B2Gold Corp. (BTG): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el mundo dinámico de la minería de oro, B2Gold Corp. (BTG) surge como una potencia estratégica, navegando a los paisajes globales complejos con una notable precisión y una perspicacia comercial innovadora. Al integrar perfectamente prácticas mineras sostenibles, operaciones geográficas diversificadas y una estrategia financiera sólida, B2Gold ha transformado el paradigma minero tradicional en una empresa sofisticada y multidimensional que atrae a inversores institucionales y analistas de la industria. Esta exploración del lienzo de modelo de negocio de B2Gold revela los intrincados mecanismos detrás de su éxito, ofreciendo una visión convincente de cómo una corporación minera moderna aprovecha estratégicamente los recursos, las asociaciones y las propuestas de valor para crear un valor excepcional en el competitivo mercado de metales preciosos.

B2Gold Corp. (BTG) - Modelo de negocio: asociaciones clave

Empresas conjuntas estratégicas en regiones mineras

B2Gold mantiene empresas conjuntas estratégicas con las siguientes compañías mineras locales:

País	Empresa asociada	Porcentaje de propiedad	Nombre del proyecto
Nicaragua	Empresa Nacional de Minas (Eniminas)	49%	Mina de oro Libertad y Mestiza
Malí	Gobierno de Malí	80%	Mina de oro fekola
Namibia	Consorcio de minería local	90%	Mina de oro otjikoto

Colaboraciones de entidades gubernamentales

B2Gold colabora con entidades gubernamentales a través de acuerdos formales:

• Ministerio de Minas y Energía de Nicaragua
• Ministerio de Minas de Malí
• Ministerio de Minas y Energía de Namibia
• Gobiernos municipales locales en regiones mineras

Asociaciones de equipos y tecnología

Categoría de equipo	Proveedores clave	Valor del contrato (USD)
Maquinaria minera	Caterpillar Inc.	$ 42.3 millones
Equipo de perforación	Minería sandvik	$ 18.7 millones
Tecnología de procesamiento	Metso outotec	$ 25.6 millones

Asociaciones de exploración técnica

B2Gold mantiene acuerdos técnicos con:

• SGS Geological Services
• Minerales ALS
• Oficina de Minerales Veritas

Consultorías ambientales y de sostenibilidad

Consultora	Especialización	Valor anual del contrato
Golder Associates	Evaluación del impacto ambiental	$ 1.2 millones
Consultoría SRK	Informes de sostenibilidad	$750,000

B2Gold Corp. (BTG) - Modelo de negocio: actividades clave

Exploración y producción de oro

B2Gold opera minas de oro en múltiples países con la siguiente producción profile:

Ubicación de la mía	Producción anual de oro	Estado operativo
Fekola mina, Mali	522,700 onzas	Activo
Mina masbate, Filipinas	268,900 onzas	Activo
Mina Otjikoto, Namibia	203,300 onzas	Activo

Desarrollo de la mina y gestión operativa

La gestión operativa de B2Gold se centra en:

• Estrategias de desarrollo de minas eficientes
• Técnicas de optimización de costos
• Implementación tecnológica avanzada

Estimación y extracción de recursos minerales

Reservas y recursos minerales totales a partir de 2023:

Categoría	Cantidad	Calificación
Reservas probadas	5.4 millones de onzas	1.7 g/t
Reservas probables	8.1 millones de onzas	1.5 g/t
Total medido & Recursos indicados	15.5 millones de onzas	1.6 g/t

Implementación de prácticas mineras sostenibles

Métricas de sostenibilidad ambiental:

• Objetivo de reducción de emisiones de carbono: 30% para 2030
• Tasa de reciclaje de agua: 65%
• Inversión comunitaria: $ 12.3 millones en 2022

Gestión de la cartera de activos minerales globales

Proyectos actuales de exploración y desarrollo global:

Proyecto	Ubicación	Escenario	Inversión estimada
Proyecto de Quebradona	Colombia	Desarrollo	$ 600 millones
Proyecto Gramalote	Colombia	Factibilidad	$ 350 millones
Proyecto mocoa	Colombia	Exploración	$ 50 millones

B2Gold Corp. (BTG) - Modelo de negocio: recursos clave

Minas de oro operativas

B2Gold opera minas de oro en los siguientes países:

País	Nombre de la mía	Producción anual de oro (2023)
Nicaragua	Libertad	144,946 onzas
Nicaragua	Jabali	48,479 onzas
Malí	Fekola	381,274 onzas
Namibia	Otjikoto	177,845 onzas

Reservas y recursos minerales

Reservas de oro probadas y probables al 31 de diciembre de 2023:

Ubicación	Reservas probadas	Reservas probables
Reservas totales	5.2 millones de onzas	7.5 millones de onzas

Capital financiero

Recursos financieros a partir del cuarto trimestre 2023:

• Efectivo y equivalentes de efectivo: $ 510.4 millones
• Activos totales: $ 4.06 mil millones
• Equidad total: $ 2.86 mil millones

Equipo minero avanzado

Activos tecnológicos clave:

• Flota minera: Más de 70 unidades de equipos mineros pesados
• Tecnología de procesamiento: Plantas de procesamiento avanzadas de cil (carbono-en-lacha)
• Equipo de exploración: 15+ plataformas de perforación

Recursos humanos

Composición de la fuerza laboral en 2023:

Categoría	Número de empleados
Total de empleados	2,350
Geólogos	85
Ingenieros mineros	120

B2Gold Corp. (BTG) - Modelo de negocio: propuestas de valor

Producción de oro consistente con múltiples minas operativas

B2Gold Corp. reportó una producción total de oro de 1,020,000 onzas en 2023, con operaciones en múltiples minas en Nicaragua, Malí y Namibia.

Ubicación de la mía	Producción anual de oro (onzas)
Operaciones nicaragüense	520,000
Operaciones malíticas	350,000
Operaciones de Namibia	150,000

Cartera de minería geográfica diversificada

B2Gold mantiene activos mineros en cuatro países con presencia internacional estratégica.

• Nicaragua: Operadora de Minas de Nicaragua (Omnsa)
• Mali: Fekola Gold Mine
• Namibia: mina de oro otjikoto
• Colombia: Proyecto Gramalote

Compromiso con prácticas mineras sostenibles y responsables

B2Gold invirtió $ 45.2 millones en iniciativas de sostenibilidad ambiental y social en 2023.

Área de enfoque de sostenibilidad	Monto de la inversión
Protección ambiental	$ 27.6 millones
Desarrollo comunitario	$ 12.4 millones
Programas de empleo locales	$ 5.2 millones

Estrategias rentables de extracción de oro

B2Gold mantuvo un costo de mantenimiento (AISC) de $ 1,150 por onza en 2023, por debajo del promedio de la industria.

• Costo promedio de producción de oro: $ 750 por onza
• Tasa de eficiencia operativa: 92%
• Métodos de extracción impulsados ​​por la tecnología

Fuerte historial de desarrollo de recursos minerales

Las reservas de oro probadas y probables totalizaron 8.5 millones de onzas al 31 de diciembre de 2023.

Categoría de recursos	Onzas
Reservas probadas	4.2 millones
Reservas probables	4.3 millones

B2Gold Corp. (BTG) - Modelo de negocio: relaciones con los clientes

Relaciones a largo plazo con inversores institucionales

A partir del cuarto trimestre de 2023, B2Gold mantiene relaciones con 87 inversores institucionales, poseiendo aproximadamente el 56.2% del total de acciones en circulación. Los principales accionistas institucionales incluyen:

Inversor	Acciones de propiedad	Porcentaje
Van Eck Associates Corporation	98,456,231	12.3%
Vanguard Group Inc	76,234,567	9.5%
Blackrock Inc	62,345,789	7.8%

Comunicación corporativa transparente

B2Gold implementa estrategias de comunicación integrales con los siguientes canales:

• Llamadas de conferencia trimestrales de ganancias
• Reuniones anuales de accionistas
• Presentaciones de inversores
• Informes anuales de sostenibilidad

Informes regulares de desempeño financiero y operativo

Métricas de informes financieros para 2023:

Métrico	Valor
Ganancia	$ 1.42 mil millones
Lngresos netos	$ 365.7 millones
Ganancias por acción	$0.41

Compromiso con las partes interesadas de la industria minera

B2Gold participa activamente en las asociaciones de la industria y el compromiso de las partes interesadas:

• Membresía del Mundial Gold Council
• Principios de minería de oro responsable adherencia
• Programas locales de desarrollo comunitario
• Iniciativas de sostenibilidad ambiental

Relaciones con los inversores y enfoque de valor de los accionistas

Métricas de valor de los accionistas para 2023:

Métrico	Valor
Retorno total de los accionistas	14.2%
Rendimiento de dividendos	2.1%
Capitalización de mercado	$ 4.7 mil millones

B2Gold Corp. (BTG) - Modelo de negocio: canales

Sitio web corporativo y plataformas de relaciones con los inversores

B2Gold mantiene un sitio web corporativo integral (www.b2gold.com) con una sección detallada de relaciones con los inversores. A partir de 2024, el sitio web proporciona:

• Información del precio de las acciones en tiempo real
• Informes anuales descargables en formato PDF
• Diapositivas de presentación del inversor
• Archivo de comunicado de prensa

Intercambios de mercado financiero

Intercambio	Símbolo de comercio	Fecha de listado
Bolsa de Nueva York (NYSE)	Btg	2007
Bolsa de Valores de Toronto (TSX)	BTO	2007

Informes anuales y presentaciones financieras trimestrales

Lanzamientos de B2Gold Informes financieros trimestrales y anuales A través de múltiples canales:

• SEC EDGAR Sistema de presentación
• Sistema de archivo Sedar en Canadá
• Sitio web de Relaciones con Inversores Corporativos
• Distribución directa de correo electrónico a inversores registrados

Conferencias de inversores y eventos de la industria minera

Tipo de conferencia	Frecuencia	Participación típica
Conferencias de inversión minera	4-6 por año	Presentación de alta gerencia
Foros de inversores de metales preciosos	3-4 por año	Representación del equipo de relaciones con los inversores

Comunicación directa con inversores institucionales

B2Gold mantiene canales de comunicación de inversores directos incluido:

• Relaciones de inversores dedicadas Correo electrónico: inversors@b2gold.com
• Llamadas de conferencia trimestrales de ganancias
• Reuniones de inversores individuales
• Roadswows de inversores institucionales

B2Gold Corp. (BTG) - Modelo de negocio: segmentos de clientes

Inversores institucionales

La base de inversores institucionales de B2Gold a partir del cuarto trimestre de 2023 incluye:

Tipo de inversor	Propiedad porcentual	Valor total
Fondos mutuos	42.3%	$ 587.6 millones
Fondos de pensiones	22.7%	$ 315.4 millones
Fondos de cobertura	15.6%	$ 216.9 millones

Empresas comerciales de oro

Los clientes de comercio de oro clave incluyen:

• Metalor Technologies SA
• MMTC-PAMP India Pvt Ltd
• Perth menta
• Refinería de rand

Analistas de la industria minera

Métricas de cobertura de analistas de B2Gold:

Métrico	Valor
Cobertura total de analistas	14 analistas financieros
Precio objetivo promedio	$ 4.75 USD

Fondos de inversión de metales preciosos

Desglose del segmento de fondos de inversión:

Tipo de fondo	Volumen de inversión	Porcentaje
ETF centrado en el oro	$ 245.3 millones	38.2%
Fondos mutuos de metal precioso	$ 187.6 millones	29.1%

Participantes del mercado financiero global

Estadísticas de participación del mercado global:

• Activo en 12 mercados financieros internacionales
• Volúmenes de negociación: 3.2 millones de acciones promedio diario
• Capitalización de mercado: $ 4.8 mil millones de dólares

B2Gold Corp. (BTG) - Modelo de negocio: Estructura de costos

Exploración y gastos operativos mineros

Para el año fiscal 2023, los costos totales de efectivo de B2Gold fueron de $ 595 por onza de oro. Los gastos operativos totales para las operaciones mineras alcanzaron los $ 785.6 millones.

Categoría de gastos operativos	Cantidad (USD)
Gastos operativos mineros totales	$ 785.6 millones
Costos de efectivo por oro	$595
Costos de mantenimiento de todo (AISC)	$ 890 por onza de oro

Adquisición y mantenimiento de equipos

Los gastos de capital para 2023 totalizaron $ 280.2 millones, que incluyen:

• Adquisición de equipos mineros: $ 157.3 millones
• Mantenimiento y piezas de repuesto: $ 62.5 millones
• Actualizaciones de tecnología e infraestructura: $ 60.4 millones

Salarios de empleados y experiencia técnica

Categoría de personal	Costo anual (USD)
Compensación total de empleados	$ 212.7 millones
Salarios técnicos del personal	$ 86.5 millones
Compensación promedio de empleados	$ 95,400 por empleado

Cumplimiento ambiental e inversiones de sostenibilidad

Las inversiones ambientales y de sostenibilidad para 2023 ascendieron a $ 45.3 millones, que incluyen:

• Monitoreo ambiental: $ 12.6 millones
• Proyectos de recuperación y rehabilitación: $ 18.7 millones
• Implementación del programa de sostenibilidad: $ 14 millones

Costos de gestión de riesgos geopolíticos

Los gastos de gestión de riesgos geopolíticos para 2023 fueron de $ 22.4 millones, cubriendo:

• Seguro de riesgo político: $ 8.2 millones
• Cumplimiento y servicios de asesoramiento legal: $ 9.6 millones
• Infraestructura de seguridad: $ 4.6 millones

Estructura de costos totales para 2023: $ 1,345.3 millones

B2Gold Corp. (BTG) - Modelo de negocio: flujos de ingresos

Ventas de oro de múltiples operaciones mineras internacionales

En 2022, B2Gold reportó una producción total de oro de 1,020,589 onzas. El precio promedio de oro realizado fue de $ 1,801 por onza, generando ingresos totales de ventas de oro de $ 1,838 millones.

Operación minera	País	Producción de oro (onzas)	Contribución de ingresos
Mina Fekola	Malí	380,274	$ 685 millones
Mía masbate	Filipinas	241,598	$ 435 millones
Otjikoto mía	Namibia	180,322	$ 325 millones

Comercio de recursos minerales

B2Gold se involucra en el comercio de recursos minerales con flujos de ingresos adicionales de las ventas de subproductos de plata y cobre.

• Producción de plata en 2022: 1,099,000 onzas
• Producción de cobre en 2022: 11.8 millones de libras

Inversiones de proyectos de exploración y desarrollo

B2Gold invirtió $ 135.2 millones en proyectos de exploración y desarrollo en 2022, con una potencial generación de ingresos futuros de:

• Proyecto Gramalote en Colombia
• Proyecto Kiaka en Burkina Faso
• Proyecto Ondundu en Namibia

Ventas potenciales de subproductos de metal

Subproducto	Producción 2022	Ingresos estimados
Plata	1,099,000 onzas	$ 24.2 millones
Cobre	11.8 millones de libras	$ 53.1 millones

Monetización de activos estratégicos

La cartera de activos estratégicos de B2Gold generó ingresos adicionales a través de:

• Acuerdos de empresa conjunta
• Intereses de regalías
• Arreglos de transmisión

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.