Insider buying: $79,474,268 bought by 17 insiders (30d)
Factor divergence:
DIVERGENCE: insider_activity bullish vs estimate_revisions, analyst_revisions bearish
Est. revisions:
-13.8%
Backed by structured data (insider trades, analyst ratings, or filings)
Factor Model (net -2.1)
Factor Model
net -2.1 4.2 / 10
Est. Revisions
-0.7
Insider Activity
+0.5
Momentum
+0.0
Analyst Rev.
-1.0
Narrative Gap
+0.0
Record $3.06B revenue masks production headwind ahead
Watch: Q1 2026 production updates and any guidance revisions will signal whether the planned mine work stays on track. If stripping accelerates productivity faster than expected, upside to full-year production could rerate the stock.
B2Gold crushed 2025, posting record $3.06 billion revenue and meeting its gold production target of 979,604 ounces at an average realized price of $3,299 per ounce. Adjusted net income hit $612 million ($0.46 per share) with cash operating costs at $769 per ounce — below guidance thanks to higher production volumes and lower fuel expenses. But the 2026 outlook flips the script: the company guided for 820,000 to 970,000 ounces, down year-over-year, driven by planned stripping at its Fekola Pit and completion of open-pit mining at Otjikoto.
BTG delivered stellar execution in 2025, but guidance signals a deliberate production pullback tied to mine development cycles, not operational distress. The dip is transitional — stripping at Fekola typically precedes higher-grade ore extraction — so this isn't a demand or cost problem. Watch whether management maintains or raises 2026 guidance as the year progresses; that will clarify whether the decline is a one-year trough or the start of a longer productivity challenge.
Evidence
8d ago
Insider buy by B2Gold Corp (BTG): $4,249,584
8d ago
Insider buy by B2Gold Corp (BTG): $4,484,580
8d ago
Insider buy by B2Gold Corp (BTG): $4,928,200
8d ago
Insider buy by B2Gold Corp (BTG): $4,558,849
8d ago
Insider buy by B2Gold Corp (BTG): $4,489,085
8d ago
Insider buy by B2Gold Corp (BTG): $2,132,187
8d ago
Insider buy by B2Gold Corp (BTG): $3,107,384
8d ago
Insider buy by B2Gold Corp (BTG): $3,401,088
7 older signals
8d ago
Insider buy by B2Gold Corp (BTG): $1,181,526
8d ago
Insider buy by B2Gold Corp (BTG): $3,491,930
8d ago
Insider buy by B2Gold Corp (BTG): $3,558,240
8d ago
Insider buy by B2Gold Corp (BTG): $3,390,290
8d ago
Insider buy by B2Gold Corp (BTG): $4,303,320
8d ago
Insider buy by B2Gold Corp (BTG): $4,360,512
8d ago
Insider buy by B2Gold Corp (BTG): $4,270,152
Fundamentals & Data ▾
B2Gold Corp.
Basic Materials · Gold
Mkt Cap
$7B
P/E
17.6 fwd 3.8
Beta
1.33
Div Yield
162.00%
52w Range
$2.86 - $6.29
Short Interest
57.2M
Days to Cover
1.7 -8%
Technicals
downtrend
from 52w Hi
-1.2%
1w return
+1.6%
Insiders
buying
6B / 0S
EPS Estimate
$0.12
-13.8% 30d
0up / 2dn
Est. Dispersion
68%
7 analysts
Analyst Target
$7
$5 - $8
Options P/C
0.57
Fund Convergence
strong
Two Sigma, Citadel, Renaissance, Bridgewater
Financials
Revenue
$1.1B +111% YoY
FCF
$291M
Gross Margin
52%
Op Margin
50%
Momentum:
accelerating
Top Holders
Two Sigma
$91M
Citadel
$31M
Renaissance
$11M
Bridgewater
Recent Filings & Data
insider trade
151
net buying
· $79,474,268 bought
17 insiders · 151 transactions (30d)
Recent transactions
Krohnert (Ninette) · exercise · $43,552
Krohnert (Ninette) · other · $25,328
Krohnert (Ninette) · exercise · $84,018
Krohnert (Ninette) · other · $48,842
Lytle, William · exercise · $272,168
Lytle, William · other · $158,169
Lytle, William · exercise · $612,361
Lytle, William · other · $355,844
McDonald (Michael Stephen) · exercise · $46,663
McDonald (Michael Stephen) · other · $27,137
McDonald (Michael Stephen) · exercise · $70,029
McDonald (Michael Stephen) · other · $40,712
Montano (Peter) · exercise · $101,110
Montano (Peter) · exercise · $227,475
Montano (Peter) · other · $71,052
Moore (Daniel Bruce) · exercise · $62,216
Moore (Daniel Bruce) · other · $26,614
Moore (Daniel Bruce) · exercise · $140,007
Moore (Daniel Bruce) · other · $59,859
Rajala (John Alex) · exercise · $101,110
Rajala (John Alex) · other · $51,637
Rajala (John Alex) · exercise · $227,475
Rajala (John Alex) · other · $116,142
Reeder (Neil) · exercise · $69,991
Reeder (Neil) · other · $75,771
Reeder (Neil) · exercise · $157,492
Reeder (Neil) · other · $91,586
Stansbury (Dennis) · exercise · $272,168
Stansbury (Dennis) · other · $116,341
Stansbury (Dennis) · exercise · $612,361
Stansbury (Dennis) · other · $261,735
Bartz, Eduard · exercise · $85,544
Bartz, Eduard · other · $92,609
Bartz, Eduard · exercise · $192,483
Bartz, Eduard · other · $111,866
Brown (Andrew Bruce) · exercise · $62,216
Brown (Andrew Bruce) · other · $36,173
Brown (Andrew Bruce) · exercise · $70,029
Brown (Andrew Bruce) · other · $40,712
Chatwin (Randall C) · exercise · $507,387
Chatwin (Randall C) · other · $294,850
Chatwin (Randall C) · exercise · $225,513
Chatwin (Randall C) · other · $131,059
Cinnamond (Michael Andrew) · exercise · $612,361
Cinnamond (Michael Andrew) · other · $355,844
Cinnamond (Michael Andrew) · exercise · $272,168
Cinnamond (Michael Andrew) · other · $158,169
Johnson (Clive Thomas) · exercise · $777,560
Johnson (Clive Thomas) · other · $451,835
Johnson (Clive Thomas) · exercise · $1,749,519
Johnson (Clive Thomas) · other · $1,016,612
King (Victor John) · exercise · $225,513
King (Victor John) · other · $131,059
King (Victor John) · exercise · $507,387
King (Victor John) · other · $294,850
B2Gold Corp · buy · $1,181,526
B2Gold Corp · other
B2Gold Corp · buy · $3,491,930
B2Gold Corp · buy · $3,558,240
B2Gold Corp · buy · $3,390,290
Brown (Andrew Bruce) · other · $19
Chatwin (Randall C) · other · $2
Cinnamond (Michael Andrew) · other · $7
Johnson (Clive Thomas) · other · $77
King (Victor John) · other · $124
Krohnert (Ninette) · other · $18
Lytle, William · other · $2
McDonald (Michael Stephen) · other
Moore (Daniel Bruce) · other · $13
Rajala (John Alex) · other · $61
Stansbury (Dennis) · other · $2
B2Gold Corp · buy · $3,401,088
B2Gold Corp · buy · $3,107,384
Oke,Mary-Lynn Ida · other · $145
Weisman (Robin Leslie) · other · $48
B2Gold Corp · buy · $2,132,187
B2Gold Corp · buy · $4,489,085
Bartz, Eduard · exercise · $158,551
Bartz, Eduard · other · $157,223
Brown (Andrew Bruce) · exercise · $187,383
Brown (Andrew Bruce) · other · $108,332
Johnson (Clive Thomas) · exercise · $807,170
Johnson (Clive Thomas) · other · $466,574
King (Victor John) · exercise · $418,003
King (Victor John) · other · $241,635
Krohnert (Ninette) · exercise · $187,383
Krohnert (Ninette) · other · $108,332
McDonald (Michael Stephen) · exercise · $187,383
McDonald (Michael Stephen) · other · $108,332
Reeder (Neil) · exercise · $129,736
Reeder (Neil) · other · $128,649
B2Gold Corp · buy · $4,303,320
B2Gold Corp · buy · $4,360,512
B2Gold Corp · buy · $4,270,152
Bartz, Eduard · exercise · $137,600
Bartz, Eduard · other · $125,650
Brown (Andrew Bruce) · exercise · $162,610
Brown (Andrew Bruce) · other · $90,349
Chatwin (Randall C) · exercise · $211,801
Chatwin (Randall C) · other · $236,263
Cinnamond (Michael Andrew) · exercise · $437,793
Cinnamond (Michael Andrew) · other · $243,213
Johnson (Clive Thomas) · exercise · $700,469
Johnson (Clive Thomas) · other · $389,127
King (Victor John) · exercise · $362,745
King (Victor John) · other · $201,525
Krohnert (Ninette) · exercise · $162,610
Krohnert (Ninette) · other · $148,488
Lytle, William · exercise · $437,793
Lytle, William · other · $243,213
McDonald (Michael Stephen) · exercise · $162,610
McDonald (Michael Stephen) · other · $90,349
Montano (Peter) · exercise · $162,610
Montano (Peter) · other · $148,488
Moore (Daniel Bruce) · exercise · $137,600
Moore (Daniel Bruce) · other · $54,953
Rajala (John Alex) · exercise · $162,610
Rajala (John Alex) · other · $77,876
Reeder (Neil) · exercise · $112,578
Reeder (Neil) · other · $102,801
Stansbury (Dennis) · exercise · $362,745
Stansbury (Dennis) · other · $146,954
B2Gold Corp · buy · $4,558,849
B2Gold Corp · buy · $4,928,200
B2Gold Corp · buy · $4,484,580
B2Gold Corp · other
B2Gold Corp · buy · $4,249,584
Stansbury (Dennis) · exercise · $652,713
Stansbury (Dennis) · other · $874,141
Stansbury (Dennis) · exercise · $438,648
Stansbury (Dennis) · other · $633,362
Stansbury (Dennis) · exercise · $187,534
Stansbury (Dennis) · other · $270,779
Reeder (Neil) · exercise · $388,563
Reeder (Neil) · other · $513,084
Krohnert (Ninette) · exercise · $117,150
Krohnert (Ninette) · other · $179,580
Bartz, Eduard · exercise · $391,198
Bartz, Eduard · other · $485,055
Bartz, Eduard · exercise · $375,264
Bartz, Eduard · other · $504,228
Chatwin (Randall C) · other · $106,000
B2Gold Corp · other
B2Gold Corp · buy · $4,369,905
B2Gold Corp · buy · $4,385,425
B2Gold Corp · buy · $63,894
B2Gold Corp · buy · $4,103,960
B2Gold Corp · buy · $3,775,240
B2Gold Corp · buy · $3,431,983
B2Gold Corp · buy · $3,436,934
Chatwin (Randall C) · other · $30,605
15 signals · latest 8d ago
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