Thesis
B2Gold's (BTG) Q2 2020 had been another stellar quarter in terms of gold production, revenues, earnings, liquidity, and price performance. While the geopolitical risk in Mali is becoming more pronounced following the recent military coup, there's no immediate threat to the operations at the company's flagship property (the Fekola Mine, or 'FM') in the country. In my view, BTG is safe from a significant drop in price that could possibly be triggered by the Malian risk factor. Nevertheless, considering the recent gold price performance, and the company's valuation from an earnings perspective