Update shared on 23 Oct 2025
Fair value Increased 13%Analysts have raised their price target for B2Gold from $7.59 to $8.60, citing slightly improved revenue growth forecasts and increased fair value estimates. This comes despite a marginal uptick in the discount rate and a slight decrease in projected profit margins.
What's in the News
- B2Gold Corp. reiterated gold production guidance for 2025, 2026, and 2027 at the Goose Mine. The company expects 80,000 to 110,000 ounces in 2025, 250,000 ounces in 2026, and 330,000 ounces in 2027. Average annual production from 2026 to 2031 is projected at approximately 300,000 ounces per year based on existing reserves (company statement).
- The Goose Mine, located in Nunavut, Canada, achieved commercial production on October 2, 2025, after 30 consecutive days of mill throughput exceeding 65 percent of design capacity. Recent improvements in ore crushing rates and mill throughput are supporting full-capacity operations (company operating results).
- B2Gold confirmed overall 2025 gold production guidance, with total anticipated production ranging between 970,000 and 1,075,000 ounces (company guidance).
- Approval was received from the State of Mali to commence underground operations at the Fekola Mine. This marks a significant growth milestone for the company’s West African operations (company announcement).
- Reported unaudited consolidated production for the second quarter of 2025 was 229,454 ounces, including pre-commercial output from the Goose Mine (company results).
Valuation Changes
- Fair Value Estimate has risen from CA$7.59 to CA$8.60, reflecting an improved outlook.
- Discount Rate has increased modestly from 6.73% to 6.75%.
- Revenue Growth Forecast has inched up from 16.54% to 16.69%.
- Net Profit Margin is expected to decline slightly, moving from 20.60% to 19.49%.
- Future P/E Ratio has climbed from 12.62x to 15.05x, suggesting higher valuation expectations.
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