TSE:BTO
B2Gold Corp. (BTO.TO)
Financials 
Technical Analysis 
Jun 3, 2026, 12:00 amThis summary was created by AI, based on 5 opinions in the last 12 months.
B2Gold Corp. (BTO-T) has displayed a strong performance recently, recovering 66% YTD, primarily driven by various operational improvements and a favorable gold market. Despite some geopolitical risks associated with its operations in Mali and ongoing issues at its Canadian site, there is a prevailing belief among analysts that once these challenges are resolved, the company is poised for significant growth and re-rating. The management team is highly regarded for its successful track record, contributing to a positive outlook despite market skepticism. The stock is considered reasonably priced, with analysts projecting steady future cash flow and an attractive dividend yield around 1.5% to 2.28%. With a consensus belief that the stock is undervalued and potential catalyst events on the horizon, B2Gold remains a company to watch closely.
Symptom of the space. Very good executors, diversified asset base. Trades at a premium, so the bloom comes off when sentiment turns. Attractive yield around 4%, that's why he owns it. Recent acquisition will be additive by 2025.
Dennis da SilvaEPS of $0.05 missed expectations of $0.0656 and revenues of $477.89M missed expectations of $484.68M. Gold production was 242.8K ounces in the quarter, with expectations of an increase in Q4. Its AISC were lower than annual guidance ranges, which is a positive, and its Goose project construction was on budget. It remains on track to meet its 2023 total gold production forecast, Its gross profit improved significantly, however, it incurred higher operating expenses due to impairments and foreign exchange losses. Its cash from operations remains strong and its balance sheet is in good shape. This was an OK quarter, and we feel much will depend on the price of gold, although production is moving in the right direction.
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We have tended to lean towards large caps, such as AEM. We think KRR and AGI are also buys. BTO is a fairly large cap, offering good value at only 10X earnings with a 4.7% dividend. The balance sheet is very solid with $500M cash. We like it, but consensus calls for very low growth in the next two years, and EPS is still down from 2020 levels. So buyers need to have some patience. The last quarter was OK. NGG has outperformed BTO, and also has cash (only $35M though). But it is not yet producing so is still losing money, with negative cash flow. While we think it has potential, at this time we would prefer producers, taking comfort in the ongoing cash flow in a tough environment vs owning a developer still burning cash.
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Big fan of management team.
Large shareholder in company.
Market concerns over recent M&A.
Is a good long term investment.
Dividend payout not as high because using cash in exploration & development.
Rick RuleVery good company that performs well consistently.
Good long term assets.
Ability to grow has been proven.
Great management team.
Dividends continue to grow.
Rick RuleHis theme today is leverage, nice yield, and ability to grow cash. Production in West Africa. Newly entered into Nunavut. Experienced. Can improve economics of Back River mine, and this will balance another mine's shutting down in 2025. No debt. Yield is 4.04%.
(Analysts’ price target is $7.51)Dennis da Silva;fill-opacity:1;'/%3e%3cpath%20d='M31%2018.6001V30H8V18.6001L14.1334%2022.4334L19.4999%2014L24.8669%2022.4334L31%2018.6001Z'%20fill='%23EE5432'%20style='fill:%23EE5432;fill:color(display-p3%200.9340%200.3310%200.1956);fill-opacity:1;'/%3e%3c/svg%3e){kind=small}
Premium content
Premium contentBTO is a million ounces a year gold producer with assets in Mali, the Philippines and Namibia. Analysts expect quarterly production will be reported to have hit record levels in Q4:22 -- up over 25% on the year -- when earnings are released later this month. It pays a good dividend for a gold producer, backed by a payout ratio under 75% of cash flow. It trades at under 2x book value. We like that cash reserves are growing, while debt is being retired. We recommend placing a stop-loss at $4.40, looking to achieve $7.50 -- upside potential of 38%. Yield 4.0%
(Analysts’ price target is $7.50)
John Zechner
Rick Rule
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Based on the chart - looks like stock has support. Would recommend buying based on bullish gold thesis.