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B2Gold Maintained at Buy at Stifel Canada Following Q1 Results; Price Target Kept at C$10.50

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Stifel Canada on Thursday maintained its buy rating on the shares of B2Gold (BTO.TO) and its C$10.50 price target after the company released first-quarter results.

"B2Gold reported Q1/26 adjusted EPS of $0.19 vs. our $0.12 (consensus $0.13) on consolidated gold production of 238Koz (+7% vs. budget; +13% vs. our 210Koz). Q1/26 gold cash costs of $1,403/oz sold (cash operating costs $1,005/oz produced) and AISC of $1,964/oz sold were well-below our $1,706/oz and $2,447/oz, respectively, reflecting higher production, lower sustaining capex (timing), and a favorable royalty contribution. FY26 gold production guidance of 820-970Koz was reaffirmed, including a Q2/26 Goose production reset by 10Koz lower to 18-20Koz (vs. 29Koz budgeted) due to the crushing-circuit fire (Apr-2026), and 60-80Koz of Fekola Regional contribution which remains subject to an exploitation permit expected by June-2026. Mali operations continue uninterrupted at normal levels, including fuel supplies despite geopolitical and supply chain challenges, with a process underway to increase diesel storage capacity by 20% with 36% of remaining 2026 fuel requirements hedged at or below budget prices," analyst Ralph Profiti wrote.

(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www..com/contact-us)

Price: $7.00, Change: $+0.91, Percent Change: +14.86%

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