Group 1 - The recent surge in gold prices has attracted investor interest in gold mining companies, which typically exhibit operational leverage that can enhance profitability as gold prices rise [1] - Investors are focusing on value-oriented opportunities within sectors such as chemicals, homebuilders, building materials, industrials, and metals & mining, seeking stocks that are undervalued and have near-term catalysts [1] Group 2 - The investment horizon for these opportunities ranges from one quarter to two years, indicating a medium-term investment strategy [1] - The article emphasizes the importance of fundamental research in identifying potential investment opportunities within the gold mining sector [1]

Company Performance - B2Gold (BTG) closed at $2.92, reflecting a +0.69% change from the previous session, outperforming the S&P 500's gain of 0.67% [1] - Over the past month, B2Gold shares have increased by 8.61%, significantly surpassing the Basic Materials sector's gain of 0.34% and the S&P 500's loss of 5.28% [1] Earnings Forecast - B2Gold is expected to report an EPS of $0.08, indicating a 33.33% increase from the same quarter last year [2] - For the entire fiscal year, projected earnings are $0.37 per share and revenue is forecasted at $2.71 billion, representing increases of +131.25% and +42.6% respectively from the previous year [2] Analyst Estimates - Recent changes to analyst estimates for B2Gold are crucial, as positive revisions indicate optimism regarding the company's business and profitability [3] - The Zacks Consensus EPS estimate has decreased by 2.33% over the past month, and B2Gold currently holds a Zacks Rank of 3 (Hold) [5] Valuation Metrics - B2Gold is trading at a Forward P/E ratio of 7.89, which is below the industry average Forward P/E of 14.5 [5] - The company has a PEG ratio of 0.24, compared to the Mining - Gold industry's average PEG ratio of 0.98 [6] Industry Context - The Mining - Gold industry is part of the Basic Materials sector and currently holds a Zacks Industry Rank of 135, placing it in the bottom 46% of all industries [7] - Research indicates that the top 50% rated industries outperform the bottom half by a factor of 2 to 1 [7]

Core Viewpoint - B2Gold Corp. has received approval from the Toronto Stock Exchange to implement a normal course issuer bid (NCIB) to repurchase its shares, reflecting the company's belief that its shares may be undervalued in the market [1][2]. Summary by Sections Company Decision and Strategy - The decision to approve the NCIB aligns with B2Gold's amended shareholder return strategy and indicates the company's view that its shares may not adequately reflect the value of its business, assets, and prospects [2]. Share Repurchase Details - As of March 20, 2025, B2Gold had 1,319,616,807 shares outstanding and is authorized to repurchase up to 65,980,840 shares, which is 5% of the total shares, over a twelve-month period starting April 3, 2025, and ending no later than April 2, 2026 [3]. Purchase Mechanism - All share purchases will occur on the open market through the TSX, NYSE American, and other designated exchanges, at prevailing market prices or as permitted by applicable securities laws [4]. Discretion and Cancellation - The company retains discretion regarding the timing, amount, and price of share purchases under the NCIB, and any shares repurchased will be cancelled [5]. Daily Purchase Limitations - Daily purchases on the TSX are limited to a maximum of 846,788 shares, which is 25% of the average daily trading volume of 3,387,154 shares for the six months ending March 31, 2025 [6]. Company Overview - B2Gold is an international senior gold producer based in Vancouver, Canada, with operating mines in Mali, Namibia, and the Philippines, and various development and exploration projects in multiple countries [7].

Core Viewpoint - B2Gold Corp. has released a technical report for the Back River Gold District, highlighting an updated life of mine plan for the Goose Project, with significant improvements in mineral resource estimates and production forecasts [1][3][4]. Group 1: Technical Report Highlights - The Back River Gold District consists of 11 mineral claims along an 80-kilometer belt, with construction at the Goose Project on schedule for first gold pour in Q2 2025 and ramp-up to commercial production expected in Q3 2025 [2][18]. - The updated Indicated Mineral Resource estimate is 3,560,000 ounces of gold at a grade of 7.16 g/t, a 16% improvement from the previous report [5]. - The Inferred Mineral Resource estimate is 2,440,000 ounces of gold at a grade of 7.54 g/t, a 14% improvement from the prior report [5]. - The Mineral Reserve Life of Mine is projected at approximately 2.3 million ounces of gold, with an average annual production of about 300,000 ounces for the first six years [5][6]. Group 2: Cost and Production Estimates - The average gold grade processed over the Mineral Reserve Life of Mine is 6.82 g/t, a 14% improvement compared to the prior report, with an average recovery rate of 92.5% [6][8]. - Projected All-In Sustaining Costs (AISC) are approximately $1,547 per ounce over the Mineral Reserve Life of Mine, expected to decrease with further resource delineation [6][8]. - The company anticipates a weighted average AISC of approximately $1,360 per ounce from 2027 to 2031, reflecting long-term operational potential [6]. Group 3: Exploration and Optimization Plans - A budget of $32 million is allocated for exploration in 2025, with $21 million dedicated to the Goose Project and $11 million for regional exploration, including the George Project [6][25]. - B2Gold is evaluating multiple optimization studies to enhance the long-term value of the Goose Project, including potential increases in mill throughput from 4,000 tpd to 6,000 tpd [6][24][26]. - The company plans to conduct 12,000 meters of drilling at the Goose Project to target extensions of high-grade resources and explore new regional targets [27]. Group 4: Community Engagement and Development - B2Gold emphasizes collaboration with the Kitikmeot Inuit Association to ensure project development aligns with local priorities and provides long-term socio-economic benefits [17][23]. - The company is committed to maintaining strong community relations and addressing concerns throughout the development of the Back River Gold District [17][23].

Company Performance - B2Gold (BTG) closed at $3.12, showing no change from the previous session, while the S&P 500 gained 1.77% [1] - Over the past month, B2Gold shares appreciated by 10.64%, outperforming the Basic Materials sector's loss of 0.29% and the S&P 500's loss of 5.73% [1] Financial Projections - B2Gold is projected to report earnings of $0.07 per share, reflecting a year-over-year growth of 16.67% [2] - For the full year, earnings are estimated at $0.38 per share and revenue at $2.71 billion, indicating changes of +137.5% and +42.66% from the prior year, respectively [2] Analyst Estimates - Recent changes in analyst estimates for B2Gold are important as they indicate shifting near-term business trends, with positive revisions seen as a good sign for the company's outlook [3] - The Zacks Consensus EPS estimate has shifted 7.12% upward over the past month, and B2Gold currently holds a Zacks Rank of 3 (Hold) [5] Valuation Metrics - B2Gold is trading at a Forward P/E ratio of 8.29, which is a discount compared to the industry's average Forward P/E of 13.83 [6] - The company's PEG ratio is currently 0.24, while the Mining - Gold industry had an average PEG ratio of 1.03 [6] Industry Context - The Mining - Gold industry ranks in the bottom 45% of all industries, with a current Zacks Industry Rank of 140 [7] - Research indicates that the top 50% rated industries outperform the bottom half by a factor of 2 to 1 [7]

Core Viewpoint - B2Gold Corp. has successfully completed the Phase 2 expansion of the Fekola Solar Plant in Mali, which will enhance sustainability by reducing emissions and fuel consumption [1][4]. Group 1: Expansion Details - The Phase 2 expansion began in June 2023, with construction activities including land clearing and road construction, and was completed with the installation of 46,200 additional solar panels, bringing the total to 142,912 panels [2][3]. - The expansion will add 22 megawatts of solar capacity and 12.7 megawatt-hours of battery storage, leading to an annual reduction of 63,000 tons in carbon-dioxide-equivalent emissions [4][5]. Group 2: Economic and Employment Impact - The construction of the solar plant expansion generated over 120 local jobs, and 13 individuals were trained and employed for maintenance post-completion [3]. - The reduction in heavy fuel oil consumption is expected to be 20 million liters per year, which is anticipated to significantly lower operational costs [4]. Group 3: Financial Performance - In Q4 2024, B2Gold reported adjusted earnings per share of 1 cent, missing the Zacks Consensus Estimate of 6 cents, marking an 86% decline year over year due to decreased gold ounces sold [6]. - The company generated revenues of $499.8 million in Q4 2024, a 2.4% decrease year over year, with a 33.5% increase in average realized gold prices offset by a 26.9% decline in gold ounces sold [7]. Group 4: Stock Performance - B2Gold's shares have increased by 34.3% over the past year, while the industry has seen a growth of 48.7% [8].

Group 1 - Samuel Smith has extensive experience in dividend stock research and investment, having served as lead analyst and Vice President at notable firms [1] - He is a Professional Engineer and Project Management Professional, holding degrees in Civil Engineering & Mathematics and a Masters in Engineering with a focus on applied mathematics and machine learning [1] - Samuel leads the High Yield Investor investing group, collaborating with Jussi Askola and Paul R. Drake to balance safety, growth, yield, and value in investment strategies [2] Group 2 - High Yield Investor provides real-money core, retirement, and international portfolios, along with regular trade alerts and educational content [2] - The service includes an active chat room for investors to engage and share insights [2]

Group 1 - B2Gold (BTG) was one of the few large gold miners that did not see its share price increase last year despite a significant rally in gold prices, which reached record highs [1] - The VanEck Gold Miners index indicates a broader trend in the gold mining sector, highlighting the disparity in performance among different companies [1] Group 2 - The investment philosophy of Mountain Valley Value Investments focuses on identifying undervalued companies with strong growth potential across various sectors, emphasizing long-term value and disciplined research [1] - The company aims to uncover investment opportunities that can deliver strong returns while highlighting potential risks that may impact investment theses [1]

Core Viewpoint - B2Gold Corp. reported disappointing fourth-quarter 2024 results, with adjusted earnings per share (EPS) of 1 cent, missing the Zacks Consensus Estimate of 6 cents, and reflecting an 86% year-over-year decline due to reduced gold production at the Fekola mine [1][3]. Financial Performance - B2Gold generated revenues of $499.8 million in Q4 2024, a decrease of 2.4% year over year, despite a 33.5% increase in average realized gold prices, which was offset by a 26.9% decline in gold ounces sold [3]. - The company recorded consolidated gold production of 186,001 ounces in Q4 2024, down 31.1% year over year [3][4]. - The total cost of sales for the quarter was $326 million, up 6.3% year over year, with gross profit decreasing by 15.4% to $174 million, leading to a gross margin contraction to 34.8% from 40.1% in the prior year [6]. Cost Structure - B2Gold's consolidated cash operating costs rose to $968 per ounce, an increase of 58.4% year over year, while the all-in-sustaining costs (AISC) increased by 32% to $1,668 per ounce [5]. Cash Flow and Balance Sheet - At the end of 2024, B2Gold had cash and cash equivalents of $337 million, up from $307 million at the end of 2023, and generated $878 million in cash from operating activities in 2024 compared to $714 million in 2023 [7]. Annual Performance - For the full year 2024, B2Gold reported an adjusted EPS of 16 cents, down from 28 cents in the prior year, and missed the Zacks Consensus Estimate of 21 cents. Total sales fell by 1.2% year over year to $1.90 billion, meeting the Zacks Consensus Estimate [8]. Production Outlook - B2Gold expects total gold production for 2025 to be in the range of 970,000 to 1,075,000 ounces, with 2024 production recorded at 804,778 ounces [9]. Stock Performance - B2Gold's shares have increased by 19.8% over the past year, contrasting with the industry's growth of 61% [10].

Financial Data and Key Metrics Changes - The company met its new guidance for the year, coming in at the upper end of all-in sustaining costs and lower end of production [4] - Basic earnings per share were slightly negative for the quarter, primarily due to lower-than-budgeted production at Fekola and foreign exchange impacts [16] - Adjusted net earnings for the quarter were $0.01 per share, with operating cash flow before working capital adjustments at $145 million [17][18] Business Line Data and Key Metrics Changes - Fekola's production was down in 2024, attributed to operational challenges, but the company expects substantial increases in production moving forward [10][25] - The Goose project is on track to produce first gold by the end of Q2 2025, with total construction and development cash expenditures maintained at CAD1.54 billion [18][24] - The Masbate operations outperformed expectations, delivering all-in sustaining costs materially lower than guidance [25] Market Data and Key Metrics Changes - The company is looking to increase production from Fekola to 180,000 ounces annually and from Goose to over 300,000 ounces annually [10][12] - A new discovery in the Otjikoto area has the potential to add 65,000 ounces of gold production [13] Company Strategy and Development Direction - The company is focused on growth from existing assets, with plans to increase production significantly in 2025 [15][31] - The Gramalote project in Colombia is under a feasibility study, expected to yield 240,000 ounces annually, subject to positive outcomes [11][30] - The company is also working on consolidating licenses in Mali to facilitate regional mining [35] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future, highlighting a positive relationship with the Mali government and the resolution of previous uncertainties [28][29] - The company anticipates a turnaround in market perception as risks associated with the Mali operations and the Goose project are alleviated [30] Other Important Information - The company completed a convertible note offering for gross proceeds of $460 million, which was used to pay down its revolving credit facility [19] - The company is maintaining a strong financial position with cash and cash equivalents of $337 million at year-end [18] Q&A Session Summary Question: Update on Fekola permits and regulatory requirements - Management is consolidating three licenses and expects to receive the necessary permits soon, allowing for regional mining to start [35][36] Question: Status of Goose project and underground mining rates - The company acknowledged historical issues with miner quality and equipment but has made improvements, and production rates are now meeting targets [39][40]