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Category: Emerging Major
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B2gold Corp.
www: www.b2gold.com     email: investor@b2gold.com

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Symbol Data

Symbol Currency
NYSE:BTG USD
TSE:BTO CAD

Description

B2gold Corp. are a gold focused emerging major with three producing mines in Nicaragua and Philippines, four mines in development in Burkina Faso, Costa Rica and Mali and exploration properties. Currently they produce roughly 900koz. of gold per year. They have approximately 21Moz. of gold in the reserves and resources category of which 16Moz. are in the measured and indicated category. They have a market capitalisation of ~$2300.3M which is a fall of roughly 16% over the last four months. As of 05/20/2018 they have ~$643M debt and ~$168M cash. They have 982M shares outstanding and trade on the New York Stock Exchange and the Toronto Stock Exchange.

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General Details

Financial 05/20/2018
Last
Analysis
Data

Current Data

Change
Item Value Value Updated Value
Mkt. Cap (FD): $2,736.56M $2,300.30M 05/20/2018 $-436.26M
Total Assets: $2,700.00M $2,700.00M 05/20/2018 $0.00M
Total Liabilities: $1,057.00M $1,057.00M 05/20/2018 $0.00M
Current Assets: $424.00M $424.00M 05/20/2018 $0.00M
Current Liabilities: $512.00M $512.00M 05/20/2018 $0.00M
Total Debt: $643.00M $643.00M 05/20/2018 $0.00M
Cash: $168.00M $168.00M 05/20/2018 $0.00M
Enterprise Value: $3,211.56M $2,775.30M 12/11/2057 $-436.26M
Cash Flow: $215.52M $159.96M never $-55.57M
Cash Flow Multiple: 12.70 14.38 never 1.68
Net Debt to
Cash Flow Ratio:
2.20 2.97 never 0.77
Finance within 1 year: 05/20/2018 n/a
Tax Rate: (guess)  30.00% (default)  30.00% 05/20/2018 0.00%
Misc 05/20/2018
Last
Analysis
Data

Current Data

Change
Item Value Value Updated Value
Shares Outstanding: 982,000,000 982,000,000 05/20/2018 0
Shares (FD): 1,018,000,000 1,018,000,000 05/20/2018 0
Insider Ownership: n/a n/a never n/a
Company Type: Mostly Gold Mostly Gold never n/a
Production ETA: n/a n/a 05/20/2018 n/a
Production (Gold Eq Oz.): (guess) 
900,000
(guess) 
900,000
05/20/2018 0
Production (Silver Eq Oz.): (guess) 
70,907,927
(guess) 
76,142,656
05/20/2018 5,234,730
Initial CapEx (Outstanding): n/a n/a 05/20/2018 n/a
Funding Option: n/a n/a 05/20/2018 n/a
Documentation: none PRODUCER 05/20/2018 n/a
Value Adjustment: none none never 0%

Resource Data

GOLD 05/20/2018
Last Analysis
Data

Current Data

Change
Item Value Value Updated Value
O
U
N
C
E
S
T
O
T
A
L
Proven & Probable: 8.00M 8.00M 05/20/2018 0.00M
Measured & Indicated: 16.00M 16.00M 05/20/2018 0.00M
Inferred: 5.00M 5.00M 05/20/2018 0.00M
Reserves & Resources: 21.00M 21.00M never 0.00M
P
L
A
U
S
I
B
L
E
Proven & Probable: 6.40M 6.40M 05/20/2018 0.00M
Measured & Indicated: 11.52M 11.52M 05/20/2018 0.00M
Inferred: 2.00M 2.00M 05/20/2018 0.00M
Reserves & Resources: 13.52M 13.52M never 0.00M
C
U
R
R
E
N
T
Annual Production: (guess) 
900,000oz.
(CG) 
900,000oz.
05/20/2018 0oz.
Cash Cost: $600 $600 05/20/2018 $0.00
Extra Operating Cost: $350 $350 05/20/2018 $0.00
Average Grade: 1.00 g/t 1.00 g/t 05/20/2018 n/a
Recovery Rate: (CG)  80.00% (CG)  80.00% 05/20/2018 0.00%
F
U
T
U
R
E
Proven & Probable: 17.00M 17.00M 05/20/2018 0.00M
Annual Production: 900,000oz. 900,000oz. 05/20/2018 0oz.
Cash Cost: $700 $700 05/20/2018 $0
Extra Operating Cost: $400 $400 05/20/2018 $0
SILVER 05/20/2018
Last Analysis
Data

Current Data

Change
Item Value Value Updated Value
O
U
N
C
E
S
T
O
T
A
L
Proven & Probable: n/a n/a 05/20/2018 0.00M
Measured & Indicated: n/a n/a 05/20/2018 0.00M
Inferred: n/a n/a 05/20/2018 0.00M
Reserves & Resources: n/a n/a never 0.00M
P
L
A
U
S
I
B
L
E
Proven & Probable: n/a n/a 05/20/2018 0.00M
Measured & Indicated: n/a n/a 05/20/2018 0.00M
Inferred: n/a n/a 05/20/2018 0.00M
Reserves & Resources: n/a n/a never 0.00M
C
U
R
R
E
N
T
Annual Production: n/a n/a 0oz.
Cash Cost: n/a n/a 05/20/2018 $0.00
Extra Operating Cost: n/a n/a 05/20/2018 $0.00
Average Grade: n/a n/a 05/20/2018 n/a
Recovery Rate: n/a n/a 05/20/2018 0.00%
F
U
T
U
R
E
Proven & Probable: n/a n/a 05/20/2018 0.00M
Annual Production: n/a n/a 05/20/2018 n/a
Cash Cost: n/a n/a 05/20/2018 n/a
Extra Operating Cost: n/a n/a 05/20/2018 n/a

Property

Last Analysis Data  (05/20/2018)
Stage Location Name Owned Size (Ha) Type Au Ag Cu Notes
Production Managua, Nicaragua La Libertad 100% n/a Open Pit n/a
Production Managua, Nicaragua Limon 95% n/a Both n/a
Production Masbate, Philippines Masbate 64% n/a n/a n/a
Development Gogo, Burkina Faso Kiaka 81% 18,000 Open Pit show
Average grade: 0.99gpt, 90% recovery rate.
Feasibility study due in Q3 2013. Permitting and financing in 2013/2014. Construction 2014/2015. Production 2015/2016.
Development San Jose, Costa Rica Bellavista 100% n/a n/a n/a
Development Mali, Mali Fekola 100% (guess) n/a Open Pit show
5 million oz open pit project. Close to production.
Development Mali Fekola 90% n/a Open Pit show
Construction should begin in 2014.

High grade open pit. Low cost mine.

300,000 per year. 5 million oz deposit, with significant exploration potential.
Exploration Burkina Faso Gaoua 81% 137,000 Open Pit show
Copper and gold project. Early exploration. Gold: 0.35gpt, 70% recovery.
2 billion lbs of copper at 0.3%.
Exploration Burkina Faso Kampti 100% n/a n/a n/a
Exploration Gaoua, Burkina Faso Nassara 100% n/a n/a n/a
Exploration Medellin, Colombia Gramalote 49% n/a n/a n/a
Exploration Mocoa, Colombia Mocoa 100% n/a n/a n/a
Exploration Wenchi, Ghana Chert Ridge 100% n/a n/a n/a
Exploration Ghana Tinga 100% n/a n/a n/a
Exploration Mali Mali South 100% n/a n/a n/a
Exploration Mali Medinandi 90% n/a n/a n/a
Exploration Otavi, Namibia Otjikoto 92% n/a n/a n/a
Exploration Nicaragua Calibre Mining JV 0% n/a n/a n/a
Exploration Managua, Nicaragua La India 100% n/a n/a n/a
Exploration Nicaragua Radius Gold JV 0% n/a n/a n/a
Exploration Philippines, Philippines Masbate 100% (guess) n/a n/a show
11 million oz deplosit. 200,000 oz production per year (.8 gpt).
Exploration Montevideo, Uruguay Cebollati 0% n/a n/a n/a
Total Land Package Size (ha): 155,000  
Current Data
Stage Location Name Owned Size (Ha) Type Au Ag Cu Notes
Production Managua, Nicaragua La Libertad 100% n/a Open Pit n/a
Production Managua, Nicaragua Limon 95% n/a Both n/a
Production Masbate, Philippines Masbate 64% n/a n/a n/a
Development Gogo, Burkina Faso Kiaka 81% 18,000 Open Pit show
Average grade: 0.99gpt, 90% recovery rate.
Feasibility study due in Q3 2013. Permitting and financing in 2013/2014. Construction 2014/2015. Production 2015/2016.
Development San Jose, Costa Rica Bellavista 100% n/a n/a n/a
Development Mali, Mali Fekola 100% (guess) n/a Open Pit show
5 million oz open pit project. Close to production.
Development Mali Fekola 90% n/a Open Pit show
Construction should begin in 2014.

High grade open pit. Low cost mine.

300,000 per year. 5 million oz deposit, with significant exploration potential.
Exploration Burkina Faso Gaoua 81% 137,000 Open Pit show
Copper and gold project. Early exploration. Gold: 0.35gpt, 70% recovery.
2 billion lbs of copper at 0.3%.
Exploration Burkina Faso Kampti 100% n/a n/a n/a
Exploration Gaoua, Burkina Faso Nassara 100% n/a n/a n/a
Exploration Medellin, Colombia Gramalote 49% n/a n/a n/a
Exploration Mocoa, Colombia Mocoa 100% n/a n/a n/a
Exploration Wenchi, Ghana Chert Ridge 100% n/a n/a n/a
Exploration Ghana Tinga 100% n/a n/a n/a
Exploration Mali Mali South 100% n/a n/a n/a
Exploration Mali Medinandi 90% n/a n/a n/a
Exploration Otavi, Namibia Otjikoto 92% n/a n/a n/a
Exploration Nicaragua Calibre Mining JV 0% n/a n/a n/a
Exploration Managua, Nicaragua La India 100% n/a n/a n/a
Exploration Nicaragua Radius Gold JV 0% n/a n/a n/a
Exploration Philippines, Philippines Masbate 100% (guess) n/a n/a show
11 million oz deplosit. 200,000 oz production per year (.8 gpt).
Exploration Montevideo, Uruguay Cebollati 0% n/a n/a n/a
Total Land Package Size (ha): 155,000  

Profitability (by resource)

Proven &
Probable
05/20/2018
Last Analysis
Data

Current Data

Change
Item Value Value Updated Value
Percentage Gold: 100.00% 100.00% n/a 0.00%
Percentage Silver: n/a n/a n/a 0.00%
Total (Gold Eq. Oz.): 8.00M 8.00M n/a 0.00M
Total (Silver Eq. Oz.): n/a n/a n/a 46.53M
P

L

A

U

S

I

B

L

E
Gold Eq. Oz.: 6.40M 6.40M n/a 0.00M
Silver Eq. Oz.: n/a n/a n/a 37.22M
Maximum Profit (Gold): $1,532.61M $1,137.47M n/a $-395.14M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $1,532.61M $1,137.47M n/a $-395.14M
Max Profit / Current MCap: 0.560 0.494 n/a -0.066
Max Profit Per Share (Gold): $1.51 $1.12 n/a $-0.39
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $1.51 $1.12 n/a $-0.39
Total Free Profit Per Share: $0.00 $0.00 n/a $0.00
FD Mkt. Cap / Gold Eq.: $427.59 $359.42 n/a $-68.17
FD Mkt. Cap / Silver Eq.: $5.43 $4.25 n/a $-1.18
FD Mkt. Cap / Per Metal
as % Spot Price:
33.09% 29.85% n/a -3.24%
Measured &
Indicated
05/20/2018
Last Analysis
Data

Current Data

Change
Item Value Value Updated Value
Percentage Gold: 100.00% 100.00% n/a 0.00%
Percentage Silver: n/a n/a n/a 0.00%
Total (Gold Eq. Oz.): 16.00M 16.00M n/a 0.00M
Total (Silver Eq. Oz.): n/a n/a n/a 93.06M
P

L

A

U

S

I

B

L

E
Gold Eq. Oz.: 11.52M 11.52M n/a 0.00M
Silver Eq. Oz.: n/a n/a n/a 67.00M
Maximum Profit (Gold): $2,758.69M $2,047.45M n/a $-711.24M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $2,758.69M $2,047.45M n/a $-711.24M
Max Profit / Current MCap: 1.008 0.890 n/a -0.118
Max Profit Per Share (Gold): $2.71 $2.01 n/a $-0.70
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $2.71 $2.01 n/a $-0.70
Total Free Profit Per Share: $0.00 $0.00 n/a $0.00
FD Mkt. Cap / Gold Eq.: $237.55 $199.68 n/a $-37.87
FD Mkt. Cap / Silver Eq.: $3.02 $2.36 n/a $-0.65
FD Mkt. Cap / Per Metal
as % Spot Price:
18.38% 16.59% n/a -1.80%

Reserves &
Resources
05/20/2018
Last Analysis
Data

Current Data

Change
Item Value Value Updated Value
Percentage Gold: 100.00% 100.00% n/a 0.00%
Percentage Silver: n/a n/a n/a 0.00%
Total (Gold Eq. Oz.): 21.00M 21.00M n/a 0.00M
Total (Silver Eq. Oz.): n/a n/a n/a 122.14M
P

L

A

U

S

I

B

L

E
Gold Eq. Oz.: 13.52M 13.52M n/a 0.00M
Silver Eq. Oz.: n/a n/a n/a 78.64M
Maximum Profit (Gold): $3,237.63M $2,402.91M n/a $-834.72M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $3,237.63M $2,402.91M n/a $-834.72M
Max Profit / Current MCap: 1.183 1.045 n/a -0.138
Max Profit Per Share (Gold): $3.18 $2.36 n/a $-0.82
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $3.18 $2.36 n/a $-0.82
Total Free Profit Per Share: $0.00 $0.00 n/a $0.00
FD Mkt. Cap / Gold Eq.: $202.41 $170.14 n/a $-32.27
FD Mkt. Cap / Silver Eq.: $2.57 $2.01 n/a $-0.56
FD Mkt. Cap / Per Metal
as % Spot Price:
15.67% 14.13% n/a -1.53%

Future Valuation (Cash Flow & Totals)

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