Of the $1 billion plus market-cap gold miners, B2Gold ($BTG) remains the most undervalued as its price-to-revenue ratio remains near the bottom of its historical trading-range.

A re-rate higher to its mid-line alone would imply an approximate +50% gain in the share-price. On top of that, if the gold price itself also increases by +15% then the overall gain would be closer to +70% (i.e. 1.50 1.15 - 1).

Even more optimistically, if its were to reach the top or its historical price-to-revenue range (like its peer-group), that would translate to an overall gain closer to +130% (i.e. 2.0 1.15 - 1).

Catalyst include,

1) showing steady-state production at the new Goose Mine,

2) working off the pre-paid gold sale (end Jun '26),

3) working off the zero-cost collar hedge (end Jan '27)

Companies within its peer group in comparison are already priced near the top of their respective historical trading ranges. These include IAMGold ($IAG) at a 3x price-multiple to revenue and and Kinross Gold ($KGC) at a 4x price-multiple to revenue.