B2Gold Corp. announced a renewed normal course issuer bid (NCIB) that will allow the company to repurchase up to 132,662,594 shares—approximately 10 % of its public float—between April 3 2026 and April 2 2027. The program expands the previous NCIB, which authorized 65,980,840 shares for the 2025‑2026 period.
The decision follows a strong 2025 financial year in which B2Gold generated record revenue of $3.06 billion and operating cash flow of $940 million. In the fourth quarter of 2025, revenue reached $1.05 billion, up 8 % from the $972 million reported in Q4 2024, driven by higher gold prices and increased production at the Fekola and Masbate mines. Operating margin slipped to 9.9 % from 10.2 % in the prior year, reflecting higher all‑in sustaining costs of $2,400–$2,580 per ounce.
Management said the expanded buyback reflects confidence that the stock is undervalued and that the company has sufficient liquidity to return capital to shareholders. The CFO noted that the end of pre‑payment obligations in June 2026 will free additional cash flow that can be deployed to buybacks, reinforcing the company’s preference for shareholder returns over new projects or debt reduction at this time.
The program is expected to reduce the share count, lift earnings per share, and support the company’s disciplined capital allocation strategy, which has historically avoided large acquisitions and focused on organic growth. B2Gold’s guidance for 2026 projects a lower gold production volume than 2025, partly due to the completion of the Otjikoto open‑pit and stripping at Fekola, but the company expects the Goose Mine ramp‑up to offset some of the decline.
Analysts view the renewal as a bullish signal, noting that a larger NCIB capacity allows B2Gold to deploy capital more flexibly if market conditions remain favorable. The move also aligns with the company’s long‑term shareholder return plan, which includes dividends and share buybacks as primary tools for returning excess cash.
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