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B2Gold (BTO) AI Stock Analysis

TSE:BTO

B2Gold

(TSX:BTO)

Select Model
Rating:68Neutral
Price Target:CAD 7.00â–²(4.56% Upside)
Action:reiterated
Date:10/31/26

The score is anchored by improving profitability and a conservative balance sheet, plus supportive valuation (low P/E). This is partially offset by weak technical momentum (price below key moving averages with negative MACD) and near-term cash-flow headwinds highlighted on the earnings call (notably negative Q2 free cash flow and Goose disruption), despite constructive guidance and medium-term growth catalysts.

Positive Factors
Improved profitabilityThe return to solid profitability and healthy margins strengthens internal funding capacity and demonstrates improved operating performance. If maintained, this earnings base can support mine investment, shareholder returns, and resilience through normal commodity-price and production variability over the next several quarters.
Negative Factors
Weak free cash flow conversionAlthough operating cash generation remains solid, weak and inconsistent free cash flow shows that capital spending, taxes, and working-capital movements can absorb much of the cash produced by operations. This may constrain debt reduction, growth funding, and shareholder returns during heavy investment periods.

B2Gold (BTO) vs. iShares MSCI Canada ETF (EWC)

-10%0%10%20%30%40%50%TSE:BTO+14.36%EWC+23.59%Dec '25Jan '26Feb '26Mar '26Apr '26May '26Jun '26Jul '26Aug '26Sep '26Oct '26
Market Cap
CAD 6.08B
Dividend Yield
1.73%
Average Volume (3M)
4.39M
Price to Earnings (P/E)
7.9
Beta (1Y)
2.36
Revenue Growth
72.47%
EPS Growth
―
Country
Canada
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...

How the Company Makes Money

B2Gold makes money primarily by producing gold from its mines and selling that gold into the global precious metals market. Revenue is largely determined by (1) the volume of gold produced and sold (typically reported in ounces), and (2) the realized...

B2Gold Earnings Call Summary

Earnings Call Date:Aug 05, 2026(Q2-2026)|% Change Since:17.07%|Next Earnings Date:Nov 03, 2026
Earnings Call SentimentPositive

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.

Positive Updates

Menankoto Exploitation Permit Granted (Fekola Regional)
The government of Mali granted the Menankoto exploitation permit, allowing pre-stripping and development of Fekola Regional. Management expects the regional operation to ramp through end-2027 and produce in excess of 150,000 ounces/year from 2028 through the mid-2030s, unlocking a major near-term growth opportunity.

Negative Updates

Negative Free Cash Flow in Q2
Free cash flow was negative $258 million in Q2 2026, consistent with prior guidance. Key drivers were elevated cash tax payments (including the state priority dividend), prepaid deliveries, and elevated production costs.

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 Financial Statement Overview

Summary

Strong earnings recovery and healthy profitability in TTM (gross margin ~54%, net margin ~15%) with conservative leverage (TTM debt-to-equity ~0.14) support a solid financial foundation. The main drag is cash conversion: free cash flow is volatile and recently compressed (TTM FCF ~$169M; -60.9% YoY) despite steady operating cash flow, indicating capital intensity and working-capital/tax swings can pressure flexibility.

Income Statement

78Positive

Balance Sheet

82Very Positive

Cash Flow

61Positive
Financial statement breakdown
BreakdownTTMDec 2025Dec 2024Dec 2023Dec 2022Dec 2021
Income Statement
Total Revenue3.75B3.11B1.90B1.93B1.73B1.76B
Gross Profit1.85B1.56B1.07B1.18B988.10M1.15B
EBITDA1.90B1.48B932.61M863.39M906.98M1.09B
Net Income795.53M408.94M-629.89M10.10M252.87M420.06M
Balance Sheet
Total Assets5.74B5.87B4.81B4.84B3.72B3.53B
Cash, Cash Equivalents and Short-Term Investments289.56M384.59M348.33M304.69M658.34M666.67M
Total Debt455.34M629.31M437.62M190.74M57.79M74.43M
Total Liabilities1.74B2.23B1.78B957.71M575.03M594.64M
Stockholders Equity3.97B3.59B2.98B3.78B3.04B2.83B
Cash Flow
Free Cash Flow168.69M66.38M185.63K-25.37M303.59M463.76M
Operating Cash Flow896.50M892.75M824.38M721.38M573.74M705.83M
Investing Cash Flow-483.33M-908.37M-726.65M-859.05M-377.21M-281.47M
Financing Cash Flow-394.13M78.44M-54.67M-190.98M-200.67M-224.17M

B2Gold Technical Analysis

Technical Analysis SentimentNegative
Last Price6.70

Price Trends

50DMA7.41Negative
100DMA6.63Negative
200DMA6.66Negative

Market Momentum

MACD-0.16Positive
RSI36.16Neutral
STOCH35.79Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:BTO, the sentiment is Negative. The current price of 6.70 is below the 20-day moving average (MA) of 7.16, below the 50-day MA of 7.41, and above the 200-day MA of 6.66, indicating a bearish trend. The MACD of -0.16 indicates Positive momentum. The RSI at 36.16 is Neutral, neither overbought nor oversold. The STOCH value of 35.79 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for TSE:BTO.

B2Gold Peers Comparison

Overall Rating

UnderperformOutperform
Sector (61)

Financial Indicators

TSE:BTO against its peers
NameOverall RatingMarket CapP/E RatioROEDividend YieldRevenue GrowthEPS Growth
TSE:ARTGTSE:ARTG84OutperformCAD 8.33B14.8951.31%0.14%411.07%541.04%
TSE:OGCTSE:OGC78OutperformCAD 7.49B6.7537.64%1.23%55.87%135.78%
TSE:DPMTSE:DPM78OutperformCAD 10.65B11.4924.39%0.46%96.03%113.85%
TSE:BTOTSE:BTO68NeutralCAD 8.47B7.8721.87%1.73%72.47%―
TSE:ELDTSE:ELD67NeutralCAD 11.16B10.1311.89%0.73%24.59%65.97%
Sector *61Neutral$10.43B7.12-0.05%2.87%2.86%-36.73%

* Basic Materials Sector Average

Performance Comparison

0%50%100%TSE:BTOTSE:ELDTSE:OGCTSE:DPMTSE:ARTGDec '25Jan '26Feb '26Mar '26Apr '26May '26Jun '26Jul '26Aug '26Sep '26Oct '26
TSE:BTO and its peers over the selected period
Show on chartTickerCompany NamePriceChange% Change
TSE:BTOB2Gold Corp.6.410.8916.21%
TSE:ELDEldorado Gold42.717.7722.22%
TSE:OGCOceanagold Corporation33.684.2114.29%
TSE:DPMDpm Metals Inc.48.5519.5667.45%
TSE:ARTGArtemis Gold Inc35.743.149.64%

B2Gold Corporate Events

Business Operations and StrategyFinancial Disclosures

B2Gold Sets Date for Q3 2026 Results and Investor Call

Neutral
Oct 14, 2026

B2Gold Corp. plans to release its third quarter 2026 financial and operational results after North American markets close on November 4, 2026. The company’s executives will follow the release with a conference call and webcast on November 5 to...

Business Operations and Strategy

B2Gold Reports Fatality at Masbate Mine, Operations Continue

Negative
Aug 28, 2026

B2Gold Corp., a Vancouver-based international gold producer with operating mines in Canada, Mali, Namibia and the Philippines, has built its business around responsible gold production and a pipeline of development and exploration assets worldwide.Th...

Business Operations and StrategyRegulatory Filings and Compliance

B2Gold Secures Key Mali Permit, Extending Fekola Complex Production Into 2030s

Positive
Aug 7, 2026

B2Gold has secured the Menankoto exploitation permit from the State of Mali, completing the Fekola Regional component of its Fekola Complex and solidifying a key near-term production growth driver. The permit, issued under Mali’s 2023 Mining Co...

Business Operations and StrategyStock BuybackFinancial DisclosuresM&A Transactions

B2Gold Delivers Solid Q2 Output, Cuts Costs and Eyes Mali Growth

Positive
Aug 6, 2026

B2Gold reported second-quarter 2026 gold production of 203,648 ounces, with stronger output from the Fekola, Masbate and Otjikoto mines offsetting weaker production at Goose after an April fire in its crushing circuit. Consolidated cash operating cos...

Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

Disclaimer

This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.

Date of analysis: Oct 31, 2026