B2Gold Corp. (BTG): Business Model Canvas [Jan-2025 Mis à jour]

Dans le monde dynamique de l'extraction d'or, B2Gold Corp. (BTG) apparaît comme une puissance stratégique, naviguant des paysages mondiaux complexes avec une précision remarquable et un sens des affaires innovantes. En intégrant de manière transparente des pratiques minières durables, des opérations géographiques diversifiées et une stratégie financière solide, B2Gold a transformé le paradigme minière traditionnel en une entreprise sophistiquée et multidimensionnelle qui attire les investisseurs institutionnels et les analystes de l'industrie. Cette exploration de la toile du modèle commercial de B2Gold révèle les mécanismes complexes de leur succès, offrant un aperçu convaincant de la façon dont une société minière moderne exploite stratégiquement les ressources, les partenariats et les propositions de valeur pour créer une valeur exceptionnelle sur le marché concurrentiel des métaux précieux.

B2Gold Corp. (BTG) - Modèle commercial: partenariats clés

Coentreprises stratégiques dans les régions minières

B2Gold maintient des coentreprises stratégiques avec les sociétés minières locales suivantes:

Pays	Entreprise partenaire	Pourcentage de propriété	Nom du projet
Nicaragua	Empresa Nacional de Minas (Eniminas)	49%	Libertad et Mestiza Gold Mine
Mali	Gouvernement du Mali	80%	Mine d'or fekola
Namibie	Consortium minier local	90%	Mine d'or otjikoto

Collaborations d'entités gouvernementales

B2Gold collabore avec des entités gouvernementales par le biais d'accords formels:

• Ministère du Nicaragua des mines et de l'énergie
• Ministère du Mali des mines
• Ministère namibien des mines et de l'énergie
• Gouvernements municipaux locaux dans les régions minières

Partenariats d'équipement et de technologie

Catégorie d'équipement	Fournisseurs clés	Valeur du contrat (USD)
Machinerie minière	Caterpillar Inc.	42,3 millions de dollars
Équipement de forage	Mine de sandvik	18,7 millions de dollars
Technologie de traitement	Metso outotec	25,6 millions de dollars

Partenariats d'exploration technique

B2Gold conserve des accords techniques avec:

• SGS Geological Services
• Minéraux ALS
• Bureau Veritas Minerals

Conseillements environnementaux et de durabilité

Cabinet de conseil	Spécialisation	Valeur du contrat annuel
Associés du golseur	Évaluation de l'impact environnemental	1,2 million de dollars
SRK Consulting	Reporting de durabilité	$750,000

B2Gold Corp. (BTG) - Modèle d'entreprise: activités clés

Exploration et production d'or

B2Gold exploite des mines d'or dans plusieurs pays avec la production suivante profile:

Lieu des mines	Production annuelle de l'or	État de fonctionnement
Mine Fekola, Mali	522 700 onces	Actif
Masbate Mine, Philippines	268 900 onces	Actif
Mine Otjikoto, Namibie	203 300 onces	Actif

Développement des mines et gestion opérationnelle

La gestion opérationnelle de B2Gold se concentre sur:

• Stratégies efficaces de développement de mines
• Techniques d'optimisation des coûts
• Mise en œuvre technologique avancée

Estimation et extraction des ressources minérales

Réserves et ressources minérales totales en 2023:

Catégorie	Quantité	Grade
Réserves éprouvées	5,4 millions d'onces	1,7 g / t
Réserves probables	8,1 millions d'onces	1,5 g / t
Total mesuré & Ressources indiquées	15,5 millions d'onces	1,6 g / t

Mise en œuvre des pratiques minières durables

Métriques de la durabilité environnementale:

• Cible de réduction des émissions de carbone: 30% d'ici 2030
• Taux de recyclage de l'eau: 65%
• Investissement communautaire: 12,3 millions de dollars en 2022

Gestion mondiale du portefeuille d'actifs minéraux

Projets actuels d'exploration et de développement mondiaux:

Projet	Emplacement	Scène	Investissement estimé
Projet Quebradona	Colombie	Développement	600 millions de dollars
Projet Gramalote	Colombie	Faisabilité	350 millions de dollars
Projet MOCOA	Colombie	Exploration	50 millions de dollars

B2Gold Corp. (BTG) - Modèle d'entreprise: Ressources clés

Mines d'or opérationnelles

B2Gold exploite des mines d'or dans les pays suivants:

Pays	Nom de mine	Production annuelle de l'or (2023)
Nicaragua	Liberté	144 946 onces
Nicaragua	Jabali	48 479 onces
Mali	Fekola	381 274 onces
Namibie	Otjikoto	177 845 onces

Réserves et ressources minérales

Réserves d'or éprouvées et probables au 31 décembre 2023:

Emplacement	Réserves éprouvées	Réserves probables
Réserves totales	5,2 millions d'onces	7,5 millions d'onces

Capital financier

Ressources financières au quatrième trimestre 2023:

• Equivalents en espèces et en espèces: 510,4 millions de dollars
• Actif total: 4,06 milliards de dollars
• Équité totale: 2,86 milliards de dollars

Équipement d'exploitation avancée

Actifs technologiques clés:

• Flotte minière: 70+ unités d'équipement d'exploitation lourde
• Technologie de traitement: Poste de traitement avancée du CIL (carbone-en-liach)
• Équipement d'exploration: 15+ plates-formes de forage

Ressources humaines

Composition de la main-d'œuvre en 2023:

Catégorie	Nombre d'employés
Total des employés	2,350
Géologues	85
Ingénieurs minières	120

B2Gold Corp. (BTG) - Modèle d'entreprise: propositions de valeur

Production d'or cohérente avec plusieurs mines opérationnelles

B2Gold Corp. a signalé une production totale d'or de 1 020 000 onces en 2023, avec des opérations sur plusieurs mines au Nicaragua, au Mali et à la Namibie.

Lieu des mines	Production annuelle de l'or (onces)
Opérations nicaraguayennes	520,000
Opérations maliennes	350,000
Opérations namibiennes	150,000

Portfolio minier géographique diversifié

B2Gold maintient les actifs miniers dans quatre pays ayant une présence internationale stratégique.

• Nicaragua: Operadora de Minas de Nicaragua (OMNSA)
• Mali: mine d'or fekola
• Namibie: mine d'or otjikoto
• Colombie: projet Gramalote

Engagement envers les pratiques minières durables et responsables

B2Gold a investi 45,2 millions de dollars dans des initiatives de durabilité environnementale et sociale en 2023.

Domaine de mise au point de la durabilité	Montant d'investissement
Protection de l'environnement	27,6 millions de dollars
Développement communautaire	12,4 millions de dollars
Programmes d'emploi locaux	5,2 millions de dollars

Stratégies d'extraction d'or rentables

B2Gold a maintenu un coût de maintien tout-in (AISC) de 1 150 $ l'once en 2023, en dessous de la moyenne de l'industrie.

• Coût moyen de production d'or: 750 $ par once
• Taux d'efficacité opérationnelle: 92%
• Méthodes d'extraction axées sur la technologie

Solides antécédents du développement des ressources minérales

Les réserves d'or éprouvées et probables ont totalisé 8,5 millions d'onces au 31 décembre 2023.

Catégorie de ressources	Onces
Réserves éprouvées	4,2 millions
Réserves probables	4,3 millions

B2Gold Corp. (BTG) - Modèle d'entreprise: relations avec les clients

Relations à long terme avec les investisseurs institutionnels

Au quatrième trimestre 2023, B2Gold entretient des relations avec 87 investisseurs institutionnels, détenant environ 56,2% du total des actions en circulation. Les principaux actionnaires institutionnels comprennent:

Investisseur	Partage	Pourcentage
Van Eck Associates Corporation	98,456,231	12.3%
Vanguard Group Inc	76,234,567	9.5%
BlackRock Inc	62,345,789	7.8%

Communication d'entreprise transparente

B2Gold met en œuvre des stratégies de communication complètes avec les canaux suivants:

• Conférences de résultats trimestriels
• Réunions annuelles des actionnaires
• Présentations des investisseurs
• Rapports annuels de durabilité

Rapports de performance financière et opérationnelle régulière

Métriques d'information financière pour 2023:

Métrique	Valeur
Revenu	1,42 milliard de dollars
Revenu net	365,7 millions de dollars
Bénéfice par action	$0.41

Engagement avec les parties prenantes de l'industrie minière

B2Gold participe activement aux associations de l'industrie et à l'engagement des parties prenantes:

• Adhésion au Conseil mondial
• Principes d'extraction d'or responsables
• Programmes de développement communautaire local
• Initiatives de durabilité environnementale

Relations des investisseurs et valeur de la valeur des actionnaires

Métriques de la valeur des actionnaires pour 2023:

Métrique	Valeur
Rendement total des actionnaires	14.2%
Rendement des dividendes	2.1%
Capitalisation boursière	4,7 milliards de dollars

B2Gold Corp. (BTG) - Modèle d'entreprise: canaux

Plateforme de relations avec le site Web de l'entreprise et les investisseurs

B2Gold maintient un site Web complet d'entreprise (www.b2gold.com) avec une section détaillée des relations avec les investisseurs. Depuis 2024, le site Web fournit:

• Informations sur les cours des actions en temps réel
• Rapports annuels téléchargeables au format PDF
• Diapositives de présentation des investisseurs
• Archive du communiqué de presse

Échanges de marchés financiers

Échange	Symbole de trading	Date d'inscription
Bourse de New York (NYSE)	Btg	2007
Bourse de Toronto (TSX)	BTO	2007

Rapports annuels et présentations financières trimestrielles

B2Gold Sormes Rapports financiers trimestriels et annuels à travers plusieurs canaux:

• Système de classement SEC EDGAR
• Système de classement sédar au Canada
• Site Web de relations avec les investisseurs d'entreprise
• Distribution directe des e-mails aux investisseurs enregistrés

Conférences des investisseurs et événements de l'industrie minière

Type de conférence	Fréquence	Participation typique
Conférences d'investissement minière	4-6 par an	Présentation des cadres supérieurs
Forums d'investisseurs de métaux précieux	3-4 par an	Représentation de l'équipe des relations avec les investisseurs

Communication directe avec les investisseurs institutionnels

B2Gold maintient canaux de communication des investisseurs directs y compris:

• Relations d'investisseurs dédiés Courriel: investisseurs@b2gold.com
• Conférences de résultats trimestriels
• Réunions d'investisseurs en tête-à-tête
• Bouc-bassins d'investisseurs institutionnels

B2Gold Corp. (BTG) - Modèle d'entreprise: segments de clientèle

Investisseurs institutionnels

La base d'investisseurs institutionnels de B2Gold au Q4 2023 comprend:

Type d'investisseur	Pourcentage de propriété	Valeur totale
Fonds communs de placement	42.3%	587,6 millions de dollars
Fonds de pension	22.7%	315,4 millions de dollars
Hedge funds	15.6%	216,9 millions de dollars

Sociétés commerciales d'or

Les clients clés de la négociation en or comprennent:

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

Analystes de l'industrie minière

Métriques de la couverture des analystes de B2Gold:

Métrique	Valeur
Couverture totale des analystes	14 analystes financiers
Objectif de prix moyen	4,75 $ USD

Fonds d'investissement en métal précieux

Répartition du segment des fonds d'investissement:

Type de fonds	Volume d'investissement	Pourcentage
ETF axé sur l'or	245,3 millions de dollars	38.2%
Fonds communs de placement en métal précieux	187,6 millions de dollars	29.1%

Participants du marché financier mondial

Statistiques de l'engagement du marché mondial:

• Actif sur 12 marchés financiers internationaux
• Volumes de négociation: 3,2 millions d'actions moyennes quotidiennes
• Capitalisation boursière: 4,8 milliards de dollars USD

B2Gold Corp. (BTG) - Modèle d'entreprise: Structure des coûts

Exploration et exploits opérationnels

Pour l'exercice 2023, les coûts totaux en espèces de B2Gold étaient de 595 $ l'once d'or. Les dépenses d'exploitation totales pour les opérations minières ont atteint 785,6 millions de dollars.

Catégorie de dépenses opérationnelles	Montant (USD)
Dépenses opérationnelles totales	785,6 millions de dollars
Coûts en espèces par once d'or	$595
Coûts de maintien tout-in (AISC)	890 $ par once d'or

Procurement et entretien de l'équipement

Les dépenses en capital pour 2023 ont totalisé 280,2 millions de dollars, notamment:

• Acquisition de l'équipement minière: 157,3 millions de dollars
• Pièces d'entretien et de remplacement: 62,5 millions de dollars
• Mises à niveau de la technologie et des infrastructures: 60,4 millions de dollars

Salaires des employés et expertise technique

Catégorie de personnel	Coût annuel (USD)
Compensation totale des employés	212,7 millions de dollars
Salaires du personnel technique	86,5 millions de dollars
Compensation moyenne des employés	95 400 $ par employé

Conformité environnementale et investissements en durabilité

Les investissements environnementaux et de durabilité pour 2023 s'élevaient à 45,3 millions de dollars, notamment:

• Surveillance environnementale: 12,6 millions de dollars
• Projets de récupération et de réadaptation: 18,7 millions de dollars
• Mise en œuvre du programme de durabilité: 14 millions de dollars

Coûts de gestion des risques géopolitiques

Les dépenses de gestion des risques géopolitiques pour 2023 étaient de 22,4 millions de dollars, couvrant:

• Assurance risque politique: 8,2 millions de dollars
• Services de conformité et de conseil juridique: 9,6 millions de dollars
• Infrastructure de sécurité: 4,6 millions de dollars

Structure totale des coûts pour 2023: 1 345,3 millions de dollars

B2Gold Corp. (BTG) - Modèle d'entreprise: Strots de revenus

Ventes d'or de plusieurs opérations minières internationales

En 2022, B2Gold a signalé une production totale d'or de 1 020 589 onces. Le prix moyen réalisé de l'or était de 1 801 $ l'once, générant un chiffre d'affaires total des ventes d'or de 1 838 millions de dollars.

Opération minière	Pays	Production d'or (onces)	Contribution des revenus
Mine Fekola	Mali	380,274	685 millions de dollars
Masbate Mine	Philippines	241,598	435 millions de dollars
Mine otjikoto	Namibie	180,322	325 millions de dollars

Trading de ressources minérales

B2Gold s'engage dans le trading des ressources minérales avec des sources de revenus supplémentaires provenant des ventes de sous-produits Silver et Copper.

• Production en argent en 2022: 1 099 000 onces
• Production de cuivre en 2022: 11,8 millions de livres

Investissements du projet d'exploration et de développement

B2Gold a investi 135,2 millions de dollars dans des projets d'exploration et de développement en 2022, avec une future génération de revenus potentiels de:

• Projet Gramalote en Colombie
• Projet Kiaka au Burkina Faso
• Projet Ondundu en Namibie

Ventes potentielles de sous-produits métalliques

Sous-produit	2022 Production	Revenus estimés
Argent	1 099 000 onces	24,2 millions de dollars
Cuivre	11,8 millions de livres	53,1 millions de dollars

Monétisation des actifs stratégiques

Le portefeuille stratégique d'actifs stratégiques de B2Gold a généré des revenus supplémentaires à travers:

• Accords de coentreprise
• Intérêts de redevance
• Dispositions de streaming

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.