Toronto, March 20, 2026, 12:34 EDT
B2Gold Corp dropped again Friday, deepening a two-day slide as the gold selloff hit miners across the board. In U.S. trading, the stock hovered around $4.07 after Thursday’s close at $4.21, a drop of 8.48%. Up in Toronto, shares finished the last session at C$5.78, down 8.25%.
The timing isn’t great for B2Gold. The company heads into the downturn with 2026 production looking lighter than 2025, plus it’s staring at a steeper cost curve—meaning every dollar off the gold price has more bite. Spot gold took a 4.3% tumble Thursday, ending at $4,612.21 an ounce, then slid another 1.8% Friday to $4,566.26, with Treasury yields and the dollar both pushing higher. Gold’s reputation as a safe haven only goes so far; it doesn’t pay yield, so rising rates hit demand hard.
Selling hit nearly every corner. On Thursday, Canada’s materials index slid over 5% and gold miners tumbled 6%. Friday brought more losses: shares of Lundin Gold and Endeavour Silver each sank more than 4%, with the TSX staring down a third consecutive weekly decline.
“Gold is now a very widely held position for institutional investors … But the foundations of that trade are now weakening,” said Daniel Ghali, commodity strategist at TD Securities. According to Ghali, there’s still “very substantial” room for gold prices to drop further, yet the longer-term bull-market trend would remain intact. Reuters
B2Gold’s financials don’t leave much room to maneuver. The miner logged record revenue of $3.06 billion for 2025, pumping out 979,604 ounces and wrapping up the year with $380 million in cash. But for 2026, the company expects to produce between 820,000 and 970,000 ounces, with all-in sustaining costs forecast at $2,400 to $2,580 per ounce. That’s a jump from the $1,584 reported for 2025. All-in sustaining costs—an industry metric that folds operating expenses together with capital needed to maintain output—are heading higher for B2Gold next year.
Mali keeps its grip on the narrative. B2Gold stuck to guidance for an exploitation permit at Fekola Regional—the next leg of its flagship complex—in the first quarter, eyeing first output in the back half of 2026. Back in January, Reuters pointed out B2Gold had edged past Barrick to become Mali’s top producer last year. The takeaway: the shares are still tethered to what happens on the ground with permits and project delivery.
Tai Wong, an independent metals trader, said gold and silver were getting “dragged lower” while markets scaled “the usual wall of worry” before the weekend. “It should consolidate soon but it will be a bumpy ride,” he added. Reuters
Canada’s selloff Thursday couldn’t have been much harsher. “Today … it’s all gold. The gold is crushed and tumbled,” said Barry Schwartz, chief investment officer at Baskin Wealth Management, as the TSX materials sector took a hit. Sharp moves like this tend to blur differences between individual stocks, at least temporarily. Reuters
B2Gold heads into this downturn with bigger operational demands than last year. Should gold prices keep heading south, or if oil-fueled inflation keeps pushing rate forecasts higher, or if Fekola Regional or Goose disappoints, investors could keep dialing back. The 2026 cost guidance? Not much cushion there for mistakes.
At this point, B2Gold is probably going to move in line with gold prices and its mining peers. Investors have pushed the stock lower since gold slipped, despite the company’s record revenue and hefty cash reserves last year.
