B2Gold secured a key permit for its Fekola Regional gold expansion project in Mali, the company announced Friday. This approval came a day after the miner lowered its 2026 production outlook.
The Menankoto exploitation permit, along with an exploration permit, allows B2Gold to begin regional mining work. The Fekola complex is Mali’s largest gold mine. CEO Mike Cinnamond stated the permit ensures the operation’s future into the late 2030s.
B2Gold narrowed its 2026 production forecast to between 820,000 and 920,000 ounces, down from a previous range of 820,000 to 970,000 ounces. The company largely attributed the reduction to delays in receiving the Menankoto permit. B2Gold also lowered its full-year all-in sustaining cost forecast to $2,370 to $2,550 per ounce sold. A fire-damaged crushing circuit at its Goose mine also presents an operational challenge.
Shares of B2Gold rose 22% to C$7 apiece in Toronto trading Friday. This pushed the company’s market capitalization to C$9.4 billion, or $6.7 billion. B2Gold will own 65% of the Fekola Regional project, with Mali holding 35%. The company produced 203,648 ounces of gold in the second quarter.