B2Gold shares surged Friday after the company secured a critical exploitation permit from the government of Mali for its Menankoto deposit, clearing a major regulatory hurdle for its flagship mining complex.

Shares traded 21% higher at 6.93 Canadian dollars.

The approval of the exploitation permit follows months of dialogue between the Vancouver, British Columbia-based miner and the State of Mali. The Menankoto permit, together with the Dandoko deposit forms the Fekola Regional, part of the flagship Fekola complex, which in total is expected to produce between 410,000 and 460,000 ounces of gold in 2026.

Fekola Regional is expected to ramp up operations through the end of 2027, and produce over 150,000 ounces per year from 2028 through the middle of the next decade.

The Fekola Regional will be owned 65% by B2Gold and 35% by the State of Mali, the company said.