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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 840koz. 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 ~$3259.83M which is a fall of roughly 13% over the last nine months. As of 04/10/2024 they have no debt and ~$307M cash. They have 1,303M shares outstanding and trade on the Toronto Stock Exchange.

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General Details

Financial 04/10/2024
Last
Analysis
Data
Current Data
Item Value Value Updated
MCap (FD): $3,759.05M $3,259.83M 04/10/2024
Total Assets: $3,500.00M $3,500.00M 04/10/2024
Total Liabilities: $600.00M $600.00M 04/10/2024
Current Assets: $500.00M $500.00M 04/10/2024
Current Liabilities: $231.00M $231.00M 04/10/2024
Total Debt: $0.00M $0.00M 04/10/2024
Cash: $307.00M $307.00M 04/10/2024
Enterprise Value: $3,452.05M $2,952.83M 07/28/2063
Cash Flow: $667.62M $731.14M never
Cash Flow Multiple: 5.63 4.46 never
Net Debt to
Cash Flow Ratio:		 n/a n/a never
Finance within 1 year: 04/10/2024
Misc 04/10/2024
Last
Analysis
Data
Current Data
Item Value Value Updated
Shares Outstanding: 1,302,850,548 1,302,850,548 04/10/2024
Shares (FD): 1,314,000,000 1,314,000,000 04/10/2024
Insider Ownership: n/a n/a never
Dividend (Annual): n/a 6% 08/08/2024
Company Type: Mostly Gold Mostly Gold never
Production ETA: n/a n/a 04/10/2024
Production (Gold Eq Oz.): (guess) 
900,000		 (guess) 
840,000		 08/08/2024
Production (Silver Eq Oz.): (guess) 
75,433,787		 (guess) 
74,817,675		 08/08/2024
Initial CapEx (Outstanding): n/a n/a 04/10/2024
Funding Option: n/a n/a 04/10/2024
Documentation: none PRODUCER 08/08/2024
Future MCap Modifier: 0.3
Producer: Elite Quality
 0.3
Producer: Elite Quality
 04/24/2023
Cash Flow Multiplier: 15 13 08/08/2024

Resource Data

GOLD 04/10/2024
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 04/10/2024
Measured & Indicated: 15.00M 15.00M 04/10/2024
Inferred: 4.50M 4.50M 04/10/2024
Reserves & Resources: 19.50M 19.50M never
P
L
A
U
S
I
B
L
E		 Proven & Probable: 4.80M 4.80M 04/10/2024
Measured & Indicated: 10.56M 10.56M 04/10/2024
Inferred: 1.80M 1.80M 04/10/2024
Reserves & Resources: 12.36M 12.36M never
C
U
R
R
E
N
T		 Annual Production: (guess) 
900,000oz.		 (CG) 
840,000oz.		 08/08/2024
Cash Cost: $1,000 $1,100 08/08/2024
Extra Operating Cost: $600 $650 08/08/2024
Total: $1,600 $1,750 08/08/2024
Margin (Free Cash Flow): $742 (32%) $870 (33%)
G
R
A
D
E		 Underground (Avg): 6.00 g/t 6.00 g/t 04/10/2024
Open Pit (Avg): n/a 1.50 g/t 03/18/2024
Recovery Rate: (CG)  80.00% (CG)  80.00% 08/08/2024
F
U
T
U
R
E		 Proven & Probable: 15.00M 15.00M 04/10/2024
Annual Production: 1,200,000oz. 1,200,000oz. 04/10/2024
Cash Cost: $950 $1,000 08/08/2024
Extra Operating Cost: $550 $600 08/08/2024
SILVER 04/10/2024
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 04/10/2024
Measured & Indicated: n/a n/a 04/10/2024
Inferred: n/a n/a 04/10/2024
Reserves & Resources: n/a n/a never
P
L
A
U
S
I
B
L
E		 Proven & Probable: n/a n/a 04/10/2024
Measured & Indicated: n/a n/a 04/10/2024
Inferred: n/a n/a 04/10/2024
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 04/10/2024
Extra Operating Cost: n/a n/a 04/10/2024
Total: n/a n/a 04/10/2024
Margin (Free Cash Flow): n/a
G
R
A
D
E		 Underground (Avg): n/a n/a 04/10/2024
Open Pit (Avg): n/a n/a 04/11/2023
Recovery Rate: n/a n/a 04/10/2024
F
U
T
U
R
E		 Proven & Probable: n/a n/a 04/10/2024
Annual Production: n/a n/a 04/10/2024
Cash Cost: n/a n/a 04/10/2024
Extra Operating Cost: n/a n/a 04/10/2024

Property

Last Analysis Data  (04/10/2024)
Stage Name Owned 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.
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
Total Land Package Size (ha): 45,000  
Current Data
Stage Name Owned 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.
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
Total Land Package Size (ha): 45,000  

Profitability (by resource)

Proven &
Probable		 04/10/2024
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): $3,560.64M $4,177.92M n/a
Maximum Profit (Silver): n/a n/a n/a
Total Maximum Profit: $3,560.64M $4,177.92M n/a
Max Profit / Current MCap: 0.947 1.282 n/a
Max Profit Per Share (Gold): $2.71 $3.18 n/a
Max Profit Per Share (Silver): n/a n/a n/a
Total Max Profit Per Share: $2.71 $3.18 n/a
Total Free Profit Per Share: $0.00 $0.00 n/a
FD MCap / Gold Eq.: $783.14 $679.13 n/a
FD MCap / Silver Eq.: $9.34 $7.62 n/a
FD MCap / Per Metal
as % Spot Price:		 33.44% 25.92% n/a
Measured &
Indicated		 04/10/2024
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): $7,833.41M $9,191.42M n/a
Maximum Profit (Silver): n/a n/a n/a
Total Maximum Profit: $7,833.41M $9,191.42M n/a
Max Profit / Current MCap: 2.084 2.820 n/a
Max Profit Per Share (Gold): $5.96 $6.99 n/a
Max Profit Per Share (Silver): n/a n/a n/a
Total Max Profit Per Share: $5.96 $6.99 n/a
Total Free Profit Per Share: $2.07 $3.42 n/a
FD MCap / Gold Eq.: $355.97 $308.70 n/a
FD MCap / Silver Eq.: $4.25 $3.47 n/a
FD MCap / Per Metal
as % Spot Price:		 15.20% 11.78% n/a

Reserves &
Resources		 04/10/2024
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): $9,168.65M $10,758.14M n/a
Maximum Profit (Silver): n/a n/a n/a
Total Maximum Profit: $9,168.65M $10,758.14M n/a
Max Profit / Current MCap: 2.439 3.300 n/a
Max Profit Per Share (Gold): $6.98 $8.19 n/a
Max Profit Per Share (Silver): n/a n/a n/a
Total Max Profit Per Share: $6.98 $8.19 n/a
Total Free Profit Per Share: $3.09 $4.62 n/a
FD MCap / Gold Eq.: $304.13 $263.74 n/a
FD MCap / Silver Eq.: $3.63 $2.96 n/a
FD MCap / Per Metal
as % Spot Price:		 12.99% 10.06% n/a

Future Valuation (Cash Flow & Totals)

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