B2Gold’s Price Target Rises to $6.50 on Revised $6,000/oz Gold Forecast
CIBC raised B2Gold’s price target to $6.50 from $6, citing revised 2026 gold forecasts of $6,000/oz and expanded copper projections. B2Gold reported Q3 2025 Goose mine reached commercial production but cut guidance to 50,000–80,000 ounces, and plans a 250,000-ounce output in 2026 with $105 million capex for Antelope underground expansion.
1. Analyst Revises Price Target and Metal Forecasts
On February 4, CIBC raised B2Gold’s price target to $6.50 from $6 and revised forecasts to $6,000 per ounce of gold in 2026 and $6,500 in 2027, also boosting copper price projections.
2. Goose Mine Production Guidance
In Q3 2025, the Goose mine achieved commercial production three months after its first pour but output guidance was cut to 50,000–80,000 ounces due to crushing capacity constraints and delayed access to high-grade ore. Management now forecasts Goose production of 250,000 ounces in 2026 and 330,000 ounces in 2027.
3. Antelope Underground Expansion
B2Gold approved construction of the Antelope underground deposit to extend the Otjikoto mine life into the 2030s with an estimated preproduction capital cost of $105 million, targeting reduced operating costs and deeper reserve conversion.