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B2Gold
(TSX:BTO)
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Rating:69Neutral
Price Target:
C$8.50
▲(6.52% Upside)
Action:Downgraded
Date:08/10/26
The score is driven primarily by improving financial performance (profitability recovery and low leverage) and a generally constructive earnings update (lower AISC guidance and a key permit milestone that supports medium-term growth). These positives are tempered by weak/volatile free cash flow (including negative Q2 FCF) and technically overbought conditions that increase near-term volatility risk, while valuation is reasonable but not deeply compelling.
Positive Factors
Profitability rebound and strong margins
The return to solid profitability, supported by healthy gross and net margins, indicates stronger earnings capacity than in 2024. If operating performance remains stable, improved margins can support reinvestment, debt management, and shareholder returns over the next several quarters.
Negative Factors
Weak and volatile free cash flow
Despite solid operating cash generation, high capital spending and working-capital swings have made free cash flow inconsistent and recently weak. This can constrain internally funded growth, debt reduction, and shareholder distributions, particularly when mine development or tax payments are elevated.
Read all positive and negative factors
Positive Factors
Negative Factors
Profitability rebound and strong margins
The return to solid profitability, supported by healthy gross and net margins, indicates stronger earnings capacity than in 2024. If operating performance remains stable, improved margins can support reinvestment, debt management, and shareholder returns over the next several quarters.
Read all positive factors
B2Gold (BTO) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$9.86B
Dividend Yield1.49%
Average Volume (3M)4.54M
Price to Earnings (P/E)9.2
Beta (1Y)2.46
Revenue Growth72.47%
EPS GrowthN/A
CountryCA
Employees6,327
SectorBasic Materials
Sector Strength58
IndustryGold
Share Statistics
EPS (TTM)0.58
Shares Outstanding1,321,387,000
10 Day Avg. Volume2,607,990
30 Day Avg. Volume4,536,526
Financial Highlights & Ratios
PEG Ratio-0.09
Price to Book (P/B)1.66
Price to Sales (P/S)1.91
P/FCF Ratio89.85
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
C$8.51Price Target Upside6.63% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering8
EPS Forecast (FY)0.59
Revenue Forecast (FY)C$3.86B
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 significa...
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 reali...
B2Gold Earnings Call Summary
Earnings Call Date:Aug 06, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 11, 2026
Earnings Call Sentiment Positive
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.
Read all updates
Q2-2026 Updates
Positive
Negative
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.
Read all positive 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 Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
82
Very Positive
Cash Flow
61
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 3.75B | 3.11B | 1.90B | 1.93B | 1.73B | 1.76B |
| Gross Profit | 1.85B | 1.56B | 1.07B | 1.18B | 988.10M | 1.15B |
| EBITDA | 1.90B | 1.48B | 926.24M | 869.71M | 916.92M | 1.09B |
| Net Income | 795.53M | 408.94M | -629.89M | 10.10M | 252.87M | 420.06M |
Balance Sheet | ||||||
| Total Assets | 5.74B | 5.87B | 4.81B | 4.84B | 3.72B | 3.53B |
| Cash, Cash Equivalents and Short-Term Investments | 289.56M | 384.59M | 348.33M | 304.69M | 658.34M | 666.67M |
| Total Debt | 455.34M | 629.31M | 437.62M | 190.74M | 57.79M | 74.43M |
| Total Liabilities | 1.74B | 2.23B | 1.78B | 957.71M | 575.03M | 594.64M |
| Stockholders Equity | 3.97B | 3.59B | 2.98B | 3.78B | 3.04B | 2.83B |
Cash Flow | ||||||
| Free Cash Flow | 168.69M | 66.38M | 185.63K | -25.37M | 303.59M | 463.76M |
| Operating Cash Flow | 896.50M | 892.75M | 824.38M | 721.38M | 573.74M | 705.83M |
| Investing Cash Flow | -483.33M | -908.37M | -726.65M | -859.05M | -377.21M | -281.47M |
| Financing Cash Flow | -394.13M | 78.44M | -54.67M | -190.98M | -200.67M | -224.17M |
B2Gold Technical Analysis
Positive
7.98
Price Trends
6.44
Positive
6.32
Positive
6.48
Positive
Market Momentum
0.29
Positive
54.89
Neutral
34.35
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 7.98 is above the 20-day moving average (MA) of 7.55, above the 50-day MA of 6.44, and above the 200-day MA of 6.48, indicating a neutral trend. The MACD of 0.29 indicates Positive momentum. The RSI at 54.89 is Neutral, neither overbought nor oversold. The STOCH value of 34.35 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
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
87 Outperform | C$13.24B | 14.37 | 24.39% | 0.37% | 96.03% | 113.85% | |
83 Outperform | C$9.31B | 8.43 | 37.64% | 0.99% | 55.87% | 135.78% | |
76 Outperform | C$15.84B | 15.35 | 12.38% | 0.51% | 27.53% | 41.90% | |
75 Outperform | C$9.37B | 16.75 | 51.31% | 0.12% | 411.07% | 541.04% | |
69 Neutral | C$9.86B | 9.21 | 21.87% | 1.49% | 72.47% | ― | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% |
* Basic Materials Sector Average
TSE:BTO
B2Gold
7.46
1.50
25.19%
TSE:ELD
Eldorado Gold
60.62
21.94
56.71%
TSE:OGC
OceanaGold
41.87
14.10
50.80%
TSE:DPM
DPM Metals
60.37
30.97
105.38%
TSE:ARTG
Artemis Gold
40.20
7.24
21.98%
B2Gold Corporate Events
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...
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...
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 ...
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.