BTG Goose Mine's Q2 Output Hit by Fire: Are 2026 Targets on Track?

B2Gold Corp.'s BTG Goose Mine bore the impacts of a fire that occurred in certain areas of the crushing circuit during the second quarter. As a result, B2Gold narrowed the mine’s production guidance to 170,000-200,000 ounces for 2026 from the prior stated 170,000-230,000 ounces.

The Goose Mine in Nunavut, Canada, is part of the Back River Gold District. The mine is B2Gold’s fourth producing mine in the current operating portfolio, as well as its first Canadian operating asset. The mine achieved commercial production in early October 2025, but the April 2026 crushing-circuit fire disrupted its 2026 ramp-up.

As a result, gold production from the Goose mine was lower than anticipated at 12,890 ounces. The fire was contained to limit the damage and repairs to the crushing circuit remain on schedule to be finished by the third quarter.

Along with the ongoing repairs, the company is proceeding with phase one of the planned Goose crushing circuit upgrades. B2Gold expects a continued ramp-up in mill throughput through the rest of 2026 and into 2027.

The scheduled completion of Phase two of the planned Goose crushing circuit upgrades by the first half of 2027 will help the Goose Mine achieve an average daily capacity of 4,000 tons. B2Gold reaffirms its confidence that the Goose mine will be able to produce an average gold production of 300,000 per year over the medium term. 

This production will significantly aid B2Gold's total gold production. It is expected to generate substantial cash flows, which will support ongoing exploration, dividend distributions and potential studies for expanding the mine's capacity.

Other Miners With Operations in Canada

Agnico Eagle Mines Limited’s AEM LaRonde mine in Quebec is one of Canada’s largest operating gold mines by gold reserves and has provided the company’s foundation for domestic and international expansion. Agnico Eagle Mines generated revenues of $3.8 billion in the second quarter of 2026, up 35% year over year. 

Agnico Eagle Mines’ payable gold production was 855,816 ounces in the reported quarter, down 1.2% from 866,029 ounces in the prior-year quarter. For 2026, Agnico Eagle expects gold production near the lower end of its guidance of 3.3-3.5 million ounces.

Newmont Corporation’s NEM North America segment has operations in Mexico, Canada, and the United States’ Colorado and Nevada. Newmont has recently received key regulatory approvals from the Province of British Columbia for its Red Chris Block Cave Project, reaching a milestone in the planned transformation of the Red Chris Mine from an open-pit operation to a large-scale underground block-cave mine. The newly approved block-cave development will enable access to deeper ore bodies that cannot be economically mined through surface operations. The transition is expected to extend the mine's life into the mid-2040s. The mine expansion could boost Canada's annual copper production by roughly 15%.

Newmont’s revenues for the second quarter were $6.12 billion, up 15.1% from the prior-year quarter. Newmont reported 13% year-over-year and 1% sequential declines in attributable gold production to 1.29 million ounces. Newmont remains on track to achieve its previously announced 2026 guidance. The company expects attributable gold production of 5.26 million ounces.

BTG’s Price Performance, Valuations & Estimates

B2Gold’s stock has gained 36.4% in a year compared with the Zacks Mining – Gold industry’s 50.1% growth. During this time, the Basic Materials sector has risen 33.3% and the S&P 500 has returned 20.7%. 

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BTG is currently trading at a forward 12-month earnings multiple of 6.91X, at a discount to the industry average of 13.23X. 

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The Zacks Consensus Estimate for B2Gold’s 2026 sales is $3.57 billion, indicating 16.7% year-over-year growth. The consensus mark for the year’s earnings is 49 cents per share, indicating year-over-year growth of 6.5%. 

The Zacks Consensus Estimate for 2027 sales implies 25.9% year-over-year growth. The same for earnings indicates year-over-year growth of 89.1%.

EPS estimates for 2025 and 2026 have been trending south over the past 60 days, as seen in the chart below.

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BTG currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here. 

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