TORONTO, August 7, 2026, 12:11 EDT
- North American markets were open. At 11:56 EDT, B2Gold shares traded at $5.00, up 22.1%.
- Mali issued the Menankoto permit, enabling the start of pre-stripping at Fekola Regional.
- B2Gold posted a negative free cash flow of $257.5 million in the second quarter, with AISC at $2,356 per ounce.
B2Gold Corp. NYSEAMERICAN:BTG shares jumped as investors reacted to Mali approving the overdue Menankoto exploitation permit. The news offset concerns about lower output, increased expenses and negative free cash flow for the quarter.
The permit eliminates the need for specific approval that previously held up Fekola Regional. Preparation for mining pre-stripping and finalizing a tolling agreement may now commence.
Annual output at Fekola Regional is projected to surpass 150,000 ounces from 2028 into the mid-2030s. This represents over 17% of B2Gold’s updated 2026 production midpoint, calculated on a full project basis.
B2Gold’s stake in Fekola Regional will amount to 65%. The company’s attributable portion of expected annual production would surpass 97,500 ounces. Initial calculation: with those ounces valued at the realized second-quarter price of $3,767, the annual gross metal value exceeds $367 million. This does not constitute revenue or cash-flow guidance and does not account for costs, taxes, royalties, or timing.
Gold versus equities: Intraday performance
| Security | Last price | Day change | Difference versus GDX |
|---|---|---|---|
| B2Gold Corp. NYSEAMERICAN:BTG | $5.00 | +22.1% | +15.2 points |
| IAMGOLD Corp. NYSE:IAG | $18.02 | +12.4% | +5.5 points |
| Kinross Gold Corp. NYSE:KGC | $27.26 | +6.4% | -0.5 points |
| Agnico Eagle Mines Ltd. NYSE:AEM | $179.35 | +6.8% | -0.1 points |
| Newmont Corp. NYSE:NEM | $112.91 | +7.1% | +0.2 points |
| VanEck Gold Miners ETF NYSEARCA:GDX | $89.70 | +6.9% | — |
Prices delayed as of about 11:56 EDT. Percentage changes are calculated by reporters.
The response was not solely linked to gold beta. B2Gold outperformed GDX by 15.2 percentage points, climbing over three times quicker. Spot gold advanced 2.3% following weaker-than-anticipated U.S. jobs data, which dampened prospects for a September rate hike.
B2Gold Q2 results
| Metric | Q2 2026 | Q2 2025 | Change |
|---|---|---|---|
| Revenue | $789.4 million | $692.2 million | +14.0% |
| Gold produced | 203,648 oz | 229,454 oz | -11.2% |
| Realized gold price | $3,767/oz | $3,290/oz | +14.5% |
| Cash operating cost | $1,201/oz | $745/oz | +61.2% |
| AISC | $2,356/oz | $1,519/oz | +55.1% |
| Adjusted EPS | $0.03 | $0.12 | -75.0% |
| Free cash flow | -$257.5 million | $12.0 million | $269.5 million decline |
AISC and free cash flow represent company-defined non-IFRS metrics. Changes reflect reporter calculations.
The significance of the permit is evident this quarter. Revenue increased by 14%, yet production declined 11% and AISC surged 55%. Free cash flow shifted to an outflow of $257.5 million.
Adjusted earnings reached just $0.03 per share. The reported EPS of $0.31 reflected a $292 million gain from an asset sale and $135 million in unrealized derivative gains. Losses from realized gold-collar positions came to $71 million.
Short-term cash conditions are expected to get better. Gold-prepayment shipments finished on June 30, and upcoming physical sales should take place at spot prices. Collar settlements remain active through January 2027. B2Gold reported cash holdings of $287 million, later accessing an additional $95 million for Goose site fuel purchases.
2026 production guidance updated
| Operation | Previous guidance | Revised guidance | Midpoint change |
|---|---|---|---|
| Fekola Complex | 410,000–460,000 oz | 390,000–420,000 oz | -30,000 oz |
| Masbate | 170,000–190,000 oz | 180,000–200,000 oz | +10,000 oz |
| Otjikoto | 70,000–90,000 oz | 80,000–100,000 oz | +10,000 oz |
| Goose | 170,000–230,000 oz | 170,000–200,000 oz | -15,000 oz |
| Consolidated | 820,000–970,000 oz | 820,000–920,000 oz | -25,000 oz |
Midpoint adjustments are calculated by the reporter.
The consolidated midpoint declined by just 2.8%, as the headline range tightened. Upgrades to Masbate and Otjikoto projections helped balance weaker outlooks for Fekola and Goose. The midpoint for AISC guidance rose 1.2% to $2,460 per ounce.
Goose remains the primary operational test site. All-in sustaining costs in the second quarter were $6,390, after a fire damaged the crushing circuit in April. Repairs are planned for the third quarter, with daily capacity of 4,000 tonnes aimed for by mid-2027.
Chief Executive Mike Cinnamond stated that the permit “secures the future of the operation well into the late 2030s.” He added that he anticipated “significant free cash flow at prevailing metal prices.” Taiwan News
Analyst ratings released ahead of Friday’s permit decision
| Analyst or consensus | Date | Recommendation | Target | Implied move from $5.00 |
|---|---|---|---|---|
| Consensus, 13 analysts | Current published snapshot | Outperform | $6.041 | +20.9% |
| Jefferies | July 6, 2026 | Buy | $6.00 | +20.1% |
| RBC Capital | July 9, 2026 | Sector Perform | $5.00 | +0.1% |
| BofA Securities | April 13, 2026 | Sell | $4.95 | -0.9% |
All targets are set in U.S. dollars. Implied changes are calculated by reporters based on the intraday price of $4.995.
The 22% increase narrowed most of the gap to the pre-event price target. The consensus among 13 analysts now points to an approximate 21% potential gain, down from 48% as of Thursday’s close. RBC’s price target is nearly reached, while Jefferies’ target suggests a remaining upside of about 20%.
Risks: Goose’s ramp-up continues to be delicate, consolidated AISC remains elevated, and Fekola Regional faces both execution risks and exposure to Mali policy. A downturn in gold prices would also reduce the available spot-linked cash flow upside.
