B2Gold: Is It Still Undervalued After Strong 12-Month Share Price Rally?

B2Gold's share price has risen 74% YTD and 85% over the past year, outperforming many gold peers. Despite some recent volatility, the company's momentum remains strong. The stock is currently undervalued, with a narrative fair value of $8.60 and a near 30% gap to analyst targets. However, risks such as political uncertainty in Mali and potential cost overruns or delays in ramping up Goose Mine could derail the upside.