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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 ~$3820.25M which is a fall of roughly 1% over the last days. 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
Change
Item Value Value Updated Value
MCap (FD): $3,866.18M $3,820.25M 03/29/2025 $-45.93M
Total Assets: $3,500.00M $3,500.00M 03/29/2025 $0.00M
Total Liabilities: $600.00M $600.00M 03/29/2025 $0.00M
Current Assets: $500.00M $500.00M 03/29/2025 $0.00M
Current Liabilities: $231.00M $231.00M 03/29/2025 $0.00M
Total Debt: $460.00M $460.00M 03/29/2025 $0.00M
Cash: $307.00M $307.00M 03/29/2025 $0.00M
Enterprise Value: $4,019.18M $3,973.25M 11/27/2095 $-45.93M
Cash Flow: $1,233.90M $1,269.80M never $35.90M
Cash Flow Multiple: 3.13 3.01 never -0.12
Net Debt to
Cash Flow Ratio:		 0.12 0.12 never 0.00
Finance within 1 year: 03/29/2025 n/a
Misc 03/29/2025
Last
Analysis
Data
Current Data
Change
Item Value Value Updated Value
Shares Outstanding: 1,319,039,908 1,319,039,908 03/29/2025 0
Shares (FD): 1,333,000,000 1,333,000,000 03/29/2025 0
Insider Ownership: n/a n/a never n/a
Dividend (Annual): n/a 6% 03/29/2025 6%
Company Type: Mostly Gold Mostly Gold never n/a
Production ETA: n/a n/a 03/29/2025 n/a
Production (Gold Eq Oz.): (guess) 
1,000,000		 (guess) 
1,000,000		 03/29/2025 0
Production (Silver Eq Oz.): (guess) 
90,596,357		 (guess) 
91,975,236		 03/29/2025 1,378,879
Initial CapEx (Outstanding): n/a n/a 03/29/2025 n/a
Funding Option: n/a n/a 03/29/2025 n/a
Documentation: none PRODUCER 03/29/2025 n/a
Future MCap Modifier: 0.3
Producer: Elite Quality
 0.3
Producer: Elite Quality
 04/24/2023 0
Cash Flow Multiplier: 12 12 03/29/2025 0.00

Resource Data

GOLD 03/29/2025
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 03/29/2025 0.00M
Measured & Indicated: 15.00M 15.00M 03/29/2025 0.00M
Inferred: 4.50M 4.50M 03/29/2025 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 03/29/2025 0.00M
Measured & Indicated: 10.56M 10.56M 03/29/2025 0.00M
Inferred: 1.80M 1.80M 03/29/2025 0.00M
Reserves & Resources: 12.36M 12.36M never 0.00M
C
U
R
R
E
N
T		 Annual Production: (guess) 
1,000,000oz.		 (CG) 
1,000,000oz.		 03/29/2025 0oz.
Cash Cost: $1,000 $1,000 03/29/2025 $0.00
Extra Operating Cost: $850 $850 03/29/2025 $0.00
Total: $1,850 $1,850 03/29/2025 $0.00
Margin (Free Cash Flow): $1,234 (40%) $1,270 (41%) $35.90
G
R
A
D
E		 Underground (Avg): 6.00 g/t 6.00 g/t 03/29/2025 n/a
Open Pit (Avg): n/a 1.50 g/t 03/18/2024 1.50 g/t
Recovery Rate: (CG)  80.00% (CG)  80.00% 03/29/2025 0.00%
F
U
T
U
R
E		 Proven & Probable: 15.00M 15.00M 03/29/2025 0.00M
Annual Production: 1,200,000oz. 1,200,000oz. 03/29/2025 0oz.
Cash Cost: $1,000 $1,000 03/29/2025 $0
Extra Operating Cost: $800 $800 03/29/2025 $0
SILVER 03/29/2025
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 03/29/2025 0.00M
Measured & Indicated: n/a n/a 03/29/2025 0.00M
Inferred: n/a n/a 03/29/2025 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 03/29/2025 0.00M
Measured & Indicated: n/a n/a 03/29/2025 0.00M
Inferred: n/a n/a 03/29/2025 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 03/29/2025 $0.00
Extra Operating Cost: n/a n/a 03/29/2025 $0.00
Total: n/a n/a 03/29/2025 $0.00
Margin (Free Cash Flow): n/a $0.00
G
R
A
D
E		 Underground (Avg): n/a n/a 03/29/2025 n/a
Open Pit (Avg): n/a n/a 04/11/2023 n/a
Recovery Rate: n/a n/a 03/29/2025 0.00%
F
U
T
U
R
E		 Proven & Probable: n/a n/a 03/29/2025 0.00M
Annual Production: n/a n/a 03/29/2025 n/a
Cash Cost: n/a n/a 03/29/2025 n/a
Extra Operating Cost: n/a n/a 03/29/2025 n/a

Property

Last Analysis Data  (03/29/2025)
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		 03/29/2025
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 8.27M
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 6.62M
Maximum Profit (Gold): $5,922.72M $6,095.04M n/a $172.32M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $5,922.72M $6,095.04M n/a $172.32M
Max Profit / Current MCap: 1.532 1.595 n/a 0.064
Max Profit Per Share (Gold): $4.44 $4.57 n/a $0.13
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $4.44 $4.57 n/a $0.13
Total Free Profit Per Share: $0.29 $0.46 n/a $0.17
FD MCap / Gold Eq.: $805.45 $795.89 n/a $-9.57
FD MCap / Silver Eq.: $8.89 $8.65 n/a $-0.24
FD MCap / Per Metal
as % Spot Price:		 26.12% 25.51% n/a -0.61%
Measured &
Indicated		 03/29/2025
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 20.68M
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 14.56M
Maximum Profit (Gold): $13,029.98M $13,409.09M n/a $379.10M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $13,029.98M $13,409.09M n/a $379.10M
Max Profit / Current MCap: 3.370 3.510 n/a 0.140
Max Profit Per Share (Gold): $9.77 $10.06 n/a $0.28
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $9.77 $10.06 n/a $0.28
Total Free Profit Per Share: $5.62 $5.95 n/a $0.32
FD MCap / Gold Eq.: $366.12 $361.77 n/a $-4.35
FD MCap / Silver Eq.: $4.04 $3.93 n/a $-0.11
FD MCap / Per Metal
as % Spot Price:		 11.87% 11.60% n/a -0.28%

Reserves &
Resources		 03/29/2025
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 26.89M
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 17.04M
Maximum Profit (Gold): $15,251.00M $15,694.73M n/a $443.72M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $15,251.00M $15,694.73M n/a $443.72M
Max Profit / Current MCap: 3.945 4.108 n/a 0.164
Max Profit Per Share (Gold): $11.44 $11.77 n/a $0.33
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $11.44 $11.77 n/a $0.33
Total Free Profit Per Share: $7.29 $7.66 n/a $0.37
FD MCap / Gold Eq.: $312.80 $309.08 n/a $-3.72
FD MCap / Silver Eq.: $3.45 $3.36 n/a $-0.09
FD MCap / Per Metal
as % Spot Price:		 10.14% 9.91% n/a -0.24%

Future Valuation (Cash Flow & Totals)

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