- B2Gold was one of the top-performing million-ounce gold producers last year given its industry-leading margins, and continued growth at Fekola.
- Despite the company having the lowest costs among million-ounce gold producers, the company continues to trade at a discount to peers, sitting below 8x estimated FY2020 free-cash-flow.
- This is likely due to the fact that the easy growth phase for the company is complete, and it has one of the smaller reserves bases among its peers.
- While I continue to see B2Gold as a top-12 gold producer, I believe there is more upside in other producers currently, especially when accounting for B2Gold's less attractive jurisdictional profile.
For further details see:
B2Gold: Why It Trades At A Discount To Its Peers