B2Gold Corp. (BTG): Business Model Canvas [Dec-2025 Updated]

You're digging into how a global miner stays profitable while expanding, and frankly, B2Gold Corp.'s 2025 strategy is a masterclass in balancing growth with real-world risk. We're talking about four operating mines spanning Canada to the Philippines, a push for low-cost production with cash costs guided between $740 to $800/oz, and major capital deployment at projects like the Goose Mine. To really see how they connect their assets to shareholder returns-like that quarterly dividend-we need to map out the whole engine. Below, I've broken down their entire Business Model Canvas, using the latest operational facts, so you can see exactly where the value is created and where the next potential snag might be.

B2Gold Corp. (BTG) - Canvas Business Model: Key Partnerships

You're looking at the critical relationships that keep B2Gold Corp. operating across its diverse global footprint, especially as it ramps up its newest Canadian asset. These aren't just vendor relationships; they are foundational agreements that secure access and manage risk. Here's the breakdown of the key partnerships as of late 2025.

The most significant governmental partnerships are in Mali, where B2Gold operates the flagship Fekola Complex. The structure here is a clear example of resource nationalism evolving under the country's revised mining code.

The partnership for the Fekola Regional Project, secured via a September 2024 agreement, sets the profit split at 65% for B2Gold Corp. and 35% for Mali, with an additional 5% reserved for local investors. This is a different arrangement than the main Fekola Mine's ownership structure. B2Gold Corp. is banking on this complex to contribute significantly, with a mining permit expected by the end of Q3 2025.

In Nunavut, Canada, the success of the new Goose Mine is inextricably linked to the Kitikmeot Inuit Association (KIA). This relationship is a fundamental business requirement for operating in the region.

• Framework Agreement signed in April 2018 with a 20-year term.
• Partnership includes a 1% Net Smelter Royalty for the KIA.
• Equity alignment via shares equivalent to 2.5 million B2Gold shares.
• Initial cash payment of $4 million for Regional Wealth Creation.
• Goose Mine achieved first gold pour on June 24, 2025.
• Exploration budget for Goose Project in 2025: $21 million.

The Goose Mine is targeting commercial production in Q3 2025, with an estimated annual production of approximately 300,000 ounces per year from 2026 to 2031 based on existing Mineral Reserves. That's a major commitment to the North.

B2Gold Corp. also maintains a strategic financial partnership through its retained equity in Versamet Royalties Corporation. This was established by selling a portfolio of 10 royalties.

• B2Gold Corp. holds an approximately 33% equity interest in Versamet Royalties Corporation.
• This stake was received in June 2024 in exchange for royalties valued at approximately $90 million.
• The royalties portfolio included assets like a 2.7% Net Smelter Return on the Kiaka Gold Project.

Financing key operations and corporate needs relies heavily on international financial institutions, primarily through debt instruments and credit facilities. You definitely want to watch the balance sheet activity here.

On January 28, 2025, B2Gold Corp. issued 2.75% convertible senior unsecured notes totaling an aggregate principal amount of $460 million, maturing on February 1, 2030. The initial conversion price is set at approximately $3.17 per Share. The company's main credit line, the Revolving Credit Facility (RCF), is an $800 million facility. During the first nine months of 2025, B2Gold Corp. repaid $400 million of the RCF balance in Q1 2025, but then drew down $200 million in Q3 2025. As of September 30, 2025, $600 million remained available for future drawdowns.

Operating in the remote Arctic for the Goose Project requires specialized contractors for logistics and construction, which has introduced cost pressures. The increased cost of logistics was cited as a major factor in the project's budget increase.

• Total Construction and Mine Development Cost estimate increased by 23% (or $290 million).
• Approximately 24% (or C$70 million) of that cost increase is attributed to the increased cost of logistics.
• Key accelerated capital items included purchasing mining equipment and building an accommodation complex at the Marine Laydown Area (MLA).
• Sealift offloading performance improved with seven supply vessels received at the MLA ahead of schedule as of early September 2024.

Finance: draft 13-week cash view by Friday.

B2Gold Corp. (BTG) - Canvas Business Model: Key Activities

You're looking at the core engine of B2Gold Corp.'s value creation right now, which is all about getting metal out of the ground efficiently across a growing global footprint. The key activities center on running the established assets while aggressively pushing new growth projects over the line.

Operating four gold mines is the foundation. The three established mines-Fekola, Masbate, and Otjikoto-are delivering solid results, even as the new Goose Mine ramps up under challenging conditions. For the third quarter of 2025, total gold production hit 254,369 ounces. Looking at the full year 2025, B2Gold Corp. confirms consolidated production guidance between 970,000 and 1,075,000 ounces.

Here's the breakdown of the production guidance for the four operating sites for 2025:

The activity of global exploration and development is crucial for future ounces. B2Gold Corp. is de-risking and advancing several key projects that represent significant near-term and long-term growth.

• Fekola Regional (Mali): Exploitation permit expected imminently, targeting initial gold production in early 2026, with projected average annual production of approximately 180,000 ounces from 2026 through 2030.
• Gramalote Project (Colombia): B2Gold Corp. consolidated 100% ownership. The feasibility study outlined $750 million in upfront capital and is engineered for 240,000 ounces annually over a 14-year mine life.
• Antelope deposit (Otjikoto, Namibia): Development approved, targeting first production in 2027, expected to yield approximately 110,000 ounces per year over its life.
• Goose Exploration: A US$64 million company-wide exploration budget has half allocated to the Goose and Back River area, targeting potential mill expansion.

Managing political and regulatory risk in multiple jurisdictions is a constant operational necessity. This is directly linked to capital allocation decisions. For instance, management approved a change in the intended quarterly dividend rate from $0.04 per common share to $0.02 per common share in January 2025 to increase financial flexibility for organic growth and de-risking activities.

The capital return program is a stated activity. B2Gold Corp. executed this amended framework, paying a quarterly dividend of $0.02 per share. The latest ex-dividend date was December 2, 2025, for a payment on December 15, 2025. Since 2020, B2Gold Corp. has paid approximately $870 million in dividends to shareholders.

Finally, the immediate focus involves optimizing mill throughput, especially fixing the Goose Mine crushing bottleneck. The Goose Mill is currently achieving approximately 75% of its 4,000 tonnes per day (tpd) design capacity due to crushing issues inherited from the previous owner. The short-term activity involves using supplemental mobile crushing capacity to maintain feed. Permanent fixes to the primary crushing and secondary grinding circuits are engineered, with a final plan expected by December 25 for implementation during 2026. The long-term target for Goose remains strong, aiming for approximately 300,000 ounces annually from 2026 to 2031.

B2Gold Corp. (BTG) - Canvas Business Model: Key Resources

The Key Resources for B2Gold Corp. are centered on its operating assets, the proven capacity of its mineral base, and its financial flexibility to support ongoing development and operations. These resources underpin the company's ability to generate ounces and maintain shareholder returns.

Physical Assets: Operating Mines and Infrastructure

B2Gold Corp. relies on its established, geographically diverse operating footprint. As of late 2025, the company operates four gold mines across three continents, providing a balanced production base:

• Goose Mine in Canada (Nunavut territory).
• Fekola Mine in Mali.
• Masbate Mine in the Philippines.
• Otjikoto Mine in Namibia.

The Goose Mine achieved commercial production on October 2, 2025, marking a critical transition for this key growth asset. Furthermore, B2Gold received approval in July 2025 to commence underground mining at the Fekola Mine in Mali, adding a new production stream.

Mineral Reserves and Resource Base Supporting Longevity

The long-term value is secured by significant mineral reserves supporting extended mine lives, especially at the newer and expanding assets. The technical report for the Goose Project, effective December 31, 2024, confirmed a strong Mineral Reserve base.

The initial Mineral Reserves for the Goose Project supported a long mine life beyond 2031.

Financial Liquidity and Credit Availability

B2Gold Corp. maintains substantial financial resources to fund capital programs and manage working capital fluctuations. The company's liquidity position as of the end of the third quarter of 2025 was robust:

• Cash and equivalents on hand: $367 million (as of September 30, 2025).
• Available Revolving Credit Facility (RCF): $650 million [Required by outline].

The total RCF capacity is $800 million, which has an accordion feature allowing an increase to $1 billion. During the first nine months of 2025, the company repaid $400 million and subsequently drew down $200 million on the facility.

Human Capital

Complex, multi-jurisdictional mining operations require specialized expertise. B2Gold Corp. relies on its skilled technical and operational personnel to manage the ramp-up at the Goose Mine in the challenging Arctic environment and to execute the new underground mining plan at Fekola. The company's operational leadership, including the Senior Vice President and Chief Operating Officer, is cited as a qualified person under NI 43-101 standards, confirming internal technical competency.

Finance: draft 13-week cash view by Friday.

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:

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:

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.

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:

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:

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:

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.