BTG Q2 Production Beats Expectations: Can It Keep the Momentum?

B2Gold Corp. BTG delivered a strong second quarter in 2025, reporting consolidated gold production of 229,454 ounces, up 12.3% year over year and ahead of expectations. The solid results reflected strong performance across all operations. A key milestone for the quarter was the first gold pour at the Goose Mine on June 30, 2025. The project is expected to ramp up to commercial production in the third quarter, with full-year output estimated between 120,000 and 150,000 ounces.

The Fekola Mine in Mali remains the top contributor, producing 126,361 ounces of gold, a 13% increase year over year and delivering above expectations. Earlier this month, BTG received approval from the State of Mali to initiate underground operations, including stope ore production, at the Fekola mine. The Fekola Complex remains on track to meet its 2025 guidance of 515,000–550,000 ounces, with production weighted 60% in the second half.

The Masbate Mine in the Philippines contributed 50,738 ounces of gold, 14% higher than the last year quarter. The mine is expected to produce between 170,000 and 190,000 ounces of gold in 2025.

The Otjikoto Mine in Namibia produced 51,663 ounces of gold, exceeding expectations with a 7% year-over-year increase.  It is expected to produce between 165,000 and 185,000 ounces of gold this year. Production was planned to be weighted in the first half of 2025 to reflect the scheduled conclusion of open-pit mining activities in the third quarter of 2025.

With such upbeat performances at all its mines and the contribution from the Goose project, B2Gold has already produced 422,206 ounces so far this year. It has already reached 41% of the midpoint of its targeted 970,000-1,075,000 ounces for 2025. 

How are BTG’s Peers Placed Post H1?

Eldorado Gold EGO produced 133,769 ounces of gold in the second quarter of 2025. It marked a 3% year-over-year increase and was higher than Eldorado Gold’s expectations. The improvement was driven by accelerated inventory drawdowns at Kisladag while higher grade and throughput as Lamaque accelerated the processing of a portion of the second bulk sample from Ormaque.

Having produced 249,662 ounces so far in 2025, Eldorado Gold expects its full-year production to be near the midpoint of its targeted range of 460,000-500,000 ounces. 

IAMGOLD IAG reported attributable gold production of 173,000 ounces in the second quarter of 2025, a 11% increase year over year. This brings IAMGOLD’s year-to-date production to 334,000 ounces and it expects second-half output to be higher, in the range of 400,000-485,000 ounces.

This will be driven by the ongoing improvements at the Côté Gold mine during its first full year of operations, as well as higher grades at both Essakane and Westwood. IAMGOLD’s full-year guidance remains at 735,000-820,000 ounces.

BTG’s Price Performance, Valuations & Estimates

B2Gold stock has gained 57.8% year to date compared with the Zacks Mining – Gold industry’s 72.7% growth. During this time, the Basic Materials sector has risen 14.3%  and the S&P 500 has gained 8.6%.

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BTG is currently trading at a forward 12-month earnings multiple 6.43X, a discount to the industry average of 13.57X. The stock has a Value Score of B.

The Zacks Consensus Estimate for B2Gold’s 2025 sales is $3.21 billion, indicating 68.7% year-over-year growth. The consensus mark for the year’s earnings is 58 cents per share, indicating year-over-year growth of 262.50%. 

The Zacks Consensus Estimate for 2026 sales is $3.27 billion, implying 2.1% year-over-year growth. The estimate for earnings of 60 cents indicates year-over-year growth of 3.20%.

EPS estimates for 2025 and 2026 have been trending north over the past 60 days, as seen in the chart below.

BTG currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

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This article originally published on Zacks Investment Research (zacks.com).

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