Colombian Mining & Exploration
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B2Gold (TSX: BTO)

B2Gold (TSX: BTO) is a senior gold producer with mines in Mali, the Philippines, Namibia and Nunavut. In Colombia, B2Gold stock gives exposure to Gramalote, a 100%-owned open-pit gold project in Antioquia that now has a feasibility study and is working through permit changes ahead of a build decision.

Tickers: TSX: BTO | NYSE American: BTG | NSX: B2G · Headquarters: Vancouver, Canada · Data as of: Nov 4, 2026

B2Gold at a glance

ProjectDepartmentCommodityStageOwnership
GramaloteAntioquiagoldfeasibility study complete; permit modification under review; no construction decision100%
Share price / market capUS$4.82 and about US$6.35 billion (NYSE American close, Oct 26, 2026, per StockAnalysis); refresh at publication
Shares outstandingAbout 1.32 billion (StockAnalysis, Oct 2026); 1,336 million basic per the 2025 year-end fact sheet
CashUS$287 million at June 30, 2026; full US$800 million revolver undrawn at quarter-end, with US$95 million drawn after quarter-end
2026 guidance (consolidated)820,000–920,000 oz gold; AISC US$2,370–2,550/oz (revised Aug 6, 2026)
Gramalote 2026 budgetUS$61 million, including US$35 million for resettlement, small-miner coexistence and social programs
Gramalote reserveProbable 76.7 Mt at 0.96 g/t gold for 2.36 Moz (NI 43-101, effective Apr 1, 2025)
DividendUS$0.02 per share quarterly (Q3 2026 dividend paid Sept 23, 2026)
Next resultsQ3 2026 results due Nov 4, 2026 after market close; call Nov 5, 2026

About B2Gold

B2Gold is a Vancouver-based gold miner listed in Toronto, on the NYSE American and in Namibia. It runs four producing operations: the Fekola Complex in Mali, Masbate in the Philippines, Otjikoto in Namibia and the Goose mine in Nunavut, Canada. The company guided 2026 consolidated output of 820,000 to 920,000 ounces of gold, after trimming the top end in August 2026.

Colombia is a development story for B2Gold, not a production one. Its asset there is Gramalote, in the department of Antioquia, about 100 to 120 km northeast of Medellín. B2Gold took full control in October 2023 by buying AngloGold Ashanti’s 50% stake. Gramalote is not included in 2026 production guidance.

In July 2025, B2Gold published a feasibility study (a detailed engineering and economic study) for a smaller, medium-scale version of the project. Because the plant and infrastructure moved, the existing permits must be modified. The company has said it will decide whether to build once permits and resettlement are further along.

Leadership changed in 2026. Mike Cinnamond, previously chief financial officer, became President and CEO on June 4, 2026, succeeding founder Clive Johnson.

B2Gold’s Colombian projects

Gramalote

Gramalote sits in the municipalities of San Roque and Yolombó in Antioquia, roughly 230 km northwest of Bogotá. It was long a 50/50 joint venture between AngloGold Ashanti and B2Gold. Earlier studies looked at a much larger mine, which internal analysis in 2022 found would not deliver the hoped-for returns. B2Gold bought out its partner in October 2023 and redesigned the project at a smaller scale.

The July 14, 2025 feasibility study outlines an open-pit mine feeding a 6.0 million-tonne-per-year plant using crushing, grinding, flotation and leaching of the concentrate to produce doré. It shows average output of 177,000 oz a year over a 13-year project life and 227,000 oz a year in the first five years. Pre-production capital is estimated at US$740 million. Life-of-project all-in sustaining cost (AISC, a full measure of the cost to keep producing) is US$985/oz. After-tax NPV at a 5% discount rate is US$941 million (22.4% IRR) at US$2,500 gold, and US$1.72 billion (33.5% IRR) at about US$3,300 gold.

Permits for the old, larger design exist but must be changed. B2Gold filed a Modified Work Plan in December 2025 and a Modified Environmental Impact Study in March 2026. Colombia’s environmental licensing authority, ANLA, opened the review on May 22, 2026, held an information meeting in San Roque on October 20, 2026, and has scheduled a public environmental hearing there for November 10, 2026. Resettlement of affected households is under way, and management said in August 2026 that it will run into the first half of 2027.

Resources: Probable Mineral Reserves 76.7 Mt at 0.96 g/t Au for 2.36 Moz Au (NI 43-101, feasibility study effective Apr 1, 2025, reported at US$1,750/oz gold). Measured, Indicated and Inferred resource figures were not given in the sources reviewed.

Latest B2Gold news

Upcoming catalysts

  • ANLA public environmental hearing on the Gramalote licence modification in San Roque (Nov 10, 2026)
  • Q3 2026 results and any Gramalote update (Nov 4, 2026; call Nov 5)
  • ANLA decision on the modified environmental licence and approval of the Modified Work Plan (about 12 months from filing, per company; coverage points to early 2027)
  • Completion of a significant share of resettlement (company target: end of 2026, running into H1 2027)
  • Gramalote construction decision (timing not set by the company)

Management

  • Mike Cinnamond, President and CEO. CEO since June 4, 2026; previously CFO
  • Clive Johnson, Founder; Chair Emeritus. Stepped down as CEO in June 2026
  • Kelvin Dushnisky, Chair of the Board
  • Michael McDonald, Incoming CFO. Named as Cinnamond’s CFO successor on the Q2 2026 call (verify title)
  • William Lytle, SVP and COO. Per 2025 year-end fact sheet

Key risks for B2Gold stock

  • No construction decision yet: Gramalote could be delayed or deferred if permits, resettlement or economics disappoint
  • Permit modification depends on ANLA review and public hearings in San Roque and Yolombó; timelines have already moved
  • Social licence: resettlement and coexistence with small-scale miners are core project risks the company itself flags
  • Colombia is a small part of a large company: B2Gold’s share price is driven mainly by Mali (Fekola), Goose and the gold price
  • Group-level operating risk, including the 2026 Goose crusher fire and permit delays at Fekola Regional in Mali

Sources

Related: Colombian stocks · Companies & Projects tracker · Colombian mining companies

Educational information only, not investment advice. Figures are from the sources listed and dated; check the company’s latest filings before relying on them. See our Disclosure & Editorial Policy.