Financials B2Gold Corp.

Equities

BTO

CA11777Q2099

Gold

Market Closed - Toronto S.E. Other stock markets 01:30:00 19/07/2025 am IST			5-day change	1st Jan Change
4.570 ^CAD	-2.56%		-4.39%	+29.83%

17/07	Canada's B2Gold could spend $740 million on Gramalote mine after confirming viability	RE
15/07	B2Gold Maintained at Outperform by National Bank of Canada	MT

Projected Income Statement: B2Gold Corp.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	1,789	1,762	1,733	1,934	1,902	3,122	3,461	3,433
Change	-	-1.49%	-1.68%	11.64%	-1.67%	64.14%	10.85%	-0.79%
EBITDA ¹	1,209	1,111	911.1	1,085	947.8	1,782	1,881	1,948
Change	-	-8.06%	-18%	19.09%	-12.64%	87.99%	5.58%	3.54%
EBIT ¹	907.1	720.7	527.2	682.6	580.4	1,505	1,793	1,474
Change	-	-20.55%	-26.84%	29.47%	-14.97%	159.36%	19.11%	-17.77%
Interest Paid ¹	-15.8	-11.8	-10.84	-13.92	-34.85	-23.23	-23.07	-19.27
Earnings before Tax (EBT) ¹	1,034	726.2	530.6	320.3	-309.2	1,277	1,453	1,495
Change	-	-29.79%	-26.94%	-39.63%	-196.53%	513.1%	13.73%	2.91%
Net income ¹	628.1	420.1	252.9	10.1	-629.9	607.1	770.2	858.4
Change	-	-33.12%	-39.8%	-96.01%	-6,338.4%	196.38%	26.88%	11.44%
Announcement Date	23/02/21	23/02/22	22/02/23	21/02/24	19/02/25	-	-	-

¹USD in Million

Estimates

Fiscal Period: December	2020 Q2	2020 Q3	2020 Q4	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3	2026 Q4	2027 Q1
Net sales ¹	442	487	479.5	362.3	363	510.9	526.1	365.6	382	392.6	592.5	473.6	470.9	477.9	512	461.4	492.6	448.2	499.8	532.1	714.6	916	1,153	-	-	-	-	-
Change	-	10.18%	-1.53%	-24.45%	0.19%	40.74%	2.99%	-30.51%	4.49%	2.77%	50.93%	-20.07%	-0.57%	1.49%	7.13%	-9.87%	6.75%	-9%	11.5%	6.47%	34.29%	28.19%	25.93%	-	-	-	-	-
EBITDA ¹	294.4	334	315	218.1	195.1	336.2	347.6	203.8	183.7	169.3	369.1	279.9	258.4	262.4	284.7	250	130.6	235.2	232.2	309.4	441.9	579.7	665.2	454.1	484.6	504.3	544.3	454
Change	-	13.44%	-5.7%	-30.77%	-10.55%	72.37%	3.39%	-41.39%	-9.83%	-7.88%	118.05%	-24.15%	-7.69%	1.53%	8.5%	-12.16%	-47.76%	80.08%	-1.29%	33.25%	42.84%	31.17%	14.75%	-31.73%	6.72%	4.07%	7.93%	-16.59%
EBIT ¹	218.9	256.9	236.8	151.3	117.3	224.5	227.6	126.5	101.9	60.33	238.5	182.8	163.7	160.8	175.7	159.6	35.6	147.2	138.3	219.8	349.8	460.1	627.5	-	-	-	-	-
Change	-	17.4%	-7.84%	-36.09%	-22.52%	91.43%	1.39%	-44.41%	-19.49%	-40.77%	295.38%	-23.38%	-10.42%	-1.8%	9.26%	-9.16%	-77.69%	313.31%	-6.03%	58.97%	59.12%	31.54%	36.37%	-	-	-	-	-
Charge d'intérêts	-	-	-2.846	-2.896	-3.049	-3.112	-2.741	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Earnings before Tax (EBT)	210.9	-	239.8	155	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Change	-	-	-	-35.35%	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net income	124.4	262.9	168.5	91.56	68.46	123.1	136.9	80.72	37.8	-23.41	157.8	85.97	80.42	-43.07	-113.2	39.75	-24	-633.8	-11.88	57.59	-	-	-	-	-	-	-	-
Change	-	111.23%	-35.91%	-45.65%	-25.23%	79.84%	11.24%	-41.05%	-53.17%	-161.92%	773.88%	-45.5%	-6.46%	-153.56%	-162.88%	135.11%	-160.39%	-2,540.21%	98.13%	584.7%	-	-	-	-	-	-	-	-
Announcement Date	05/08/20	03/11/20	23/02/21	04/05/21	04/08/21	02/11/21	23/02/22	03/05/22	03/08/22	01/11/22	22/02/23	09/05/23	02/08/23	08/11/23	21/02/24	07/05/24	08/08/24	06/11/24	19/02/25	07/05/25	-	-	-	-	-	-	-	-

¹USD in Million

Estimates

Forecast Balance Sheet: B2Gold Corp.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	-370	-598	-595	-115	101	25.5	-336	-963
Change	-	-61.62%	0.5%	80.67%	187.83%	-74.73%	-1,417.65%	-186.61%
Announcement Date	23/02/21	23/02/22	22/02/23	21/02/24	19/02/25	-	-	-

¹USD in Million

Estimates

Cash Flow Forecast: B2Gold Corp.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
CAPEX ¹	353.9	302.3	342.1	824.9	901.3	621.7	457.4	470.4
Change	-	-14.57%	13.15%	141.14%	9.26%	-31.02%	-26.43%	2.84%
Free Cash Flow (FCF) ¹	596.8	421.8	253.7	-110.4	-23.66	387.2	488.3	997.1
Change	-	-29.32%	-39.85%	-143.51%	78.57%	1,736.58%	26.11%	104.2%
Announcement Date	23/02/21	23/02/22	22/02/23	21/02/24	19/02/25	-	-	-

¹USD in Million

Estimates

Forecast Financial Ratios: B2Gold Corp.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Profitability
EBITDA Margin (%)	67.56%	63.05%	52.59%	56.09%	49.83%	57.07%	54.36%	56.73%
EBIT Margin (%)	50.71%	40.89%	30.43%	35.29%	30.52%	48.22%	51.81%	42.95%
EBT Margin (%)	57.82%	41.21%	30.63%	16.56%	-16.26%	40.92%	41.98%	43.55%
Net margin (%)	35.11%	23.84%	14.6%	0.52%	-33.12%	19.44%	22.26%	25%
FCF margin (%)	33.36%	23.93%	14.64%	-5.71%	-1.24%	12.4%	14.11%	29.04%
FCF / Net Income (%)	95.02%	100.41%	100.34%	-1,093.44%	3.76%	63.78%	63.39%	116.16%
Profitability
ROA	20.78%	12.13%	-	0.24%	-	-	-	-
ROE	27.53%	15.46%	8.62%	0.3%	6.08%	22.87%	21.15%	18.8%
Financial Health
Leverage (Debt/EBITDA)	-	-	-	-	0.11x	0.01x	-	-
Debt / Free cash flow	-	-	-	-	-4.27x	0.07x	-	-
Capital Intensity
CAPEX / Current Assets (%)	19.78%	17.16%	19.74%	42.64%	47.38%	19.91%	13.22%	13.7%
CAPEX / EBITDA (%)	29.28%	27.21%	37.55%	76.02%	95.09%	34.89%	24.31%	24.15%
CAPEX / FCF (%)	59.3%	71.67%	134.82%	-747.12%	-3,809.54%	160.58%	93.67%	47.18%
Items per share
Cash flow per share ¹	0.9	0.6821	0.5563	0.5774	0.6705	0.8197	0.7228	1.208
Change	-	-24.21%	-18.44%	3.79%	16.12%	22.25%	-11.81%	67.16%
Dividend per Share ¹	0.11	0.16	0.16	0.16	0.16	0.08	0.08	0.08
Change	-	45.45%	0%	0%	0%	-50%	0%	0%
Book Value Per Share ¹	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-
EPS ¹	0.59	0.4	0.24	0.01	-0.48	0.4823	0.5972	0.6923
Change	-	-32.2%	-40%	-95.83%	-4,900%	200.49%	23.81%	15.93%
Nbr of stocks (in thousands)	10,50,592	10,55,585	10,74,567	13,00,441	13,13,105	13,21,373	13,21,373	13,21,373
Announcement Date	23/02/21	23/02/22	22/02/23	21/02/24	19/02/25	-	-	-