BTG
Full HouseAI neutralB2Gold Corp. · Basic Materials · Canada · $6.3B cap · $119.0M/day traded
$5.18 -2.4% · close 11 Nov · scored 11 Nov
Score down 1.0 since 10 Nov: Momentum down 3 after a 7% price fall.
Full House: Strong business, sensible price, and the market agrees.
After its 4 Nov results, analysts raised next year's EPS estimate 2.0%.
As of 11 Nov 2026, the MoatMap Score for B2Gold Corp. (BTG) is 96/100, ranked against 25,000+ stocks in 38 markets (Quality 81, Value 67, Momentum 59, each scored against its sector).
Does the score work? Each tenth of the ranking, tracked monthly. See the record →
B2Gold operates producing gold assets in Mali, the Philippines, and Namibia, alongside its development-stage Goose project in Nunavut, Canada. Elevated gold prices provide top-line cash flow, and management has maintained an active share repurchase program. However, operational hurdles and capital expenditure inflation at the Goose project have driven third-quarter all-in sustaining costs sharply higher to $2,602 per ounce, prompting downward revisions to forward consensus earnings and offsetting favorable commodity pricing.
ABOUT B2GOLD CORP.
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B2Gold Corp. operates as a gold producer company in Canada. The company operates the Fekola Mine in Mali; the Masbate Mine in the Philippines; the Otjikoto Mine in Namibia; the Goose Mine in Canada. It also owns 100% interest in the Gramalote gold project in Colombia.
FINANCIAL SUMMARY (USD)
| Year | 2022 | 2023 | 2024 | 2025 | CAGR | TTM | 2026E | 2027E | Fwd CAGR |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | 1.7B | 1.9B | 1.9B | 3.1B | 20.9% | 3.8B | 3.7B | 4.2B | 17.4% |
| EPS | 0.24 | 0.01 | -0.48 | 0.30 | 7.7% | 0.82 | 0.37 | — | 24.8% |
| Shares | 1.1B | 1.3B | 1.3B | 1.3B | +24.7% | 1.3B | — | — | — |
| Debt | 57.2M | 192.1M | 437.9M | 598.3M | 118.7% | 546.2M | — | — | — |
| Equity | 3.0B | 3.8B | 3.0B | 3.6B | 6.1% | — | — | — | — |
| Op CF | 595.8M | 714.5M | 877.6M | 895.8M | 14.6% | 985.7M | — | — | — |
| Inv CF | -388.8M | -845.3M | -763.3M | -892.7M | — | — | — | — | — |
| Fin CF | -211.3M | -192.5M | -69.1M | 58.6M | — | — | — | — | — |
Above its 200-day average and 15% below its 52-week high.
Swung more than 75% of stocks we rank over the past year (volatility 61% a year).
How this is worked out
The MoatMap Score weighs the business, its price and its trend. The price check reads only the chart: the price side of the Momentum score, in words.
The rules: Still falling is a new 52-week low in the last two weeks, at least 25% below the high. Finding a floor is no new low since. Turning up is 20 or more trading days without a new low, at least 10% off it, and back above a rising 50-day average. In an uptrend is above the 200-day average and within 15% of the high.
In 2,112 US drawdowns since 2001, buying while the price was still falling was followed by a further 20% drop 42% of the time. Waiting for a turn (the Turning up rule above) cut that to 33%, at about 7% higher prices and with no better returns. Part of that cut is simply not buying: 13% of falls never turned, and waiting kept those out. Among turns that were bought, 38% still fell another 20%, and 33% of turns were followed by a new low within six months. The benefit was largest in crashes such as 2008 and 2020.
What it measures: how much the price moved day to day over the past year, scaled to a yearly figure (annualised volatility) and ranked against every stock we cover. Very calm under 20% a year, Calm 20 to 30%, Average 30 to 40%, Bumpy 40 to 55%, Very bumpy above that.
What we found: across about 13,500 stocks in 34 markets (2002 to 2025), past swings were a good guide to the next year's, and bumpier stocks fell further. How much further changed too much between eras to put a number on it.
Calm is not safe: a calm stock can still slide steadily.
Rules fixed before any data was fetched. Describes the chart, not a recommendation.
SCORE BREAKDOWN
FUNDAMENTALS
SECTOR PEERS
Closest peers in Basic Materials, ranked by industry match, size, and score similarity. Cross-listings of BTG are excluded.
| Ticker | Company | Mkt Cap | Score |
|---|---|---|---|
| BTG | B2Gold Corp.(you) | $6.3B | 96 |
| OGC.TO | OceanaGold Corporation | $5.5B | 95 |
| DPM.AX | DPM Metals Inc. | $8.6B | 96 |
| IMG.TO | IAMGOLD Corporation | $9.3B | 96 |
| KNT.TO | K92 Mining Inc. | $4.3B | 89 |
| CG.TO | Centerra Gold Inc. | $4.0B | 91 |
| ELD.TO | Eldorado Gold Corporation | $8.3B | 85 |
| TXG.TO | Torex Gold Resources Inc. | $4.4B | 86 |
| WDO.TO | Wesdome Gold Mines Ltd. | $2.9B | 92 |
| FVI.TO | Fortuna Mining Corp. | $2.7B | 93 |
Peer medians: ROE -15.8% · P/E 15.5x · Gross margin 50.5%
Company Deep Dive
A 10,000-word report: the business and its segments, what management promised on earnings calls and whether it delivered, the competition, and how things could turn out.