Canadian Gold Producer Sells $325M Stake in Finland, Begins Partnership

1. As of the date of this article, officers, contractors, shareholders, and/or employees of Streetwise Reports LLC (including members of their household) own securities of B2Gold Corp. and Agnico Eagle Mines Ltd.
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1. Ownership and Share Structure Information

The information listed above was updated on the date this article was published and was compiled from information from the company and various other data providers.

On April 20, 2026, B2Gold Corp. (BTG:NYSE; BTO:TSX; B2G:NSX) announced the sale of its 70% interest in Fingold Ventures Ltd. to Agnico Eagle Mines Ltd. (AEM:TSX;  AEM:NYSE) for US$325 million. The two companies have agreed to collaborate on respective mining operations in Nunavut, Canada (aka the Nunavut Collaboration Agreement).

Fingold Ventures is co-owned by Aurion Resources Ltd. (AU:TSX.V), and the company holds multiple claims adjacent to the Rupert Resources Ltd. (RUP:TSX;  RUPRF:OTCQX) Ikkari Project in Northern Finland. Aurion Resources waived its right of first refusal over the sale of B2Gold's interest.

The transaction is expected to be complete at some point in April 2026.

The collaboration agreement between B2Gold and Agnico Eagle focuses on knowledge sharing and cooperation across their respective operations in Nunavut. The companies hope to leverage combined experience and expertise to more effectively operate in northern Arctic environments. Key areas of collaboration will include logistics and procurement, operational planning, exploration planning, human resources, health and safety, and environmental management.

A Canadian mining company, B2Gold Corp., is an active producer with operating mines in Canada, Mali, Namibia, and the Philippines. The company has projects in development across the globe.

Gold Enters Fundamental Market

Jim Wyckoff wrote for Kitco on April 22, 2026, "Gold and silver prices are higher near midday Wednesday but off their daily highs. Buying interest in the precious metals is supported by firmer crude oil prices. U.S. Treasury yields have also down-ticked a bit at mid-week. Perceived bargain hunting after Tuesday's losses is also featured in both precious metals markets. June gold was last up US$35.10 at US$4,753.30." Wyckoff then gave the current market a slightly above mid-tier rating.

Tensions in the Middle East have been flaring back and forth for weeks now, leading to a bit of whiplash in the metals markets. Despite some wavering, gold has maintained its appeal as a safe-haven asset. On April 22, Ernest Hoffman also weighed in for Kitco, noting that Swiss gold exports rose 30% in March. Hoffman quoted Nina-Alessa Michel, policy advisor for regulation and economics at the Swiss Bankers Association, as saying, "Against a backdrop of geopolitical and economic tensions and rising government debt, demand for safe investments is increasing. Despite its role as a safe haven, however, gold has been proving rather more volatile than we might expect. Its price has recently undergone massive swings in various market phases, such as falling by 14% in the space of three days when Donald Trump nominated the next Chairman of the U.S. Federal Reserve, also placing assets like silver and Bitcoin under pressure."

Michel went on to argue that, "Movements like this clearly show that gold isn't always the safest of havens and can in fact react sensitively to geopolitical and monetary policy shifts. Geopolitical developments act as a strong catalyst for gold demand. Analyses have demonstrated that investors increasingly seek out safe havens while global capital markets are beset by fragmentation, conflicts, and changing balances of power."

Gold has done well after the market open on April 22, after President Trump announced an indefinite ceasefire between the U.S. and Iran after it was set to expire. After eight weeks of war, gold's volatility may be settling. A Bloomberg article by Yihui Xie, Jack Ryan, and Yvonne Yue Li on April 22 suggested that gold has moved from a speculative market to a more fundamental market, with the hope that this shift will keep its price steady.

Numerous Experts Weigh In

According to Factset:

• Brian Quast of BMO Capital Markets gave the company a 'Buy' rating on April 20, 2026, with a price target of CA$9.50.
• Lam Wayne of TD Cowen gave the company a 'Hold' rating on April 20, 2026, with a price target of CA$7.50.
• Richard Gray of ATB Cormark Capital Markets gave the company a 'Hold' rating on April 20, 2026, with a price target of CA$7.65.
• Anita Soni of CIBC Capital Markets gave the company a 'Hold' rating on April 17, 2026, with a price target of CA$10.25.
• Ingred Rico of Stifel Canada gave the company a 'Buy' rating on April 17, 2026, with a price target of CA$10.50.
• Carey MacRury of Canaccord Genuity gave the company a 'Buy' rating on April 17, 2026, with a price target of CA$11.50.
• Fahad Tariq of Jeffries gave the company a 'Buy' rating on April 17, 2026, of CA$9.57.
• Josh Wolfson of RBC Capital Markets gave the company a 'Hold' rating on April 17, 2026, with a price target of CA$8.88.
• Don DeMarco of National Bank Financial gave the company a 'Buy' rating on April 15, 2025, with a price target of CA$10.00.
• Judith Elliott of Raymond James gave the company an 'Overweight' rating on April 15, 2026, with a price target of CA$9.62.
• Jamie Spratt of Haywood Securities gave the company a 'Buy' rating on February 19, 2026, with a price target of CA$9.00.

Chen Lin of What is Chen Buying? What is Chen Selling? wrote about the sale on April 21, saying, "AEM took over RUP.to, AU.v as well as BTG's interests in the surrounding area. This is very good news for Finland and the juniors industry! In particular, it is very good news for BTG, my top gold producer. BTG received US$325 million and will use the proceeds for share buybacks, etc. I love this deal and am happy to keep BTG my number one position in gold producers."

International Drilling Campaigns Set

According to B2Gold's investor presentation, the company has allotted CA$73 million to exploration in 2026. The Back River Project in Nunavut, Canada, will undergo a 30,000-meter drilling campaign to test George, Boulder, Boot, Del, and Needle targets. A 16,000-meter drilling campaign is planned for the company's Fekola Complex in Mali to search for additional high-grade sulphide mineralization.

In Namibia, the company will launch an 18,000-meter drilling program to enhance and increase the resources at the Antelope deposit. The Masbate Property, in the Philippines, will undergo 3,400 meters of drilling at the Uson Project and other targets south of the main mine structure. Roughly CA$11 million will go to grassroots explorations in other countries.

Ownership & Share Structure¹

B2Gold Corp. has a market cap of CA$8.62 billion, with 1.33 billion shares outstanding. The company's 52-week range is CA$4.00-CA$8.60.

Institutions own 70.68% of shares, while Management & Insiders own 0.79%. The remaining 28.53% of shares are held by Retail.