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Can Menankoto Permit Accelerate B2Gold's Fekola Regional Growth?
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Key Takeaways
B2Gold received the Menankoto permit, allowing pre-stripping at Fekola Regional to begin.
Fekola Regional is expected to ramp through 2027 and produce more than 150,000 ounces annually from 2028.
BTG's Fekola Complex produced 116,281 ounces in the second quarter, above expectation.
B2Gold Corp. (BTG - Free Report) received the Menankoto exploitation permit from the State of Mali in August 2026, following productive dialogue that commenced in late July 2025. This allows pre-stripping to commence at Fekola Regional, a major near-term production growth driver for B2Gold consisting of the Menankoto exploitation permit and the Dandoko exploration permit.
The Menankoto exploitation permit secures the future of the Fekola Complex, the largest producing gold mine in Mali, ensuring operations well into the late 2030s. The Fekola Complex comprises the Fekola Mine (Medinandi permit hosting the Fekola and Cardinal open pits, and Fekola underground), in which B2Gold has an 80% stake and the State of Mali holds 20%. The complex also includes Fekola Regional, which is 65% owned by B2Gold and 35% by the State of Mali.
B2Gold maintains a mutually beneficial partnership with Mali, where the company has provided major economic benefits, including job creation and community investments. The company has invested $2 billion in Mali since 2014.
Fekola Complex produced 116,281 ounces in the second quarter of 2026, down 8% year over year, but exceeded the company’s expectations on higher mill throughput and feed grade. The Fekola Complex guidance was reduced to 390,000-420,000 ounces from 410,000-460,000 at the end of second-quarter 2026.
Post the permit, the company expects Fekola Regional to ramp through the end of 2027 and produce more than 150,000 ounces annually from 2028 through the mid-2030s.
Other Miners With Operations in Africa
Barrick Mining Corporation (B - Free Report) holds an 80% stake in the Loulo-Gounkoto complex, which comprises two distinct mining permits, Loulo and Gounkoto, and is situated in western Mali. The State of Mali holds the remaining 20%.
The Loulo-Gounkoto complex contributed 152,000 ounces of gold to Barrick Mining’s production in the first half of 2026. Barrick Mining is targeting a full-year production of up to 362,500 ounces from the complex.
Newmont Corporation (NEM - Free Report) is one of the world's largest producers of gold with several active mines in Nevada, Peru, Australia and Ghana. The company owns 100% of Ahafo and Akyem mines in Ghana.
Newmont has achieved commercial production at Ahafo North, which followed the first gold pour in September 2025. Ahafo North is expected to produce between 275,000 and 325,000 ounces of gold annually over an estimated mine life of 13 years. Newmont expects production to be 315,000 ounces this year, with a ramp-up to full capacity.
BTG’s Price Performance, Valuations & Estimates
B2Gold stock has gained 47.6% in a year compared to the Zacks Mining – Gold industry’s 68.4% growth. During this time, the Basic Materials sector has risen 37.4% and the S&P 500 has gained 22.2%.
Image Source: Zacks Investment Research
BTG is currently trading at a forward 12-month earnings multiple of 7.59X, at a discount to the industry average of 14.29X.
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for B2Gold’s 2026 sales is $3.57 billion, indicating 16.7% year-over-year growth. The consensus mark for the year’s earnings is 49 cents per share, suggesting year-over-year growth of 6.5%.
The Zacks Consensus Estimate for 2027 sales implies 25.9% year-over-year growth. The same for earnings indicates year-over-year growth of 89.1%.
EPS estimates for 2026 and 2027 have been trending south over the past 60 days, as seen in the chart below.
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Image: Bigstock
Can Menankoto Permit Accelerate B2Gold's Fekola Regional Growth?
Key Takeaways
B2Gold Corp. (BTG - Free Report) received the Menankoto exploitation permit from the State of Mali in August 2026, following productive dialogue that commenced in late July 2025. This allows pre-stripping to commence at Fekola Regional, a major near-term production growth driver for B2Gold consisting of the Menankoto exploitation permit and the Dandoko exploration permit.
The Menankoto exploitation permit secures the future of the Fekola Complex, the largest producing gold mine in Mali, ensuring operations well into the late 2030s. The Fekola Complex comprises the Fekola Mine (Medinandi permit hosting the Fekola and Cardinal open pits, and Fekola underground), in which B2Gold has an 80% stake and the State of Mali holds 20%. The complex also includes Fekola Regional, which is 65% owned by B2Gold and 35% by the State of Mali.
B2Gold maintains a mutually beneficial partnership with Mali, where the company has provided major economic benefits, including job creation and community investments. The company has invested $2 billion in Mali since 2014.
Fekola Complex produced 116,281 ounces in the second quarter of 2026, down 8% year over year, but exceeded the company’s expectations on higher mill throughput and feed grade. The Fekola Complex guidance was reduced to 390,000-420,000 ounces from 410,000-460,000 at the end of second-quarter 2026.
Post the permit, the company expects Fekola Regional to ramp through the end of 2027 and produce more than 150,000 ounces annually from 2028 through the mid-2030s.
Other Miners With Operations in Africa
Barrick Mining Corporation (B - Free Report) holds an 80% stake in the Loulo-Gounkoto complex, which comprises two distinct mining permits, Loulo and Gounkoto, and is situated in western Mali. The State of Mali holds the remaining 20%.
The Loulo-Gounkoto complex contributed 152,000 ounces of gold to Barrick Mining’s production in the first half of 2026. Barrick Mining is targeting a full-year production of up to 362,500 ounces from the complex.
Newmont Corporation (NEM - Free Report) is one of the world's largest producers of gold with several active mines in Nevada, Peru, Australia and Ghana. The company owns 100% of Ahafo and Akyem mines in Ghana.
Newmont has achieved commercial production at Ahafo North, which followed the first gold pour in September 2025. Ahafo North is expected to produce between 275,000 and 325,000 ounces of gold annually over an estimated mine life of 13 years. Newmont expects production to be 315,000 ounces this year, with a ramp-up to full capacity.
BTG’s Price Performance, Valuations & Estimates
B2Gold stock has gained 47.6% in a year compared to the Zacks Mining – Gold industry’s 68.4% growth. During this time, the Basic Materials sector has risen 37.4% and the S&P 500 has gained 22.2%.
BTG is currently trading at a forward 12-month earnings multiple of 7.59X, at a discount to the industry average of 14.29X.
The Zacks Consensus Estimate for B2Gold’s 2026 sales is $3.57 billion, indicating 16.7% year-over-year growth. The consensus mark for the year’s earnings is 49 cents per share, suggesting year-over-year growth of 6.5%.
The Zacks Consensus Estimate for 2027 sales implies 25.9% year-over-year growth. The same for earnings indicates year-over-year growth of 89.1%.
EPS estimates for 2026 and 2027 have been trending south over the past 60 days, as seen in the chart below.
BTG currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.