B2Gold Corp. operates as a prominent gold mining enterprise, currently running three active production sites across different continents. Its primary operational mines ...
B2Gold Corp. (BTG) is a Canadian-based gold mining company focused on producing gold responsibly and developing long-term resources. The company is headquartered in Vancouver, British Columbia, and operates as a producer with a current operational footprint across multiple continents. Its core producing assets include major mines such as Fekola in ...B2Gold Corp. (BTG) is a Canadian-based gold mining company focused on producing gold responsibly and developing long-term resources. The company is headquartered in Vancouver, British Columbia, and operates as a producer with a current operational footprint across multiple continents. Its core producing assets include major mines such as Fekola in Mali, Masbate in the Philippines, and Otjikoto in Namibia, supporting a diversified operating base in different geopolitical and geological settings.
Beyond its wholly-owned operations, B2Gold also holds minority interests in other mining ventures, including a 25% stake in Calibre Mining Corp. and an approximate 19% interest in BeMetals Corp. In addition to production, B2Gold maintains an evaluation and exploration program spanning several regions, including assets in Mali, Uzbekistan, and Finland. This approach is intended to complement current production with a pipeline of future growth opportunities through discovery, feasibility work, and staged development.
From a business-model perspective, B2Gold’s value creation is driven by mining throughput, reserve/resource conversion, sustained mine life, and cost control—typical of gold producers where margins can be influenced by grade, strip ratio, foreign exchange, energy and consumables, haulage/logistics, labor, and royalties/taxes. Like many miners, its financial performance and capital allocation priorities often balance sustaining capital (to keep existing operations efficient), growth capital (to advance development projects), and exploration spend (to extend the resource base).
In terms of corporate leadership, B2Gold’s CEO is Michael Andrew Cinnamond, with senior management also including financial leadership (e.g., Michael McDonald as CFO per the company’s executive management information). The company has a sizable global workforce—reported at roughly 6,150 employees in 2023 and approximately 6,334 employees as of March 2026—placing it in the 5,001–10,000 employee range. This staffing level reflects both operational needs across multiple mine sites and corporate/regional functions required to manage safety, environmental compliance, procurement, engineering, and community/regulatory relationships.
Historically, B2Gold was founded in 2007 and began trading following later public listings (with an IPO/date referenced as 2008-06-24 in market data). Overall, BTG’s strategy centers on being a multi-jurisdiction gold producer while continuing to expand its project portfolio and resource pipeline. Key “wishes” or directional intentions commonly associated with firms of this profile include maintaining responsible mining practices, improving operational efficiencies and productivity, and ensuring sustainable long-term growth through disciplined development and exploration.
YoYYoY means Year-over-Year. It compares the latest annual value with the previous annual value to show long-term trend strength.
QoQQoQ means Quarter-over-Quarter. It compares the latest quarter with the immediately previous quarter to show short-term momentum changes.
RevenueThe total money that came through the front door from selling things, before paying a single bill. Think of it as the grand total of every credit card swipe from customers. (YoY compares this year to last year's performance, while QoQ compares the current three months to the previous three).
$3.1B
+60.9%
-32.7%
Net IncomeThe absolute bottom line. If the company paid every single supplier, employee, banker, and tax collector, this is the actual money left in their pocket at the end of the day.
$401.9M
+163.8%
+106.3%
Gross MarginThe basic markup. If they sell a $100 pair of sneakers, this percentage tells you how much of that price tag is profit right after paying for the rubber and shoelaces, but before paying for things like store rent or TV commercials.
+50.0%
+34.7%
-25.8%
Operating MarginThe 'day job' efficiency score. Out of every dollar a customer spends, this shows how many cents the company keeps after making the product AND paying for all the everyday corporate overhead (like salaries, marketing, and keeping the lights on).
+45.9%
+46.7%
-29.1%
Net MarginThe final take-home percentage. When you strip away every conceivable cost, tax, and interest payment, this is the exact number of cents the company truly gets to keep from every dollar in sales.
+13.1%
+139.6%
+206.4%
Free Cash FlowThe holy grail of corporate cash. It's the spendable, physical money left over after the business pays for its daily operations AND buys the big, expensive upgrades (like new factories or servers) it needs to survive. This is the 'free' money they can use to pay dividends or buy back stock.
$66.4M
+380.6%
-166.0%
FCF MarginThe ultimate cash conversion rate. It shows how good the company is at turning regular sales directly into cold, hard, spendable cash. A high percentage means the business is an absolute cash-printing machine.
+2.2%
+274.3%
-198.0%
Debt / EquityThe financial risk gauge. It compares how much of the company's empire was built using borrowed money (loans) versus the owners' own money (shareholders). A high number means they are heavily leveraged and playing a riskier game; a low number means they are playing it safe.
17.5%
+19.5%
-18.9%
Current RatioThe 12-month survival check. It simply compares the cash they have right now (plus things they can quickly turn into cash) against the immediate bills they absolutely must pay this year. A score above 1 means they have enough in the wallet to cover the upcoming bills without panicking.
1.06x
-31.5%
+32.7%
Total AssetsThe absolute size of the company's empire. It bundles together absolutely everything of value they own—from the cash in the register and the inventory in the warehouse, to the software patents in the vault and the factories on the ground.
Operator: Thank you for standing by. This is the conference operator. Welcome to B2Gold Corporation's Second Quarter 2026 Financial Results Conference Call. [Operator Instructions] The conference is being recorded. [Operator Instructions] I would now like to turn the conference over to Mike Cinnamond, President and CEO of B2Gold. Please go ahead.
Michael Cinnamond: Thank you, operator. Good morning, everyone, and thank you for joining us for B2Gold's Second Quarter 2026 Conference Call. I think first business, before we begin our discussion of the quarter, I want to address the trading halt that was implemented earlier this morning. Shortly before this call, we received confirmation that the government of Mali has granted the Menankoto exploitation permit. And given the significance of this development and our obligation to ensure that all investors receive material information at the same time, we requested a temporary trading halt pending the dissemination of the news release, which I believe will go out shortly. This permit represents a very important milestone for the Fekola Complex, providing the framework to commence mining activities within the Menankoto permit area and supporting the continued development of the Fekola regional deposit. And we appreciate the efforts of the government of Mali and all stakeholders involved in advancing this permitting process forward. So that was the reason for the trading halt. And while we're very pleased to receive this approval, today's call will remain focused primarily on our second quarter results and operating performance. But we will, of course, provide additional comments on the Menankoto permit during the call and take questions following our formal remarks. And with that, I'd now like to pass the call over to Kelvin, our Chairman, for some opening remarks.
Kelvin Paul Dushnisky: Thanks, Mike, and good morning. While you've now heard the great news at Mali and before Mike and the team review that in the quarter in detail, I'd like to take a few minutes to provide a broader perspective on the principles that continue to guide our business. Before doing so, I'd like to acknowledge 3 important leadership milestones. First, on behalf of the Board, I want to thank Clive Johnson for his extraordinary contribution to B2Gold. From founding the company to building it into the international gold producer it is today, Clive's leadership, vision and determination have been instrumental. And while he stepped down as Chief Executive Officer, we're very pleased that he'll continue to support the company as Chair of Emeritus, and we look forward to benefiting from his experience and insight. I also want to speak to Mike Cinnamond's appointment as Chief Executive Officer. The Board and I have tremendous confidence in Mike and the leadership team. This transition represents continuity more than a change in direction. Mike has been deeply involved in the execution of our strategy and the development of our …