B2Gold open to M&As but not until 2026

[Redator]

B2Gold (TSX:BTO) (NYSE AMERICAN: BTG) is open to mergers and acquisitions but may hold off until 2026, when management expects the market to assign greater value to its fully ramped-up Goose mine in Nunavut and the Fekola Regional project in Mali, President and CEO Clive Johnson said this week at Forum Americas in Colorado Springs.

Johnson’s comments come as B2Gold joins a sector seeing a surge of deal-making in 2025, with Australian and Canadian miners driving consolidation. 

Recent transactions include Equinox Gold’s merger with Calibre Mining, Northern Star’s purchase of De Grey Mining, and Torex Gold’s acquisition of Prime Mining. 

Analysts at Jefferies noted on Wednesday that B2Gold may be waiting until its shares are re-rated higher before pursuing any transactions.

The company said this week its Goose project had poured first gold in June, with commercial production expected in the coming weeks. B2Gold now forecasts 2025 output from Goose at 80,000 to 110,000 ounces, down from earlier guidance of 120,000 to 150,000 ounces, citing crushing plant capacity issues.

Fourth-quarter production at Goose is expected at 70,000 ounces. Production is still forecast at 250,000 ounces in 2026, rising to 330,000 ounces in 2027. Over its first six years, Goose is expected to average 300,000 ounces annually.

At the Fekola mine in Mali, production has exceeded budgeted levels in the first half of 2025, B2Gold said. The mine recently began underground ore output, while the company anticipates an exploitation permit for the Fekola Regional project by the end of the third quarter. Gold production is expected in early 2026, ramping up to 180,000 ounces a year.

Elsewhere, the Otjikoto and Masbate mines outperformed expectations in the third quarter. B2Gold has approved development of the Antelope underground deposit at Otjikoto, cutting pre-production capital costs to $105 million from an earlier estimate of $129 million. Antelope is expected to begin contributing to output in 2026–27, lifting Otjikoto’s production by about 110,000 ounces annually over the life of the mine.