Toronto, March 12, 2026, 18:26 EDT
Shares of B2Gold Corp slipped on Thursday, with the U.S. listing shedding roughly 2.9% to finish at $5.10. The stock in Toronto dropped 2.5%, closing at C$6.95. Both moves followed weakness in bullion prices and a broader selloff among mining names.
The timing stands out, with B2Gold’s U.S. shares having surged to $6.01 on March 2. Now, all eyes on 2026—a transition year in the cards. The miner has flagged a dip in output after 2025, before production at Goose increases and Fekola Regional in Mali is slated to add volume later that year.
Spot gold slipped 1.1% to $5,118.16 an ounce on Thursday, weighed down by a firmer dollar and dimming prospects for rate cuts, as renewed Middle East tensions sparked fresh concerns about inflation. Phillip Streible, chief market strategist at Blue Line Futures, pointed to the “lack of interest-rate cuts” as one factor dragging on bullion. Reuters
That wave of selling spilled over to equities. Toronto’s materials group—home to metal miners—dropped 1.1%. Newmont and Agnico Eagle also slipped. “Sentiment is so weak right now,” said Michael Dehal, senior portfolio manager at Dehal Investment Partners at Raymond James. He added, oil was “catching a bid” as “everything else is selling off.” Reuters
B2Gold dropped its latest Form 40-F annual report on March 11, wrapping in the annual information form, audited 2025 financials, and management’s discussion. Those same documents were already part of its Feb. 18 year-end update.
B2Gold posted year-end revenue of $3.06 billion for 2025, with $380 million in cash on hand at Dec. 31. But the miner warned investors that for 2026, output could fall to between 820,000 and 970,000 ounces, while all-in sustaining costs are expected to climb, potentially hitting $2,400 to $2,580 per ounce.
Management flagged a production drop tied mostly to lower volumes at Namibia’s Otjikoto mine and reduced output at the Fekola complex, where stripping work is still in progress. For this year, Goose should turn out between 170,000 and 230,000 ounces. Fekola Regional is targeting 60,000 to 80,000 ounces, contingent on getting an exploitation permit—something B2Gold said on Feb. 18 it was expecting in the first quarter.
The permit’s the big variable here. Delays already ruled out any mining at Fekola Regional for 2025, and another holdup would push B2Gold to lean more on Goose, just as the Canadian operation is still sorting through crushing-circuit tweaks and depending on a mobile crusher.
Bullion remains above the $5,000 an ounce level B2Gold plugged into its 2026 planning—even after Thursday’s slide—leaving the miner with some breathing room should prices rebound. Back in February, the company had flagged that all four mines were outpacing internal forecasts for January.
The looming leadership change is in focus. B2Gold announced on Feb. 23 that CEO Clive Johnson plans to retire at the June 4 annual meeting, handing the reins to CFO Mike Cinnamond. Cinnamond said the company is “well positioned for the future.” B2Gold
Right now, gold’s choppy moves and concerns over execution seem to have traders’ attention, not the usual filings. That’s a big reason shares that were at $6.01 on March 2 have slipped to around $5.10.
