A quick update on recent activity in our portfolio.
This week’s drawdown allowed me to add to my position in B2Gold Corp (BTO.TO)(BTG). I hold both US and Canadian listed stocks in my portfolio, and in this instant, since I had more US$ available, I added to my US listed entity. I added 500 shares of B2Gold Corp (BTG) @ US$2.55.
B2Gold released it quarterly result on Jul 31 and the market punished the stock. The stock price went down another 10% or so after the results were released and I decided to pick up more shares. B2 is still one of the strongest mid-tier companies out there, and the Fekola project coming online in fall is expected to start cash flowing soon. The project is expected to yield about 50,000-55,000 oz of gold and will be ramping up in 2018. In addition, the Fekola project will be a low cost project bringing down the overall sustaining costs for B2Gold.
In addition, B2 now has a credit facility of $500M, which gives them enough room to acquire some other players in the space as it competes for the mid-tier crown. All things considered, I think B2Gold is still a great company to own through this cycle and am confident that the management will steer the ship to a great result.
You can find the full news release here.
Full Disclosure: Long B2Gold (BTO.TO and BTG). Our full list of holdings is available here.