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Can B2Gold's Development Projects Drive Production Growth?
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Key Takeaways
B2Gold secured Mali's Menankoto permit, paving the way for pre-stripping at Fekola Regional.
Fekola Regional targets more than 150,000 ounces annually from 2028 through the mid-2030s.
Antelope and Otjikoto stockpiles could lift annual output to around 110,000 ounces from 2029 to 2032.
B2Gold Corp. (BTG - Free Report) continues to advance multiple projects that can broaden production beyond its current mines.
B2Gold 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 company expects ore deliveries to the Fekola processing plant to begin in the first quarter of 2027, subject to finalization of the toll milling agreement. Post the ramp-up, Fekola Regional is expected to produce more than 150,000 ounces annually from 2028 through the mid-2030s.
The company is also progressing with development work in the Antelope deposit at Otjikoto mine. Production from Antelope, along with the processing of existing low-grade stockpiles, has the potential to boost Otjikoto's production to 110,000 ounces per year from 2029 through 2032.
Gramalote in Colombia remains another development opportunity, although permitting modifications and resettlement work are expected to continue into 2027.
These projects provide potential production additions beyond the current operating base. The company expects these projects to strengthen both its production and cash flow profile. B2Gold will benefit from its ongoing strategy of maximizing profitable mine production, moving forward with its remaining development and exploration projects, and evaluating additional exploration, development and production prospects.
Growth Drivers of Other Gold Miners
SSR Mining Inc. (SSRM - Free Report) remains the third largest U.S. gold producer, driven by the two high-quality, long-lived assets, Marigold in Nevada and CC&V in Colorado. SSR Mining is moving forward with growth initiatives across the Marigold mine, including Buffalo Valley. With more than 38 years of operations, SSR Mining remains optimistic about Marigold's long-term growth. Along with SSRM’s other key projects like CC&V, as well as Seabee and Puna, Marigold showcases significant potential upside.
Wheaton Precious Metals Corp. (WPM - Free Report) reaffirmed its 2026 attributable production guidance of 860,000-940,000 GEOs, including 400,000-430,000 gold ounces and 27-29 million silver ounces. Wheaton Precious Metals’ Production reached 647,258 GEOs in the first nine months of 2026, up 14% year over year. Growth reflects the expanded Antamina stream and contributions from newer operations, including Hemlo, Fenix, Platreef and Mineral Park. Wheaton Precious Metals forecasts 1.2 million GEOs annually by 2030, with average production maintained at that level through 2035. Advancing projects, including Koné, Kurmuk and Copper World, provide visibility into this expansion.
BTG’s Price Performance, Valuations & Estimates
B2Gold’s stock has gained 28% in a year compared with the Zacks Mining – Gold industry’s 12.6% growth. During this time, the Basic Materials sector has risen 11% and the S&P 500 has returned 9.3%.
Image Source: Zacks Investment Research
BTG is currently trading at a forward 12-month earnings multiple of 7.47X, at a discount to the industry average of 12.91X.
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for B2Gold’s 2026 sales is $3.68 billion, indicating 20.1% year-over-year growth. The consensus mark for the year’s earnings is 56 cents per share, indicating year-over-year growth of 21.7%.
The Zacks Consensus Estimate for 2027 sales implies 1% year-over-year growth. The same for earnings indicates year-over-year growth of 49.1%.
EPS estimates for 2026 have been trending north, while the same for 2027 has been trending south over the past 60 days, as seen in the chart below.
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Image: Bigstock
Can B2Gold's Development Projects Drive Production Growth?
Key Takeaways
B2Gold Corp. (BTG - Free Report) continues to advance multiple projects that can broaden production beyond its current mines.
B2Gold 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 company expects ore deliveries to the Fekola processing plant to begin in the first quarter of 2027, subject to finalization of the toll milling agreement. Post the ramp-up, Fekola Regional is expected to produce more than 150,000 ounces annually from 2028 through the mid-2030s.
The company is also progressing with development work in the Antelope deposit at Otjikoto mine. Production from Antelope, along with the processing of existing low-grade stockpiles, has the potential to boost Otjikoto's production to 110,000 ounces per year from 2029 through 2032.
Gramalote in Colombia remains another development opportunity, although permitting modifications and resettlement work are expected to continue into 2027.
These projects provide potential production additions beyond the current operating base. The company expects these projects to strengthen both its production and cash flow profile. B2Gold will benefit from its ongoing strategy of maximizing profitable mine production, moving forward with its remaining development and exploration projects, and evaluating additional exploration, development and production prospects.
Growth Drivers of Other Gold Miners
SSR Mining Inc. (SSRM - Free Report) remains the third largest U.S. gold producer, driven by the two high-quality, long-lived assets, Marigold in Nevada and CC&V in Colorado. SSR Mining is moving forward with growth initiatives across the Marigold mine, including Buffalo Valley. With more than 38 years of operations, SSR Mining remains optimistic about Marigold's long-term growth. Along with SSRM’s other key projects like CC&V, as well as Seabee and Puna, Marigold showcases significant potential upside.
Wheaton Precious Metals Corp. (WPM - Free Report) reaffirmed its 2026 attributable production guidance of 860,000-940,000 GEOs, including 400,000-430,000 gold ounces and 27-29 million silver ounces. Wheaton Precious Metals’ Production reached 647,258 GEOs in the first nine months of 2026, up 14% year over year. Growth reflects the expanded Antamina stream and contributions from newer operations, including Hemlo, Fenix, Platreef and Mineral Park. Wheaton Precious Metals forecasts 1.2 million GEOs annually by 2030, with average production maintained at that level through 2035. Advancing projects, including Koné, Kurmuk and Copper World, provide visibility into this expansion.
BTG’s Price Performance, Valuations & Estimates
B2Gold’s stock has gained 28% in a year compared with the Zacks Mining – Gold industry’s 12.6% growth. During this time, the Basic Materials sector has risen 11% and the S&P 500 has returned 9.3%.
BTG is currently trading at a forward 12-month earnings multiple of 7.47X, at a discount to the industry average of 12.91X.
The Zacks Consensus Estimate for B2Gold’s 2026 sales is $3.68 billion, indicating 20.1% year-over-year growth. The consensus mark for the year’s earnings is 56 cents per share, indicating year-over-year growth of 21.7%.
The Zacks Consensus Estimate for 2027 sales implies 1% year-over-year growth. The same for earnings indicates year-over-year growth of 49.1%.
EPS estimates for 2026 have been trending north, while the same for 2027 has 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.