TORONTO – Shares of B2Gold Corp. (NYSEAMERICAN:BTG) closed Friday at $5.03, up 23.1%, after Mali granted the long-awaited Menankoto permit. The stock gained 34.1% over the week, adding roughly $1.26 billion to the company's market value. Trading volume reached 71.4 million shares, about three times the 65-day average.
The permit removes a longstanding restriction on ore from the Menankoto area, which is located about 20 kilometres from B2Gold's Fekola mine. Management now expects Fekola Regional to produce more than 150,000 ounces annually starting in 2028, with guidance extending into the mid-2030s. B2Gold holds a 65% interest in the project, with Mali retaining 35%.
Chief Executive Mike Cinnamond said the approval “secures the future of the operation well into the late 2030’s.” The company plans to begin pre-stripping and tolling activities soon after the permit's issuance.
The rally outpaced the broader gold-mining sector. A preliminary benchmark comparing B2Gold one-for-one with the VanEck Gold Miners ETF (NYSEARCA:GDX) shows that about $869 million of B2Gold's increase is beyond the sector's movement, representing roughly 69% of the projected value rise on Friday. The gold miners ETF gained 7.1% on the day, while B2Gold's 23.1% jump was 16 percentage points higher.
Gold provided significant momentum. Spot bullion climbed 2.3% on Friday and gained over 7% during the week, driven by a surprise drop in U.S. payrolls that lowered the likelihood of a rate hike in September. David Meger of High Ridge Futures commented that the Fed was “less likely to raise interest rates at its next meeting.”
B2Gold led all listed peers on Friday. IAMGOLD Corp. (NYSE:IAG) rose 14.3%, AngloGold Ashanti (NYSE:AU) added 9.8%, and Kinross Gold (NYSE:KGC) gained 7.9%. The company's Q2 earnings report, released earlier, showed adjusted earnings of $0.03 per share, below the FactSet consensus of $0.07. Free cash flow swung to a $258 million outflow, and all-in sustaining costs climbed 55% to $2,356 per ounce.
Despite the short-term earnings miss, the market focused on the growth catalyst. B2Gold also tightened its 2026 production guidance to 820,000–920,000 ounces, down from the earlier range of 820,000–970,000 ounces, with the midpoint reduced by 25,000 ounces. The company maintained its dividend of $0.02 per share and repurchased 19 million shares for $92 million in the quarter.
Analysts remain bullish. FactSet data shows a consensus rating of Overweight with an average price target of $6.11, implying a potential rise of 21.5% from Friday's close. The median target is $6.81, suggesting gains of 35.4%. However, 2026 earnings-per-share estimates have declined 17.1% over the past three months to $0.63.
The Fekola Regional project is a key part of B2Gold's long-term growth strategy. With the permit secured, the company is well-positioned to extend production into the mid-2030s, leveraging strong gold prices and a robust project pipeline.
