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B2Gold

Gold producer.

producer gold
Mar 2026 → Jul 2026Covered
9 of 10Topics on record
1 executiveNamed on the record
Stage
Producer
Primary commodity
Gold
Latest appearance
20 Jul 2026
On record
2 interviews · 27 statements · 1 executive

At a glance

What the record holds today. Every card names where it came from — a management representation is not an established fact, and the page never blurs the two.

What is in the ground
2027 production guidance approximately 300000 ounces for Goose
Management-stated Mike Cinnamond Mar 2026
Money on hand
800 million available to draw down on revolving credit facility
Stated capital need: approximately 7 million to fix fire damage, approximately 10 million US for stage one remediation, 20 to 30 million US for stage two
Management-stated Mike Cinnamond Jul 2026
What happens next
quarterly call first week in August, updates before DER goal show and third quarter results, global update near end of November
Management-stated Mike Cinnamond Jul 2026
The main open question
Management's Goose project faces technical delays: crusher jamming issues require remediation study (completion early Q2 2026) and staged fixes stretching into 2027, pushing ramp to 4,000 tpd to mid-2027.
Weighed from the statements below, not our opinion of the company.
Our reading
How outsiders read it
12 independent voices on record — 12 constructive, 6 neutral, 3 cautious
Don Durrett, Rick Rule, Adrian Day, Sam Pazuki…
Outside voices

Management view vs outside view

Management interviews are promotional by nature; the outside view is the counterweight. Both are quoted from the recordings, not added by us.

What management spends its time on

Counted from B2Gold's own claims across 2 interviews — most-covered theme first.

What outside voices pick up on

6 independent voices — people who do not speak for the company — across 24 mentions.

12 constructive 6 neutral 3 cautious
  • Don Durrett “Mali project essentially priced at zero due to country risk; strong management; pays high dividend; risk-reward works”
  • Rick Rule “Cited as a discounted intermediate producer that could rerate or be taken over.”
  • Adrian Day “He uses B2Gold as an example of a multi-mine company able to operate across jurisdictions.”
  • Sam Pazuki “Described as a strategic investor supporting the company’s funding and exploration plan.”

Bull · Bear · Watch next

Weighed from the statements on this page — management's pitch and the outside view. Not financial advice, and not our opinion of the company.

▲ Bull case

Management says B2Gold generates ~90 million monthly from 22,000 oz/month gold prepaid deliveries at current prices, with 800 million available on its credit facility and 479 million in cash (Q1).

What it rests on
Evidence: 3 moments from 2 interviews
Read the full case

Management says B2Gold generates ~90 million monthly from 22,000 oz/month gold prepaid deliveries at current prices, with 800 million available on its credit facility and 479 million in cash (Q1). The Goose project targets 300,000 oz/year at steady state (2027), with 2026 guidance of 170–230,000 oz and potential all-in sustaining costs south of 2000/oz; an outside investor notes the FY2025 financials were quite good with strong cash flow, and sees the company as a potential eventual backstop play with Arctic deposit expertise.

▼ Bear case

Management's Goose project faces technical delays: crusher jamming issues require remediation study (completion early Q2 2026) and staged fixes stretching into 2027, pushing ramp to 4,000 tpd to mid-2027.

What it rests on
Evidence: 3 moments from 1 interview
Read the full case

Management's Goose project faces technical delays: crusher jamming issues require remediation study (completion early Q2 2026) and staged fixes stretching into 2027, pushing ramp to 4,000 tpd to mid-2027. Guidance bands are wide (2026: 170–230k oz; AISC 2600–2900/oz), and 2025 production fell to 970k oz globally. An outside investor notes construction has stretched, execution risk remains high post-Clive Johnson's retirement, and the company is vulnerable if management cannot fix its problems; rerating depends on uncertain ramp success.

◆ Watch next

Q3 2024: fire remediation and stage-one mill expansion to 3,200 tpd (fact 11).

What it rests on
Evidence: 3 moments from 2 interviews
Read the full case

Q3 2024: fire remediation and stage-one mill expansion to 3,200 tpd (fact 11). Early Q2 2026: crusher remediation study completion (fact 15). End Q3 2026: stage-one crusher fix and steady state 3,200 tpd (fact 22). Mid-2027: Goose target ramp to 4,000 tpd and 300,000 oz/year (fact 18–19). New CEO begins ahead of June 2026 AGM (fact 27).

Each moment links to the exact point in the source recording.

Not our view. These cases are assembled from what was said in the interviews below — management's own claims, and the sentiment of independent speakers as expressed in those transcripts. They are a summary of statements on the record, not TranscriptAgent's assessment of the company, not a rating or price target, and not investment advice.

Project 7 statements

The deposit 5

Key takeaway. Management reported that B2Gold's global production for 2025 was just over 970,000 ounces, while 2026 global production guidance is 820,000 to 970,000 ounces.

Read the full summary

For the Goose project specifically, 2026 production guidance is 170,000 to 230,000 ounces, and management sees Goose reaching approximately 300,000 ounces per year at 4,000 tons per day in steady state for the first five years, with 2027 production guidance for Goose set at approximately 300,000 ounces.

What was actually said
resource size
2027 production guidance approximately 300000 ounces for Goose
“27 you can you know we're going to ramp up from 32 where we'll have gotten to by the end of 26 to 4,000 a little bit later in the year. But even then, we think we can we can come in somewhere around a 300,000 ounce mark for that year”
Mike Cinnamond· 05 Mar 2026·
resource size
Global production 2025 just over 970000 ounces
“We we we did um just over 970,000 ounces in 25”
Mike Cinnamond· 05 Mar 2026·
resource size
Global production 2026 guidance 820 to 970000 ounces
“In 26, we've guided 820 to 970, right?”
Mike Cinnamond· 05 Mar 2026·
Show the other 2 statements
resource size
2026 production guidance 170000 to 230000 ounces for Goose
“What we have guided for 2026 is somewhere between 170,000 and 230,000 ounces”
Mike Cinnamond· 05 Mar 2026·
resource size
approximately 300,000 ounces per year at 4000 tons per day steady state first 5 years
“when goose is running 4,000 tons per day study state, uh you can expect the first 5 years of full production to be somewhere around the 300,000 per year mark”
Mike Cinnamond· 05 Mar 2026·

Jurisdiction 1

What was actually said
permit status
Fakola in Mali: existing permit held; only applying for modification to step down scale for higher grade operation
“We already have a permit, which is a bonus. So, we're only asking for modification and not going out and asking for a brand new permit”
Mike Cinnamond· 05 Mar 2026·

Technical risk 1

What was actually said
stated risk
oversized material jamming the crusher; crusher remediation needed
“we're finding that the we're having oversized material coming in and jamming up the crusher”
Mike Cinnamond· 05 Mar 2026·

Economics 8 statements

Economics 4

Key takeaway. Regarding project economics, management of B2Gold has provided figures from two different dates.

Read the full summary

In March 2026, the company cited Stage one crusher remediation capital expenditure of less than 10 million Canadian dollars, with Stage two remediation in the tens of millions Canadian. That same month, management guided 2026 all-in sustaining costs between $2,600 and $2,900 per ounce, adding that costs could potentially fall south of $2,000 per ounce at steady state. In July 2026, management reported an operating cost of about 22,000 ounces a month from prepaids delivery, close to $90 million a month from July onwards, and said it expects to maintain a dividend of 8 cents US per share per year.

What was actually said
operating cost
22,000 ounces a month from prepaids delivery, close to 90 million a month from July onwards
“we had gold prepaids, you know, and that was like 22,000 ounces a month. So at these gold prices, you know, it's close to 90 90 million a month now as we go forward from July onwards.”
Mike Cinnamond· 20 Jul 2026·
payback
8 cents US per share per year dividend maintained
“we do intend to maintain our current level of dividend you know eight which is 8 cents US per share per year.”
Mike Cinnamond· 20 Jul 2026·
aisc
2026 guidance between 2600 and 2900 per ounce; potentially south of 2000 per ounce at steady state
“We give like a $300 range. So between somewhere around 26 and $2,900 all in sustaining costs... and then we hope we can get that all in sustaining cost guidance somewhere. Maybe even south of $2,000 an ounce”
Mike Cinnamond· 05 Mar 2026·
Show the other 1 statement
capex
Stage one crusher remediation less than 10 million Canadian; Stage two remediation in tens of millions Canadian
“It's less than 10 million Canadian to do that first step. And we have that in the budget for 26. But our our our more permanent stage of remediation is next year... it's probably in the tens of millions of dollars Canadian to remedy that”
Mike Cinnamond· 05 Mar 2026·

Financing 4

Key takeaway. Management reports a strong liquidity position, with about $479 million in cash at the end of Q1 and an $800 million revolving credit facility available to draw down.

Read the full summary

On the spending side, the company estimates approximately $7 million to fix fire damage, roughly $10 million for stage one remediation, and $20–30 million for stage two. Separately, management notes the company has been buying back about 10% of its float per annum through an NCIB that was upsized in April.

What was actually said
capital needed
approximately 7 million to fix fire damage, approximately 10 million US for stage one remediation, 20 to 30 million US for stage two
“I think the fire damage was somewhere around 7 million to to fix that fire damage approximately 10 million US to do stage one uh of the remediation plan in in third quarter this year and then 20 to 30 million US to do stage two.”
Mike Cinnamond· 20 Jul 2026·
cash position
800 million available to draw down on revolving credit facility
“you've now got 800 million that you can draw down whenever whenever you please.”
Mike Cinnamond· 20 Jul 2026·
cash position
close to 500 million in the bank, about 479 million in cash at end of Q1
“I think it was about 479 million in cash. Obviously, you have repaid the 75 million on the RCF, but the 325 million from Fingold.”
Mike Cinnamond· 20 Jul 2026·
Show the other 1 statement
dilution
10% of float per annum through share buyback program (NCIB upsized in April)
“we we've continued to be active there on our on the NCIB. I think we upsized it in April so we can do up to 10% basically of our float a year in terms of number of shares.”
Mike Cinnamond· 20 Jul 2026·

Timeline 9 statements

Timeline 9

Key takeaway. B2Gold management has outlined a phased timeline for the Goose project and related work, with some dates updated between statements.

Read the full summary

In March 2026, the company said first gold pour is expected at end of June 2025, with commercial production after the end of Q3 2025; the crusher study was to be completed early in Q2 2026, stage one crusher remediation by end of Q3 2026, and stage two remediation in 2027. Goose was to ramp to 3,200 tons per day by end of Q3 2026 and to 4,000 tons per day by mid 2027. A subsequent update in July 2026 reported that stage two pressure remediation to achieve 4,000 tons per day is targeted for first half 2025 (a past date by then) and that fire damage remediation plus stage one mill expansion to 3,200 tons per day was to occur in Q3 2024. For upcoming communications, management noted a quarterly call in the first week of August, updates before the DER goal show and third quarter results, and a global update near the end of November 2026. The incoming CEO is scheduled to start ahead of the AGM in June 2026.

What was actually said
milestone
quarterly call first week in August, updates before DER goal show and third quarter results, global update near end of November
“we'll have the call first week in August. Um you know, and then we typically give an update as to where we're at with things before the DER goal show and it we typically give another global update. Then we'll have the the third quarter and then we typically give another global update somewhere near the end of November.”
Mike Cinnamond· 20 Jul 2026·
milestone
Q3 2024: fire damage remediation and stage one of mill expansion to 3,200 tons per day
“we've got a remediation plan to fix the fire damage. So, that's happening in Q3. Um we've got our plan to do stage one of the mill expansion that's happening coincidentally with fixing the fire damage in Q3 of this year. And that'll get us up to expected 3,200 tons per day at at Goose.”
Mike Cinnamond· 20 Jul 2026·
milestone
First half 2025: stage two pressure remediation to achieve 4,000 tons per day
“with the work that we're going to do in Q3, we're going to get ourselves to 3,200 tons per day. And with the work that we're doing um in the first half of next year, that'll get us up to 4,000 tons per day achievable steady state.”
Mike Cinnamond· 20 Jul 2026·
Show the other 6 statements
first production
first gold pour at end of June 2025, commercial production after end of Q3 2025
“the goose um had his first gold power uh June the end of June 25 and then we hit commercial production just after the end of the third quarter”
Mike Cinnamond· 05 Mar 2026·
milestone
crusher study completion expected sometime early in Q2 2026
“that study should be it should be complete uh sometime early in the second quarter here”
Mike Cinnamond· 05 Mar 2026·
milestone
Stage one crusher remediation end of Q3 2026; Stage two remediation 2027
“Step one is going to be in the second half of 26 probably let's aim for like the end of the third quarter”
Mike Cinnamond· 05 Mar 2026·
milestone
Goose ramping to 4000 tons per day by mid 2027
“I think we can really aim for that to be somewhere around um mid 2027”
Mike Cinnamond· 05 Mar 2026·
milestone
Goose ramping to 3200 tons per day by end of Q3 2026
“by the end of the third quarter when we've done stage one remediation will be run in steady state 3200 tons per day”
Mike Cinnamond· 05 Mar 2026·
milestone
Incoming CEO starts ahead of AGM in June 2026
“you are the incoming CEO of B2 Gold uh ahead of the AGM in June”
Mike Cinnamond· 05 Mar 2026·

Corporate 3 statements

Management 1

What was actually said
track record
CFO since 2014; previously audit partner at PWC for approximately a decade; known B2 and predecessor Beimma since late 1990s
“I joined I was lucky enough to join B2 uh 13 years ago now and um since 2014, I've served as the CFO... I was an audit partner at Price Waterhouse Coopers for maybe a decade or so... B2 and its predecessor company Beimma Gold were actually my clients so I've known BEMA B2 Beimma right back since the late 90s”
Mike Cinnamond· 05 Mar 2026·

Share structure 1

What was actually said
shares outstanding
about 1.3 billion shares outstanding
“you have about what 1.3 billion shares outstanding at the moment? Is that right?”
Mike Cinnamond· 20 Jul 2026·

Market 1

What was actually said
timing rationale
gold price environment allowing for potential expansion of open pits at MSBY and Ojakoto
“we're we're currently looking at what we might do um terms of expansion of open pits say at uh in MSBY and Ojakoto you know with this gold price environment maybe there's a potential to expand those”
Mike Cinnamond· 20 Jul 2026·

Outside views 24 mentions

24 mentions by people who do not speak for the company — 12 constructive, 3 cautious, 6 neutral. These are their views, not the company's.

Not our view. Constructive / cautious / neutral is a classification of the sentiment expressed in the transcript of a specific recording on a specific date — nothing more. It is not TranscriptAgent's opinion of the company, not a rating, not a recommendation, and not a statement of fact about the company or the speaker. Speakers may hold positions, may have changed their minds since, and may have been mis-transcribed. Read the quote, then watch the source.

Don Durrett
bullish
Mali project essentially priced at zero due to country risk; strong management; pays high dividend; risk-reward works
The Silver Market· 21 Jul 2026·
Rick Rule
bullish
Cited as a discounted intermediate producer that could rerate or be taken over.
Wise Metals Investor· 16 Jul 2026·
Rick Rule
bullish
He cites it as an intermediate producer trading at a discount to larger peers.
Investing News· 15 Jul 2026·
Adrian Day
bullish
He uses B2Gold as an example of a multi-mine company able to operate across jurisdictions.
Palisades Gold Radio· 08 Jul 2026·
Show the other 20 mentions
Rick Rule
bullish
Similar undervaluation thesis as OceanaGold — trading below peers on valuation metrics; noted as not present at the conference but part of the same M&A / value-convergence setup.
The Deep Dive· 07 Jul 2026·
Sam Pazuki
bullish
Described as a strategic investor supporting the company’s funding and exploration plan.
Proactive Investors· 10 Jun 2026·
Rick Rule
bullish
He says B2Gold looks cheap if it can achieve nameplate capacity in Nunavut and notes the CEO succession risk.
The Silver Market· 06 Jun 2026·
Rick Rule
bullish
He thinks it is cheap if Nunavut reaches nameplate capacity and sees potential rerating or acquisition interest.
Mining Network· 03 Jun 2026·
Adrian Day
bullish
He says it seems to have turned the corner and looks very undervalued relative to peers.
Palisades Gold Radio· 27 May 2026·
Samuel Pelaez
neutral
Mentioned as part of the Agnico area consolidation deal.
Crux Investor· 18 May 2026·
Steve Barton
bearish
He says the company is vulnerable if management cannot fix its problems after Clive Johnson's retirement.
Rule Investment Media· 15 May 2026·
Rick Rule
bearish
He says the company is vulnerable if management cannot fix its problems after Clive Johnson's retirement.
Rule Investment Media· 15 May 2026·
Graham Downs
neutral
Cited as another major with activity in Yukon, supporting the jurisdictional argument.
Crux Investor· 15 May 2026·
He liked the Q1 2026 blowout and future cash-flow improvement, but warns costs and execution issues remain.
In it to Win it· 13 May 2026·
Clive Thompson
bullish
He says the stock jumped after record gold output and strong cash flow.
Clive Thompson· 09 May 2026·
Robert Wrixon
neutral
Named as another Finland peer in the Canadian-listed cohort.
Crux Investor· 01 May 2026·
John Feneck
neutral
Selling a stake in FinGold Ventures as part of the transaction.
Investing News· 25 Apr 2026·
Samuel Pelaez
neutral
Mentioned as a seller of the Fingold JV interest, part of the transaction package.
Crux Investor· 24 Apr 2026·
Rick Rule
bullish
He suggests B2Gold may be an eventual accommodating backstop for Rupert and has Arctic deposit expertise.
The Silver Market· 14 Apr 2026·
Rick Rule
mixed
He is constructive longer term but notes the CEO resignation and the need to ramp to nameplate capacity.
Rule Investment Media· 10 Apr 2026·
Rick Rule
mixed
He sees discount valuation and a transition period after Clive Johnson's resignation, with cash flow from Canadian operations as the key.
Rule Investment Media· 09 Apr 2026·
Jordan Rusche
bearish
Near-term operational issues at Goose, higher costs, and lower production dominate the setup.
In it to Win it· 08 Apr 2026·
Rick Rule
bullish
He expects the company can rebound if execution improves and nameplate capacity is reached.
Rule Investment Media· 02 Apr 2026·
Justin Reid
neutral
Mentioned as a comparable producer that also sold off in the recent gold pullback — Reid uses it to argue Troilus didn't underperform uniquely
Crux Investor· 02 Apr 2026·

Sources 2 interviews

Every interview 2

DateChannelInterviewStatements
20 Jul 2026 Mining Network B2Gold CEO Mike Cinnamond on Execution, Buybacks, Dividends & Capital Allocation 11
05 Mar 2026 Mining Network B2Gold's Incoming CEO, Mike Cinnamond 16

What else those interviews covered

Every other asset named in the same recordings, by how many of them named it — the company's coverage context, not its holdings. Where the name is another company we hold a record for, it links to it.

agnico eagle mines 1
b2gold corp. 1
fekola 1
fekola regional 1
gold 1
goose 1
gramalote 1
masbate 1

Questions people ask

What is B2Gold's project and where is it?

B2Gold is a producer gold company. Everything here is drawn from its executives' own interviews.

Which interviews mention B2Gold?

We track 2 interviews mentioning B2Gold, across 1 channel (Mining Network).

What are investors saying about B2Gold?

24 independent voices — people who do not speak for the company — are on record discussing it (12 bullish, 6 neutral, 3 cautious). Their reasoning is quoted in the outside-view section above.

What do recent interviews with B2Gold cover?

The most-discussed topics on record are timeline, the deposit, economics, financing — each claim quoted and dated in the sections above.

How to read this page

What is here

Statements made by company representatives in the interviews listed above — each one carrying the words that made it, the date, and the recording. Nothing is added from any other source: if it was not said on a recording, it is not on this page. The one exception lives in the Claims & Checks record, which cites a metal price from our own feed so a stated cost can be set against it — and labels it as ours wherever it appears.

What is not verified

All of it. Resource figures, economics, timelines and promotional framing are management's own representations, checked against no filing and no technical report. Transcripts are automatic; we repair a clearly mis-heard word but never a number, a date, a unit or a speaker's hedge — “about 8.6 million ounces” keeps its “about”.

How to use it

Treat it as a map of what has been said, not as a source of fact. Where a figure matters to you, open the recording and read the company's filings. Nothing here is financial advice, a recommendation, or an offer to buy or sell any security — these are interested parties discussing their own company.

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