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B2Gold vs. IAMGOLD: Which Gold Mining Stock is the Better Buy Now?
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Key Takeaways
B2Gold posted Q2 revenues of $692M, up 40%, with output rising 12.3% to 229,454 ounces.
IAMGOLDs Q2 sales rose 51% to $581M, though earnings fell 19% on higher financing costs.
BTG's dividend yield and return on equity surpass IAG, giving it an edge despite its stronger YTD gains.
B2Gold Corp (BTG - Free Report) and IAMGOLD (IAG - Free Report) are both Canada-based gold producers that have carved out strong positions within the global mining industry.
Vancouver, Canada-based B2Gold has operating gold mines in Mali (Fekola), Namibia (Otjikotos), Philippines (Masbate Gold project) and Canada (Goose project). It also owns 100% interest in the Gramalote gold project in Colombia which iss in the development stage, as well as other exploration projects.
Toronto, Canada-based IAMGOLD has operating mines in North America and West Africa, including Côté Gold (Canada), Westwood (Canada) and Essakane (Burkina Faso). IAMGOLD operates Côté in partnership with Sumitomo Metal Mining Co. Ltd. In addition, the company has an established portfolio of early-stage and advanced exploration projects within high-potential mining districts.
Gold prices have gained 29% so far this year, supported by safe-haven demand, heightened geopolitical risks and trade tensions. Looking ahead, central bank buying, as well as expanding industrial use in energy, healthcare and technology, should continue to support gold prices.
For investors seeking to ride this momentum, the question is: which stock offers better value? Let’s examine the fundamentals, growth prospects and challenges for B2Gold and IAMGOLD.
The Case for B2Gold
B2Gold reported second-quarter revenues of $692 million, 40% higher than the prior-year quarter. However, the increase was mainly driven by higher gold prices as sales volumes were flat compared with the year-ago quarter. Adjusted earnings per share of 10 cents were up 67% year over year.
B2Gold recorded a consolidated gold production of 229,454 ounces in the second quarter, up 12.3% year over year and higher than its expectation, driven by strong performance across all operations. The company remains on track to meet total gold production of 970,000-1,075,000 ounces for 2025.
On June 30, 2025, B2Gold announced the first gold pour at the Goose mine. The company expects a ramp-up to commercial production in the third quarter of 2025, with this year’s output projected at 120,000–150,000 ounces.
On June 30, 2025, the company had cash and cash equivalents of $308 million and working capital of $19 million. The full amount of its $800 million revolving credit facility remains undrawn. BTG’s total debt-to-capital ratio was at 0.12 as of June 30, 2025.
Backed by its strong financial position, BTG continues to invest in maximizing production at its existing mines, advancing development and exploration projects and investing in junior exploration companies.
On July 14, 2025, B2Gold announced positive Feasibility Study results on the Gramalote Project. It indicates an initial life of the project of 13 years, with an average annual production of 227,000 ounces over the first five years. B2Gold also recently received approval from the State of Mali to initiate underground operations, including stope ore production, at the Fekola Mine.
Fekola underground is projected to contribute 25,000–35,000 ounces of gold in 2025, ramping up significantly from 2026 onward. Fekola Regional is anticipated to contribute approximately 180,000 ounces of additional annual gold production in its first four full years of production from 2026 through 2029, with a mine life expected to extend well into the 2030s.
The Case for IAMGOLD
IAMGOLD reported second-quarter revenues of $581 million, marking a 51% increase year over year. This was driven by a 9% increase in sales volume and 39% higher prices. The company’s earnings, however, declined 19% to 13 cents per share due to higher finance costs.
IAMGOLD’s attributable gold production was up 4% year over year to 173,000 ounces in the second quarter. The Côté mine contributed 67,000 attributable ounces, while output was down year over year at both Westwood and Essakane. On June 21, 2025, Côté reached a major milestone as the processing plant operated at 100% nameplate throughput capacity of 36,000 tons per day on average over 30 consecutive days.
Based on the continued improvement at Côté Gold and expected grade improvements at both Westwood and Essakane, IAG remains on track to achieve its full-year production guidance of 735,000-820,000 ounces. However, the mentioned range was based on IAMGOLD’s 90% interest in Essakane, which had decreased to 85% with effect from June 20, 2025. The company now expects Essakane's attributable production to be toward the lower end of the original guidance of 360,000-400,000 ounces.
IAMGOLD ended the second quarter with available liquidity of $616.5 million, mainly comprised of cash and cash equivalents of $223.8 million and the available balance on its revolving credit facility of $391.7 million. IAMGOLD’s total debt-to-capital ratio was at 0.24 as of June 30, 2025. Subsequent to the quarter’s end, the company repaid $40 million on its second lien notes, reducing the principal balance to $360 million.
The company continues to advance Côté expansion plans to combine Côté and Gosselin pits at a higher rate and increased mine life. IAG’s significant operational projects planned include the Westwood ramp-up to safely access other mining areas affected by the seismic activity in 2020. It includes other multi-site infrastructure investments, mill and plant upgrades, fleet and utilization improvements, tailings and surface water management optimization, and additional pit developments at Essakane. These projects are expected to reduce costs and improve efficiency.
Exploration projects, such as Nelligan and Monster Lake in northern Quebec, are also expected to be developed together to make a quality gold mine complex with a low-cost structure and a substantial mine life.
How do Estimates Compare for BTG & IAG?
The Zacks Consensus Estimate for B2Gold’s 2025 earnings is 58 cents per share, indicating year-over-year surge of 262.5%. The earnings estimate of 60 cents for 2026 implies a 3.2% dip.
Both the estimates for B2Gold for 2025 and 2026 have moved up over the past 60 days.
The Zacks Consensus Estimate for IAMGOLD’s earnings for 2025 is 80 cents per share, indicating year-over-year growth of 45.5%. The earnings estimate for 2026 implies growth of 42.3%. Both the estimates have been trending north over the past 60 days.
Image Source: Zacks Investment Research
BTG & IAG: Price Performance, Valuation & Other Comparisons
So far this year, B2Gold has gained 66.4% while IAMGOLD stock has appreciated 77.6%.
Image Source: Zacks Investment Research
B2Gold is currently trading at a forward 12-month price-to-sales ratio of 1.65X, lower than its five-year median. Meanwhile, IAMGOLD is trading higher at a forward 12-month price-to-sales ratio of 1.83X, higher than its five-year median.
Image Source: Zacks Investment Research
BTG’s return on equity of 10.42% is higher than IAG’s 8.54%. This reflects B2Gold’s efficient use of shareholder funds in generating profits.
Image Source: Zacks Investment Research
B2Gold currently has a dividend yield of 1.97%, higher than the industry’s 1.44%. Meanwhile, IAMGOLD does not pay any dividends.
Image Source: Zacks Investment Research
BTG or IAG: Which is the Better Pick?
Both B2Gold and IAMGOLD are well-positioned to benefit from the rally in gold prices, along with their efforts to grow their production capabilities. With each stock currently carrying a Zacks Rank #3 (Hold), choosing one is difficult.
While IAMGOLD has outperformed B2Gold in year-to-date gains, BTG’s more attractive valuation, stronger estimate revisions, superior return on equity and dividend yield provide it with a distinct advantage.
Image: Bigstock
B2Gold vs. IAMGOLD: Which Gold Mining Stock is the Better Buy Now?
Key Takeaways
B2Gold Corp (BTG - Free Report) and IAMGOLD (IAG - Free Report) are both Canada-based gold producers that have carved out strong positions within the global mining industry.
Vancouver, Canada-based B2Gold has operating gold mines in Mali (Fekola), Namibia (Otjikotos), Philippines (Masbate Gold project) and Canada (Goose project). It also owns 100% interest in the Gramalote gold project in Colombia which iss in the development stage, as well as other exploration projects.
Toronto, Canada-based IAMGOLD has operating mines in North America and West Africa, including Côté Gold (Canada), Westwood (Canada) and Essakane (Burkina Faso). IAMGOLD operates Côté in partnership with Sumitomo Metal Mining Co. Ltd. In addition, the company has an established portfolio of early-stage and advanced exploration projects within high-potential mining districts.
Gold prices have gained 29% so far this year, supported by safe-haven demand, heightened geopolitical risks and trade tensions. Looking ahead, central bank buying, as well as expanding industrial use in energy, healthcare and technology, should continue to support gold prices.
For investors seeking to ride this momentum, the question is: which stock offers better value? Let’s examine the fundamentals, growth prospects and challenges for B2Gold and IAMGOLD.
The Case for B2Gold
B2Gold reported second-quarter revenues of $692 million, 40% higher than the prior-year quarter. However, the increase was mainly driven by higher gold prices as sales volumes were flat compared with the year-ago quarter. Adjusted earnings per share of 10 cents were up 67% year over year.
B2Gold recorded a consolidated gold production of 229,454 ounces in the second quarter, up 12.3% year over year and higher than its expectation, driven by strong performance across all operations. The company remains on track to meet total gold production of 970,000-1,075,000 ounces for 2025.
On June 30, 2025, B2Gold announced the first gold pour at the Goose mine. The company expects a ramp-up to commercial production in the third quarter of 2025, with this year’s output projected at 120,000–150,000 ounces.
On June 30, 2025, the company had cash and cash equivalents of $308 million and working capital of $19 million. The full amount of its $800 million revolving credit facility remains undrawn. BTG’s total debt-to-capital ratio was at 0.12 as of June 30, 2025.
Backed by its strong financial position, BTG continues to invest in maximizing production at its existing mines, advancing development and exploration projects and investing in junior exploration companies.
On July 14, 2025, B2Gold announced positive Feasibility Study results on the Gramalote Project. It indicates an initial life of the project of 13 years, with an average annual production of 227,000 ounces over the first five years. B2Gold also recently received approval from the State of Mali to initiate underground operations, including stope ore production, at the Fekola Mine.
Fekola underground is projected to contribute 25,000–35,000 ounces of gold in 2025, ramping up significantly from 2026 onward. Fekola Regional is anticipated to contribute approximately 180,000 ounces of additional annual gold production in its first four full years of production from 2026 through 2029, with a mine life expected to extend well into the 2030s.
The Case for IAMGOLD
IAMGOLD reported second-quarter revenues of $581 million, marking a 51% increase year over year. This was driven by a 9% increase in sales volume and 39% higher prices. The company’s earnings, however, declined 19% to 13 cents per share due to higher finance costs.
IAMGOLD’s attributable gold production was up 4% year over year to 173,000 ounces in the second quarter. The Côté mine contributed 67,000 attributable ounces, while output was down year over year at both Westwood and Essakane. On June 21, 2025, Côté reached a major milestone as the processing plant operated at 100% nameplate throughput capacity of 36,000 tons per day on average over 30 consecutive days.
Based on the continued improvement at Côté Gold and expected grade improvements at both Westwood and Essakane, IAG remains on track to achieve its full-year production guidance of 735,000-820,000 ounces. However, the mentioned range was based on IAMGOLD’s 90% interest in Essakane, which had decreased to 85% with effect from June 20, 2025. The company now expects Essakane's attributable production to be toward the lower end of the original guidance of 360,000-400,000 ounces.
IAMGOLD ended the second quarter with available liquidity of $616.5 million, mainly comprised of cash and cash equivalents of $223.8 million and the available balance on its revolving credit facility of $391.7 million. IAMGOLD’s total debt-to-capital ratio was at 0.24 as of June 30, 2025. Subsequent to the quarter’s end, the company repaid $40 million on its second lien notes, reducing the principal balance to $360 million.
The company continues to advance Côté expansion plans to combine Côté and Gosselin pits at a higher rate and increased mine life. IAG’s significant operational projects planned include the Westwood ramp-up to safely access other mining areas affected by the seismic activity in 2020. It includes other multi-site infrastructure investments, mill and plant upgrades, fleet and utilization improvements, tailings and surface water management optimization, and additional pit developments at Essakane. These projects are expected to reduce costs and improve efficiency.
Exploration projects, such as Nelligan and Monster Lake in northern Quebec, are also expected to be developed together to make a quality gold mine complex with a low-cost structure and a substantial mine life.
How do Estimates Compare for BTG & IAG?
The Zacks Consensus Estimate for B2Gold’s 2025 earnings is 58 cents per share, indicating year-over-year surge of 262.5%. The earnings estimate of 60 cents for 2026 implies a 3.2% dip.
Both the estimates for B2Gold for 2025 and 2026 have moved up over the past 60 days.
The Zacks Consensus Estimate for IAMGOLD’s earnings for 2025 is 80 cents per share, indicating year-over-year growth of 45.5%. The earnings estimate for 2026 implies growth of 42.3%. Both the estimates have been trending north over the past 60 days.
Image Source: Zacks Investment Research
BTG & IAG: Price Performance, Valuation & Other Comparisons
So far this year, B2Gold has gained 66.4% while IAMGOLD stock has appreciated 77.6%.
Image Source: Zacks Investment Research
B2Gold is currently trading at a forward 12-month price-to-sales ratio of 1.65X, lower than its five-year median. Meanwhile, IAMGOLD is trading higher at a forward 12-month price-to-sales ratio of 1.83X, higher than its five-year median.
Image Source: Zacks Investment Research
BTG’s return on equity of 10.42% is higher than IAG’s 8.54%. This reflects B2Gold’s efficient use of shareholder funds in generating profits.
Image Source: Zacks Investment Research
B2Gold currently has a dividend yield of 1.97%, higher than the industry’s 1.44%. Meanwhile, IAMGOLD does not pay any dividends.
Image Source: Zacks Investment Research
BTG or IAG: Which is the Better Pick?
Both B2Gold and IAMGOLD are well-positioned to benefit from the rally in gold prices, along with their efforts to grow their production capabilities. With each stock currently carrying a Zacks Rank #3 (Hold), choosing one is difficult.
While IAMGOLD has outperformed B2Gold in year-to-date gains, BTG’s more attractive valuation, stronger estimate revisions, superior return on equity and dividend yield provide it with a distinct advantage.
You can see the complete list of today’s Zacks #1 (Strong Buy) stocks here.