New York, March 24, 2026, 16:55 EDT.
B2Gold Corp’s U.S. shares added roughly 1% Tuesday, stretching a rebound that’s now in its third session. BTG wrapped up at $4.12, building on Monday’s 4.1% rise, though the stock remains down close to 15% since March 17.
Bullion keeps dropping, even as investors gear up for higher costs at B2Gold. Spot gold slipped 0.4% Tuesday, landing at $4,389.26 an ounce—now more than 21% below the Jan. 29 high. Bart Melek, global head of commodity strategy at TD Securities, warned: “If the war continues and energy prices keep grinding higher, it’s not great news for gold.” Gold could remain on the defensive through the second quarter, he says, until policy eases and the dollar softens later in the year. Reuters
The news rattled the sector. On March 19, Toronto’s gold-stock index slumped 6% as shares of small-cap miners tumbled 8% to 12%. By Tuesday, the wider materials group had regained some ground, up 1.4% even as gold prices slipped a touch. Newmont ticked up roughly 0.9%, while AngloGold Ashanti posted a small 0.3% gain.
B2Gold has been urging investors to look past what’s shaping up to be a more volatile 2026. Back in February, the company posted record revenue for 2025 at $3.06 billion, but its 2026 outlook called for production between 820,000 and 970,000 ounces, with all-in sustaining costs pegged at $2,400 to $2,580 per ounce sold. That’s the company’s preferred yardstick for ongoing production and sustaining capex. Management pointed to deferred stripping at Fekola and only a partial ramp-up at Goose for the higher cost range.
There’s still plenty of attention on last month’s leadership shakeup. Founder Clive Johnson plans to step down at the June 4 annual meeting, saying “now is the right time to pass the torch.” The company tapped finance chief Mike Cinnamond as his replacement. B2Gold
Mali remains the key swing factor for B2Gold. The company is targeting 410,000 to 460,000 ounces from its Fekola complex there this year. Fekola Regional, pending its exploitation permit, could tack on another 60,000 to 80,000 ounces. The country has also lifted state and local mine ownership stakes to a minimum 35%, and set up a state-run entity to oversee its mining interests.
B2Gold remains a key player in the country. Reuters has seen provisional data putting the company ahead of Barrick as Mali’s top gold producer in 2025, with output hitting 17.5 metric tons. Still, stricter regulations have unsettled miners and weighed on sentiment throughout the sector.
If gold keeps dropping, any rebound might not last long. Last week marked gold’s worst showing since 1983. David Meger, director of metals trading at High Ridge Futures, pointed to long liquidation and a surge in rate-hike wagers behind Monday’s wild swing, saying: “It’s fair to assume that we’re going to see volatility continue.” For B2Gold, that puts the spotlight on gold’s next move and whether the company can pull off a trouble-free Goose startup while advancing Fekola Regional in Mali. Reuters
