B2Gold (BTO.TO) maintained its stock ratings and price targets at RBC Capital Markets and National Bank of Canada, according to notes published Friday.

RBC said the miner kept its Sector Perform rating and US$3.50 price target as the company released the results of the updated mine life plan for the Goose project in Canada, as well as updated reserves and resources.

RBC said "most significantly" upfront capex and timing for the project (40% of NAV) was unchanged, with first gold still expected in the second quarter.

The company's 2025 production guidance remained at 120,000-150,000 ounces, and annual average production was maintained at 300,000 ounces per year.

"We see potential however, for a negative market reaction to the headline decline in reserves and mine life, as well as the higher average costs vs. our model and the 2021 feasibility study, despite potential longer term mitigation," RBC said.

RBC said it is confident the downgraded resources have strong potential to return to the mine plan with further drilling ("which would also reduce updated average costs"), and the study to expand throughput by 50% could be a "significant incremental positive" for the project (late 25/early 26), increasing annual production and further reducing average costs..

"Until then however, execution on this more conservative plan is key, especially over the next 12-18 months, with normal course ramp up risk informing our Sector Perform rating until there is more visibility into growing free cash flow in the second half of 2026, despite the attractive valuation vs. peers," RBC said.

Meanwhile, B2Gold kept its Outperform rating and C$5.75 price target, which was based on 4.5x EV/EBITDA NTM.

The bank said its thesis for B2Gold considers the company's next leg of growth through the Goose ramp-up, regional production of Fekola and potential development of Gramalote.

National Bank also cited B2Gold's NAV-accretive exploration opportunities, strong balance sheet and peer-leading dividend yield.

B2Gold's share price was down more than 10% at last look on the TSX.