Loading page content
Rank #20 · NYSE:BTG
Mid-Tier Producer · Primary: Gold
Canada · Jurisdictions: Mali, Namibia, Philippines, Canada
Canonical listing price
$5.25
+2.54%(+0.13 USD)
Updated 10/9/2026, 1:30:00 PM
Price data: Twelve Data
Gold · Mid-Tier Producer
vs Gold
1M +1.8 pp·3M +43.8 pp
vs GDX
1M +5.0 pp·3M +17.2 pp
1M vs Gold Miners group: +5.1 pp
Jurisdiction: Mali, Namibia, Philippines, Canada · Market cap rank-only (licensing)
Close-based returns and relative performance in percentage points vs mapped metal/ETF. Not a buy/sell signal or price target.
Next report
Reporting calendar →FY2026 · Expected window 2028-03-13 → 2028-03-27
Expected window 2028-03-13 → 2028-03-27 (FY2026).
Valuation
Current market multiples relative to reported TTM financials. Peer context uses the Mining 50 Gold · Mid-Tier Producer group. Not fair value, price targets, or investment advice.
Historical Valuation
Point-in-time multiples at annual filing dates using prices and financials publicly available as of each date. Percentiles and medians use available history only — descriptive context, not fair value or investment advice.
P/FCF
EV/FCF
Historical chart
Each point is a filing-date snapshot — not a continuous daily valuation series.
Filing-date periodic snapshots · 5 observations · price source: Twelve Data
MINING50-HISTORICAL-VALUATION-1.0 · filing-date periodic
Balance Sheet & Capital Allocation
Annual FY trends from certified filing data. Descriptive direction and magnitude only — not a quality score or investment recommendation.
Cash
$380.42M
+$43.45M YoY (+12.9%)
Debt
$598.31M
+$160.43M YoY (+36.6%)
Net Debt
Net Debt: $217.89M
+$116.97M YoY (+115.9%)
Share Count
1.34B
+22.6M shares YoY (+1.7%)
3-year share count change: +24.7% over 3 years
Capex / Revenue
0.0%
Prior year: 1.1%
FCF Conversion
100.0%
Prior year: 97.1%
FCF (FY)
$877.60M
+$183.54M YoY (+26.4%)
Debt Increase
Total debt increased $160.43M (+36.6%) versus the prior year.
2024-12-31 → 2025-12-31
Operating Performance
Annual FY revenue, cash flow, capex, and margins from certified filing data. Descriptive trends only — not a quality score or investment recommendation.
Revenue
$3.06B
+$1.16B YoY (+60.9%)
Operating Cash Flow
$895.84M
+$18.23M YoY (+2.1%)
Free Cash Flow
$877.60M
+$183.54M YoY (+26.4%)
Capex
$0
$-20.39M YoY (-100.0%)
3-year revenue change: +76.7% over 3 years
OCF Margin
29.3%
Prior year: 46.1%
Change: -16.9 pp
FCF Margin
46.1%
Prior year: 35.9%
Change: +10.3 pp
Capex / Revenue
0.0%
Prior year: 1.1%
Revenue Increase
Revenue increased 60.9% versus the prior comparable period.
2024-12-31 → 2025-12-31
OCF Margin Decline
Operating cash flow margin moved from 46.1% to 29.3% (-16.9 pp).
2024-12-31 → 2025-12-31
Free Cash Flow Increase
Free cash flow increased $183.54M (+26.4%) versus the prior comparable period.
2023-12-31 → 2024-12-31
FCF Margin Increase
Free cash flow margin moved from 35.9% to 46.1% (+10.3 pp).
2023-12-31 → 2024-12-31
Fundamental Changes
Deterministic changes from certified financial metrics. Descriptive only — not a quality score or investment recommendation.
Latest filing period: 4 material changes · 15 operating · 9 balance-sheet · 1 capital-allocation
FY2025 · Filed Mar 11, 2026
Debt Increase
Total debt increased $160.43M (+36.6%) versus the prior year.
Official filing sourceRevenue Increase
Revenue increased 60.9% versus the prior comparable period.
Official filing sourceOCF Margin Decline
Operating cash flow margin moved from 46.1% to 29.3% (-16.9 pp).
Official filing sourceNet Debt Increase
Net debt increased from $100.91M to $217.89M (+115.9%).
Official filing sourceFY2024 · Filed Mar 11, 2026
Debt Increase
Total debt increased $245.76M (+127.9%) versus the prior year.
Official filing sourceOperating Cash Flow Increase
Operating cash flow increased $163.15M (+22.8%) versus the prior comparable period.
Official filing sourceFree Cash Flow Increase
Free cash flow increased $183.54M (+26.4%) versus the prior comparable period.
Official filing sourceOCF Margin Increase
Operating cash flow margin moved from 36.9% to 46.1% (+9.2 pp).
Official filing sourceModules: mtf-trend, momentum, relative-strength · Last calculated: 10/12/2026, 10:39:46 AM
Price data provided by Twelve Data. Charts provided by TradingView. Grey Rabbit Scores and analysis are proprietary to Grey Rabbit Markets.
Gold · Mid-Tier Producer · factual only
| Company | Market Cap | Production | AISC | Net Debt / Cash |
|---|---|---|---|---|
| B2Gold Corp.(BTG) | $7.04B | 895.0 koz | $1,584/oz | $217.90M |
| Alamos Gold Inc.(AGI) | — | 610.0 koz | $1,524/oz | $423.00M |
| Aris Mining Corporation(ARIS) | — | 325.0 koz | $1,705/oz | $127.59M |
| Centerra Gold Inc.(CGAU) | — | 265.0 koz | $1,614/oz | $529.00M |
| DRDGOLD Limited(DRD) | — | 145.0 koz | $1,716/oz | $72.00M |
| Eldorado Gold Corporation(EGO) | — | 540.0 koz | $1,664/oz | $405.70M |
| Equinox Gold Corp.(EQX) | — | 750.0 koz | $1,925/oz | $1.15B |
Sorted by market cap then name — not a ranking. Comparable curated fields only.
Multi-period filing history is available on Pro. Latest TTM P&L above is public.
Derived: eligible price × ADR-aware shares · B2Gold Corp. · Derived: Debt − Cash · Through 2026-02-18 · Coverage 7/8 key fields · not live filing scrape · Filing-backed TTM P&L from SEC companyfacts (cached — not live scrape)
Periods: YE 2025 Form 40-F cover (period-end outstanding) · YE 2025 · FY 2026 Guidance · FY 2025 consolidated AISC / oz sold (excl. Goose pre-commercial) · YE 2025 attributable probable P&P (stream liability excluded from debt) · 2025-12-31
MINING50-MARKETCAP-1.0 · MINING50-NETDEBT-1.0 · MINING50-TTM-1.0 · MINING50-FCF-1.0 · MINING50-FCF-MARGIN-1.0
Grey Rabbit Markets provides independent market research and educational content. Nothing on this website constitutes investment, legal, tax, or financial advice. Past performance does not guarantee future results.