Valuation ...Re B2Gold's valuation, Taylor Dart points out that the current setup is a massive departure from where the stock traded at its 2020 peak at a market cap of ~$7.9 billion where it traded above 13x FY2020 free cash flow vs. ~5.5x FY2025 estimates today. And while I don't think relying on a peak free cash flow multiple makes sense to derive a fair value for a stock, I think this is a business that can easily justify a free cash flow multiple of 10.0 - 11.0, especially given that it will be a larger scale and much lower-risk producer with costs well below the industry average in 2025 with ~25% of production coming from a Tier-1 ranked jurisdiction in Canada. If we apply the lower end of this multiple (10.0) and assume $600 million in FY2025 free cash flow, BTG's fair value would come in at US$4.61. Meanwhile, using a 65/35 weighting to P/NAV vs. P/CF (7.0x P/CF and 1.0x P/NAV), its fair value comes in at US$4.50 - an 80% upside from current levels to its 18-month target price or a ~90% total return including dividends set to be paid.