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Allied Gold vs. B2Gold: Which Gold Mining Stock has Greater Upside?
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Key Takeaways
Allied Gold targets over 375,000 ounces in 2025, supported by stronger output at key mines.
AAUC boosts efficiency with drilling, improved models, new equipment and highergrade access.
BTG lifts production as Goose starts up and Fekola advances with permits and higher grades.
Allied Gold Corporation (AAUC - Free Report) and B2Gold Corp. (BTG - Free Report) are both prominent names operating in the Zacks Mining - Gold industry. As rivals, both companies are engaged in extraction and operation of gold mines while pursuing growth through exploration, mine expansions and strategic partnerships.
Both companies have been benefiting from strong growth opportunities in the gold mining sector due to rising gold prices and continued investment in expanding production capacity over the past few years. Let’s take a closer look at their fundamentals, growth prospects and challenges.
The Case for Allied Gold
Allied Gold is benefiting from solid momentum across its operations in Mali, Côte d’Ivoire and Ethiopia. During the first nine months of 2025, it produced 262,077 ounces of gold, slightly above the 258,459 ounces recorded in the same period last year. The company expects to lift production to more than 375,000 ounces for the year, with a large portion coming in the fourth quarter. This anticipated growth is supported by stronger output from its Bonikro and Sadiola mines, as well as the planned completion of the Phase 1 expansion at Sadiola.
To boost performance, Allied Gold has been drilling high-grade zones, improving mine models and enhancing grade control to increase accuracy and efficiency. It has introduced new equipment at Sadiola to increase fleet availability and strengthened local mine management in Mali. At Bonikro and Agbaou, the company is increasing stripping activities to reach higher-grade ore zones. These operational upgrades, combined with rising production, are expected to support further growth.
Also, gold prices have surged due to a combination of economic uncertainty, geopolitical tensions and shifting central bank policies. The rally accelerated after the U.S. government introduced new tariffs, heightening global trade concerns. With gold at record highs, the Federal Reserve’s second interest rate cut in October made short-term debt less appealing, encouraging investors to move toward safe-haven assets like gold.
The Case for B2Gold
B2Gold is gaining from its strategy of maximizing profitable mine production, moving forward with its remaining development and exploration projects. It is worth noting that the company achieved the first gold pour at the Goose mine on June 30, 2025, and it reached commercial production in October 2025. B2Gold expects gold production from the Goose Project to contribute 50,000-80,000 ounces of gold to the total production in 2025.
B2Gold expects to recoup the lost production at Fekola in 2025. Also, the company expects a significant increase in gold production owing to the addition of higher-grade ore from Fekola underground in the fourth quarter of 2025 and Fekola Regional later. In 2024, B2Gold reached an agreement with the Mali government regarding the ownership and earnings distribution of the Fekola gold mining complex. The government has also committed to issuing the necessary permits for Fekola Regional and the exploitation phase of Fekola underground at a quicker pace. In July 2025, the company announced that it received approval from the State of Mali to commence underground operations at the Fekola Mine. In the third quarter of 2025, the Fekola mine produced 146,883 ounces of gold, which were above expectations.
Also, the company’s open-pit mining at the Otjikoto Mine is nearing completion. However, as the final phases of the pit are being mined, both the ore tonnes and the average gold grade have come in higher than expected. This has resulted in more ore stocks than originally planned.
However, B2Gold is witnessing cost inflation pressure across all sites, which is impacting input prices, including reagents, fuel and consumables. For 2025, consolidated cash operating cost guidance for the Fekola Complex, Masbate Mine and Otjikoto Mine are projected between $740 and $800 per ounce. Also, in the same period, B2Gold expects post-commercial production cash operating costs for the Goose Mine to be between $2,300 and $2,360 per gold ounce produced.
How Does the Zacks Consensus Estimate Compare for AAUC & BTG?
The Zacks Consensus Estimate for AAUC’s 2025 sales implies a year-over-year increase of 80.4%, while the same for earnings per share (EPS) indicates growth of 857.1%. However, the company’s EPS estimates have been trending southward over the past 60 days for 2025.
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for BTG’s 2025 sales and EPS implies year-over-year growth of 66.3% and 262.5%, respectively. However, the company’s EPS estimates for 2025 have declined over the past 60 days.
Image Source: Zacks Investment Research
Price Performance and Valuation of AAUC & BTG
In the past year, Allied Gold’s shares have risen 7.7%, while B2Gold stock has gained 33.6%.
Image Source: Zacks Investment Research
Allied Gold is trading at a forward 12-month price-to-earnings ratio of 3.81X, below its median of 4.75X since Aug. 15, 2025. B2Gold’s forward earnings multiple sits at 4.97X, lower than its median of 7.21X over the same period.
Image Source: Zacks Investment Research
Final Take
Allied Gold appears better positioned for strong performance in the coming quarters. Its strengthening operations across Mali, Côte d’Ivoire and Ethiopia, combined with rising production and ongoing efficiency improvements, provide a solid foundation for continued growth. The company also stands to benefit from favorable macroeconomic conditions, with elevated gold prices and increasing safe-haven demand further enhancing its prospects. AAUC’s improving operations, expansion initiatives and supportive gold market backdrop make its outlook increasingly compelling.
In contrast, while B2Gold is supported by the Goose ramp-up and Fekola’s recovery, broad cost inflation is weighing on its operations. The company expects 2025 operating costs of $740-$800 per ounce across key mines, with Goose Mine costs significantly higher at $2,300-$2,360 per ounce, limiting its near-term profitability.
Given these factors, AAUC seems a better pick for investors than BTG currently. While Allied Gold sports a Zacks Rank #1 (Strong Buy), B2Gold currently has a Zacks Rank #3 (Hold).
Image: Bigstock
Allied Gold vs. B2Gold: Which Gold Mining Stock has Greater Upside?
Key Takeaways
Allied Gold Corporation (AAUC - Free Report) and B2Gold Corp. (BTG - Free Report) are both prominent names operating in the Zacks Mining - Gold industry. As rivals, both companies are engaged in extraction and operation of gold mines while pursuing growth through exploration, mine expansions and strategic partnerships.
Both companies have been benefiting from strong growth opportunities in the gold mining sector due to rising gold prices and continued investment in expanding production capacity over the past few years. Let’s take a closer look at their fundamentals, growth prospects and challenges.
The Case for Allied Gold
Allied Gold is benefiting from solid momentum across its operations in Mali, Côte d’Ivoire and Ethiopia. During the first nine months of 2025, it produced 262,077 ounces of gold, slightly above the 258,459 ounces recorded in the same period last year. The company expects to lift production to more than 375,000 ounces for the year, with a large portion coming in the fourth quarter. This anticipated growth is supported by stronger output from its Bonikro and Sadiola mines, as well as the planned completion of the Phase 1 expansion at Sadiola.
To boost performance, Allied Gold has been drilling high-grade zones, improving mine models and enhancing grade control to increase accuracy and efficiency. It has introduced new equipment at Sadiola to increase fleet availability and strengthened local mine management in Mali. At Bonikro and Agbaou, the company is increasing stripping activities to reach higher-grade ore zones. These operational upgrades, combined with rising production, are expected to support further growth.
Also, gold prices have surged due to a combination of economic uncertainty, geopolitical tensions and shifting central bank policies. The rally accelerated after the U.S. government introduced new tariffs, heightening global trade concerns. With gold at record highs, the Federal Reserve’s second interest rate cut in October made short-term debt less appealing, encouraging investors to move toward safe-haven assets like gold.
The Case for B2Gold
B2Gold is gaining from its strategy of maximizing profitable mine production, moving forward with its remaining development and exploration projects. It is worth noting that the company achieved the first gold pour at the Goose mine on June 30, 2025, and it reached commercial production in October 2025. B2Gold expects gold production from the Goose Project to contribute 50,000-80,000 ounces of gold to the total production in 2025.
B2Gold expects to recoup the lost production at Fekola in 2025. Also, the company expects a significant increase in gold production owing to the addition of higher-grade ore from Fekola underground in the fourth quarter of 2025 and Fekola Regional later. In 2024, B2Gold reached an agreement with the Mali government regarding the ownership and earnings distribution of the Fekola gold mining complex. The government has also committed to issuing the necessary permits for Fekola Regional and the exploitation phase of Fekola underground at a quicker pace. In July 2025, the company announced that it received approval from the State of Mali to commence underground operations at the Fekola Mine. In the third quarter of 2025, the Fekola mine produced 146,883 ounces of gold, which were above expectations.
Also, the company’s open-pit mining at the Otjikoto Mine is nearing completion. However, as the final phases of the pit are being mined, both the ore tonnes and the average gold grade have come in higher than expected. This has resulted in more ore stocks than originally planned.
However, B2Gold is witnessing cost inflation pressure across all sites, which is impacting input prices, including reagents, fuel and consumables. For 2025, consolidated cash operating cost guidance for the Fekola Complex, Masbate Mine and Otjikoto Mine are projected between $740 and $800 per ounce. Also, in the same period, B2Gold expects post-commercial production cash operating costs for the Goose Mine to be between $2,300 and $2,360 per gold ounce produced.
How Does the Zacks Consensus Estimate Compare for AAUC & BTG?
The Zacks Consensus Estimate for AAUC’s 2025 sales implies a year-over-year increase of 80.4%, while the same for earnings per share (EPS) indicates growth of 857.1%. However, the company’s EPS estimates have been trending southward over the past 60 days for 2025.
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for BTG’s 2025 sales and EPS implies year-over-year growth of 66.3% and 262.5%, respectively. However, the company’s EPS estimates for 2025 have declined over the past 60 days.
Image Source: Zacks Investment Research
Price Performance and Valuation of AAUC & BTG
In the past year, Allied Gold’s shares have risen 7.7%, while B2Gold stock has gained 33.6%.
Image Source: Zacks Investment Research
Allied Gold is trading at a forward 12-month price-to-earnings ratio of 3.81X, below its median of 4.75X since Aug. 15, 2025. B2Gold’s forward earnings multiple sits at 4.97X, lower than its median of 7.21X over the same period.
Image Source: Zacks Investment Research
Final Take
Allied Gold appears better positioned for strong performance in the coming quarters. Its strengthening operations across Mali, Côte d’Ivoire and Ethiopia, combined with rising production and ongoing efficiency improvements, provide a solid foundation for continued growth. The company also stands to benefit from favorable macroeconomic conditions, with elevated gold prices and increasing safe-haven demand further enhancing its prospects. AAUC’s improving operations, expansion initiatives and supportive gold market backdrop make its outlook increasingly compelling.
In contrast, while B2Gold is supported by the Goose ramp-up and Fekola’s recovery, broad cost inflation is weighing on its operations. The company expects 2025 operating costs of $740-$800 per ounce across key mines, with Goose Mine costs significantly higher at $2,300-$2,360 per ounce, limiting its near-term profitability.
Given these factors, AAUC seems a better pick for investors than BTG currently. While Allied Gold sports a Zacks Rank #1 (Strong Buy), B2Gold currently has a Zacks Rank #3 (Hold).
You can see the complete list of today’s Zacks #1 Rank stocks here.