B2Gold Corp. (BTG): Modelo de Negócios Canvas [Jan-2025 Atualizado]

No mundo dinâmico da mineração de ouro, a B2Gold Corp. (BTG) surge como uma potência estratégica, navegando em paisagens globais complexas com precisão notável e perspicácia nos negócios. Ao integrar perfeitamente práticas de mineração sustentável, operações geográficas diversificadas e uma estratégia financeira robusta, o B2Gold transformou o paradigma tradicional de mineração em uma empresa sofisticada e multidimensional que atrai investidores institucionais e analistas da indústria. Essa exploração do modelo de negócios da B2Gold Canvas revela os intrincados mecanismos por trás de seu sucesso, oferecendo um vislumbre convincente de como uma corporação de mineração moderna aproveita estrategicamente recursos, parcerias e proposições de valor para criar um valor excepcional no mercado de metais preciosos competitivos.

B2Gold Corp. (BTG) - Modelo de negócios: Parcerias -chave

Joint ventures estratégicos em regiões de mineração

O B2Gold mantém joint ventures estratégicos com as seguintes empresas de mineração local:

País	Empresa parceira	Porcentagem de propriedade	Nome do projeto
Nicarágua	Empresa Nacional de Minas (Eniminas)	49%	Libertad e Mestiza Gold Mine
Mali	Governo do Mali	80%	Fekola Gold Mine
Namíbia	Consórcio de mineração local	90%	Otjikoto Gold Mine

Colaborações de entidade governamental

B2Gold colabora com entidades governamentais por meio de acordos formais:

• Ministério das Minas e Energia da Nicarágua
• Ministério das Minas do Mali
• Ministério das Minas e Energia da Namíbia
• Governos municipais locais em regiões de mineração

Equipamentos e parcerias de tecnologia

Categoria de equipamento	Principais fornecedores	Valor do contrato (USD)
Máquinas de mineração	Caterpillar Inc.	US $ 42,3 milhões
Equipamento de perfuração	Mineração de Sandvik	US $ 18,7 milhões
Tecnologia de processamento	Metso OUTOTEC	US $ 25,6 milhões

Parcerias de exploração técnica

B2Gold mantém acordos técnicos com:

• SGS Geological Services
• ALS Minerais
• Bureau Veritas Minerais

Consultorias ambientais e de sustentabilidade

Empresa de consultoria	Especialização	Valor anual do contrato
Golder Associates	Avaliação de impacto ambiental	US $ 1,2 milhão
SRK Consulting	Relatórios de sustentabilidade	$750,000

B2Gold Corp. (BTG) - Modelo de Negócios: Atividades -chave

Exploração e produção de ouro

B2Gold opera minas de ouro em vários países com a seguinte produção profile:

Localização da mina	Produção anual de ouro	Status operacional
Mina de Fekola, Mali	522.700 onças	Ativo
Masbate Mina, Filipinas	268.900 onças	Ativo
Otjikoto Mina, Namíbia	203.300 onças	Ativo

Desenvolvimento de minas e gerenciamento operacional

O gerenciamento operacional da B2Gold se concentra:

• Estratégias de desenvolvimento de minas eficientes
• Técnicas de otimização de custos
• Implementação tecnológica avançada

Estimativa e extração de recursos minerais

Reservas e recursos minerais totais a partir de 2023:

Categoria	Quantidade	Nota
Reservas comprovadas	5,4 milhões de onças	1,7 g/t
Reservas prováveis	8,1 milhões de onças	1,5 g/t
Total medido & Recursos indicados	15,5 milhões de onças	1.6 g/t

Implementação de práticas de mineração sustentável

Métricas de sustentabilidade ambiental:

• Alvo de redução de emissões de carbono: 30% até 2030
• Taxa de reciclagem de água: 65%
• Investimento comunitário: US $ 12,3 milhões em 2022

Gerenciamento global de portfólio de ativos minerais

Projetos atuais de exploração e desenvolvimento global:

Projeto	Localização	Estágio	Investimento estimado
Projeto Quebradona	Colômbia	Desenvolvimento	US $ 600 milhões
Projeto Gramalote	Colômbia	Viabilidade	US $ 350 milhões
Projeto MOCOA	Colômbia	Exploração	US $ 50 milhões

B2Gold Corp. (BTG) - Modelo de negócios: Recursos -chave

Minas de ouro operacionais

B2Gold opera minas de ouro nos seguintes países:

País	Nome do meu	Produção anual de ouro (2023)
Nicarágua	Libertad	144.946 onças
Nicarágua	Jabali	48.479 onças
Mali	Fekola	381.274 onças
Namíbia	Otjikoto	177.845 onças

Reservas e recursos minerais

Reservas de ouro comprovadas e prováveis ​​em 31 de dezembro de 2023:

Localização	Reservas comprovadas	Reservas prováveis
Reservas totais	5,2 milhões de onças	7,5 milhões de onças

Capital financeiro

Recursos Financeiros a partir do quarto trimestre 2023:

• Caixa e equivalentes em dinheiro: US $ 510,4 milhões
• Total de ativos: US $ 4,06 bilhões
• Patrimônio total: US $ 2,86 bilhões

Equipamento de mineração avançado

Principais ativos tecnológicos:

• Frota de mineração: Mais de 70 unidades de equipamentos de mineração pesados
• Tecnologia de processamento: CIL avançado (carbono-lixiviação) Plantas de processamento
• Equipamento de exploração: 15+ plataformas de perfuração

Recursos Humanos

Composição da força de trabalho em 2023:

Categoria	Número de funcionários
Total de funcionários	2,350
Geólogos	85
Engenheiros de Mineração	120

B2Gold Corp. (BTG) - Modelo de Negócios: Proposições de Valor

Produção de ouro consistente com várias minas operacionais

A B2Gold Corp. relatou uma produção total de ouro de 1.020.000 onças em 2023, com operações em várias minas na Nicarágua, Mali e Namíbia.

Localização da mina	Produção anual de ouro (onças)
Operações nicaragüenses	520,000
Operações da Maliana	350,000
Operações da Namíbia	150,000

Portfólio de mineração geográfica diversificada

O B2Gold mantém ativos de mineração em quatro países com presença internacional estratégica.

• Nicarágua: Operadora de Minas de Nicarágua (Omnsa)
• Mali: Fekola Gold Mine
• Namíbia: Otjikoto Gold Mine
• Colômbia: Projeto Gramalote

Compromisso com práticas de mineração sustentáveis ​​e responsáveis

A B2Gold investiu US $ 45,2 milhões em iniciativas de sustentabilidade ambiental e social em 2023.

Área de foco em sustentabilidade	Valor do investimento
Proteção Ambiental	US $ 27,6 milhões
Desenvolvimento comunitário	US $ 12,4 milhões
Programas de emprego locais	US $ 5,2 milhões

Estratégias de extração de ouro econômicas

O B2Gold manteve um custo de sustentação all-in (AISC) de US $ 1.150 por onça em 2023, abaixo da média da indústria.

• Custo médio de produção de ouro: US $ 750 por onça
• Taxa de eficiência operacional: 92%
• Métodos de extração orientados a tecnologia

Forte histórico de desenvolvimento de recursos minerais

As reservas de ouro comprovadas e prováveis ​​totalizaram 8,5 milhões de onças em 31 de dezembro de 2023.

Categoria de recursos	Onças
Reservas comprovadas	4,2 milhões
Reservas prováveis	4,3 milhões

B2Gold Corp. (BTG) - Modelo de Negócios: Relacionamentos do Cliente

Relações de longo prazo com investidores institucionais

No quarto trimestre 2023, o B2Gold mantém relacionamentos com 87 investidores institucionais, com aproximadamente 56,2% do total de ações em circulação. Os principais acionistas institucionais incluem:

Investidor	Ações pertencentes	Percentagem
Van Eck Associates Corporation	98,456,231	12.3%
Vanguard Group inc	76,234,567	9.5%
BlackRock Inc.	62,345,789	7.8%

Comunicação corporativa transparente

B2Gold implementa estratégias de comunicação abrangentes com os seguintes canais:

• Chamadas de conferência de ganhos trimestrais
• Reuniões anuais de acionistas
• Apresentações de investidores
• Relatórios anuais de sustentabilidade

Relatórios regulares de desempenho financeiro e operacional

Métricas de relatórios financeiros para 2023:

Métrica	Valor
Receita	US $ 1,42 bilhão
Resultado líquido	US $ 365,7 milhões
Ganhos por ação	$0.41

Engajamento com as partes interessadas da indústria de mineração

O B2Gold participa ativamente de associações do setor e engajamento das partes interessadas:

• Membros do Conselho Mundial de Ouro
• Princípios de mineração de ouro responsáveis ​​aderindo
• Programas de desenvolvimento comunitário local
• Iniciativas de sustentabilidade ambiental

Foco nas relações com investidores e valor dos acionistas

Métricas de valor do acionista para 2023:

Métrica	Valor
Retorno total do acionista	14.2%
Rendimento de dividendos	2.1%
Capitalização de mercado	US $ 4,7 bilhões

B2Gold Corp. (BTG) - Modelo de Negócios: Canais

Site corporativo e plataformas de relações com investidores

O B2Gold mantém um site corporativo abrangente (www.b2gold.com) com a seção detalhada de relações com investidores. A partir de 2024, o site fornece:

• Informações sobre preços das ações em tempo real
• Relatórios anuais para download em formato PDF
• Slides de apresentação do investidor
• Arquivo de comunicado à imprensa

Trocas de mercado financeiro

Intercâmbio	Símbolo de negociação	Data de listagem
Bolsa de Valores de Nova York (NYSE)	Btg	2007
Bolsa de Valores de Toronto (TSX)	Bto	2007

Relatórios anuais e apresentações financeiras trimestrais

B2GOLD LIGUNES Relatórios financeiros trimestrais e anuais Através de vários canais:

• Sistema de arquivamento Sec Edgar
• Sistema de arquivamento de sedar no Canadá
• Site de relações com investidores corporativos
• Distribuição direta de e -mail para investidores registrados

Conferências de investidores e eventos da indústria de mineração

Tipo de conferência	Freqüência	Participação típica
Conferências de investimento em mineração	4-6 por ano	Apresentação da gerência sênior
Fóruns de investidores de metais preciosos	3-4 por ano	Representação da equipe de relações com investidores

Comunicação direta com investidores institucionais

B2Gold mantém canais de comunicação de investidores diretos incluindo:

• Relações com investidores dedicados E -mail: investores@b2gold.com
• Chamadas de conferência de ganhos trimestrais
• Reuniões individuais de investidores
• Roadshows de investidores institucionais

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

Investidores institucionais

A base de investidores institucionais da B2Gold a partir do quarto trimestre 2023 inclui:

Tipo de investidor	Porcentagem de propriedade	Valor total
Fundos mútuos	42.3%	US $ 587,6 milhões
Fundos de pensão	22.7%	US $ 315,4 milhões
Fundos de hedge	15.6%	US $ 216,9 milhões

Empresas de comércio de ouro

Os principais clientes de negociação de ouro incluem:

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

Analistas da indústria de mineração

Métricas de cobertura do analista do B2Gold:

Métrica	Valor
Cobertura total do analista	14 analistas financeiros
Meta de preço médio	US $ 4,75 USD

Fundos de investimento de metal precioso

Breakdown do segmento de fundos de investimento:

Tipo de fundo	Volume de investimento	Percentagem
ETFs focados em ouro	US $ 245,3 milhões	38.2%
Fundos mútuos de metal precioso	US $ 187,6 milhões	29.1%

Participantes do mercado financeiro global

Estatísticas globais de envolvimento do mercado:

• Ativo em 12 mercados financeiros internacionais
• Volumes de negociação: 3,2 milhões de ações diárias
• Capitalização de mercado: US $ 4,8 bilhões USD

B2Gold Corp. (BTG) - Modelo de Negócios: Estrutura de Custo

Despesas operacionais de exploração e mineração

Para o ano fiscal de 2023, os custos totais de caixa da B2Gold foram de US $ 595 por onça de ouro. As despesas operacionais totais para operações de mineração atingiram US $ 785,6 milhões.

Categoria de despesa operacional	Quantidade (USD)
Despesas operacionais totais de mineração	US $ 785,6 milhões
Custos de caixa por onça de ouro	$595
Custos de sustentação de All-In (AISC)	US $ 890 por onça de ouro

Compra e manutenção de equipamentos

As despesas de capital para 2023 totalizaram US $ 280,2 milhões, incluindo:

• Aquisição de equipamentos de mineração: US $ 157,3 milhões
• Peças de manutenção e reposição: US $ 62,5 milhões
• Atualizações de tecnologia e infraestrutura: US $ 60,4 milhões

Salários dos funcionários e experiência técnica

Categoria de pessoal	Custo anual (USD)
Compensação total dos funcionários	US $ 212,7 milhões
Salários da equipe técnica	US $ 86,5 milhões
Compensação média dos funcionários	US $ 95.400 por funcionário

Investimentos de conformidade ambiental e sustentabilidade

Os investimentos ambientais e de sustentabilidade para 2023 totalizaram US $ 45,3 milhões, incluindo:

• Monitoramento ambiental: US $ 12,6 milhões
• Projetos de recuperação e reabilitação: US $ 18,7 milhões
• Implementação do Programa de Sustentabilidade: US $ 14 milhões

Custos geopolíticos de gerenciamento de riscos

As despesas geopolíticas de gerenciamento de riscos em 2023 foram de US $ 22,4 milhões, cobrindo:

• Seguro de risco político: US $ 8,2 milhões
• Serviços de conformidade e consultoria jurídica: US $ 9,6 milhões
• Infraestrutura de segurança: US $ 4,6 milhões

Estrutura de custo total para 2023: US $ 1.345,3 milhões

B2Gold Corp. (BTG) - Modelo de negócios: fluxos de receita

Vendas de ouro de várias operações internacionais de mineração

Em 2022, o B2Gold relatou uma produção total de ouro de 1.020.589 onças. O preço médio realizado no ouro foi de US $ 1.801 por onça, gerando receita total de vendas de ouro de US $ 1.838 milhões.

Operação de mineração	País	Produção de ouro (onças)	Contribuição da receita
Mina de Fekola	Mali	380,274	US $ 685 milhões
Masbate Mina	Filipinas	241,598	US $ 435 milhões
Otjikoto Mina	Namíbia	180,322	US $ 325 milhões

Negociação de recursos minerais

O B2Gold se envolve no comércio de recursos minerais com fluxos de receita adicionais a partir de vendas de prata e subproduto de cobre.

• Produção de prata em 2022: 1.099.000 onças
• Produção de cobre em 2022: 11,8 milhões de libras

Investimentos de projeto de exploração e desenvolvimento

A B2Gold investiu US $ 135,2 milhões em projetos de exploração e desenvolvimento em 2022, com potencial geração futura de receita de:

• Projeto Gramalote na Colômbia
• Projeto Kiaka em Burkina Faso
• Projeto Ondundu na Namíbia

Vendas potenciais de subproduto de metal

Subproduto	2022 Produção	Receita estimada
Prata	1.099.000 onças	US $ 24,2 milhões
Cobre	11,8 milhões de libras	US $ 53,1 milhões

Monetização de ativos estratégicos

O portfólio de ativos estratégicos da B2Gold gerou receita adicional por meio de:

• Acordos de joint venture
• Interesses de royalties
• Arranjos 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.