Mining Forum Americas: B2Gold open to M&A in 2026

B2Gold (TSX: BTO; NYSE-A: BTG) is open to mergers and acquisitions but may hold off until next year, when management expects the market to assign greater value to its fully ramped-up Goose mine in Nunavut and the Fekola Regional project in Mali, President and CEO Clive Johnson said.

Johnson’s comments, shared this week at Forum Americas in Colorado Springs, come as the gold sector sees a surge of deal-making, with Australian and Canadian miners driving consolidation. 

Recent transactions include Equinox Gold’s (TSX, NYSE-A: EQX) merger with Calibre Mining, Northern Star’s (ASX: NST) purchase of De Grey Mining, and Torex Gold Resources’ (TSX: TXG) acquisition of Prime Mining. 

Analysts at Jefferies noted on Wednesday that B2Gold may be waiting until its shares are re-rated higher before pursuing any transactions.

Shares in B2Gold have fallen 6.8% this week to $5.90 in Toronto on Thursday morning. The company said Monday commercial production at its Goose project is due within weeks but anticipated to be reduced. However, the amount will be completely offset by increased production at Otjikoto in Namibia and Masbate in the Philippines.

Growing portfolio

B2Gold now forecasts 2025 output from Goose at 80,000 to 110,000 oz., down from earlier guidance of 120,000 to 150,000 oz., citing crushing plant capacity issues. The company said this week its Goose project had poured first gold in June. 

Fourth-quarter production at Goose is expected at 70,000 ounces. Production is still forecast at 250,000 oz. in 2026, rising to 330,000 oz. in 2027. Over its first six years, Goose is expected to average 300,000 oz. annually.

At the Fekola mine in Mali, production has exceeded budgeted levels in the first half of 2025, B2Gold said. The mine recently began underground ore output, while the company anticipates an exploitation permit for the Fekola Regional project by the end of the third quarter. Gold production is expected in early 2026, ramping up to 180,000 oz. a year.

Elsewhere, the Otjikoto and Masbate mines outperformed expectations in the third quarter. B2Gold has approved development of the Antelope underground deposit at Otjikoto, cutting pre-production capital costs to $105 million from an earlier estimate of $129 million. Antelope is expected to begin contributing to output in 2026–27, lifting Otjikoto’s production by about 110,000 oz. annually over the life of the mine.