- B2Gold released its FY2020 Reserve & Resource Statement earlier this year, reporting ~6.30 million ounces of reserves at its operating mines.
- While this translated to only a marginal decline in reserves year-over-year, the gold price used to calculate reserves was increased substantially, and grades fell at Fekola.
- Based on the small decrease in reserves year-over-year, B2Gold continues to have one of the smallest reserve bases among peers, yet trades at one of the highest valuations per ounce.
- Given B2Gold's relatively small reserve base and lack of growth over the next two years, I would expect the stock to be a market performer and see better opportunities elsewhere.
For further details see:
B2Gold: Digging Into The FY2020 Reserve Update