B2Gold

What B2Gold does

B2Gold Corp. is a Vancouver-headquartered international gold producer operating four producing mines and a development/exploration portfolio across four continents. Its producing assets are the Fekola Mine in Mali (80% owned, open-pit plus underground with ~94% gold recovery), the Masbate Gold Project in the Philippines (40% economic interest via Filminera, ~74.5% recovery), the Otjikoto Mine in Namibia (90% owned, open-pit plus Wolfshag underground, ~98% recovery), and the Goose Mine in Nunavut, Canada (100% owned, achieved commercial production October 2, 2025). Development-stage assets include the Back River Gold District (Nunavut) and the Gramalote Project in Colombia (100% following October 2023 buyout of AngloGold Ashanti's 50%). The company also holds an ~28.4% stake in the BeMetals/Prospector combined entity as a non-core investment.

B2Gold generates revenue by extracting, processing, and selling gold bullion (doré) at prevailing market spot prices to refiners and on global commodity markets; the firm is a pure price-taker with no ability to set gold prices. Reported revenue was $3.06 billion in FY2025 and $1.16 billion in Q1 2026, against 2025 production of 979,604 ounces and 2026 guidance of 820,000–970,000 ounces, with Q1 2026 cash operating costs of $1,005 per ounce. Q1 2026 free cash flow was $362 million and cash on hand stood at $380 million as of December 31, 2025. The company paid approximately $1 billion in taxes and royalties to governments, $345 million in employee wages and benefits, and $14 million in community investment in 2025.

Operationally, B2Gold has built a renewable-energy moat through integrated solar plants at Fekola (~52 MW, covering 28–30% of site demand), Masbate (1.3 MW rooftop + 8.2 MW ground-mount with another 8.2 MW planned H2 2026), and Otjikoto (renewable wheeling covering 79% of 2025 electricity). Geographically diversified production mitigates single-jurisdiction political and operational risk. The company is publicly listed on the TSX (BTO) and NYSE American (BTG), with a C$9.07 billion market capitalization as of April 2026. In April 2026 it sold its 70% interest in Fingold Ventures Ltd. to Agnico Eagle for US$325 million, and on June 4, 2026, founder Clive Johnson retired after 19 years as CEO, succeeded by Mike Cinnamond with Kelvin Dushnisky moving to Executive Chair.

Name

B2Gold

Legal name

B2Gold Corp.

Website

https://b2gold.com

Company type

Public

Founded year

2007

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

B2Gold Corp. is a Vancouver-headquartered international gold producer operating four mines in Mali, Namibia, the Philippines, and Canada, plus development projects in Colombia and Nunavut. It generates revenue by selling gold doré at spot prices to refiners and commodity markets, producing approximately 1 million ounces annually with FY2025 revenue of $3.06 billion.

Ownership category

akta.pro rank

Product category

Gold Mining

NAICS

Gold Ore and Silver Ore Mining (21222)

SIC

Gold And Silver Ores (1040)

akta.pro primary industry

Gold Mining (IMAKAEAA)

akta.pro secondary industry

Precious Metals Bullion & Concentrates Trading (Gold, Silver, PGM) (IMAKAJAD)

Keywords

• Gold mining operations
• Gold bullion production
• Precious metals extraction
• Mineral resource development
• Open pit mining

Headquarters

HQ city

Vancouver

HQ country

Canada

HQ region

North America

Offices5 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Operations, Personnel, Infrastructure, Supply Chain, Technology or R&D, Marketing or Sales

Revenue model

1. Gold Bullion Sales: B2Gold generates revenue through the extraction, processing, and sale of gold bullion (doré) produced from its four operating mines in Canada, Mali, Namibia, and the Philippines. Gold is sold at prevailing market prices with revenue derived from ounces produced and sold.

Distribution channels1 record

Marketing channels5 records

Core offering

B2Gold is an international gold producer that extracts, processes, and sells gold bullion (doré) from four operating mines located in Mali (Fekola), the Philippines (Masbate), Namibia (Otjikoto), and Canada (Goose). The company also holds development and exploration projects in Canada (Back River), Colombia (Gramalote), Finland, Kazakhstan, and Côte d'Ivoire, and sells gold at prevailing market spot prices to refiners and on commodity markets.

Product overview

B2Gold is an international gold mining company with a portfolio of four producing gold mines and development projects. The company's producing operations include the Fekola Mine in Mali (80% owned), Masbate Gold Project in the Philippines (40% owned), Otjikoto Mine in Namibia (90% owned), and Goose Mine in Canada (100% owned). Development projects include the Back River Gold District in Nunavut and the Gramalote Project in Colombia. The company operates with a focus on responsible mining practices, generating revenue through the extraction and sale of gold produced from its mining operations.

Differentiator

Problem solved

Functional benefit

Products and services

• Fekola Mine A world-class, low-cost gold mine in southwest Mali (80% owned) operating an open pit and underground operation with a conventional processing plant achieving approximately 94% gold recovery. Underground production commenced July 30, 2025 following underground exploitation permit approval.
• Masbate Gold Project An open-pit gold mining operation in the Philippines (40% interest held by B2Gold via Filminera) with a conventional carbon-in-leach processing facility achieving approximately 74.5% gold recovery. Includes 1.3 MW rooftop solar and 8.2 MW solar plant for electricity, with an 8.2 MW expansion planned for H2 2026.
• Otjikoto Mine Namibia's largest gold producer (90% owned), operating open pit and underground (Wolfshag) mining with gravity concentration and cyanide leach processing achieving approximately 98% gold recovery. In 2025, 79% of electricity was from renewable sources through a solar plant and grid connection, representing the first wheeling solar project in Namibia.
• Goose Mine An Arctic gold mine in Nunavut, Canada (100% owned) within the Back River Gold District, achieving commercial production in October 2025 with projected annual production of 170,000-230,000 ounces in 2026 and 300,000 oz/year expected from 2027 onwards.
• Back River Gold District A significant gold resource endowment in Nunavut, Canada consisting of eleven mineral claims blocks along an 80 km belt, with the Goose Mine as the most advanced project.
• Gramalote Project A gold development project in Colombia (100% owned) with a 2025 Feasibility Study evaluating open-pit mining with a 6.0 Mtpa processing plant, projecting 177,000 ounces annual production over 13 years.
• Fekola Regional Regional exploration and development around the Fekola Mine in Mali, including the Anaconda and Dandoko areas, expanding the Fekola Complex resource base.

Quantifiable outcome

• 2025 gold production: 979,604 ounces
• +5 more outcomes

Named customers1 record

Segments1 record

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Three partnerships are on record, tiered minor and core.

• Glacies Technologies Inc.minorStrategic or Co-development Partner · 20 May 2026Canada's Critical Minerals Infrastructure Fund committed $5 million to pilot low-emissions heating and ventilation solution at B2Gold's Goose Mine in Nunavut. This is part of Canada's broader Arctic infrastructure strategy.
• Barloworld Equipment NamibiaminorChannel Partner/ Reseller/ Distributor · 2 May 2026Partnership at Otjikoto mine in Namibia where Barloworld Equipment provides mining equipment and support services. The operation moved 140,000 tons of material per day at peak using 110 fleet units while operating entirely off-grid on self-generated power.
• Agnico Eagle Mines LimitedcoreStrategic or Co-development Partner · 20 April 2026B2Gold sold its 70% interest in Fingold Ventures Ltd. to Agnico Eagle for US$325 million cash, with closing expected April 2026. Separately, B2Gold and Agnico Eagle entered into a non-exclusive collaboration agreement for knowledge sharing and operational cooperation across their respective gold mining operations in Nunavut, Canada.

Scale indicators15 records

Recent moves6 records

Expansion highlights8 records

Broad incumbents

• Barrick Gold Corporation: Barrick is one of the largest gold producers globally (~4Moz/year) and operates in jurisdictions overlapping B2Gold's (Mali, Canada). Comparable as a senior gold miner with similar cost discipline and ESG focus, though at a much larger scale.
• Newmont Corporation: Newmont is the world's largest gold mining company, producing ~6-7Moz annually across multiple continents. Directly comparable to B2Gold as a multi-jurisdictional gold producer, though substantially larger and more diversified.
• AngloGold Ashanti: AngloGold Ashanti is a major international gold producer with operations in Africa, the Americas, and Australia. Comparable to B2Gold in scale and geographic diversity, and a prior JV partner at Gramalote (50% acquired by B2Gold in Oct 2023).

Direct peers

• Agnico Eagle Mines Limited: Agnico Eagle is a senior gold producer with a strong Canadian/Nunavut footprint, recently acquiring B2Gold's 70% interest in Fingold Ventures for $325M. Highly comparable as a low-cost, multi-mine gold producer with Arctic operating expertise that B2Gold is now partnering with at Goose.
• Kinross Gold Corporation: Kinross is a mid-tier gold producer (~2Moz/year) with operations in the Americas and West Africa (notably Tasiast in Mauritania, near B2Gold's Fekola). Closely comparable in scale, cost positioning, and West African exposure.
• Gold Fields Limited: Gold Fields is a major South African-headquartered gold producer with operations across Africa, Australia, and the Americas. Comparable as a multi-jurisdictional producer, with senior B2Gold management having prior Gold Fields experience (e.g., SVP Exploration Victor King).
• Endeavour Mining plc: Endeavour Mining is a West Africa-focused mid-tier gold producer with mines in Côte d'Ivoire, Burkina Faso, and Senegal. Highly comparable to B2Gold in scale (~1Moz+), West African focus, and strategy of building multi-mine regional platforms.
• IAMGOLD Corporation: IAMGOLD is a mid-tier gold producer with operations in Canada (Côté Lake) and West Africa (Essakane, Burkina Faso). Closely comparable to B2Gold in scale, jurisdictional mix, and mid-cap gold producer positioning, with overlapping ESG/renewable energy strategies.
• Alamos Gold Inc. Alamos Gold is a mid-tier gold producer with operations in Canada (Young-Davidson, Island Gold) and Mexico (Mulatos). Comparable to B2Gold as a low-cost, multi-mine gold producer of similar size, with a focus on Canadian assets and growth through development.

Emerging players

• Harmony Gold Mining Company Limited: Harmony Gold is a South African gold producer with growing international exposure (including recent acquisitions in Canada and Papua New Guinea). Comparable in scale to B2Gold, with similar multi-jurisdictional growth strategy, though historically South Africa-centric.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks7 records

Key highlights8 records

Customer concentration

• Xx.com/b2goldcorp
• YouTubevimeo.com/b2goldcorp?msockid=26b6711f1a826ee41cca63731b366fa0
• Facebookfacebook.com/B2GoldCorp
• LinkedInlinkedin.com/company/b2gold-corp.

Compliance6 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles24 records

Subsidiaries3 records

Funding overview

Funding rounds1 record

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A2 records

Investments5 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about B2Gold