Financials B2Gold Corp.

Equities

BTO

CA11777Q2099

Gold

Delayed Toronto S.E. Other stock markets 02:53:52 2024-12-10 pm EST			5-day change	1st Jan Change
3.885 ^CAD	+2.24%		-1.65%	-7.28%

Dec. 04	Workers' strike slows production at Canadian B2Gold's key Mali mine, sources say	RE
Dec. 02	B2Gold Continues Operations at the Fekola Mine in Mali Despite Strike	MT

Projected Income Statement: B2Gold Corp.

income-statement-evolution-chart B2GOLD-CORP

Fiscal Period: december	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	1,156	1,789	1,762	1,733	1,934	1,960	2,730	2,673
Change	-	54.8%	-1.49%	-1.68%	11.64%	1.31%	39.3%	-2.06%
EBITDA ¹	643.1	1,209	1,111	911.1	1,085	998.8	1,600	1,452
Change	-	87.93%	-8.06%	-18%	19.09%	-7.94%	60.18%	-9.24%
EBIT ¹	391.8	907.1	720.7	527.2	682.6	667	1,128	941
Change	-	131.51%	-20.55%	-26.84%	29.47%	-2.29%	69.17%	-16.6%
Interest Paid ¹	-26.55	-15.8	-11.8	-10.84	-13.92	-31.1	-29.6	-11.52
Earnings before Tax (EBT) ¹	482.4	1,034	726.2	530.6	320.3	-222.2	1,187	644.9
Change	-	114.44%	-29.79%	-26.94%	-39.63%	-	-	-45.69%
Net income ¹	293.4	628.1	420.1	252.9	10.1	-543.2	664.6	437.4
Change	-	114.08%	-33.12%	-39.8%	-96.01%	-	-	-34.18%
Announcement Date	2/27/20	2/23/21	2/23/22	2/22/23	2/21/24	-	-	-

¹USD in Million

Estimates

Fiscal Period: December	2019 Q4	2020 Q1	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
Net sales ¹	313.7	380.3	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	565.6	-	-	-	-
Change	-	21.25%	16.22%	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%	26.2%	-100%	-	-	-
EBITDA ¹	175.4	253.7	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	369.7	339.4	343.8	375.7	398
Change	-	44.62%	16.07%	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%	57.18%	-8.2%	1.32%	9.26%	5.94%
EBIT	107.7	183.1	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	-	-	-	-	-
Change	-	69.98%	19.55%	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%	-100%	-	-	-	-
Charge d'intérêts	-	-	-	-	-2.846	-2.896	-3.049	-3.112	-2.741	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Earnings before Tax (EBT)	-	-	210.9	-	239.8	155	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Change	-	-	-	-100%	-	-35.35%	-100%	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net income ¹	177.4	72.29	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	159.8	-	-	-	-
Change	-	-59.26%	72.16%	111.23%	-35.91%	-45.65%	-25.23%	79.84%	11.24%	-41.05%	-53.17%	-	-	-45.5%	-6.46%	-	162.88%	-	-	2,540.21%	-	-100%	-	-	-
Announcement Date	2/27/20	5/5/20	8/5/20	11/3/20	2/23/21	5/4/21	8/4/21	11/2/21	2/23/22	5/3/22	8/3/22	11/1/22	2/22/23	5/9/23	8/2/23	11/8/23	2/21/24	5/7/24	8/8/24	11/6/24	-	-	-	-	-

¹USD in Million

Estimates

Forecast Balance Sheet: B2Gold Corp.

balance-sheet-analysis-chart B2GOLD-CORP

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	121	-370	-598	-595	-115	126	-6	-232
Change	-	-405.79%	-261.62%	-199.5%	-119.33%	9.78%	-104.76%	-3,966.67%
Announcement Date	2/27/20	2/23/21	2/23/22	2/22/23	2/21/24	-	-	-

¹USD in Million

Estimates

Cash Flow Forecast: B2Gold Corp.

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
CAPEX ¹	315.9	353.9	302.3	342.1	824.9	951.8	526.7	352.2
Change	-	12.02%	-14.57%	13.15%	141.14%	15.39%	-44.67%	-33.13%
Free Cash Flow (FCF) ¹	176.1	596.8	421.8	253.7	-110.4	-166	324.3	543
Change	-	238.92%	-29.32%	-39.85%	-143.51%	50.36%	-295.38%	67.42%
Announcement Date	2/27/20	2/23/21	2/23/22	2/22/23	2/21/24	-	-	-

¹USD in Million

Estimates

Forecast Financial Ratios: B2Gold Corp.

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Profitability
EBITDA Margin (%)	55.65%	67.56%	63.05%	52.59%	56.09%	50.97%	58.61%	54.31%
EBIT Margin (%)	33.9%	50.71%	40.89%	30.43%	35.29%	34.04%	41.34%	35.2%
EBT Margin (%)	41.74%	57.82%	41.21%	30.63%	16.56%	-11.34%	43.5%	24.12%
Net margin (%)	25.39%	35.11%	23.84%	14.6%	0.52%	-27.72%	24.35%	16.36%
FCF margin (%)	15.24%	33.36%	23.93%	14.64%	-5.71%	-8.47%	11.88%	20.31%
FCF / Net Income (%)	60.02%	95.02%	100.41%	100.34%	-1,093.44%	30.56%	48.8%	124.13%
Profitability
ROA	11.22%	20.78%	12.13%	-	0.24%	-	-	-
ROE	16.29%	27.53%	15.46%	8.62%	0.3%	7.17%	25.53%	11.3%
Financial Health
Leverage (Debt/EBITDA)	0.19x	-	-	-	-	0.13x	-	-
Debt / Free cash flow	0.69x	-	-	-	-	-0.76x	-	-
Capital Intensity
CAPEX / Current Assets (%)	27.33%	19.78%	17.16%	19.74%	42.64%	48.57%	19.29%	13.17%
CAPEX / EBITDA (%)	49.12%	29.28%	27.21%	37.55%	76.02%	95.29%	32.92%	24.25%
CAPEX / FCF (%)	179.4%	59.3%	71.67%	134.82%	-747.12%	-573.37%	162.38%	64.85%
Items per share
Cash flow per share ¹	0.4809	0.9	0.6821	0.5563	0.5774	0.5979	0.7853	0.7465
Change	-	87.15%	-24.21%	-18.44%	3.79%	3.55%	31.35%	-4.94%
Dividend per Share ¹	0.01	0.11	0.16	0.16	0.16	0.1502	0.16	0.16
Change	-	1,000%	45.45%	0%	0%	-6.13%	6.52%	0%
Book Value Per Share ¹	1.932	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-
EPS ¹	0.29	0.59	0.4	0.24	0.01	-0.37	0.6	0.27
Change	-	103.45%	-32.2%	-40%	-95.83%	-3,800%	-262.16%	-55%
Nbr of stocks (in thousands)	1,026,040	1,050,592	1,055,585	1,074,567	1,300,441	1,313,105	1,313,105	1,313,105
Announcement Date	2/27/20	2/23/21	2/23/22	2/22/23	2/21/24	-	-	-