Update: B2Gold Confirms 2025 Gold Production Guidance, Retains Outperform Rating at National Bank of Canada

11:51 AM EDT, 09/15/2025 (MT Newswires) -- B2Gold (BTG) Monday confirmed its 2025 annual production guidance despite a reduced target at the Goose mine in Canada.

National Bank maintained B2Gold's (BTG) outperform rating and $8 price target, which was based on 4.0x EV/EBITDA NTM. The bank said it considers the miner's next leg of growth, exploration opportunities, strong balance sheet and peer-leading dividend yield.

The company reiterated its gold production guidance of 970,000-1.075 million ounces for 2025 despite cutting the output target at the Goose mine to a range of 80,000-110,000 ounces from the original guidance of 120,000-150,000 ounces.

B2Gold (BTG) attributed the lowered guidance to the crushing plant capacity shortfall in the third quarter. The company continues to expect the Goose mine to achieve commercial production in the coming weeks.

The lowered guidance at Goose was offset by guidance increases at the Otjikoto mine in Namibia, where production is now expected to range 185,000-205,000 ounces from 165,000-185,000 ounces earlier due to positive ore tonne and grade reconciliations.

B2Gold (BTG) also raised the gold production guidance at the Masbate mine in the Philippines to a range of 190,000-210,000 ounces from the original target of 170,000-190,000 ounces, citing strong mill throughput rates.

The miner maintained the gold production guidance for the Fekola complex in Mali of 515,000-550,000 ounces.

B2Gold's (BTG) share price fell 2.7% at last look to $6.05 on the TSX.

Price: 6.06, Change: -0.16, Percent Change: -2.57

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