BTGNYSEGold and Silver OresUS GAAP · USD

B2Gold Corp

B2Gold Corp is an international gold producer with operating mines and development projects across Canada, Mali, Namibia, the Philippines, and Colombia. The company’s business combines gold mining, mine development, exploration, and related royalty interests through a portfolio of operating assets and growth projects.

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Revenue3,061m USD
+60.9 %y/y
Operating profit (EBIT)1,015m USD
+469.7 %y/y
EBIT margin33.1%
+47.6 ppy/y
Net income402m USD
+163.8 %y/y
Free cash flow896m USD
+2.1 %y/y

Fiscal year 2025 · change from previous year

Development 2022–2025

-1,00001,0002,0003,0004,000m USD2022: 1,733 m USD2022: EBIT 541 m USD20222023: 1,934 m USD2023: EBIT 334 m USD20232024: 1,902 m USD2024: EBIT -274 m USD20242025: 3,061 m USD2025: EBIT 1,015 m USD20253,0611,015
RevenueOperating profit (EBIT)

Business

Share of revenue
Gold production85 %

Gold extracted and sold from operating mines in multiple jurisdictions.

Mine development10 %

Pre-production and expansion activity that supports future mine output.

Exploration assets3 %

Exploration and evaluation projects advancing future mine opportunities.

Royalty interests2 %

Equity and royalty exposure to mining assets through investees.

Customers

B2Gold sells primarily into the global gold market, where bullion and dore production is typically sold to refiners, traders, or off-take counterparties rather than end consumers. Its customer demand is ultimately driven by investment demand for gold, reserve accumulation, and industrial/financial market pricing rather than a small number of contract customers.

Refiners and bullion buyers

Buy gold production from the mines for refining, settlement, and onward sale.

Commodity traders and distributors

Purchase output through market-linked arrangements to place metal into the bullion supply chain.

Investment market

Indirect demand for the company’s gold is tied to investor and central-bank gold purchasing.

Strategy

B2Gold’s strategy centers on sustaining output from its operating mines while advancing development assets to extend mine life and replace reserves. The company also emphasizes local partnership, community investment, and renewable-energy and energy-efficiency initiatives that support mine continuity and lower operating footprint over time.

Extend Fekola and other core assetsMedium term

Long-life, high-contribution mines underpin portfolio stability and future cash generation.

Expand renewable and efficient power useShort term

Energy costs and emissions are material for remote mining operations with heavy power demand.

Strengthen social license to operateShort term

Mining depends on permits, community support, and government relations in host countries.

Advance exploration and development projectsMedium term

Replacement ounces are needed to offset depletion and preserve long-term production.

Geography

B2Gold operates a geographically diversified mining portfolio, with mines in Mali, Canada, Namibia, and the Philippines and a development project in Colombia. This spread reduces dependence on a single country, but it also exposes the company to jurisdiction-specific permitting, taxation, logistics, labor, and political risk.

Risks

B2Gold is exposed to country-specific political, permitting, and operating risk because its mines are spread across emerging-market and developed jurisdictions. As a gold miner, it also faces commodity-price volatility, grade and reserve uncertainty, environmental and safety incidents, and elevated execution risk when bringing new projects or extensions into production.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Gold price volatility1Country and permitting risk2Operational and reserve risk3Energy and infrastructure reliance4Community and social license risk5
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Gold price volatilityImpact: HighLikelihood: High

    Revenue and margins move with the global gold price while costs are partly fixed.

    Exposure: All mines

  2. Country and permitting riskImpact: HighLikelihood: Medium

    Operations depend on mining rights, exploitation permits, and host-government approvals.

    ExposureMaliNamibiaThe PhilippinesCanadaColombia
  3. Operational and reserve riskImpact: HighLikelihood: Medium

    Mine plans rely on geological models, grades, and recoveries that can change.

    Exposure: Operating mines and development projects

  4. Energy and infrastructure relianceImpact: MediumLikelihood: Medium

    Remote mines depend on reliable power, fuel, transport, and site infrastructure.

    ExposureFekolaMasbateOtjikotoGoose
  5. Community and social license riskImpact: MediumLikelihood: Medium

    Local employment, procurement, and community expectations are central to continued operations.

    Exposure: Host communities and Indigenous stakeholders

Accounting

Judgemental items
Impairment of long-lived assets

Mine values depend on gold prices, reserve estimates, and project economics; downside changes can trigger write-downs.

Impact: Operating mines and development projects

Closure and reclamation provisions

Mining sites require site restoration and closure obligations that use long-dated assumptions.

Impact: Environmental liabilities and expense recognition

Depletion and depreciation

Production-based amortization depends on reserve estimates and planned mine life.

Impact: Reported operating costs and asset carrying values

IFRS 18 presentation

The new standard will change classification of income and expenses in the statement of operations.

Impact: Comparability of line items across periods

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Last updated: 28/09/2026