7 Best Rising Penny Stocks To Invest In Now

5. B2Gold Corp. (NYSE:BTG)

1-Month Stock Price Performance: 13.07%

Number of Hedge Fund Holders: 22

B2Gold Corp. (NYSE:BTG) is a Canadian mining company that specializes in the exploration and production of gold. The company has positioned itself as a leading low-cost gold producer, boasting substantial operations in several countries, including Mali, Namibia, and the Philippines.

In 2023, it expanded its portfolio by acquiring the Goose Project in Nunavut, Canada, and re-established its 100% ownership of the Gramalote Project in Colombia. Construction at the Goose Project is on track, with the first gold expected by mid-2025.

On September 12, B2Gold (NYSE:BTG) provided an update on its Goose Project and confirmed that construction is on track for initial gold production in the second quarter of 2025, with a ramp-up to full production expected by the third quarter of the same year. The company expects an annual output of about 310,000 ounces of gold during the first five years of operation.

The company has also recently reached an agreement with the State of Mali regarding the Fekola Complex, which includes the Fekola Mine and the nearby Fekola Regional area, located about 20 kilometers away. The State will quickly provide the necessary permits for Fekola Regional and approve the underground project at Fekola.

The goal of developing Fekola Regional is to boost production and extend the mine’s life. It could provide higher-quality saprolite material and could lead to an extra 80,000 to 100,000 ounces of gold each year. The haul road and required mining facilities are already finished, which will allow mining to start once the permits are issued, with initial gold production expected in early 2025.

Moreover, B2Gold (NYSE:BTG) has set aside $10 million for its 2024 exploration program, which will involve 20,000 meters of drilling to find more high-grade mineral deposits and further extend the mine’s life.

According to Insider Monkey’s database, the company’s shares were held by 22 hedge funds with positions worth $132.613 million in Q2. This makes the company take its place on our list of 7 best rising penny stocks.