B2Gold Keeps Stock Rating, Price Target at RBC Capital Markets, National Bank of Canada

10:43 AM EDT, 07/02/2025 (MT Newswires) -- B2Gold (BTG) maintained its stock ratings and price targets at both RBC Capital Markets and National Bank as the company achieved the first gold pour at the Goose project in Nunavut.

The company retained its Sector Perform rating and US$4.50 price target at RBC, which described the first gold pour as "a significant milestone" for the project, with commercial production guided for Q3 2025. RBC noted Goose represents 11% of its 2025 production forecast, with guidance calling for second half-weighted production on the ramp up as well as permit-pending production from Fekola UG/Regional.

RBC said in a Monday note that it expects significant free cash flow growth for B2Gold (BTG) in the second half of 2026, but it remains cautious near term on the ramp-up in Nunavut and permitting/political risk in Mali.

RBC said positive catalysts for B2Gold (BTG) include generating enough near-term cash on higher prices to implement its share buyback.

Meanwhile, National Bank on Tuesday kept B2Gold's (BTG) Outperform rating and $7.75 price target, which was based on 4.0x EV/EBITDA NTM.

The bank said its thesis for B2Gold (BTG) considers the company's next leg of growth targeting 600,000 ounces per year through the ramp-up at Goose and regional production of Fekola.

National Bank also noted the potential development of Gramalote, B2Gold's (BTG) NAV-accretive exploration opportunities, strong balance sheet and peer-leading dividend yield.

B2Gold's (BTG) share price traded nearly 2% higher at last look Wednesday to C$5.01 on the TSX.

Price: 5.02, Change: +0.10, Percent Change: +2.03

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