Dec. 15 at 12:26 PM
$BTO – B2Gold
Q3 shows why B2Gold is still one of the most reliable operators in the sector: 254k oz produced, cash costs at
$780/oz, strong
$180M operating cash flow, and Goose Mine now officially in commercial production. But the key insight is capital discipline — Antelope underground capex was optimized down, share buybacks continued, debt was reduced, and dividends are intact. This is a mature producer quietly shifting from growth-heavy spending to cash-return mode, while still extending mine life through underground expansions. Not flashy, but this is how long-term value compounds in gold.
