TORONTO, August 10, 2026, 07:02 EDT
- B2Gold traded at $5.07 in premarket deals, rising 0.8% from Friday’s closing price of $5.03.
- The stock surged 23.0% on Friday, raising its weekly advance to 34.1%.
- B2Gold posted a negative free cash flow of $258 million in Q2, with its annual outlook tightened.
B2Gold Corp. stock started Monday’s premarket with Friday’s 22.98% rally intact. Markets in Toronto and New York were still shut for regular trading.
Prior to the market open, two brokers raised their ratings on the stock. The significant move followed Mali granting a long-anticipated mining permit.
The issuance of the Menankoto permit allows Fekola Regional to proceed with pre-stripping and to finalize tolling agreements. Management forecasts annual output exceeding 150,000 ounces from 2028 into the mid-2030s.
B2Gold will hold a 65% stake in the new operation. The current Fekola Mine continues with 80% B2Gold ownership.
The stock’s movement significantly outpaced that of the sector, indicating investors focused on duration instead of second-quarter cash flow.
An initial event-day analysis backs up that view. After applying the GDX benchmark’s 7.11% increase to Thursday’s $4.09 closing price, each B2Gold share shows an approximate $0.65 in excess return.
With approximately 1.33 billion shares outstanding, this amounts to around $860 million. Based on B2Gold’s ownership and the 150,000-ounce minimum output, the deal works out to nearly $8,900 per attributable ounce per year. This figure is an event-day metric rather than a full project assessment.
Gold-share market movement
| Security | August 7 close | Friday | Week |
|---|---|---|---|
| B2Gold Corp. | $5.03 | up 23.0% | rising 34.1% |
| Kinross Gold Corp. NYSE:KGC | $27.64 | increased 7.9% | gained 19.7% |
| Eldorado Gold Corp. NYSE:EGO | $37.92 | advanced 5.5% | climbed 25.6% |
| VanEck Gold Miners ETF NYSEARCA:GDX | $89.89 | rose 7.1% | jumped 21.3% |
Change in closing price from July 31 to August 7.
Underlying indicators softened. Revenue increased by 14%, though adjusted profit and cash flow dropped markedly.
Q2 2026 performance report
| Metric | Q2 2026 | Q2 2025 | Change |
|---|---|---|---|
| Gold revenue | $789.4 million | $692.2 million | up 14.0% |
| Gold produced | 203,648 oz | 229,454 oz | down 11.2% |
| Realised gold price | $3,767/oz | $3,290/oz | up 14.5% |
| All-in sustaining cost | $2,356/oz | $1,519/oz | up 55.1% |
| Adjusted EPS | $0.03 | $0.12 | down 75.0% |
| Free cash flow | -$257.5 million | $12.0 million | turnaround of -$269.5 million |
Company data; percentage movements are based on disclosed figures. Free cash flow and AISC are considered non-IFRS indicators.
Headline EPS stood at $0.31, compared with an adjusted EPS of $0.03. The difference was driven by a $292 million gain from asset sales and $135 million in unrealised derivative gains.
Gold collars led to realised losses of $71 million. Cash flow also came under pressure from increased taxes, prepay deliveries and higher production costs.
All scheduled gold-prepay shipments were finalized by June 30. Management anticipates that spot sales will lift second-half free cash flow.
Liquidity remains strong. B2Gold ended the quarter with $287 million in cash and access to an undrawn $800 million revolving credit facility. The company subsequently drew $95 million, primarily to fund its annual Goose fuel requirements.
Chief Executive Mike Cinnamond said the permit “secures the future of the operation well into the late 2030s.” The value is still long-dated. B2Gold
Updates to 2026 production guidance — 100% basis
| Operation | New range | Previous range | Midpoint change |
|---|---|---|---|
| Consolidated | 820,000–920,000 oz | 820,000–970,000 oz | -25,000 oz |
| Fekola Complex | 390,000–420,000 oz | 410,000–460,000 oz | -30,000 oz |
| Goose | 170,000–200,000 oz | 170,000–230,000 oz | -15,000 oz |
| Masbate | 180,000–200,000 oz | 170,000–190,000 oz | +10,000 oz |
| Otjikoto | 80,000–100,000 oz | 70,000–90,000 oz | +10,000 oz |
Midpoint adjustments are based on figures from company guidance.
The permit was received too late to resume 2026 production. Nevertheless, B2Gold cut its AISC guidance to $2,370–$2,550 per ounce, down from $2,400–$2,580.
Goose is the immediate test for operational delivery. All-in sustaining costs for Q2 stood at $6,390 per ounce sold. The company aims for daily throughput of 3,200 tonnes by the end of the quarter, with a goal of reaching 4,000 tonnes by mid-2027.
Analyst picks
| Research source | Latest view | Target | Indicated upside |
|---|---|---|---|
| ATB Cormark | Boosted rating to Outperform | C$11.00 | 56.5% |
| Scotiabank (TSE:BNS), Ovais Habib | Raised to Outperform | C$10.00 | 42.2% |
| 13-analyst consensus | Average view is Outperform | US$6.08 | 20.5% |
The Canadian price target upside is based on Friday’s closing level of C$7.03 in Toronto. Consensus figures are early and may not reflect any upgrades recorded on Monday.
This week, investors will gauge if the permit rally holds after markets open. Gold prices, tolling economics, and Goose repairs continue to pose key challenges.
Risks: Fekola Regional operates in accordance with Mali’s 2023 Mining Code, in which B2Gold holds a 65% stake. Shifts in political conditions, crusher setbacks, rising costs, or fluctuations in gold prices could impact returns. After Friday’s surge, tolerance for delays narrows.
