B2Gold ( BTO)

BTO remains our top small cap pick in the gold sector – despite the fact we sold out our position at $ 3.25

Canaccord has an update – bull case – for the stock:

B2Gold* (BTO : TSX : $2.29), Net Change: 0.15, % Change: 7.01%, Volume: 8,240,020
Nice moves. Shares of B2Gold moved strongly higher Tuesday, as did the price of gold. Recently, Canaccord
Analyst Rahul Paul reiterated his bullish rating on BTO, noting that Q3/13 marked a very strong quarter highlighted by better than budgeted performance at all assets.

Following the completion of several capital initiatives such as the development of Jabali/Santa Maria and completion of expansions at both Libertad and Limon, Paul expects further quarterly production
increases going forward. With the expected commencement of production at Otjikoto in late 2014, Paul expects further production growth and a decline in costs leading to possible re-rating over the next few years

He sees further exploration/expansion upside potential from Otjikoto and Masbate and potential upside from the advancement of other projects in the company’s pipeline. In the near-term, Paul expects potentially strong Q4/13 operating results and an expected positive initial resource on Wolfshag (late 2013E /early 2014E) to serve as the key potential catalysts for the stock.


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