B2Gold: Fekola Regional Permit and End of Prepay Set to Unlock a Cash-Flow Re-Rating
B2Gold (BTG) looks poised for a step-change in reported cash flow as the Fekola Regional package secures permits and prepayment obligations wind down. With 2025 production near 980k oz and $3.0B in revenue, the company has the scale to convert higher operating cash flow into balance-sheet optionality and shareholder returns. We lay out an actionabl…