B2Gold

BTG · TORONTO

$4.78−$0.09 (−1.85%)TodayMarket closed · Oct 23, 8:00 PM ET

Prev close $4.87

BTG analyst rating

HoldConsensus of 3 analysts over the last 12 months. 33% rate it a buy.

Strong buy0
Buy1
Hold2
Underperform0
Sell0

12-month price target · 13 analysts

Average $6.76 (+41.5% upside)

Low: $3.78
Now: $4.78
High: $8.24

Upgrades and downgrades

The latest rating actions, newest first

BTG analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
RBC Capital	Sep 16, 2026	Maintains	Sector Perform	$5.00 → $6.25	49%
RBC Capital	Jul 9, 2026	Maintains	Sector Perform	$5.75 → $5.00	49%
Jefferies	Jul 6, 2026	Maintains	Buy	$7.00 → $6.00	52%
CIBC	Nov 21, 2025	Maintains	Neutral	$6.50 → $6.00	69%

The case for and against

Updated Nov 28, 2024

Bull case

B2Gold Corp demonstrates a positive outlook, primarily fueled by its strategic initiatives that aim to enhance productivity and reduce operational costs, such as the transition to longhole stoping mining methods, which are expected to yield improved productivity and lower unit costs. The company's development of optimized open-pit designs and anticipated increases in annual output at the Fekola Complex signal potential for significant revenue growth over the coming years. Additionally, B2Gold's commitment to social development and sustainability, exemplified by the connection of Otjikoto to the electrical grid, is likely to bolster its reputation and operational efficiency, further supporting its financial performance.

Bear case

B2Gold Corp faces a significant financial challenge as it expects a substantial drawdown of $350 million from its revolving credit facility to cover near-term distributions and increased capital expenditures, which may impact its liquidity. The company’s outlook is further clouded by geopolitical instability in Mali, where the Fekola mine, representing over 50% of its operating net asset value, is exposed to rising security risks and investor concerns regarding economic stability. Additionally, operational challenges related to equipment replacements at the Fekola site signal potential risks in execution and growth, warranting caution among investors about the company's ability to navigate these hurdles effectively.

Information on this page is provided for informational purposes only and is not a recommendation to buy, sell or hold any security. Investing involves risk, including possible loss of principal. Market data is delayed at least 15 minutes and is provided without warranty. Analyst ratings, price targets and company data come from third-party sources. Past performance does not guarantee future results.