B2Gold Corp.

Notable vs. Peers

• Jurisdiction risk score of 3/10 is meaningfully riskier than the peer average of 7.8/10.

Lifecycle Milestones

1. Permit granted

   Nov 2018 · Type A Water Licence for the Back River (Goose) Gold Project, Nunavut -- the primary construction-enabling permit -- granted 14 Nov 2018 by the Nunavut Water Board, while the project was still owned by Sabina Gold & Silver Corp. (acquired by B2Gold in 2023). Date sourced from secondary/aggregated coverage this pass, not a primary regulator filing directly re-confirmed -- flagged for a future pass to firm up against the Nunavut Water Board record if a discrepancy ever surfaces.
2. Construction decision (FID)

   Reached — date not disclosed · B2Gold's 2023 acquisition of Sabina Gold & Silver Corp. (owner of the fully-permitted, 'shovel-ready' Back River/Goose project) functioned as B2Gold's own construction/production decision for Goose. A discrete board-decision date distinct from the acquisition itself was not confirmed against a primary source this pass -- left null rather than guessed.
3. Construction start

   Reached — date not disclosed · Construction at Goose was underway through 2023-2024, with B2Gold's own FY2025 results release stating all planned 2024 construction activities were completed on schedule ahead of the 2025 first gold pour. A specific construction-commencement date was not confirmed against a primary source this pass -- left null rather than guessed. · Source
4. First pour / production

   Jun 2025 · First gold pour at Goose reported on/around 30 Jun 2025 per aggregated secondary coverage (exact primary-source URL not confirmed this pass). B2Gold's own FY2025/Q4 2025 results release (cited here) confirms Goose went on to achieve commercial production 2 Oct 2025, which necessarily post-dates first production -- corroborating that first production had genuinely occurred by then. · Source
5. Commercial production

   Reached — date not disclosed · Genuinely reached, but no single company-wide commercial-production date exists across a multi-mine portfolio built over a decade-plus: Otjikoto (Namibia, producing since 2015), Masbate (Philippines, producing since a 2013 acquisition), Fekola (Mali, commercial production since November 2017), and Goose (Nunavut, Canada -- the newest, commercial production declared 2025-10-02). B2Gold reported Q2 2026 results (released 2026-08-06) with 203,648 oz of consolidated gold production across all four operating mines, confirming active, ongoing commercial gold production. This row was missing entirely prior to 2026-08-21 -- a genuine data gap (row presence is the signal per this model's doc comment), not a stage error; Miner.stage was already correctly PRODUCTION. Same pattern as AEM and the other five gap tickers fixed in this same batch (ABX, NEM, AGI, EQX, AAUC). · Source

Milestones are recorded only from a company's own dated disclosure. A milestone with no date shown is one we can confirm was reached but for which no date was disclosed — we don't estimate one. "Not yet reached" means exactly that, not that a date is missing. An "Expected" line likewise only ever reflects the company's own guidance (e.g. a study or permit decision targeted for a stated quarter) — most not-yet-reached milestones have none, and that absence means no such guidance has been disclosed, not that one is overdue.

A relative ranking of how closely this company matches the profile of juniors that have actually been acquired — not a probability, and not a reason to buy. Acquisitions are rare: only a few dozen significant deals happen a year across a universe of thousands of juniors, so even a high score here describes a long shot. The strongest signal the underlying research identifies — whether a major already holds a JV, earn-in, or 5–19.9% strategic stake — isn't tracked yet and is absent from this score.