BTG vs PAAS: How B2Gold and Pan American Silver Compare (2026)
Short answer
BTG (B2Gold) and PAAS (Pan American Silver) are often compared because they share investment themes, but they are different businesses. B2Gold Corp (BTG) is a Vancouver-based intermediate gold producer. Pan American Silver Corp (PAAS) is a Vancouver-based precious-metals mining company and one of the largest primary silver producers in the world, with significant gold output alongside the silver. Neither is universally better: pick by which thesis you are expressing and what you already own. This is descriptive, not a recommendation.
What does B2Gold (BTG) do?
B2Gold Corp (BTG) is a Vancouver-based intermediate gold producer. Its established operations are the Fekola complex in Mali, the Masbate mine in the Philippines, and the Otjikoto mine in Namibia, and in 2025 it brought its Goose mine in Nunavut, Canada into production, reaching commercial production on October 2, 2025. The company makes money by mining and selling gold (with some silver byproduct), so its revenue and margins are driven by the volume of ounces produced and the prevailing gold price relative to its mining costs. In 2025 B2Gold produced roughly 980,000 ounces of gold and reported record annual revenue of over $3 billion.
What does Pan American Silver (PAAS) do?
Pan American Silver Corp (PAAS) is a Vancouver-based precious-metals mining company and one of the largest primary silver producers in the world, with significant gold output alongside the silver. It operates a portfolio of mines spread across the Americas, including Mexico, Peru, Bolivia, Argentina, Canada, Brazil, and Chile. The company makes money by mining and selling silver and gold (plus byproducts such as zinc, lead, and copper at some operations), so its revenue and margins are driven by how many ounces it produces relative to its mining costs and the prevailing silver and gold prices. In 2025 Pan American produced roughly 22.8 million ounces of silver and about 742,000 ounces of gold and reported record annual revenue of around $3.6 billion.
BTG vs PAAS: how do they differ?
Both fit overlapping themes, but they are not interchangeable. B2Gold is best understood through its own drivers, and Pan American Silver through its. The useful comparison is which set of drivers and risks you want exposure to.
- BTG drivers: Goose mine ramp; Gold-price leverage.
- PAAS drivers: Silver-price leverage; MAG Silver and Juanicipio.
BTG vs PAAS: how they make money and what they cost
BTG. B2Gold's financials are commodity-driven: revenue, earnings, and valuation are dominated by the gold price and by how many ounces it produces relative to its costs. Record 2025 revenue and strong Q1 2026 cash flow reflected high gold prices, while 2026 guidance of lower production and elevated all-in sustaining costs reflects the transitional Goose ramp. Gold-producer multiples often look low in strong-price years because investors discount the cyclicality of commodity earnings.
PAAS. Pan American's financials are commodity-driven: revenue, earnings, and valuation are dominated by silver and gold prices and by how many ounces it produces relative to its costs. Because it is a primary silver producer with byproduct gold and base metals, it offers operating leverage to the silver price in particular, so earnings can rise or fall faster than the metal itself. Precious-metals producer multiples often look elevated or depressed at different points in the cycle, so reading PAAS means weighing production growth, all-in sustaining costs, and the metal-price environment together rather than a single multiple.
Headline figures (approximate, FY2025 results (reported Feb 2026) and Q1 2026 results): BTG shows revenue (2025 full year) ~$3.0 billion (record annual revenue, over $3 billion), gold production (2025) ~980,000 ounces (Fekola, Masbate, Otjikoto ~926,000 plus Goose ~53,000), 2026 production guidance ~820,000 to 970,000 ounces, with Goose guided near ~250,000 ounces; PAAS shows silver production (2025) ~22.8 million ounces attributable, exceeding annual guidance, gold production (2025) ~742,000 ounces attributable, within guidance, revenue (2025 full year) ~$3.6 billion (record), with net earnings around $980 million. A cheaper-looking multiple is not automatically the better buy: a richer valuation can be justified by faster growth, and a lower one can reflect real risk. Weigh the multiple against how fast each business is actually compounding.
Which fits which kind of investor
Both share a theme, but they suit different temperaments. B2Gold's case leans on goose mine ramp, and Pan American Silver's on silver-price leverage. A faster-growing, richer-valued name usually swings harder, so it suits a longer horizon and a higher tolerance for volatility; a steadier, more cash-generative business suits a more conservative or income-minded investor. The honest test is which set of risks you could hold through a drawdown: B2Gold's results are highly cyclical and move with the gold price, which is volatile and outside the company's control, so margins and the share price can swing sharply. For PAAS, pan American's results are highly cyclical and move with silver and gold prices, which are volatile and outside the company's control, so margins and the share price can swing sharply.
BTG or PAAS: which should you pick?
The bottom line: BTG vs PAAS
BTG and PAAS are related but distinct: same themes, different businesses and risks. Neither wins in the abstract; the right pick is whichever thesis you actually believe, sized so you are not over-concentrated in one theme. Walnut can show your combined BTG and PAAS exposure against your real portfolio. It is not an investment adviser.
Build a basket around BTG with Walnut
Use B2Gold as one constituent in a thematic basket Walnut's AI helps you assemble. Describe a thesis you believe in, the AI proposes the holdings and weights, and you approve before any broker order.
FAQ
What is the difference between BTG and PAAS?
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B2Gold Corp (BTG) is a Vancouver-based intermediate gold producer. Pan American Silver Corp (PAAS) is a Vancouver-based precious-metals mining company and one of the largest primary silver producers in the world, with significant gold output alongside the silver. They show up together because they share investment themes, but they are different businesses, so the better fit depends on which thesis you are expressing.
Is BTG or PAAS the better stock?
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Walnut is informational, not investment advice. Neither is universally better; BTG and PAAS suit different views and risk levels. Compare what each does, how they make money, and the risks, then decide which fits your thesis and what you already own.
Should you own both BTG and PAAS?
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Because they share themes, owning both concentrates you in that theme. That can be intentional (a focused bet) or accidental (less diversification than it looks). Walnut can show your combined exposure across both before you add the second.
What are the risks of BTG vs PAAS?
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BTG: B2Gold's results are highly cyclical and move with the gold price, which is volatile and outside the company's control, so margins and the share price can swing sharply. Jurisdictional and political risk is significant: its flagship Fekola complex sits in Mali, where a tax and mining-code dispute was settled in 2024 but resource-nationalism risk across host countries persists. Operational and cost risk is real, as shown by the Goose crushing-circuit fire trimming near-term output and by all-in sustaining costs running near $1,964 per ounce in Q1 2026. A weaker 2026 production and cost profile during the Goose ramp adds execution risk before expected normalization. PAAS: Pan American's results are highly cyclical and move with silver and gold prices, which are volatile and outside the company's control, so margins and the share price can swing sharply. Jurisdictional and political risk is significant because its mines are concentrated across Latin America (Mexico, Peru, Bolivia, Argentina, and more), where tax, permitting, community-relations, and resource-nationalism risks recur. The Escobal mine in Guatemala remains suspended since 2017 with the Xinka Parliament having denied consent in 2025 and no restart timeline, capping a large silver asset. Cost inflation and rising all-in sustaining costs can erode margins, and integrating large acquisitions such as MAG Silver and Yamana carries execution risk.
Walnut is informational, not investment advice. This page is descriptive and not a recommendation to buy or sell BTG or PAAS; figures are approximate and dated. Verify current data before investing.