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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 four producing mines in Canada, Mali, Namibia and Philippines, one mine in development in Colombia and five exploration properties. Currently they produce roughly 850koz. 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 ~$6215.76M which is a rise of roughly 12% over the last two months. As of 05/06/2026 they have ~$520M debt and ~$479M cash. They have 1,337M shares outstanding and trade on the Toronto Stock Exchange.

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General Details

Financial 03/26/2026
Last
Analysis
Data
Current Data
Change
Item Value Value Updated Value
MCap (FD): $5,535.85M $6,215.76M 03/26/2026 $679.92M
MCap (OS): $5,471.85M $6,143.91M 03/26/2026 $672.06M
Total Assets: $3,500.00M $3,500.00M 03/26/2026 $0.00M
Total Liabilities: $600.00M $600.00M 03/26/2026 $0.00M
Current Assets: $500.00M $500.00M 03/26/2026 $0.00M
Current Liabilities: $231.00M $231.00M 03/26/2026 $0.00M
Total Debt: $460.00M $520.00M 05/06/2026 $60.00M
Cash: $381.00M $479.00M 05/06/2026 $98.00M
Debt (Net): $79.00M $41.00M $-38.00M
Enterprise Value: $5,614.85M $6,256.76M $641.92M
Cash Flow: $1,011.59M $1,283.15M never $271.56M
Cash Flow Multiple: 5.47 4.84 never -0.63
Net Debt to
Cash Flow Ratio:		 0.08 0.03 never -0.05
Finance within 1 year: 03/26/2026 n/a
Misc 03/26/2026
Last
Analysis
Data
Current Data
Change
Item Value Value Updated Value
Shares Outstanding: 1,337,359,749 1,337,359,749 03/26/2026 0
Shares (FD): 1,353,000,000 1,353,000,000 03/26/2026 0
Insider Ownership: n/a n/a 03/26/2026 n/a
Dividend (Annual): 1.53% 1.37% 05/06/2026 -0.16
Company Type: Mostly Gold Mostly Gold never n/a
Group: Producer Producer never n/a
Production ETA: n/a n/a 03/26/2026 n/a
Production (Gold Eq Oz.): (guess) 
850,000		 (guess) 
850,000		 03/26/2026 0
Production (Silver Eq Oz.): (guess) 
54,256,663		 (guess) 
50,696,356		 03/26/2026 -3,560,307
Development Phase: Producer (Multiple Mines) Producer (Multiple Mines) 03/26/2026 n/a
Optionality Play: none No
F
U
T
U
R
E		 % of Spot: 30
Producer: Elite Quality
 30
Producer: Elite Quality
 03/26/2026 0
Cash Flow Multiple: 12 14 05/06/2026 2.00

Resource Data

GOLD 03/26/2026
Last Analysis
Data
Current Data
Change
Item Value Value Updated Value
O
U
N
C
E
S		 T
O
T
A
L
 Proven & Probable: 6.00M 6.00M 03/26/2026 0.00M
Measured & Indicated: 15.00M 15.00M 03/26/2026 0.00M
Inferred: 4.50M 4.50M 03/26/2026 0.00M
Reserves & Resources: 19.50M 19.50M never 0.00M
P
L
A
U
S
I
B
L
E		 Proven & Probable: 4.80M 4.80M 03/26/2026 0.00M
Measured & Indicated: 10.56M 10.56M 03/26/2026 0.00M
Inferred: 1.80M 1.80M 03/26/2026 0.00M
Reserves & Resources: 12.36M 12.36M never 0.00M
C
U
R
R
E
N
T		 Annual Production: (CG) 
850,000oz.		 (CG) 
850,000oz.		 03/26/2026 0oz.
Cash Cost: $2,400 $2,000 05/06/2026 $-400.00
Extra Operating Cost: $850 $1,000 05/06/2026 $150.00
Total: $3,250 $3,000 05/06/2026 $-250.00
Margin (Free Cash Flow): $1,190 (27%) $1,510 (33%) $319.48
MCap / Production (AuEq): $6,512.76 $7,312.66 $799.90
EV / Production (AuEq): $6,605.70 $7,360.90 $755.20
G
R
A
D
E		 Underground (Avg): 6.00 g/t 6.00 g/t 03/26/2026 n/a
Open Pit (Avg): n/a 1.50 g/t 03/26/2026 n/a
Recovery Rate: (CG)  80.00% (CG)  80.00% 05/06/2026 0.00%
F
U
T
U
R
E		 Proven & Probable: 15.00M 15.00M 03/26/2026 0.00M
Annual Production: 1,200,000oz. 1,200,000oz. 03/26/2026 0oz.
Cash Cost: $2,300 $2,200 05/06/2026 $-100
Extra Operating Cost: $900 $1,000 05/06/2026 $100
SILVER 03/26/2026
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 03/26/2026 0.00M
Measured & Indicated: n/a n/a 03/26/2026 0.00M
Inferred: n/a n/a 03/26/2026 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 03/26/2026 0.00M
Measured & Indicated: n/a n/a 03/26/2026 0.00M
Inferred: n/a n/a 03/26/2026 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 03/26/2026 $0.00
Extra Operating Cost: n/a n/a 03/26/2026 $0.00
Total: n/a n/a 03/26/2026 $0.00
Margin (Free Cash Flow): n/a $0.00
MCap / Production (AgEq): $102.03 $122.61 $20.58
EV / Production (AgEq): $103.49 $123.42 $19.93
G
R
A
D
E		 Underground (Avg): n/a n/a 03/26/2026 n/a
Open Pit (Avg): n/a n/a 03/26/2026 n/a
Recovery Rate: n/a n/a 03/26/2026 0.00%
F
U
T
U
R
E		 Proven & Probable: n/a n/a 03/26/2026 0.00M
Annual Production: n/a n/a 03/26/2026 n/a
Cash Cost: n/a n/a 03/26/2026 n/a
Extra Operating Cost: n/a n/a 03/26/2026 n/a

Property

Last Analysis Data  (03/26/2026)
Stage Name Owned
%		 NPV
$M		 IRR
%		 CapEx
$M		 Au Ag Cu Notes
Prod 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
Dev 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
Prod 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
Dev 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		 03/26/2026
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.): 6.00M 6.00M n/a 0.00M
Total (Silver Eq. Oz.): n/a n/a n/a -25.13M
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 4.80M 4.80M n/a 0.00M
Silver Eq. Oz.: n/a n/a n/a -20.11M
Maximum Profit (Gold): $5,712.53M $7,246.03M n/a $1,533.50M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $5,712.53M $7,246.03M n/a $1,533.50M
Max Profit / Current MCap: 1.032 1.166 n/a 0.134
Max Profit Per Share (Gold): $4.22 $5.36 n/a $1.13
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $4.22 $5.36 n/a $1.13
Total Free Profit Per Share: $0.00 $0.00 n/a $0.00
FD MCap / Gold Eq.: $1,153.30 $1,294.95 n/a $141.65
FD MCap / Silver Eq.: $18.07 $21.71 n/a $3.64
FD MCap / Per Metal
as % Spot Price:		 25.97% 28.72% n/a 2.74%
EV / Gold Eq.: $1,169.76 $1,303.49 n/a $133.73
EV / Silver Eq.: $18.33 $21.85 n/a $3.53
EV / Per Metal
as % Spot Price:		 26.35% 28.90% n/a 2.56%
Measured &
Indicated		 03/26/2026
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.): 15.00M 15.00M n/a 0.00M
Total (Silver Eq. Oz.): n/a n/a n/a -62.83M
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 10.56M 10.56M n/a 0.00M
Silver Eq. Oz.: n/a n/a n/a -44.23M
Maximum Profit (Gold): $12,567.56M $15,941.27M n/a $3,373.71M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $12,567.56M $15,941.27M n/a $3,373.71M
Max Profit / Current MCap: 2.270 2.565 n/a 0.294
Max Profit Per Share (Gold): $9.29 $11.78 n/a $2.49
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $9.29 $11.78 n/a $2.49
Total Free Profit Per Share: $3.63 $5.44 n/a $1.81
FD MCap / Gold Eq.: $524.23 $588.61 n/a $64.39
FD MCap / Silver Eq.: $8.21 $9.87 n/a $1.66
FD MCap / Per Metal
as % Spot Price:		 11.81% 13.05% n/a 1.25%
EV / Gold Eq.: $531.71 $592.50 n/a $60.79
EV / Silver Eq.: $8.33 $9.93 n/a $1.60
EV / Per Metal
as % Spot Price:		 11.98% 13.14% n/a 1.16%

Reserves &
Resources		 03/26/2026
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.): 19.50M 19.50M n/a 0.00M
Total (Silver Eq. Oz.): n/a n/a n/a -81.68M
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 12.36M 12.36M n/a 0.00M
Silver Eq. Oz.: n/a n/a n/a -51.77M
Maximum Profit (Gold): $14,709.76M $18,658.53M n/a $3,948.77M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $14,709.76M $18,658.53M n/a $3,948.77M
Max Profit / Current MCap: 2.657 3.002 n/a 0.345
Max Profit Per Share (Gold): $10.87 $13.79 n/a $2.92
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $10.87 $13.79 n/a $2.92
Total Free Profit Per Share: $5.21 $7.45 n/a $2.24
FD MCap / Gold Eq.: $447.88 $502.89 n/a $55.01
FD MCap / Silver Eq.: $7.02 $8.43 n/a $1.42
FD MCap / Per Metal
as % Spot Price:		 10.09% 11.15% n/a 1.06%
EV / Gold Eq.: $454.28 $506.21 n/a $51.93
EV / Silver Eq.: $7.12 $8.49 n/a $1.37
EV / Per Metal
as % Spot Price:		 10.23% 11.23% n/a 0.99%

Future Valuation (Cash Flow & Totals)

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