Bill Cara

Cara Community GSM 50: B2 Gold

B2 Gold (TSX: BTO) (NYSE: BTG) reviewed 10-02-2020

Market Cap:       $6.85 B (USD)

Share Price:        $6.58 (USD)

Shares outstanding: 1,040,661,000

Cash:  $628 M (30 Jun 2020)

Debt: $457 M (30 Jun 2020)

Current operations: Yes

Insider holdings: Low

Institutional: 328 holders representing 78%

Website: b2gold.com

Investor Presentations: https://www.b2gold.com/investors/presentation/

President, CEO, and Director: Clive T. Johnson

HQs: Vancouver, Canada

Major producer, operates in Mali, Philippines, and Namibia. Has interests in Colombia and Burkina Faso

Operating Mines: Fekola (Mali), Masbate (PI), Otjikoto (Namibia)

Prior producing assets at El Limon, and La Libertad in Nicaragua were discontinued and sold to Calibre, sale finalized in October 2019. (B2 receives gold revenues–est. 50K oz –as a result of that sale)

Record revenue in 1H 2020 on higher gold prices: $822 M on sales of 496,000 oz

AISC = $705 per ounce (1st half of 2020)

Production guidance (2020) remains between 1 M oz or slightly higher (1,055,000)

Resources approx. 20 million ounces

Shares have a dividend yield of approx. 2.41% at 0.16 cents (USD) per share

Proven mine builders with execution

Excellent management team

Bottom line:

  • Some jurisdictional risk (Mali), military coup this month seems to not affect the company
  • Company has had a meteoric rise, going from zero production in 2007 to 900,000 oz. by 2018
  • Will it continue to grow, or turn into a ‘dividend’ stock, is another question
  • Share dilution, at over one billion shares outstanding. Likes to grow via acquisitions
  • Major personal holding with current portfolio weighting of +10.2%