Toronto, March 23, 2026, 18:30 EDT
B2Gold Corp clawed back nearly 4% Monday, bouncing off lows after gold miners were hit hard last week. BTG on the NYSE American changed hands at $4.08, up 3.95%.
This is significant: B2Gold heads into 2026 with less breathing room than its blowout revenue last year might imply. The company projects output to dip, with all-in sustaining costs in the $2,400 to $2,580 per ounce range this year. That’s their benchmark, covering everything from site expenses to sustaining capex and routine outlays. Monday’s spot gold price sat far below the $5,000 an ounce figure built into the miner’s planning.
Gold slipped to a four-month low on Monday, dropping 1.8% to $4,407.06 an ounce after U.S. President Donald Trump delayed planned strikes against Iranian infrastructure. “We’re going to see volatility continue,” said David Meger at High Ridge Futures. John Reade, strategist at the World Gold Council, added that there could be “more profit taking and liquidation first.” Reuters
Mining stocks snapped back hard. Canada’s TSX popped 1.8% Monday, paced by a 3.2% jump in its materials sector—this after the group was hammered, down 3.1% Friday and over 5% Thursday as gold tumbled. Agnico Eagle and Newmont both logged gains to start the week.
B2Gold’s forecast sheds light on why the shares are so jumpy. Back in February, the miner projected 2026 output between 820,000 and 970,000 ounces, sliding from 979,604 ounces in 2025. The drop ties back to heavier waste rock stripping at Fekola in Mali—necessary prep to access more ore later—and a production dip at Otjikoto in Namibia. The impact gets cushioned somewhat as the Goose mine in Nunavut comes online. For 2025, B2Gold reported a record $3.06 billion in revenue.
Leadership at B2Gold is set for a shuffle. On Feb. 23, the company announced founder Clive Johnson’s coming retirement, with finance chief Mike Cinnamond stepping up as CEO after the June 4 annual meeting. Executive Chair Kelvin Dushnisky described the transition as an “orderly succession process.” B2Gold
The rebound might not last. According to B2Gold, a $100 swing in gold shifts its 2026 all-in sustaining costs by only about $12 per ounce—so when gold drops, the company’s reported costs fall just a little, but the realized price takes a bigger hit. If gold weakens further, or the Goose project ramps up slower than planned, margins take a harder knock in what’s already shaping up to be a transition year.
Then there’s Mali. Back in January, Reuters noted B2Gold had surpassed Barrick as Mali’s largest gold producer in 2025. But with Mali tightening its mining regulations and launching a state-run company in February to handle its mining stakes, B2Gold is now navigating not only gold price swings but also a tougher environment at a core asset.
Monday’s uptick felt more like a pause than a new trend. Gold remains stuck under B2Gold’s planning price, with 2026 shaping up to be a period of leadership change and rising expenses instead of clean gains.
