B2Gold Management
Management criteria checks 4/4
B2Gold's CEO is Mike Cinnamond, appointed in Jun 2026, has a tenure of less than a year. total yearly compensation is $2.46M, comprised of 19.3% salary and 80.7% bonuses, including company stock and options. directly owns 0.024% of the company’s shares, worth CA$2.28M. The average tenure of the management team and the board of directors is 7 years and 3.3 years respectively.
Key information
Mike Cinnamond
Chief executive officer
US$2.5m
Total compensation
| CEO salary percentage | 19.29% |
| CEO tenure | less than a year |
| CEO ownership | 0.02% |
| Management average tenure | 7yrs |
| Board average tenure | 3.3yrs |
Recent management updates
Recent updates
Narrative Update • Sep 03
BTO: Future Upside Will Rely On Fekola Regional Production Expansion
Analysts have revised their fair value estimate for B2Gold to CA$11.06 from CA$10.05, reflecting updated assumptions on discount rate, revenue growth, profit margin and future P/E. What’s in the News for B2Gold B2Gold has attracted renewed investor attention following strong operational performance, an improved gold production outlook and progress on its Fekola Regional growth plans in Mali.
Narrative Update • Aug 19
BTO: Mali Permit Win And Buybacks Will Support Fairly Valued Shares
Analysts have modestly raised their fair value estimate for B2Gold, with the updated CA$6.49 target reflecting revised assumptions on future P/E multiples, revenue growth and profit margins. What’s in the News for B2Gold B2Gold secured the Menankoto exploitation permit in Mali, completing the regulatory package for the Fekola Regional project alongside the Dandoko exploration permit.Narrative Update • Aug 05
BTO: Future Upside Will Depend On Production Recovery And Ongoing Buybacks
Analysts have trimmed their fair value estimate for B2Gold, cutting the implied price target from about CA$12.41 to roughly CA$10.05. This reflects updated assumptions for revenue growth, profit margins and future P/E expectations.Narrative Update • Jul 22
BTO: Future Buybacks And Higher Margins Will Support Fairly Valued Shares
Analysts have adjusted their price target on B2Gold to CA$5.77 from CA$6.85, reflecting updated views on its discount rate, revenue growth, profit margin, and future P/E assumptions. What’s in the News for B2Gold B2Gold reported total gold production of 237,763 ounces for the first quarter ended March 31, 2026, compared with 192,752 ounces in the same period a year earlier.Narrative Update • Jul 08
BTO: Future Upside Will Depend On Production Recovery And Ongoing Buybacks
Analysts have nudged their fair value estimate for B2Gold higher to CA$12.41 from CA$12.05, citing updated assumptions around discount rates, revenue growth, profit margins, and future P/E expectations. What's in the News for B2Gold B2Gold reported total gold production of 237,763 ounces for the first quarter ended March 31, 2026, compared with 192,752 ounces in the same period a year earlier.Narrative Update • Jun 16
BTO: Future Upside Will Rely On Strong Cash Generation And Buybacks
Analysts have lifted their B2Gold price target to CA$12.05 from CA$11.37 as they factor in updated assumptions that keep revenue growth expectations more moderate, while pointing to a higher projected profit margin and a lower future P/E multiple. What's in the News for B2Gold B2Gold reported Q1 2026 results with revenue approximately doubling and adjusted earnings of $0.19 per share, supported by higher gold production and sales volumes, according to recent company disclosures.Narrative Update • Jun 02
BTO: Future Buybacks And Asset Sale Proceeds Will Support Fairly Valued Shares
Analysts have made a small upward adjustment to their CA$ price target on B2Gold, reflecting updated views on fair value, discount rate, revenue growth, profit margin and future P/E assumptions. What's in the News B2Gold reported first quarter 2026 gold production of 237,763 ounces compared with 192,752 ounces a year earlier, according to its operating results announcement.Narrative Update • May 03
BTO: Future Share Buybacks Will Support Shares Despite Temporary Goose Mine Disruption
Analysts have trimmed their CA$ price target for B2Gold from about CA$7.00 to roughly CA$6.84. This reflects updated assumptions for fair value, discount rate, revenue growth, profit margins and a lower future P/E multiple.Narrative Update • Apr 19
BTO: Future Upside Will Rely On Expanded Share Repurchase Program
Analysts have modestly reduced their CA$ price target for B2Gold, reflecting slightly higher discount rate assumptions along with updated views on revenue growth, profit margins and future P/E expectations. What's in the News The Board of Directors authorized a new share buyback plan on April 1, 2026, adding to the company’s capital return tools (Key Developments).Narrative Update • Apr 04
BTO: Future Upside Will Depend On Aggressive Share Repurchases
Analysts have nudged their price target for B2Gold to CA$11.71 from CA$11.49, citing updated assumptions for revenue growth, profit margins, the discount rate and future P/E levels. What's in the News B2Gold announced a normal course issuer bid that allows the company to repurchase up to 132,662,594 shares, or 9.92% of its issued share capital, with repurchased shares to be cancelled and the program running until April 2, 2027 (Key Developments).Narrative Update • Mar 21
BTO: Future Production Outlook And Leadership Transition Are Expected To Support Shares
Analysts have revised their fair value estimate for B2Gold to CA$7.00 from CA$6.19. This reflects updated views on the discount rate, revenue growth, profit margin, and future P/E assumptions.Narrative Update • Mar 07
BTO: Future Upside Will Rely On Leadership Transition And Buyback Support
Analysts have lifted their B2Gold price target from CA$10.52 to CA$11.49, citing updated fair value estimates, a revised discount rate, adjusted assumptions for revenue growth and profit margins, and a higher future P/E multiple. What's in the News B2Gold announced that Chief Executive Officer Clive Johnson plans to retire at the Annual General Meeting on June 4, 2026, and will be named Chair Emeritus to remain connected with the company (Key Developments).Narrative Update • Feb 21
BTO: Future Upside Will Rely On Buybacks And Revised Profitability Assumptions
Analysts have nudged their price target on B2Gold slightly lower to CA$10.52 from CA$10.58, citing updated assumptions for revenue growth, profit margins, the discount rate, and future P/E as key drivers of the small adjustment. What's in the News B2Gold updated its buyback activity, completing the repurchase of 7,000,000 shares, representing 0.53% of shares, for a total of $34 million under the program announced on January 13, 2025.Narrative Update • Feb 07
BTO: Future Upside Will Rely On Revised Profitability And Fekola Output
Analysts have modestly lifted their price target on B2Gold to US$10.58 from US$10.34, citing updated assumptions around the discount rate, revenue growth, profit margin, and future P/E. Valuation Changes Fair Value: Updated modestly from US$10.34 to US$10.58 per share, reflecting slightly revised assumptions.Narrative Update • Jan 24
BTO: Future Fair Value Will Rely On Stronger Fekola Output
Analysts have reduced their price target on B2Gold by approximately $0.02, citing slightly updated inputs related to fair value, discount rate, revenue growth, profit margin and future P/E assumptions. What's in the News B2Gold reported third quarter 2025 total gold production of 254,369 ounces, including pre commercial output from the Goose Mine, compared with 180,553 ounces in the same period a year earlier (Announcement of Operating Results).Narrative Update • Jan 09
BTO: Higher Fair Value Will Be Supported By Stronger Fekola Production
Analysts have raised their price target on B2Gold to US$10.35 from US$8.01, citing updated assumptions that include a higher assessed fair value, a slightly different discount rate, adjusted expectations for revenue growth and profit margin, and a lower future P/E multiple. What's in the News B2Gold reported total gold production of 254,369 ounces for the third quarter of 2025, including pre commercial production from the Goose Mine, compared with 180,553 ounces in the same period a year earlier (Announcement of Operating Results).Narrative Update • Dec 14
BTO: Future Production Gains And Margins Are Expected To Support Share Performance
Analysts have raised their price target on B2Gold to approximately 6.19 dollars from about 5.39 dollars, citing expectations for stronger revenue growth, improved profit margins, and a lower future price to earnings multiple. What's in the News B2Gold reported a sharp increase in consolidated gold production, with third quarter 2025 output, including pre commercial production from the Goose Mine, rising to 254,369 ounces from 180,553 ounces a year earlier, and nine month production climbing to 676,575 ounces from 599,133 ounces (Operating Results).Analysis Article • Nov 12
Shareholders Will Be Pleased With The Quality of B2Gold's (TSE:BTO) Earnings
B2Gold Corp. ( TSE:BTO ) just reported healthy earnings but the stock price didn't move much. We think that investors...
Narrative Update • Oct 23
Analysts Raise B2Gold Price Target as Goose Mine Boosts Outlook and Valuation Estimates
Analysts have raised their price target for B2Gold from $7.59 to $8.60, citing slightly improved revenue growth forecasts and increased fair value estimates. This comes despite a marginal uptick in the discount rate and a slight decrease in projected profit margins.Narrative Update • Oct 09
Goose Mine Ramp-Up And Mali Permitting Will Expand Gold Production
Analysts have raised their price target for B2Gold from $7.07 to $7.59, citing improved profit margin forecasts as well as a positive revenue growth outlook. What's in the News B2Gold Corp.Analysis Article • Oct 07
There's No Escaping B2Gold Corp.'s (TSE:BTO) Muted Revenues Despite A 28% Share Price Rise
B2Gold Corp. ( TSE:BTO ) shares have continued their recent momentum with a 28% gain in the last month alone. The last...Narrative Update • Sep 25
Goose Mine Ramp-Up And Mali Permitting Will Expand Gold Production
B2Gold’s consensus price target saw only a minor increase as analysts weighed a sharply higher future P/E ratio and a significant decline in net profit margin, which together limited upward revision in fair value to CA$7.07. What's in the News B2Gold confirmed 2025 total annual gold production guidance of 970,000–1,075,000 ounces.New Narrative • Jul 16
Goose And Fekola Regional Will Expand Gold Production
Successful new project ramp-ups and operational efficiency measures position the company for increased production, revenue, and margin stability despite industry cost pressures.CEO Compensation Analysis
| Date | Total Compensation | Salary | Company Earnings |
|---|---|---|---|
| Jun 30 2026 | n/a | n/a | US$807m |
| Mar 31 2026 | n/a | n/a | US$544m |
| Dec 31 2025 | US$2m | US$475k | US$402m |
| Sep 30 2025 | n/a | n/a | US$219m |
| Jun 30 2025 | n/a | n/a | -US$434m |
| Mar 31 2025 | n/a | n/a | -US$612m |
| Dec 31 2024 | US$2m | US$475k | -US$630m |
| Sep 30 2024 | n/a | n/a | -US$731m |
| Jun 30 2024 | n/a | n/a | -US$141m |
| Mar 31 2024 | n/a | n/a | -US$36m |
| Dec 31 2023 | US$2m | US$475k | US$10m |
| Sep 30 2023 | n/a | n/a | US$281m |
| Jun 30 2023 | n/a | n/a | US$301m |
| Mar 31 2023 | n/a | n/a | US$258m |
| Dec 31 2022 | US$2m | US$480k | US$253m |
| Sep 30 2022 | n/a | n/a | US$232m |
| Jun 30 2022 | n/a | n/a | US$379m |
| Mar 31 2022 | n/a | n/a | US$409m |
| Dec 31 2021 | US$2m | US$514k | US$420m |
| Sep 30 2021 | n/a | n/a | US$452m |
| Jun 30 2021 | n/a | n/a | US$591m |
| Mar 31 2021 | n/a | n/a | US$647m |
| Dec 31 2020 | US$2m | US$511k | US$628m |
| Sep 30 2020 | n/a | n/a | US$633m |
| Jun 30 2020 | n/a | n/a | US$411m |
| Mar 31 2020 | n/a | n/a | US$328m |
| Dec 31 2019 | US$5m | US$454k | US$286m |
Compensation vs Market: Mike's total compensation ($USD2.46M) is below average for companies of similar size in the Canadian market ($USD4.68M).
Compensation vs Earnings: Mike's compensation has been consistent with company performance over the past year.
CEO
Mike Cinnamond (59 yo)
less than a year
Tenure
US$2,459,943
Compensation
Mr. Michael Andrew Cinnamond, also known as Mike, C.P.A., L.L.B., also known as Mike, is President, CEO & Director of B2Gold Corp. from June 4, 2026. He is Director of Oklo Resources Limited from September...
Leadership Team
| Name | Position | Tenure | Compensation | Ownership |
|---|---|---|---|---|
| Executive Chair of the Board | 3.3yrs | US$420.73k | 0.0076% CA$ 724.2k | |
| President | less than a year | US$2.46m | 0.024% CA$ 2.3m | |
| Senior VP of Operations & COO | 15.8yrs | US$2.46m | 0.0031% CA$ 298.5k | |
| Senior Vice President of Legal & Corporate Communications | 7yrs | US$2.38m | 0.0079% CA$ 759.6k | |
| Senior Vice President of Exploration | 12.8yrs | US$2.17m | 0.020% CA$ 1.9m | |
| Senior VP | 4.7yrs | no data | 0.0032% CA$ 305.2k | |
| Vice President of Human Resources | no data | no data | 0.0047% CA$ 452.5k | |
| Senior Vice President of Engineering & Project Evaluations | 19.5yrs | US$2.18m | 0.29% CA$ 27.9m | |
| Director of Sustainability | no data | no data | no data | |
| Treasurer | no data | no data | no data | |
| Treasurer | no data | no data | no data | |
| Vice President of Projects | no data | no data | 0.00050% CA$ 47.8k |
7.0yrs
Average Tenure
59yo
Average Age
Experienced Management: BTO's management team is seasoned and experienced (7 years average tenure).
Board Members
| Name | Position | Tenure | Compensation | Ownership |
|---|---|---|---|---|
| Executive Chair of the Board | 3.3yrs | US$420.73k | 0.0076% CA$ 724.2k | |
| President | less than a year | US$2.46m | 0.024% CA$ 2.3m | |
| Chair Emeritus | 19.8yrs | US$4.84m | 0% CA$ 0 | |
| Independent Director | 18.8yrs | US$267.16k | 0.17% CA$ 16.5m | |
| Independent Director | 12.8yrs | US$276.78k | 0.0032% CA$ 309.0k | |
| Lead Independent Director | 1.8yrs | US$252.05k | 0.0038% CA$ 361.6k | |
| Independent Director | 1.1yrs | US$96.79k | 0.00066% CA$ 63.1k | |
| Independent Director | 1.8yrs | US$241.10k | 0.0084% CA$ 807.4k | |
| Independent Director | 8.9yrs | US$289.06k | 0.00025% CA$ 23.9k | |
| Independent Director | 3.3yrs | US$247.34k | no data | |
| Independent Director | 6.7yrs | US$288.73k | no data |
3.3yrs
Average Tenure
62yo
Average Age
Experienced Board: BTO's board of directors are considered experienced (3.3 years average tenure).
Company Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2026/09/16 04:24 |
| End of Day Share Price | 2026/09/16 00:00 |
| Earnings | 2026/06/30 |
| Annual Earnings | 2025/12/31 |
Data Sources
The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.
| Package | Data | Timeframe | Example US Source * |
|---|---|---|---|
| Company Financials | 10 years |
| |
| Analyst Consensus Estimates | +3 years |
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| Market Prices | 30 years |
| |
| Ownership | 10 years |
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| Management | 10 years |
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| Key Developments | 10 years |
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* Example for US securities, for non-US equivalent regulatory forms and sources are used.
Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.
Analysis Model and Snowflake
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Industry and Sector Metrics
Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.
Analyst Sources
B2Gold Corp. is covered by 27 analysts. 9 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.
| Analyst | Institution |
|---|---|
| Richard Gray | ATB Cormark |
| Brian Quast | BMO Capital Markets Equity Research |
| Lawson Winder | BofA Global Research |