B2Gold Maintained at Outperform by National Bank of Canada

10:40 AM EDT, 07/15/2025 (MT Newswires) -- B2Gold (BTG) maintained its outperform rating and $7.75 price target at National Bank of Canada, according to a note published Monday.

The bank said its thesis on B2Gold (BTG) considers the company's next leg of growth, NAV-accretive exploration opportunities, strong balance sheet and peer-leading dividend yield.

The price target is based on 4.0x EV/EBITDA NTM, the bank said.

B2Gold (BTG) recently released the results of a feasibility study for the Gramalote project in Colombia, outlining a base case posttax net present value (NPV) of $941 million at a 5% discount rate, with a 22.4% internal rate of return (IRR) at a gold price of $2,500 per ounce.

National Bank said the study provided a de-risking step-change for Gramalote as it showed lower development capex compared to the 2024 preliminary economic assessment, and maintained all-in sustaining sots at about $1,000 per ounce.

The bank also cited the study's material maiden reserve base and improved base case NPV and IRR on gold price tailwinds, which collectively justifies a re-rate.

B2Gold (BTG) traded at $4.78 per share at last look Tuesday on the TSX.

Price: 4.79, Change: +0.03, Percent Change: +0.63

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