B2Gold (BTG) Draws Analyst Interest for High Gold-Price Leverage

With a low forward price-to-earnings multiple and significant hedge fund interest, B2Gold Corp. (NYSE:BTG) secures a spot on our list of the 12 cheap gold stocks to buy now.

Stock market data showing an upward trajectory. Photo by Burak The Weekender on Pexels

As of December 12, 2025, roughly 60% of analysts are bullish on B2Gold Corp. (NYSE:BTG), with a median price target of $6.00. This translates into a potential upside of 30.15%.

Among these analysts, Bank of America (BofA) highlighted B2Gold Corp. (NYSE:BTG) as one of the North American miners with the highest gold-price leverage. The bank’s analyst, Lawson Winder, believes the stock stands out on an NAV basis for its strong gold price sensitivity, which results in one of the highest EBITDA betas in the region. Therefore, if gold rises in 2026, as most analysts currently predict, the company’s earnings will be highly sensitive to the price of gold. BofA, in its December 1 research note, projected gold to reach $5,000 per ounce in 2026, citing BTG as a key beneficiary.

However, investors must focus on the interplay between market optimism and operational realities. This was evident in CIBC’s November 21 update, where the bank reduced its price target on B2Gold Corp. (NYSE:BTG) from $6.50 to $6.00, while reiterating a “Neutral” rating. The firm attributed the target reduction to its Q3 2025 results, which showed lower production and higher costs at B2Gold’s Goose Mine. However, this target reduction contrasted with the bank’s target increase in the previous month, when higher gold and silver price forecasts fueled the firm’s optimism.

After ramping up to 81.2% of mill design capacity in the final two weeks of the third quarter, the Goose Mine achieved commercial production on October 2, 2025. By the end of 2025, B2Gold Corp. (NYSE:BTG)’s management expects the mine to reach full capacity of 4,000 tons per day. According to the management’s projections, the Canadian gold mine will contribute an average of approximately 300,000 ounces annually from 2026 to 2031.

B2Gold Corp. (NYSE:BTG) is a Canadian gold producer, operating across Canada, Mali, Namibia, and the Philippines.

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