B2Gold Corp.

AI-generated fair value estimate for this company.

Method: 10-year unlevered FCF DCF: $500M normalized FCF base (TTM operating cash flow of $923M less a normalized sustaining-capex level, reflecting record gold prices above $3,900/oz and declining growth capex as the Goose mine in Canada completes construction ramp-up); 4% annual FCF growth years 1-5; 0% growth years 6-10 reflecting reserve depletion typical of gold mining; 9% discount rate; 0% terminal growth; $166M net debt; 1.32B shares outstanding.

Reasoning: B2Gold cash flows are highly capex-cyclical (the Fekola expansion and Goose project construction depressed FY2025 FCF to just $65M) and reserve-depleting by nature, so a staged DCF with declining/flat long-term growth and no terminal growth is more rigorous than a perpetual-growth model; the discount rate reflects multi-jurisdiction mining risk across Mali, the Philippines, Namibia and Canada.