Miner Hits Milestone With First Gold From Goose

Source: Streetwise Reports 07/07/2025

B2Gold Corp. (BTG:NYSE; BTO:TSX; B2G:NSX) pours first gold at its Goose Mine in Nunavut, targeting 300K oz/year and advancing Arctic expansion plans. Read more about what makes this a game-changing gold asset.

B2Gold Corp. (BTG:NYSE; BTO:TSX; B2G:NSX) has announced its first gold pour at the Goose Mine, part of the Back River Gold District in Nunavut, Canada. This marks a milestone for the company, as the Goose Mine becomes its fourth producing asset and the first operating mine within Canada. The company confirmed that ore was introduced into the processing plant on June 24, 2025, with the facility running at approximately 50% of nameplate capacity during initial operations.

President and CEO Clive Johnson commented in the news release, “The commencement of gold production at the Goose Mine marks an exciting step in B2Gold’s history . . . We look forward to many years of safe and successful production at the Goose Mine, as well as further unlocking the value of the entire Back River Gold District.”

B2Gold plans to ramp up throughput to full design capacity in the coming months, targeting commercial production in the third quarter of 2025. The company estimates gold production of 120,000 to 150,000 ounces in 2025 and an average of 300,000 ounces annually from 2026 through 2031, based on current Mineral Reserves. Gold recovery at the mine is estimated at 92.5%, with an average reserve grade of 6.82 grams per tonne.

The Goose Mine is a key part of B2Gold’s expansion in the Canadian Arctic. With a processing design throughput of 1.5 million tonnes per annum (4,000 tonnes per day), the mine is positioned among the highest-grade undeveloped gold projects globally. Its development follows the company’s 2023 acquisition of Sabina Gold & Silver Corp., which held full ownership of the Back River District.

B2Gold’s collaboration with the Kitikmeot Inuit Association (KIA) remains central to operations. The company stated it will prioritize “operating the Goose Mine in a manner that recognizes Inuit priorities, addresses concerns, and brings long-term socio-economic benefits to the Kitikmeot Region.”

In 2025, B2Gold allocated US$32 million toward exploration at the Back River Gold District, with US$21 million directed at the Goose Project itself. As of the latest mineral reserve update, the Goose Project contains 2.48 million ounces of gold in probable reserves across open-pit, underground, and stockpile sources.

Gold Sector Outlook Shaped by Global Demand, Reserve Trends, and Geopolitical Forces

The gold sector has seen heightened prices and renewed investor interest in 2025, driven by its role as both a strategic reserve asset and a hedge against geopolitical uncertainty.

On June 27, Catherine Brock of Yahoo! Personal Finance reported that gold futures opened at US$3,341.30 per ounce, up 45.5% year-over-year from US$2,296.80 on the same date in 2024. While prices saw a minor weekly pullback, they remained near record highs. Brock noted that gold’s continued strength reflects persistent macroeconomic instability, adding that “gold, silver, and platinum are all up more than 22% so far in 2025.” She also observed that even when equity markets perform well, demand for physical precious metals has remained solid, particularly among retail buyers of gold bars and coins.

Ron Struthers wrote, “B2Gold remains my favorite gold stock to buy.”

Further commentary in early July underscored the sector’s resilience amid global debt concerns, shifting monetary policy, and changing investor behavior.

On July 1, Stewart Thomson of Galactic Updates called gold “supreme money” and warned that ballooning U.S. debt could act as a driver for further gains. He highlighted a technical “ascending triangle pattern” with a potential breakout target of US$3,800 per ounce, and noted that stochastics indicators were “poised to flash a thunderous buy signal.” Thomson emphasized growing interest in gold across China and India, adding that as investors in those regions increase exposure to mining stocks, “Western gold bugs will celebrate.” He also warned that the U.S. dollar’s purchasing power is eroding and projected a prolonged gold bull cycle led by Eastern demand.

On July 2, Pretiorates offered additional analysis focused on gold and silver market behavior, particularly ETF flows and investor psychology. They reported that gold has been consolidating since April but viewed its price stability as a sign of “inner strength.” Contrary to common assumptions, the report revealed that Chinese institutional investors have recently been “net sellers,” suggesting that current demand is being supported instead by renewed interest in Western markets. Notably, they cited rising ETF holdings in the West and a rare signal from their Smart Investors Action Indicator showing “exaggeration” in selling alongside “strong action” — a pattern that has historically preceded price increases. For silver, Pretiorates noted continued ETF interest and steady pricing in the face of selling pressure, reinforcing a broader narrative of market resilience. They concluded, “It is not the Chinese who are keeping the Gold price up, but increasingly Western private investors.”

Analyst Sentiment Signals Momentum for B2Gold

B2Gold’s recent operational milestone at the Goose Mine has drawn attention from analysts and market watchers. On July 2, Chen Lin of What’s Chen Buying? What’s Chen Selling? noted that the company had announced the gold pour and reaffirmed its full-year production guidance. “Its shares are doing well,” he added, referencing the market’s favorable reaction to the news.

Independent market observer Ron Struthers of Ron’s Substack highlighted B2Gold as a standout performer in a June 4 post titled Gold Stocks Break Out Again. Struthers wrote, “B2Gold remains my favorite gold stock to buy,” citing strong upcoming production growth and the recent launch of the Goose Mine. He pointed to B2Gold’s valuation relative to its 2020 high of CA$9.60 and described recent trading activity on the U.S. side (BTG) as showing a “big surge in volume this year.”

On July 3, MarketBeat reported a wave of recent analyst upgrades. National Bankshares reiterated an “Outperform” rating on June 24. Scotiabank upgraded the stock to a “Strong-Buy” on April 14, while Cormark shifted to a “Moderate Buy” on April 22. Other notable moves included Wall Street Zen upgrading B2Gold to a “Buy” on May 8 and CIBC raising its target price from US$3.30 to US$3.60 on March 20. According to MarketBeat, B2Gold currently holds a consensus rating of “Hold” based on a mix of one sell, four hold, three buy, and one strong buy ratings, with an average price target of US$4.21.

Unlocking Northern Potential: Growth Ahead for Goose

Looking forward, B2Gold’s Goose Project is positioned as a cornerstone of its long-term growth strategy. According to its June 2025 corporate presentation, the company projects annual gold production of approximately 300,000 ounces between 2026 and 2031, making Goose one of the largest contributors to B2Gold’s total output. These figures are based on an initial reserve life of nine years and only four fully permitted deposits: Echo, Umwelt, Llama, and Goose.

Optimization studies are underway to enhance operational efficiency and unlock further value. These include evaluating a flotation/concentrate leach process to improve gold recovery and reduce processing costs, as well as the potential installation of a semi-autogenous grinding (SAG) mill to expand mill throughput up to 6,000 tonnes per day. Importantly, the project already holds the permits required for such an expansion.

The Back River Gold District also offers substantial exploration upside. In 2024, 26,209 meters of drilling across 69 holes yielded strong results, including intercepts of 17.45 grams per tonne gold over 10.96 meters at the Mammoth Target. An US$11 million budget is set for regional exploration in 2025, targeting zones such as George and Boulder, located up to 50 kilometers from the Goose Mine. [OWNERSHIP_CHART-819]

Additionally, B2Gold is pursuing clean energy integration through the proposed Back River Energy Centre. The facility, comprising 13 wind turbines, solar panels, and a battery system, could offset up to 50% of the project’s emissions while reducing fuel needs and environmental impact in Nunavut’s sensitive Arctic ecosystem.

Taken together, B2Gold’s successful gold pour at Goose, coupled with its infrastructure, exploration budget, and long-term optimization studies, positions the Back River Gold District as a potentially transformative asset within the company’s global portfolio.

Ownership and Share Structure

According to Refinitiv, about 1% of is owned by insiders and management, about 61% by institutions, and about 38% by retail.

Top shareholders include Van Eck Associates Corp. with 12.06%, Fidelity Management & Research Co. with 4.5%, The Vanguard Group Inc. with 4%, Pale Fire Capital SE with 3.98%, and Two Sigma Investments LP with 2.73%.

Its market cap is CA$6.19 billion with 1.32 billion shares outstanding. It trades in a 52-week range of CA$3.16 and CA$4.84.

Sign up for our FREE newsletter at: www.streetwisereports.com/get-news

Important Disclosures:

1) James Guttman wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an employee.

2) This article does not constitute investment advice and is not a solicitation for any investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Each reader is encouraged to consult with his or her personal financial adviser and perform their own comprehensive investment research. By opening this page, each reader accepts and agrees to Streetwise Reports’ terms of use and full legal disclaimer. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company.

For additional disclosures, please click here.

( Companies Mentioned: BTG:NYSE; BTO:TSX; B2G:NSX, )