 | 19.39% | |
| TSE:OGC | Oceanagold Corporation | 33.10 | 2.44 | 7.97% | |
| TSE:DPM | Dpm Metals Inc. | 49.03 | 19.36 | 65.25% | |
| TSE:ARTG | Artemis Gold Inc | 35.12 | 2.16 | 6.56% |
Disclaimer
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