B2Gold is a multi-mine, mid-tier gold producer headquartered in Vancouver, Canada, operating four gold mines: Fekola (Mali, its flagship and largest producer), Otjikoto (Namibia), Masbate (Philippines, producing since 2008), and Goose (Back River district, Nunavut, Canada -- B2Gold's newest mine, first gold pour ~30 Jun 2025, commercial production declared 2 Oct 2025, acquired via the 2023 Sabina Gold & Silver acquisition). FY2025 revenue was a record US$3.06 billion on 979,604 oz produced at an AISC of US$1,584/oz. B2Gold also holds a fully-permitted-track feasibility-stage growth project at Gramalote, Colombia (100%-owned since B2Gold acquired AngloGold Ashanti's remaining 50% on 5 Oct 2023; FS completed Jul 2025) and the Fekola Regional satellite deposits in Mali, neither of which is included in the flagship figures on this page. Founder Clive T. Johnson retired as President, CEO and Director effective 4 Jun 2026 after nearly two decades leading the company, becoming Chair Emeritus; Mike Cinnamond (previously SVP Finance & CFO) succeeded him as President and CEO.
Notable vs. Peers
- Jurisdiction risk score of 3/10 is meaningfully riskier than the peer average of 7.8/10.
Lifecycle Milestones
Construction Milestones
5 of 5 reached- Nov 2018
- Reached — date not disclosed
- Reached — date not disclosed · Source
- Jun 2025 · Source
- Reached — date not disclosed · 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.
Not in place: grid power.
Not in place: grid power.
Not in place: road access, grid power.
Not in place: mill, tailings facility, road access, grid power.
Combined view across 5 projects. Figures below are only combined where the underlying basis genuinely matches -- see the notes under each.
- 35%Otjikoto
- 27.7%Goose
- 22.4%Gramalote
- 6 yrsFekola
- 5 yrsOtjikoto
- 9 yrsMasbate
- 15 yrsGoose
- 11 yrsGramalote
Jurisdiction (40%)3/10
Fekola, B2Gold's largest producing mine, is in Mali, under military rule since the 2020-2021 coups, with a 2023 mining code that raised state and local ownership stakes and active Sahel insurgent activity. The company's other mines in Namibia (Otjikoto), the Philippines (Masbate) and Canada (Goose) reduce its overall exposure.
Infrastructure (40%)7.1/10
A confirmed mill, confirmed road access, no confirmed grid power, and a confirmed tailings facility at Fekola.
Nearby producing mine (20%)Not yet researched
No producing mine within 50 km in our reference list (nearest listed: Loulo-Gounkoto (Barrick Mining Corporation / Government of Mali), 61 km). That list doesn't cover every mining district yet, so a longer distance isn't scored as remote.
Acquisition Susceptibility
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 in the research, a producer that already owns part of the company, is scored from its disclosed strategic shareholders. A producer that is a joint-venture or earn-in partner on the project, rather than a shareholder, isn't captured yet.
How this score is built
- Disclosed pending dealSub-score: Not scored
No pending acquisition or merger disclosed (checked)
Not scored: having no deal in flight isn't held against a company.
Weight 26.25% - Producer's strategic stakeSub-score: Not yet researched
Holder register not researched yet
Not scored: most juniors that do get bought had no prior toehold, so a missing stake says little either way.
Weight 25% - Distance to a producing mineSub-score:4.6/10
Nearest producing mine: Loulo-Gounkoto (Barrick Mining Corporation / Government of Mali), 61 km
10 next to a producing mine, 8 at 20 km, 5 at 50 km, 0 beyond 200 km.
Weight 22.5% · 46% here - Lifecycle stageSub-score:5.5/10
Stage: Production
Feasibility and permitting score 10, where deals cluster, and production 5.5; earlier stages score less, down to 1 at grassroots.
Weight 15% · 31% here - JurisdictionSub-score:3/10
Mali: jurisdiction score 3/10
Our jurisdiction score, used as is: higher means lower political and permitting risk.
Weight 6.75% · 14% here - CommoditySub-score:10/10
Primary commodity: Gold
Gold 10, copper 8, silver 5, nickel and uranium 4, others 2: most majors' deals are for gold.
Weight 4.5% · 9% here
Weight is each input's share of the full score. “Here” is its share of this company's score: inputs that aren't scored are left out and the rest re-weighted, never counted as zero.
Your Rankings
Management Team
President and CEO of B2Gold Corp. since 4 Jun 2026, succeeding founder Clive T. Johnson under a leadership succession plan announced 23 Feb 2026. Previously Senior Vice President, Finance and Chief Financial Officer of B2Gold.
Senior Vice President, Chief Financial Officer of B2Gold Corp., appointed following Mike Cinnamond's promotion to President and CEO in Jun 2026.
Insiders, Investors & Smart Money
Notable shareholders and insiders whose involvement is worth knowing about, plus what we're seeing from institutional/large-investor activity.
Not scored. Smart-money tracking covers companies below about US$5B in market cap, where a single specialist fund or strategic investor taking a stake is a meaningful signal. This company was above that size when it was assessed.
No notable insiders tracked for this miner yet.
Reports, Presentations & Documents
B2Gold operates the Fekola mine in Mali (80%), Masbate in the Philippines, Otjikoto in Namibia (90%) and Goose in Nunavut, and owns 100% of the Gramalote project in Colombia. Its 2026 Annual Information Form reports indicated resources, inclusive of reserves and effective 31 Dec 2025, of 16.39 Moz attributable (17.35 Moz on a 100% basis), with 9.94 Moz inferred attributable.