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B2Gold Corp

www: www.b2gold.com   email: investor@b2gold.com
Category: Major
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Symbol Data

Symbol Currency
TSE:BTO CAD
NYSEAMERICAN:BTG USD

Description

B2Gold Corp are a gold focused major with three producing mines in Mali, Namibia and Philippines, one mine in development in Canada and exploration properties. Currently they produce roughly 1,000koz. of gold per year. They have approximately 19.5Moz. of gold in the reserves and resources category of which 15Moz. are in the measured and indicated category. They have a market capitalisation of ~$5669.55M which is a rise of roughly 47% over the last five months. As of 03/29/2025 they have ~$460M debt and ~$307M cash. They have 1,319M shares outstanding and trade on the Toronto Stock Exchange.

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General Details

Financial 03/29/2025
Last
Analysis
Data
Current Data
Item Value Value Updated
MCap (FD): $3,866.18M $5,669.55M 03/29/2025
MCap (OS): $3,825.69M $5,610.18M 03/29/2025
Total Assets: $3,500.00M $3,500.00M 03/29/2025
Total Liabilities: $600.00M $600.00M 03/29/2025
Current Assets: $500.00M $500.00M 03/29/2025
Current Liabilities: $231.00M $231.00M 03/29/2025
Total Debt: $460.00M $460.00M 03/29/2025
Cash: $307.00M $307.00M 03/29/2025
Debt (Net): $153.00M $153.00M
Enterprise Value: $4,019.18M $5,822.55M 07/05/2154
Cash Flow: $1,233.90M $1,479.25M never
Cash Flow Multiple: 3.13 3.83 never
Net Debt to
Cash Flow Ratio:		 0.12 0.10 never
Finance within 1 year: 03/29/2025
Misc 03/29/2025
Last
Analysis
Data
Current Data
Item Value Value Updated
Shares Outstanding: 1,319,039,908 1,319,039,908 03/29/2025
Shares (FD): 1,333,000,000 1,333,000,000 03/29/2025
Insider Ownership: n/a n/a never
Dividend (Annual): n/a 1.49% 09/01/2025
Company Type: Mostly Gold Mostly Gold never
Group: Producer Producer never
Production ETA: n/a n/a 03/29/2025
Production (Gold Eq Oz.): (guess) 
1,000,000		 (guess) 
1,000,000		 03/29/2025
Production (Silver Eq Oz.): (guess) 
90,596,357		 (guess) 
86,586,114		 03/29/2025
Development Phase: none Producer (Single Mine) 04/04/2025
Optionality Play: none No
F
U
T
U
R
E		 % of Spot: 30
Producer: Elite Quality
 30
Producer: Elite Quality
 04/24/2023
Cash Flow Multiple: 12 12 03/29/2025

Resource Data

GOLD 03/29/2025
Last Analysis Data
Current Data
Item Value Value Updated
O
U
N
C
E
S		 T
O
T
A
L
 Proven & Probable: 6.00M 6.00M 03/29/2025
Measured & Indicated: 15.00M 15.00M 03/29/2025
Inferred: 4.50M 4.50M 03/29/2025
Reserves & Resources: 19.50M 19.50M never
P
L
A
U
S
I
B
L
E		 Proven & Probable: 4.80M 4.80M 03/29/2025
Measured & Indicated: 10.56M 10.56M 03/29/2025
Inferred: 1.80M 1.80M 03/29/2025
Reserves & Resources: 12.36M 12.36M never
C
U
R
R
E
N
T		 Annual Production: (guess) 
1,000,000oz.		 (CG) 
1,000,000oz.		 03/29/2025
Cash Cost: $1,000 $1,200 04/04/2025
Extra Operating Cost: $850 $850 03/29/2025
Total: $1,850 $2,050 04/04/2025
Margin (Free Cash Flow): $1,234 (40%) $1,479 (42%)
MCap / Production (AuEq): $3,866.18 $5,669.55
EV / Production (AuEq): $4,019.18 $5,822.55
G
R
A
D
E		 Underground (Avg): 6.00 g/t 6.00 g/t 03/29/2025
Open Pit (Avg): n/a 1.50 g/t 03/18/2024
Recovery Rate: (CG)  80.00% (CG)  80.00% 04/04/2025
F
U
T
U
R
E		 Proven & Probable: 15.00M 15.00M 03/29/2025
Annual Production: 1,200,000oz. 1,200,000oz. 03/29/2025
Cash Cost: $1,000 $1,100 04/04/2025
Extra Operating Cost: $800 $800 03/29/2025
SILVER 03/29/2025
Last Analysis Data
Current Data
Item Value Value Updated
O
U
N
C
E
S		 T
O
T
A
L
 Proven & Probable: n/a n/a 03/29/2025
Measured & Indicated: n/a n/a 03/29/2025
Inferred: n/a n/a 03/29/2025
Reserves & Resources: n/a n/a never
P
L
A
U
S
I
B
L
E		 Proven & Probable: n/a n/a 03/29/2025
Measured & Indicated: n/a n/a 03/29/2025
Inferred: n/a n/a 03/29/2025
Reserves & Resources: n/a n/a never
C
U
R
R
E
N
T		 Annual Production: n/a n/a
Cash Cost: n/a n/a 03/29/2025
Extra Operating Cost: n/a n/a 03/29/2025
Total: n/a n/a 03/29/2025
Margin (Free Cash Flow): n/a
MCap / Production (AgEq): $42.67 $65.48
EV / Production (AgEq): $44.36 $67.25
G
R
A
D
E		 Underground (Avg): n/a n/a 03/29/2025
Open Pit (Avg): n/a n/a 04/11/2023
Recovery Rate: n/a n/a 03/29/2025
F
U
T
U
R
E		 Proven & Probable: n/a n/a 03/29/2025
Annual Production: n/a n/a 03/29/2025
Cash Cost: n/a n/a 03/29/2025
Extra Operating Cost: n/a n/a 03/29/2025

Property

Last Analysis Data  (03/29/2025)
Stage Name Owned
%		 NPV
$M		 IRR
%		 CapEx
$M		 Au Ag Cu Notes
Dev Back River
100 show
Solid PEA with $600 per oz cash costs.

Capex $320 million.

Production in 2023 if they get financing and permits.

200,000 oz per year.

7 million oz at 6 gpt.

Size: 45,000 ha
Exp Newman Madsen
50 n/a
Exp Wishbone
100 n/a
Exp Gramalote
49 n/a
Exp Central Lapland
100 n/a
Prod Fekola
90 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.
Exp Anaconda
100 n/a
Prod Otjikoto
92 n/a
Prod Masbate
100 show
11 million oz deplosit. 200,000 oz production per year (.8 gpt).
Exp Murantan
100 n/a
Current Data
Stage Name Owned
%		 NPV
$M		 IRR
%		 CapEx
$M		 Au Ag Cu Notes
Dev Back River
100 show
Solid PEA with $600 per oz cash costs.

Capex $320 million.

Production in 2023 if they get financing and permits.

200,000 oz per year.

7 million oz at 6 gpt.

Size: 45,000 ha
Exp Newman Madsen
50 n/a
Exp Wishbone
100 n/a
Exp Gramalote
49 n/a
Exp Central Lapland
100 n/a
Prod Fekola
90 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.
Exp Anaconda
100 n/a
Prod Otjikoto
92 n/a
Prod Masbate
100 show
11 million oz deplosit. 200,000 oz production per year (.8 gpt).
Exp Murantan
100 n/a

Profitability (by resource)

Proven &
Probable		 03/29/2025
Last Analysis Data
Current Data
Item Value Value Updated
Percentage Gold: 100.00% 100.00% n/a
Percentage Silver: n/a n/a n/a
Total (Gold Eq. Oz.): 6.00M 6.00M n/a
Total (Silver Eq. Oz.): n/a n/a n/a
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 4.80M 4.80M n/a
Silver Eq. Oz.: n/a n/a n/a
Maximum Profit (Gold): $5,922.72M $7,100.40M n/a
Maximum Profit (Silver): n/a n/a n/a
Total Maximum Profit: $5,922.72M $7,100.40M n/a
Max Profit / Current MCap: 1.532 1.252 n/a
Max Profit Per Share (Gold): $4.44 $5.33 n/a
Max Profit Per Share (Silver): n/a n/a n/a
Total Max Profit Per Share: $4.44 $5.33 n/a
Total Free Profit Per Share: $0.29 $0.00 n/a
FD MCap / Gold Eq.: $805.45 $1,181.16 n/a
FD MCap / Silver Eq.: $8.89 $13.64 n/a
FD MCap / Per Metal
as % Spot Price:		 26.12% 33.47% n/a
EV / Gold Eq.: $837.33 $1,213.03 n/a
EV / Silver Eq.: $9.24 $14.01 n/a
EV / Per Metal
as % Spot Price:		 27.15% 34.37% n/a
Measured &
Indicated		 03/29/2025
Last Analysis Data
Current Data
Item Value Value Updated
Percentage Gold: 100.00% 100.00% n/a
Percentage Silver: n/a n/a n/a
Total (Gold Eq. Oz.): 15.00M 15.00M n/a
Total (Silver Eq. Oz.): n/a n/a n/a
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 10.56M 10.56M n/a
Silver Eq. Oz.: n/a n/a n/a
Maximum Profit (Gold): $13,029.98M $15,620.88M n/a
Maximum Profit (Silver): n/a n/a n/a
Total Maximum Profit: $13,029.98M $15,620.88M n/a
Max Profit / Current MCap: 3.370 2.755 n/a
Max Profit Per Share (Gold): $9.77 $11.72 n/a
Max Profit Per Share (Silver): n/a n/a n/a
Total Max Profit Per Share: $9.77 $11.72 n/a
Total Free Profit Per Share: $5.62 $5.86 n/a
FD MCap / Gold Eq.: $366.12 $536.89 n/a
FD MCap / Silver Eq.: $4.04 $6.20 n/a
FD MCap / Per Metal
as % Spot Price:		 11.87% 15.21% n/a
EV / Gold Eq.: $380.60 $551.38 n/a
EV / Silver Eq.: $4.20 $6.37 n/a
EV / Per Metal
as % Spot Price:		 12.34% 15.62% n/a

Reserves &
Resources		 03/29/2025
Last Analysis Data
Current Data
Item Value Value Updated
Percentage Gold: 100.00% 100.00% n/a
Percentage Silver: n/a n/a n/a
Total (Gold Eq. Oz.): 19.50M 19.50M n/a
Total (Silver Eq. Oz.): n/a n/a n/a
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 12.36M 12.36M n/a
Silver Eq. Oz.: n/a n/a n/a
Maximum Profit (Gold): $15,251.00M $18,283.53M n/a
Maximum Profit (Silver): n/a n/a n/a
Total Maximum Profit: $15,251.00M $18,283.53M n/a
Max Profit / Current MCap: 3.945 3.225 n/a
Max Profit Per Share (Gold): $11.44 $13.72 n/a
Max Profit Per Share (Silver): n/a n/a n/a
Total Max Profit Per Share: $11.44 $13.72 n/a
Total Free Profit Per Share: $7.29 $7.86 n/a
FD MCap / Gold Eq.: $312.80 $458.70 n/a
FD MCap / Silver Eq.: $3.45 $5.30 n/a
FD MCap / Per Metal
as % Spot Price:		 10.14% 13.00% n/a
EV / Gold Eq.: $325.18 $471.08 n/a
EV / Silver Eq.: $3.59 $5.44 n/a
EV / Per Metal
as % Spot Price:		 10.54% 13.35% n/a

Future Valuation (Cash Flow & Totals)

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