B2Gold Corp

Q2 2026 production was 34,391 oz and H1 69,138 oz, with full-year guidance of 140-160 koz maintained and all-in sustaining costs guided at $2,300-2,600/oz, per secondary summaries of the August results; that leaves about 81 koz for the second half to reach the 150 koz midpoint. A Schedule 13G/A filed 2026-09-04 shows the BlackRock investment-management entity (filer name on the form) reporting 21,062,752 shares as of 2026-08-31 on a passive basis. No other SEC filing has been made since 2026-09-01. Sources: internal research file https://www.sec.gov/Archives/edgar/data/1377757/000205211326000838/0002052113-26-000838-index.htm

The shares fell 9.4% between 2026-09-09 and 2026-09-16, about 3.2 times the 2.9% fall in GLD, with the declines on gold's down days and no company release in the window; secondary news feeds show nothing after 2026-08-06. This is the highest gold beta of the producers tracked here, consistent with a single-asset operation at $2,300-2,600/oz costs. Sources: internal research file

The Q2 2026 results release of 2026-08-06 narrowed 2026 production guidance to 820-920 koz from 820-970 koz, with Fekola cut to 390-420 koz from 410-460 koz, Goose at 170-200 koz and all-in sustaining costs guided at $2,370-2,550/oz; the Menankoto (Fekola Regional) exploitation permit from Mali was described as expected near term. No SEC filing has been made since 2026-09-01. Sources: internal research file internal research file citing https://www.globenewswire.com/news-release/2026/08/06/3340870/0/en/

Between 2026-09-09 and 2026-09-16 GLD fell 2.9% while the shares fell 7.2%, about 2.5 times gold's decline, with the falls landing on gold's down days (September 10 and 14) and no company filing or news in the window; a $0.02 dividend went ex on 2026-09-10 with payment reported for 2026-09-23 in secondary summaries. Sources: internal research file

The figure previously shown, $250M, is withdrawn rather than corrected, because no source available to this site supports a number in its place. The data feed reports free cash flow for this company that is identical to its operating cash flow in every period, $895.8M against $895.8M for 2025 and negative $78.8M against negative $78.8M for the June 2026 quarter. That equality means capital expenditure was treated as zero. It was not. Investing outflow for 2025 was $892.7M, of which $861.1M sits in a line the feed does not classify as capital expenditure, and for a gold miner most of that is capitalised mine development, which is capital expenditure in everything but the label. The company files a 40-F under IFRS and SEC tagged data carries its operating cash flow of $895.8M but no capital expenditure tag at all, so the deduction has to be read from the cash flow statement itself. Until that is done the honest figure is no figure. What can be said is the shape: subtracting the whole unclassified line would leave about $35M rather than $250M, and taking the feed at face value would give $895.8M, so the true number lies inside a range too wide to publish. The same failure overstated a candidate on this site once before, where a screened yield of 21.4% turned out to be 0.75%.

Diversified producer with operating gearing to gold plus a 3.4% yield. Fekola permit (Mali) and Goose ramp are the watch items; Goose AISC corrected upward to ~$1,000–1,100/oz.