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B2Gold (BTG) Inks Deal to Buy 9.99% Stake in Prospector Metals
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B2Gold Corp (BTG - Free Report) has entered into a deal with Prospector Metals Corp. to acquire approximately 5.6 million of its shares. This represents a 9.99% stake at C$0.163 each (12 cents). This strategic acquisition will help BTG boost its portfolio.
Prospector Metals focuses on district-scale, early-stage exploration of gold and base metal opportunities. The deal will provide Prospector Metals with the funds it needs to progress its ML Project in Yukon, Canada.
Under the deal, an investor rights agreement has also been established, forming a technical committee. The committee will include one B2Gold nominee to oversee the ML Project's exploration and development. BTG received subscription rights to purchase additional common shares up to a maximum of 19.9% of Prospector Metal's issued and existing shares.
BTG completed the acquisition of Oklo Resources Limited in September 2022. The buyout provides B2Gold with an additional landholding of 1,405 square kilometers covering highly prospective greenstone belts in Mali, West Africa, including the Dandoko Project, which now forms part of the Fekola Complex.
In April 2023, the company acquired Sabina Gold & Silver Corp. Per the deal, B2Gold will have its first mining assets in Canada and receive full ownership of Sabina’s Back River Gold District, including five mineral claims spanning 80 km.
The company reported adjusted earnings per share of 6 cents for first-quarter 2024, beating the Zacks Consensus Estimate of 5 cents. The bottom line fell 10% year over year. B2Gold generated revenues of $461 million in first-quarter 2024 compared with the prior-year quarter’s $474 million.
Price Performance
In the past year, B2Gold’s shares have lost 24% against the industry’s growth of 13.6%.
The Zacks Consensus Estimate for Ero Copper’s 2024 earnings is pegged at $1.66 per share. The consensus estimate for 2024 earnings has moved 20.3% north in the past 60 days. It has an average trailing four-quarter earnings surprise of 53.9%. ERO shares have gained 9.5% in a year.
The Zacks Consensus Estimate for Ecolab’s 2024 earnings is pegged at $6.59 per share, indicating an increase of 26.5% from the prior year’s reported number. It has an average trailing four-quarter earnings surprise of 1.3%. ECL shares have gained 34.5% in a year.
The Zacks Consensus Estimate for ATI’s 2024 earnings is pegged at $2.41 per share. The Zacks Consensus Estimate for ATI’s current-year earnings has been revised 3% north in the past 60 days. It has an average trailing four-quarter earnings surprise of 8.3%. The company’s shares have rallied 65.9% in the past year.
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B2Gold (BTG) Inks Deal to Buy 9.99% Stake in Prospector Metals
B2Gold Corp (BTG - Free Report) has entered into a deal with Prospector Metals Corp. to acquire approximately 5.6 million of its shares. This represents a 9.99% stake at C$0.163 each (12 cents). This strategic acquisition will help BTG boost its portfolio.
Prospector Metals focuses on district-scale, early-stage exploration of gold and base metal opportunities. The deal will provide Prospector Metals with the funds it needs to progress its ML Project in Yukon, Canada.
Under the deal, an investor rights agreement has also been established, forming a technical committee. The committee will include one B2Gold nominee to oversee the ML Project's exploration and development. BTG received subscription rights to purchase additional common shares up to a maximum of 19.9% of Prospector Metal's issued and existing shares.
BTG completed the acquisition of Oklo Resources Limited in September 2022. The buyout provides B2Gold with an additional landholding of 1,405 square kilometers covering highly prospective greenstone belts in Mali, West Africa, including the Dandoko Project, which now forms part of the Fekola Complex.
In April 2023, the company acquired Sabina Gold & Silver Corp. Per the deal, B2Gold will have its first mining assets in Canada and receive full ownership of Sabina’s Back River Gold District, including five mineral claims spanning 80 km.
The company reported adjusted earnings per share of 6 cents for first-quarter 2024, beating the Zacks Consensus Estimate of 5 cents. The bottom line fell 10% year over year. B2Gold generated revenues of $461 million in first-quarter 2024 compared with the prior-year quarter’s $474 million.
Price Performance
In the past year, B2Gold’s shares have lost 24% against the industry’s growth of 13.6%.
Image Source: Zacks Investment Research
Zacks Rank & Stocks to Consider
B2Gold currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks from the basic materials space are Ero Copper Corp. (ERO - Free Report) , Ecolab Inc. (ECL - Free Report) and ATI Inc. (ATI - Free Report) . ERO sports a Zacks Rank #1 (Strong Buy) at present, and ECL and ATI have a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for Ero Copper’s 2024 earnings is pegged at $1.66 per share. The consensus estimate for 2024 earnings has moved 20.3% north in the past 60 days. It has an average trailing four-quarter earnings surprise of 53.9%. ERO shares have gained 9.5% in a year.
The Zacks Consensus Estimate for Ecolab’s 2024 earnings is pegged at $6.59 per share, indicating an increase of 26.5% from the prior year’s reported number. It has an average trailing four-quarter earnings surprise of 1.3%. ECL shares have gained 34.5% in a year.
The Zacks Consensus Estimate for ATI’s 2024 earnings is pegged at $2.41 per share. The Zacks Consensus Estimate for ATI’s current-year earnings has been revised 3% north in the past 60 days. It has an average trailing four-quarter earnings surprise of 8.3%. The company’s shares have rallied 65.9% in the past year.