13 Best Canadian Penny Stocks to Invest in Now

9. B2Gold Corp. (NYSE:BTG)

Closing Stock Price as of April 17^th: $3.32

Number of Hedge Fund Holders: 19

​B2Gold Corp. (NYSE:BTG) is a producer of gold with mining operations in Mali, Namibia, and the Philippines. The company is also developing a new hold project in Canada’s Back River Gold District, targeting initial production in mid-2025. BTG also has an interest in development and exploration projects in Colombia, Finland, and several other regions, making it a global player in the precious metals field.

B2Gold Corp. (NYSE:BTG) met its revised guidance for 2024, achieving the upper end of all-in sustaining costs and the lower end of production targets. The company faced some challenges in 2024, particularly at Fekola due to equipment issues and labor disruptions, but these were characterized as one-off events. A significant development was reaching an agreement with the Malian government in September 2024, which paved the way for both Fekola operations and regional project development.

Looking ahead to 2025, B2Gold Corp. (NYSE:BTG) has positioned itself for substantial growth through multiple initiatives, including increased production at Fekola with the potential for 180,000 ounces annually from regional mining. The Goose project is on track for its first gold pour in June 2025, expected to contribute over 300,000 ounces annually. Additionally, the company maintains strong financial flexibility with $337 million in cash and an $800 million revolving credit facility, supporting its growth initiatives and exploration programs. The potential Gramalote project could add another 235,000 ounces of annual production, subject to a positive feasibility study expected by mid-2025. The possible optionality arising from this project, as well as strong conviction from 19 hedge funds owning the stock, persuaded us to include BTG on our list of the best penny stocks.