B2Gold Corp. (BTG): Business Model Canvas

In der dynamischen Welt des Goldabbaus erweist sich B2Gold Corp. (BTG) als strategisches Kraftpaket, das sich mit bemerkenswerter Präzision und innovativem Geschäftssinn durch komplexe globale Landschaften bewegt. Durch die nahtlose Integration nachhaltiger Bergbaupraktiken, diversifizierter geografischer Betriebe und einer robusten Finanzstrategie hat B2Gold das traditionelle Bergbauparadigma in ein anspruchsvolles, mehrdimensionales Unternehmen verwandelt, das institutionelle Anleger und Branchenanalysten gleichermaßen anzieht. Diese Untersuchung des Business Model Canvas von B2Gold enthüllt die komplizierten Mechanismen hinter ihrem Erfolg und bietet einen überzeugenden Einblick, wie ein modernes Bergbauunternehmen Ressourcen, Partnerschaften und Wertversprechen strategisch nutzt, um auf dem wettbewerbsintensiven Edelmetallmarkt außergewöhnlichen Wert zu schaffen.

B2Gold Corp. (BTG) – Geschäftsmodell: Wichtige Partnerschaften

Strategische Joint Ventures in Bergbauregionen

B2Gold unterhält strategische Joint Ventures mit den folgenden lokalen Bergbauunternehmen:

Land	Partnerunternehmen	Eigentumsprozentsatz	Projektname
Nicaragua	Empresa Nacional de Minas (ENIMINAS)	49%	Goldmine Libertad und Mestiza
Mali	Malische Regierung	80%	Fekola-Goldmine
Namibia	Lokales Bergbaukonsortium	90%	Otjikoto-Goldmine

Zusammenarbeit mit Regierungsbehörden

B2Gold arbeitet durch formelle Vereinbarungen mit Regierungsstellen zusammen:

• Nicaraguas Ministerium für Bergbau und Energie
• Malisches Bergbauministerium
• Namibisches Ministerium für Bergbau und Energie
• Lokale Kommunalverwaltungen in Bergbauregionen

Ausrüstungs- und Technologiepartnerschaften

Ausrüstungskategorie	Wichtige Lieferanten	Vertragswert (USD)
Bergbaumaschinen	Caterpillar Inc.	42,3 Millionen US-Dollar
Bohrausrüstung	Sandvik Bergbau	18,7 Millionen US-Dollar
Verarbeitungstechnologie	Metso Outotec	25,6 Millionen US-Dollar

Technische Explorationspartnerschaften

B2Gold unterhält technische Vereinbarungen mit:

• SGS Geological Services
• ALS-Mineralien
• Bureau Veritas Minerals

Umwelt- und Nachhaltigkeitsberatungen

Beratungsunternehmen	Spezialisierung	Jährlicher Vertragswert
Golder Associates	Umweltverträglichkeitsprüfung	1,2 Millionen US-Dollar
SRK-Beratung	Nachhaltigkeitsberichterstattung	$750,000

B2Gold Corp. (BTG) – Geschäftsmodell: Hauptaktivitäten

Goldexploration und -produktion

B2Gold betreibt Goldminen in mehreren Ländern mit der folgenden Produktion profile:

Minenstandort	Jährliche Goldproduktion	Betriebsstatus
Fekola-Mine, Mali	522.700 Unzen	Aktiv
Masbate-Mine, Philippinen	268.900 Unzen	Aktiv
Otjikoto-Mine, Namibia	203.300 Unzen	Aktiv

Minenentwicklung und Betriebsmanagement

Das operative Management von B2Gold konzentriert sich auf:

• Effiziente Minenentwicklungsstrategien
• Techniken zur Kostenoptimierung
• Fortschrittliche technologische Umsetzung

Schätzung und Gewinnung von Mineralressourcen

Gesamte Mineralreserven und Ressourcen ab 2023:

Kategorie	Menge	Note
Bewährte Reserven	5,4 Millionen Unzen	1,7 g/t
Wahrscheinliche Reserven	8,1 Millionen Unzen	1,5 g/t
Insgesamt gemessen & Angegebene Ressourcen	15,5 Millionen Unzen	1,6 g/t

Umsetzung nachhaltiger Bergbaupraktiken

Kennzahlen zur ökologischen Nachhaltigkeit:

• Ziel zur Reduzierung der CO2-Emissionen: 30 % bis 2030
• Wasserrecyclingrate: 65 %
• Gemeinschaftsinvestition: 12,3 Millionen US-Dollar im Jahr 2022

Globales Mineral-Asset-Portfoliomanagement

Aktuelle globale Explorations- und Entwicklungsprojekte:

Projekt	Standort	Bühne	Geschätzte Investition
Quebradona-Projekt	Kolumbien	Entwicklung	600 Millionen Dollar
Gramalote-Projekt	Kolumbien	Machbarkeit	350 Millionen Dollar
Mocoa-Projekt	Kolumbien	Erkundung	50 Millionen Dollar

B2Gold Corp. (BTG) – Geschäftsmodell: Schlüsselressourcen

Betriebliche Goldminen

B2Gold betreibt Goldminen in folgenden Ländern:

Land	Mein Name	Jährliche Goldproduktion (2023)
Nicaragua	Libertad	144.946 Unzen
Nicaragua	Jabali	48.479 Unzen
Mali	Fekola	381.274 Unzen
Namibia	Otjikoto	177.845 Unzen

Mineralreserven und Ressourcen

Nachgewiesene und wahrscheinliche Goldreserven zum 31. Dezember 2023:

Standort	Bewährte Reserven	Wahrscheinliche Reserven
Gesamtreserven	5,2 Millionen Unzen	7,5 Millionen Unzen

Finanzkapital

Finanzielle Ausstattung ab Q4 2023:

• Zahlungsmittel und Zahlungsmitteläquivalente: 510,4 Millionen US-Dollar
• Gesamtvermögen: 4,06 Milliarden US-Dollar
• Gesamtkapital: 2,86 Milliarden US-Dollar

Fortschrittliche Bergbauausrüstung

Wichtige technologische Vermögenswerte:

• Bergbauflotte: Über 70 schwere Bergbaumaschinen
• Verarbeitungstechnologie: Fortschrittliche CIL-Verarbeitungsanlagen (Carbon-in-Leach).
• Explorationsausrüstung: 15+ Bohrinseln

Personalwesen

Zusammensetzung der Belegschaft im Jahr 2023:

Kategorie	Anzahl der Mitarbeiter
Gesamtzahl der Mitarbeiter	2,350
Geologen	85
Bergbauingenieure	120

B2Gold Corp. (BTG) – Geschäftsmodell: Wertversprechen

Kontinuierliche Goldproduktion mit mehreren in Betrieb befindlichen Minen

B2Gold Corp. meldete im Jahr 2023 eine Goldproduktion von insgesamt 1.020.000 Unzen und betreibt mehrere Minen in Nicaragua, Mali und Namibia.

Minenstandort	Jährliche Goldproduktion (Unzen)
Nicaraguanische Operationen	520,000
Malische Operationen	350,000
Namibische Operationen	150,000

Diversifiziertes geografisches Bergbauportfolio

B2Gold unterhält Bergbauanlagen in vier Ländern mit strategischer internationaler Präsenz.

• Nicaragua: Operadora de Minas de Nicaragua (OMNSA)
• Mali: Fekola-Goldmine
• Namibia: Otjikoto-Goldmine
• Kolumbien: Gramalote-Projekt

Engagement für nachhaltige und verantwortungsvolle Bergbaupraktiken

B2Gold investierte im Jahr 2023 45,2 Millionen US-Dollar in Initiativen zur ökologischen und sozialen Nachhaltigkeit.

Schwerpunktbereich Nachhaltigkeit	Investitionsbetrag
Umweltschutz	27,6 Millionen US-Dollar
Gemeinschaftsentwicklung	12,4 Millionen US-Dollar
Lokale Beschäftigungsprogramme	5,2 Millionen US-Dollar

Kostengünstige Goldgewinnungsstrategien

B2Gold hielt im Jahr 2023 die Gesamtkosten (AISC) von 1.150 US-Dollar pro Unze aufrecht, was unter dem Branchendurchschnitt liegt.

• Durchschnittliche Goldproduktionskosten: 750 USD pro Unze
• Betriebliche Effizienzrate: 92 %
• Technologiegetriebene Extraktionsmethoden

Starke Erfolgsbilanz bei der Erschließung von Mineralressourcen

Die nachgewiesenen und wahrscheinlichen Goldreserven beliefen sich zum 31. Dezember 2023 auf insgesamt 8,5 Millionen Unzen.

Ressourcenkategorie	Unzen
Bewährte Reserven	4,2 Millionen
Wahrscheinliche Reserven	4,3 Millionen

B2Gold Corp. (BTG) – Geschäftsmodell: Kundenbeziehungen

Langfristige Beziehungen zu institutionellen Investoren

Im vierten Quartal 2023 unterhält B2Gold Beziehungen zu 87 institutionellen Anlegern, die etwa 56,2 % der gesamten ausstehenden Aktien halten. Zu den wichtigsten institutionellen Aktionären gehören:

Investor	Aktienbesitz	Prozentsatz
Van Eck Associates Corporation	98,456,231	12.3%
Vanguard Group Inc	76,234,567	9.5%
BlackRock Inc	62,345,789	7.8%

Transparente Unternehmenskommunikation

B2Gold setzt umfassende Kommunikationsstrategien mit folgenden Kanälen um:

• Telefonkonferenzen zu den Quartalsergebnissen
• Jährliche Aktionärsversammlungen
• Investorenpräsentationen
• Jährliche Nachhaltigkeitsberichte

Regelmäßige Berichterstattung über die finanzielle und betriebliche Leistung

Finanzberichterstattungskennzahlen für 2023:

Metrisch	Wert
Einnahmen	1,42 Milliarden US-Dollar
Nettoeinkommen	365,7 Millionen US-Dollar
Ergebnis je Aktie	$0.41

Engagement mit Stakeholdern der Bergbauindustrie

B2Gold beteiligt sich aktiv an Branchenverbänden und dem Engagement von Stakeholdern:

• Mitgliedschaft im World Gold Council
• Einhaltung der Grundsätze des verantwortungsvollen Goldabbaus
• Lokale Gemeindeentwicklungsprogramme
• Initiativen zur ökologischen Nachhaltigkeit

Fokus auf Investor Relations und Shareholder Value

Shareholder-Value-Kennzahlen für 2023:

Metrisch	Wert
Gesamtrendite der Aktionäre	14.2%
Dividendenrendite	2.1%
Marktkapitalisierung	4,7 Milliarden US-Dollar

B2Gold Corp. (BTG) – Geschäftsmodell: Kanäle

Unternehmenswebsite und Investor-Relations-Plattformen

B2Gold unterhält eine umfassende Unternehmenswebsite (www.b2gold.com) mit einem detaillierten Bereich für Investor Relations. Ab 2024 bietet die Website:

• Informationen zum Aktienkurs in Echtzeit
• Jahresberichte im PDF-Format herunterladbar
• Präsentationsfolien für Investoren
• Archiv der Pressemitteilungen

Finanzmarktbörsen

Austausch	Handelssymbol	Listungsdatum
New Yorker Börse (NYSE)	BTG	2007
Toronto Stock Exchange (TSX)	BTO	2007

Jahresberichte und vierteljährliche Finanzpräsentationen

B2Gold-Veröffentlichungen vierteljährliche und jährliche Finanzberichte über mehrere Kanäle:

• SEC EDGAR-Ablagesystem
• SEDAR-Ablagesystem in Kanada
• Website für Corporate Investor Relations
• Direkter E-Mail-Versand an registrierte Anleger

Investorenkonferenzen und Veranstaltungen der Bergbaubranche

Konferenztyp	Häufigkeit	Typische Teilnahme
Konferenzen zu Bergbauinvestitionen	4-6 pro Jahr	Präsentation der Geschäftsleitung
Edelmetall-Investorenforen	3-4 pro Jahr	Vertretung des Investor-Relations-Teams

Direkte Kommunikation mit institutionellen Anlegern

B2Gold behält bei direkte Kommunikationskanäle für Investoren einschließlich:

• Spezielle Investor-Relations-E-Mail: investor@b2gold.com
• Telefonkonferenzen zu den Quartalsergebnissen
• Persönliche Investorengespräche
• Roadshows für institutionelle Investoren

B2Gold Corp. (BTG) – Geschäftsmodell: Kundensegmente

Institutionelle Anleger

Die institutionelle Investorenbasis von B2Gold umfasst im vierten Quartal 2023:

Anlegertyp	Prozentualer Besitz	Gesamtwert
Investmentfonds	42.3%	587,6 Millionen US-Dollar
Pensionskassen	22.7%	315,4 Millionen US-Dollar
Hedgefonds	15.6%	216,9 Millionen US-Dollar

Goldhandelsunternehmen

Zu den wichtigsten Goldhandelskunden gehören:

• Metalor Technologies SA
• MMTC-PAMP India Pvt Ltd
• Perth Mint
• Rand-Raffinerie

Analysten der Bergbauindustrie

Kennzahlen zur Analystenberichterstattung von B2Gold:

Metrisch	Wert
Vollständige Analystenabdeckung	14 Finanzanalysten
Durchschnittliches Preisziel	4,75 USD

Edelmetall-Investmentfonds

Aufteilung der Investmentfondssegmente:

Fondstyp	Investitionsvolumen	Prozentsatz
Goldfokussierte ETFs	245,3 Millionen US-Dollar	38.2%
Edelmetall-Investmentfonds	187,6 Millionen US-Dollar	29.1%

Globale Finanzmarktteilnehmer

Statistiken zum globalen Marktengagement:

• Aktiv in 12 internationalen Finanzmärkten
• Handelsvolumen: durchschnittlich 3,2 Millionen Aktien pro Tag
• Marktkapitalisierung: 4,8 Milliarden USD

B2Gold Corp. (BTG) – Geschäftsmodell: Kostenstruktur

Betriebskosten für Exploration und Bergbau

Für das Geschäftsjahr 2023 beliefen sich die gesamten Cashkosten von B2Gold auf 595 US-Dollar pro Unze Gold. Die gesamten Betriebskosten für den Bergbaubetrieb beliefen sich auf 785,6 Millionen US-Dollar.

Kategorie „Betriebliche Ausgaben“.	Betrag (USD)
Gesamtbetriebskosten des Bergbaus	785,6 Millionen US-Dollar
Bargeldkosten pro Goldunze	$595
All-In Sustaining Costs (AISC)	890 $ pro Unze Gold

Beschaffung und Wartung von Ausrüstung

Die Investitionsausgaben für 2023 beliefen sich auf insgesamt 280,2 Millionen US-Dollar, darunter:

• Anschaffung von Bergbauausrüstung: 157,3 Millionen US-Dollar
• Wartung und Ersatzteile: 62,5 Millionen US-Dollar
• Technologie- und Infrastruktur-Upgrades: 60,4 Millionen US-Dollar

Mitarbeitergehälter und technisches Fachwissen

Personalkategorie	Jährliche Kosten (USD)
Gesamtvergütung der Mitarbeiter	212,7 Millionen US-Dollar
Gehälter für technisches Personal	86,5 Millionen US-Dollar
Durchschnittliche Mitarbeitervergütung	95.400 $ pro Mitarbeiter

Umweltkonformität und Nachhaltigkeitsinvestitionen

Die Umwelt- und Nachhaltigkeitsinvestitionen für 2023 beliefen sich auf 45,3 Millionen US-Dollar, darunter:

• Umweltüberwachung: 12,6 Millionen US-Dollar
• Sanierungs- und Sanierungsprojekte: 18,7 Millionen US-Dollar
• Umsetzung des Nachhaltigkeitsprogramms: 14 Millionen US-Dollar

Kosten für geopolitisches Risikomanagement

Die Ausgaben für geopolitisches Risikomanagement beliefen sich im Jahr 2023 auf 22,4 Millionen US-Dollar und umfassen:

• Versicherung gegen politische Risiken: 8,2 Millionen US-Dollar
• Compliance- und Rechtsberatungsdienste: 9,6 Millionen US-Dollar
• Sicherheitsinfrastruktur: 4,6 Millionen US-Dollar

Gesamtkostenstruktur für 2023: 1.345,3 Millionen US-Dollar

B2Gold Corp. (BTG) – Geschäftsmodell: Einnahmequellen

Goldverkäufe aus mehreren internationalen Bergbaubetrieben

Im Jahr 2022 meldete B2Gold eine Gesamtgoldproduktion von 1.020.589 Unzen. Der durchschnittlich erzielte Goldpreis betrug 1.801 US-Dollar pro Unze, was zu einem Gesamtumsatz aus Goldverkäufen von 1.838 Millionen US-Dollar führte.

Bergbaubetrieb	Land	Goldproduktion (Unzen)	Umsatzbeitrag
Fekola-Mine	Mali	380,274	685 Millionen Dollar
Masbate-Mine	Philippinen	241,598	435 Millionen Dollar
Otjikoto-Mine	Namibia	180,322	325 Millionen Dollar

Handel mit Mineralressourcen

B2Gold ist im Handel mit Mineralressourcen tätig und erwirtschaftet zusätzliche Einnahmequellen aus dem Verkauf von Silber- und Kupfernebenprodukten.

• Silberproduktion im Jahr 2022: 1.099.000 Unzen
• Kupferproduktion im Jahr 2022: 11,8 Millionen Pfund

Investitionen in Explorations- und Entwicklungsprojekte

B2Gold investierte im Jahr 2022 135,2 Millionen US-Dollar in Explorations- und Entwicklungsprojekte mit potenzieller zukünftiger Umsatzgenerierung durch:

• Gramalote-Projekt in Kolumbien
• Kiaka-Projekt in Burkina Faso
• Ondundu-Projekt in Namibia

Potenzielle Verkäufe von Metallnebenprodukten

Nebenprodukt	Produktion 2022	Geschätzter Umsatz
Silber	1.099.000 Unzen	24,2 Millionen US-Dollar
Kupfer	11,8 Millionen Pfund	53,1 Millionen US-Dollar

Strategische Asset-Monetarisierung

Das strategische Vermögensportfolio von B2Gold generierte zusätzliche Einnahmen durch:

• Joint-Venture-Vereinbarungen
• Lizenzgebühren
• Streaming-Arrangements

B2Gold Corp. (BTG) - Canvas Business Model: Value Propositions

You're looking at the core reasons why B2Gold Corp. attracts capital and attention in the current market. It boils down to cost control, geographic spread, and clear growth catalysts. Here's the quick math on what they are offering investors right now.

Low-Cost Gold Production

B2Gold Corp. positions itself on cost efficiency. The stated value proposition centers on low-cost gold production with consolidated cash costs guided for 2025 to be between $740 to $800/oz. To give you a real-world benchmark, the actual consolidated cash operating costs for the second quarter of 2025 came in at $745 per gold ounce produced, excluding pre-commercial production from the Goose Mine. This focus on a lean cost structure is how the company aims to generate significant free cash flow, even when gold prices fluctuate.

Geographic Diversification

The company actively spreads its operational footprint to mitigate single-country political or regulatory risk. B2Gold Corp. operates major gold mines across four distinct geographic areas, which provides a critical safety net. The operational assets are located in:

• Mali (Fekola Mine)
• Namibia (Otjikoto Mine)
• The Philippines (Masbate Mine)
• Canada (Goose Mine in Nunavut)

While Mali hosts the flagship Fekola Mine, which accounted for over 58% of their production, the addition of the Canadian Goose Mine is a key step in diversifying this exposure. Furthermore, they hold development projects in countries like Colombia.

Direct Exposure to Rising Gold Prices

B2Gold Corp. maintains an unhedged production profile. This means nearly all revenue is generated by selling refined gold bullion directly into the global market at prevailing prices. This dynamic has been highly favorable in 2025, with the average realized price in the second quarter of 2025 leaping 40% year-over-year to $3,290 per ounce. The business model is simple: dig gold out for less than competitors and sell it at the market rate.

Consistent Shareholder Returns

Returning capital to shareholders is a foundational part of the capital allocation philosophy. B2Gold Corp. provides a sustainable quarterly dividend, though the rate was recently adjusted to support organic growth. Since 2020, the company has paid approximately $870 million in dividends.

Here are the latest figures on that shareholder return:

Metric	Value
Latest Quarterly Dividend Per Share	$0.02
Expected Annualized Dividend Per Share	$0.08
Dividend Yield (as of late 2025)	1.75% to 2.0%
Dividend Payout Ratio (Expected)	20.0%

This new framework, set in January 2025, provides financial flexibility while still offering a competitive yield.

Near-Term Production Growth

Significant near-term production growth is driven by two key operational milestones that came online in 2025, supporting a total consolidated production guidance for the year between 970,000 and 1,075,000 ounces.

The growth is fueled by:

• Goose Mine Ramp-up (Canada): Achieved first gold pour on June 30, 2025 and commercial production on October 2, 2025. The 2025 production guidance for the mine was revised to 50,000 to 80,000 ounces. Annual production is projected to average approximately 300,000 ounces per year for the first six years starting in 2026.
• Fekola Underground (Mali): Received approval to commence underground operations on July 30, 2025. This operation is anticipated to contribute between 30,000 and 40,000 ounces of gold production in 2025. Fekola Regional production is expected to start in early 2026, averaging approximately 180,000 ounces per year for the first five years.

The company's ability to bring these major projects online while maintaining cost discipline is what you're buying into. Finance: draft 13-week cash view by Friday.

B2Gold Corp. (BTG) - Canvas Business Model: Customer Relationships

You're looking at how B2Gold Corp. manages the crucial relationships that keep its mines running and its stock trading. For a senior gold producer like B2Gold, these aren't just polite interactions; they are hard-edged, legally binding, and politically sensitive dependencies. Here's the breakdown of who they deal with and the numbers that define those ties.

Dedicated Investor Relations team for transparent communication with shareholders

B2Gold Corp. maintains a clear channel to its owners, the shareholders. You can reach out to MICHAEL MCDONALD, the Vice President of Investor Relations, Corporate Development & Treasury, for direct inquiries. The company uses formal reporting, like the 2025 Annual General and Special Meeting held on Thursday, June 19, 2025, to communicate its strategy and performance. Transparency is key here; for instance, leading independent proxy advisory firms, Glass Lewis and Institutional Shareholder Services, both recommended shareholders vote FOR all four proposed items at that meeting.

The shareholder base includes significant institutional money. In the 24 months leading up to late 2025, major buyers included Van ECK Associates Corp, which purchased approximately $47.97 million worth of shares, and Norges Bank, with purchases around $33.17 million. For routine matters like lost certificates or address changes, shareholders use the Transfer Agent, Computershare Investor Services Inc. B2Gold also offers the Dividend Reinvestment Plan (DRIP) as an optional way for Canadian and United States residents to manage their returns. It's a direct, structured relationship.

High-level government engagement to secure and maintain operating permits

Securing and keeping the right to mine involves direct, high-level government interaction, especially in jurisdictions like Mali. B2Gold senior executives were in productive meetings with the Prime Minister, the Minister of Finance, and the Minister of Mines of the State of Mali during the week of July 21, 2025. This engagement paid off; on July 30, 2025, the State of Mali granted approval for B2Gold to start underground operations at the Fekola Mine. This is a big deal for future production.

The ownership structure itself reflects this partnership. The Fekola Mine permit is held 80% by B2Gold and 20% by the State of Mali. Furthermore, the Fekola Regional permit approval was anticipated before the end of the third quarter of 2025. On the development front, the Gramalote Project in Colombia requires amending existing mine plan and environmental permits, with submissions targeted for late 2025 and early 2026.

Community relations programs (CSR) to maintain a social license to operate

Maintaining the social license to operate requires significant, measurable investment in the communities surrounding your assets. B2Gold's economic contribution to governments via taxes and royalties in 2024 alone totaled $564 million. That's a massive financial relationship that underpins everything else.

Here's a look at the direct community investment figures and local economic support from 2024 data, which sets the tone for 2025:

Program/Metric	Value/Statistic	Location/Context
Total Global Community Investment (2024)	Approximately $12.8 million	Global Operations
More Than Mining Fund Annual Investment	Approximately $1 million	Vancouver and Lower Mainland, BC (Home Base)
Local Procurement Percentage (2024)	71%	Masbate Mine, Philippines
Local Procurement Percentage (2024)	63.4%	Otjikoto Mine, Namibia
Households Supported by Goungoubato Agricultural Project (2024)	Over 250 households	Fekola Complex, Mali
FEMA Project Duration	March 2022 to 2027	Artisanal mining communities near Fekola, Mali

The Goungoubato Agricultural Project in Mali, for example, had 334 active plots benefiting 281 individuals as of late 2024. These programs are defintely central to their operating strategy.

Direct, transactional relationships with gold refiners and bullion banks

The end of the line for the product is a highly transactional relationship with the financial markets. B2Gold Corp. is projecting total gold production for 2025 to be between 970,000 and 1,075,000 ounces. This physical product is sold into the market, often via refiners or bullion banks, though specific counterparties aren't detailed in the latest reports. The financial health underpinning these transactions is strong, with cash and cash equivalents reported at $308 million as of June 30, 2025.

The nature of these transactions is also reflected in their liabilities. At June 30, 2025, the company reported a working capital deficit of $19 million, which specifically reflects the classification of the Company's gold prepayment obligations as current liabilities. This shows they use forward sales or similar instruments, which are direct financial transactions with counterparties like banks. To support operations and growth, B2Gold has a revolving credit facility of $800 million, which includes a $200 million accordion feature, extending until 2028. This facility provides the liquidity needed to manage the timing between production and final sale settlement.

B2Gold Corp. (BTG) - Canvas Business Model: Channels

You're mapping out how B2Gold Corp. gets its product and information to the world, which is critical for a senior gold producer. The channels here aren't about shipping physical bars, but rather about market access, capital raising, and regulatory transparency.

Direct Sales of Refined Gold Bullion

The primary physical channel is the sale of refined gold bullion. This is a direct-to-market approach, bypassing middlemen for the final transaction, which is key to maximizing realized price.

• Direct sales of refined gold bullion to international gold markets.
• 2025 total consolidated gold production guidance is between 970,000 and 1,075,000 ounces.
• For the third quarter of 2025, total gold production was 254,369 ounces.
• The Fekola Complex production estimate for 2025 is between 515,000 to 550,000 ounces.
• The Goose Mine's revised 2025 production guidance is between 50,000 to 80,000 ounces.
• The budgeted gold price per ounce for 2025 was $2,250, though the realized price remained above this level.

Equity and Debt Capital Access

B2Gold Corp. uses major stock exchanges to ensure liquidity for its shares and to access debt markets for funding growth projects like the Goose Mine development. This is how you keep the capital flowing for major expenditures.

B2Gold Corp. trades under the symbol BTG on the NYSE American and as BTO on the TSX.

Financial Metric/Event	Exchange/Instrument	Value/Date
Stock Price (as of Dec 05, 2025)	NYSE American (BTG)	$4.545
52-Week Stock Price Range (as of late 2025)	NYSE American (BTG)	$2.200 to $5.940
Market Capitalization (as of latest close)	NYSE American (BTG)	$6.14 billion
Revolving Credit Facility Capacity	Debt Capital	Up to USD$800 million with a $200 million accordion feature
Convertible Notes Due	Debt Capital	2030, face value $460M, conversion price approx. $3.17 per share
Q4 2024 Gold Revenue	Direct Sales Channel Indicator	USD$500 million

Investor Disclosure Channels

Transparency is managed through a formal set of documents filed with regulators and made available on the corporate website. This is the official record for analysts and shareholders.

• Corporate website hosts the Reports and Filings Archive, with data available for 2025, 2024, and 2023.
• Key 2025 filings include the Sep 30 Management's Discussion and Analysis (MD&A) and Financial Statements, and the Mar 28 Annual Information Form (AIF).
• The company adheres to disclosure obligations under Canadian and U.S. securities laws, managed by a Disclosure Committee.
• Shareholder inquiries are directed to the Transfer Agent, Computershare Investor Services Inc., located at 3rd Floor, 510 Burrard Street, Vancouver, British Columbia Canada V6C 3B9.
• Investor Relations contact telephone is +1 604 681 8371.

Direct Engagement with Host Country Governments

For a mining company, permits and regulatory stability are direct channels to operational continuity. B2Gold Corp. engages directly with governments to secure and maintain these rights.

The Fekola Complex ownership structure highlights this direct governmental partnership in Mali:

• Fekola Mine (Medinandi permit): 80% B2Gold ownership, 20% State of Mali.
• Fekola Regional (Anaconda Area/Dandoko permits): 65% B2Gold ownership, 35% State of Mali.
• Approval to commence underground mining at Fekola was granted by the State of Mali on July 30, 2025.
• A preliminary agreement signed in September 2024 clarified the effects of the new 2023 mining code, ensuring a stable regulatory framework for B2Gold, unlike some counterparts.
• Initial gold production from Fekola Regional is expected to commence in late 2025.

B2Gold Corp. (BTG) - Canvas Business Model: Customer Segments

You're looking at the core groups B2Gold Corp. sells to and partners with as of late 2025. It's a mix of financial players and sovereign entities that directly impact the cash flow and operational stability of the business.

Institutional Investors (mutual funds, ETFs, hedge funds) seeking gold exposure.

This segment is characterized by large, professional holdings. As of the Annual General and Special Meeting on June 19, 2025, 68.52% of the votes attached to outstanding common shares were represented, showing strong engagement from this base. Institutional ownership is reported at 58.04% of the total shares outstanding, which is approximately 767.91 Million shares.

Major institutional holders include:

• Van Eck Associates Corp
• Fmr Llc
• GDXJ - VanEck Vectors Junior Gold Miners ETF
• Vanguard Group Inc
• GDX - VanEck Vectors Gold Miners ETF
• American Century Companies Inc

The share price as of December 1, 2025, was $4.59 / share, a 66.30% increase from December 2, 2024, at $2.76 / share.

Retail Investors focused on dividend yield and precious metals growth.

Retail investors are a significant portion of the ownership base, with one data point suggesting they hold approximately 63.24% of the stock. This group is attracted by the consistent, though modest, shareholder return policy.

The latest declared quarterly dividend was $0.02 per share, payable on December 15, 2025, to shareholders of record as of December 2, 2025. The annual dividend is stated as $0.08 per share, equating to a yield of 1.75% based on the recent price. Another calculation for the 2025 financial year shows an annual dividend of C$0.11 per share, yielding 1.98% based on a November 17, 2025, stock price of C$5.64. The payout ratio is reported around 22% to 22.25% of earnings.

Gold Refiners and Bullion Banks (primary buyers of the gold product).

This segment purchases the physical commodity produced by B2Gold Corp.'s mines. Consolidated gold production for the second quarter of 2025 was 229,454 ounces. The company's total consolidated gold production guidance for the full year 2025 is between 970,000 and 1,075,000 ounces.

Financial metrics relevant to the realized price include:

Metric	Value (Q2 2025)	Source Mine Data (Q2 2025)
Average Realized Gold Price	$3,290 per ounce	Otjikoto Cash Operating Cost: $560/oz produced
Consolidated Cash Operating Cost	$745 per ounce produced	Fekola Cash Operating Cost: $798/oz produced
Consolidated All-in Sustaining Costs (AISC)	$1,519 per ounce sold	Fekola Ownership: 80% B2Gold, 20% State of Mali

The Masbate and Fekola mine shipments were delayed, resulting in lower ounces sold in Q2 2025, with sales delivered and recognized in July 2025.

Host Governments (Mali, Namibia, Philippines, Canada) as royalty recipients and partners.

Host governments are critical partners, receiving royalties, taxes, and equity stakes. B2Gold Corp. operates mines in Mali (Fekola), Namibia (Otjikoto), the Philippines (Masbate), and has the Goose Project under development in Canada.

Specific government relationships include:

• Mali (Fekola Complex): The State of Mali holds a 20% ownership interest. An agreement was reached in September 2024 regarding the framework, where the Fekola Mine remains under the 2012 Mining Code until 2040, while Fekola Regional falls under the 2023 Mining Code. The Fekola Complex has a 2025 production guidance of 515,000 to 550,000 ounces.
• Namibia (Otjikoto Mine): B2Gold holds a 90% interest. Open-pit mining at Otjikoto is planned for conclusion in the third quarter of 2025.
• Local Procurement: In 2024, over $600 million of goods and services were procured from local and host-country businesses.

B2Gold Corp. (BTG) - Canvas Business Model: Cost Structure

You're looking at the cost side of B2Gold Corp.'s operations as of late 2025, and it's a story of major upfront investment balanced against strong operational cost control at the existing mines, though new project costs are significant.

The most immediate drain on capital is the high capital expenditures required for development projects. The total estimated cash expenditure for the Goose Project construction and mine development remains at C$1,540 million. This massive spend, which saw first gold pour in the second quarter of 2025, included an initial pre-production estimate of $807 million. Furthermore, B2Gold approved a construction decision on the Antelope underground deposit at the Otjikoto Mine, with an estimated pre-production capital cost now set at $105 million. For the existing Fekola Complex, capital expenditures in 2025 were expected to total approximately $234 million, with sustaining capital expenditures alone projected around $197 million.

When you look at the running costs for the established mines-Fekola, Masbate, and Otjikoto-the company has maintained tight control, though this is being tested by higher realized gold prices. The full-year consolidated All-in Sustaining Costs (AISC) guidance for these three operations for 2025 sits in the range of $1,460 to $1,520 per ounce. To give you a real-time feel, the consolidated AISC sold in the second quarter of 2025 was $1,519 per gold ounce sold, which was higher than anticipated due to increased royalties offsetting lower production costs.

The structure of these operating costs is best seen by breaking down the guidance for the established assets:

Cost Metric (2025 Guidance)	Fekola Complex, Masbate, Otjikoto (Consolidated)	Fekola Complex (Cash Operating Cost)
Cash Operating Cost per Ounce	$835 to $895/oz	$740 to $800/oz
All-in Sustaining Cost (AISC) per Ounce	$1,460 to $1,520/oz	$1,670 to $1,730/oz (Updated Q3 2025)

A key variable impacting the AISC is the significant royalties and production taxes, which are explicitly structured to increase as the gold price rises. For instance, royalties and production taxes included in cost of sales for the first quarter of 2025 hit $43 million, a 43% increase from the prior year, driven by a 40% increase in the average realized gold price. These payments include higher revenue-based production taxes and State funds for the Fekola Mine, which became effective in March 2025. You should note that the Goose Mine's post-commercial production cash operating cost guidance for 2025 was updated to a range of $2,300 to $2,360 per ounce produced.

Beyond direct operations, you have to account for the overhead and future resource base investment:

• Exploration budget for 2025 was set at approximately $61 million.
• Corporate General and Administrative (G&A) expenses for the first three months of 2025 were $15,249 thousand.
• The Fekola Complex sustaining capital expenditures breakdown for 2025 included approximately $106 million for deferred stripping and $14 million for underground development.

The Q3 2025 capital expenditures totaled $55 million, which included $16 million for Fekola underground development. Finance: draft 13-week cash view by Friday.

B2Gold Corp. (BTG) - Canvas Business Model: Revenue Streams

You're looking at how B2Gold Corp. brings in the cash, and as of late 2025, it's still overwhelmingly about the metal itself, though financing structures play a big role in the near term.

The primary revenue stream is the sale of physical gold bullion. For the third quarter of 2025, B2Gold Corp. reported total revenue of approximately $782.9 million. This reflects strong operational performance across the core mines like Fekola, Masbate, and Otjikoto, even while the new Goose mine was ramping up. Honestly, the realized gold price environment has been a major tailwind supporting these top-line figures.

A significant component of the revenue is tied up in gold prepayment obligations, which is essentially using future gold sales to secure upfront financing today. B2Gold Corp. completed a $500 million gold prepayment in January 2024, which requires equal monthly deliveries of gold from July 2025 through June 2026. In Q3 2025 specifically, revenue included $144 million related to the delivery of ounces under this arrangement. To manage the working capital timing associated with these deliveries, the company drew down $200 million on its revolving credit facility in July 2025, which it plans to repay by year-end. This structure allows B2Gold Corp. to fund growth while still showing revenue from these forward sales.

You also see income from the balance sheet. B2Gold Corp. maintained a solid cash position, ending Q3 2025 with $367 million in cash and cash equivalents. For the six months ended June 30, 2025, the company reported a net gain on investments of $6,028 thousand. That's the return you'd expect from managing that cash pile and short-term holdings.

The investment in Versamet Royalties provides a different flavor of revenue potential. B2Gold Corp. holds an approximately 33% equity stake in Versamet, received in exchange for a portfolio of royalties valued at about $90 million in scrip. This stake represents 153.2 million common shares. While we don't have B2Gold Corp.'s specific equity income for 2025, the underlying assets are key; two of those royalties on the Kiaka and Toega projects are expected to generate almost US$15 million per annum for Versamet once fully operational, which flows through to B2Gold Corp.'s investment value.

To map out the physical output driving the bullion sales, here's a look at the production guidance and Q3 results. The initial consolidated guidance for 2025 was set between 970,000 and 1,075,000 ounces. However, operational challenges at the new Goose mine led to revisions, so you need to look at the components:

Metric	Guidance/Actual Figure	Notes
Total Consolidated Gold Production (Q3 2025)	254,369 ounces	Actual production for the quarter.
Initial 2025 Consolidated Guidance	970,000 to 1,075,000 ounces	Guidance provided earlier in the year.
Revised 2025 Consolidated Guidance (Excluding Goose Revision)	890,000 to 965,000 ounces	Guidance for main mines after Q3 operational review.
Fekola Complex 2025 Guidance	515,000 to 550,000 ounces	Reiterated guidance.
Otjikoto Mine 2025 Guidance	185,000 to 205,000 ounces	Guidance including Antelope underground development.
Goose Mine 2025 Revised Guidance	50,000 to 80,000 ounces	Revised down due to ramp-up throughput issues.

The company is focused on execution to hit those revised targets. You can see the breakdown of expected output across the key assets, which directly translates into the volume of gold available for sale to generate that top-line revenue. Finance: draft 13-week cash view by Friday.