Added to YB: 2026-01-26
Pitch date: 2026-01-25
BTG [bullish]
B2Gold Corp.
Author Info
Under the Hood is a private investor (ex-NYSE, Bridgewater, Alliance Bernstein) writing about stocks. Sign up for their newsletter.
Company Info
B2Gold Corp. operates as a gold producer company in Canada. The company operates the Fekola Mine in Mali; the Masbate Mine in the Philippines; the Otjikoto Mine in Namibia; the Goose Mine in Canada.
Market Cap
CAD 6.2B
Pitch Price
N/A
Price Target
7.00
Dividend
1.72%
EV/EBITDA
3.11
P/E
12.36
EV/Sales
1.70
Sector
Metals and Mining
Category
value
The Lone mid-tier Laggard in Gold's Epic Run
BTG: Mid-tier gold miner lagged peers (+70% vs 185-660%) despite gold's 150% surge since 2024. Mali war risk, Goose overruns ($800M→$1.5B capex) overdone. 4 assets: Fekola (500koz/yr flagsh ip, 50% no impact/30% partial/20% total loss odds), Goose (300koz/yr by 2027, $2.8B NPV+upside), 2 workhorses (350koz/yr). 1.1Moz total @$1500 AISC. SoTP $10.6B vs $7.8B EV = $7/sh (35% up from $5.2). Trades 3.7x EBITDA vs peers 9.3x. Catalysts: Goose ramp, prepay ends 2Q26 (+$180M/qtr FCF), Mali stabilization.
Read full article (9 min)