-- 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.
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