B2Gold is a mid-tier gold mining company headquartered in Vancouver that mines and sells gold bullion at spot prices to refiners and bullion dealers globally. B2Gold operates four producing mines across Mali, Canada, the Philippines, and Namibia. The flagship Fekola Complex in Mali is an open pit and underground operation that produced roughly 531,000 oz in 2025. The Goose Mine in Nunavut, Canada, is a newly constructed remote Arctic mine that poured first gold in mid-2025 and is ramping toward approximately 300,000 oz/year at full capacity. Masbate in the Philippines and Otjikoto in Namibia are smaller, consistent contributors at roughly 100,000–200,000 oz/year each. B2Gold's revenue moves directly with the gold spot price, as the company sells with no fixed-price contracts. The key cost metric is AISC per ounce; Fekola, Masbate, and Otjikoto operate well below $1,000/oz, while Goose carries higher near-term costs given its remote location. With Goose construction now complete after roughly C$1.54B in capital spending, management views the company as entering a cash flow harvest phase. Growth is entirely organic — the pipeline includes Fekola Regional (targeting ~160,000 oz/year at peak), the Goose ramp-up, and the Gramalote development project in Colombia (~240,000 oz/year), which completed a positive feasibility study in 2025 and awaits a construction decision.