Materials

B2Gold Corp. (BTG) options and signal

Figures as of 28 Sep 2026

BTG is B2Gold Corp., a Materials name the model ranks every trading day. The options figures are from the close on 28 Sep 2026. The model's figures are from 25 Sep 2026, one trading day behind the latest, as the Free plan shows them. Every model figure is paper trading.

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At a glance

Figure	Value	Date
IV rank	10 of 100	28 Sep
At the money IV	53.0%	28 Sep
Priced move to 30 Oct	15.4% down, 16.0% up	28 Sep
Call wall and put wall	5.5 and 5	28 Sep
Signal and the desk's view	No signal, view bullish	25 Sep
Last close	5.28	28 Sep
Next report	4 Nov 2026	28 Sep

Options Snapshot

BTG's IV rank is 10 of 100 on 28 Sep 2026.

Figure	Value
IV rank	10 of 100
At the money IV	53.0%, near month, 32 days
Put/call ratio, open interest	0.17
Call open interest, strikes captured near the price	299,000 contracts
Put open interest, strikes captured near the price	50,200 contracts
Cost to trade at the money	Fair, 37.6% of the option's mid price

IV rank is where the at the money IV sits among BTG's own weekly readings, 0 the lowest and 100 the highest.

From the option chain at the close on 28 Sep 2026. Current on every plan.

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Priced Range

On 28 Sep 2026, BTG options priced a move of 15.4 percent down and 16.0 percent up by 30 Oct 2026.

Expiry	Days	Down	Up	Range
2 Oct 2026	4	5.6%	5.6%	4.98 to 5.58
9 Oct 2026	11	10.9%	10.9%	4.71 to 5.85
16 Oct 2026	18	11.4%	12.3%	4.68 to 5.93
30 Oct 2026	32	15.4%	16.0%	4.47 to 6.12
6 Nov 2026	39	16.7%	19.5%	4.40 to 6.31
20 Nov 2026	53	19.3%	22.0%	4.26 to 6.44
16 Apr 2027	200	40.7%	41.1%	3.13 to 7.45

The range is one standard deviation either side of the close of 5.28, as the option prices imply it.

A priced move restates option prices at the close and says nothing certain about where the price goes.

From the option chain at the close on 28 Sep 2026. Current on every plan.

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Gamma Map

On 28 Sep 2026, BTG's call wall is the 5.5 strike and its put wall is the 5 strike.

Figure	Value
Call wall, most open call gamma	5.5
Put wall, most open put gamma	5
Net dollar gamma, calls minus puts	$1.84 million
Total dollar gamma, both sides	$2.5 million
Close	5.28

Dollar gamma is stated for a one percent move in the price.

Net is calls minus puts under the standard convention, not a record of who holds the contracts.

From the option chain at the close on 28 Sep 2026. Current on every plan.

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Volatility History

On 28 Sep 2026, BTG's at the money IV is 53.0 percent against 20 day realized volatility of 51.8 percent.

Figure	Value
At the money IV	53.0%
Realized volatility, 20 trading days	51.8%
Realized volatility, 60 trading days	61.4%
IV against its own weekly record	Low, in the bottom fifth
Weekly readings on record	496, from 26 Aug 2016
Weeks the price moved more than the one week priced move	14.7% of 231 weeks

Realized volatility is worked out from the daily closes the desk holds, not from the option chain.

From the option chain at the close on 28 Sep 2026. Current on every plan.

Open Volatility History in RingMaster The Volatility History guide

Volatility Weather

On 28 Sep 2026, BTG's at the money IV runs from 53.5 percent at 4 days to 55.6 percent at 200 days.

Days to expiry	At the money IV
4	53.5%
11	62.5%
18	53.6%
25	57.3%
32	53.0%
39	56.1%
53	54.7%
200	55.6%

Far expiries price more volatility than near ones, an upward sloping term structure.

From the option chain at the close on 28 Sep 2026. Current on every plan.

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Volatility Surface

On 28 Sep 2026, BTG's surface spans 9 expiries out to 200 days, with IV from 50.6 to 60.0 percent near the price.

Figure	Value
Expiries captured	9
Nearest expiry	2 Oct 2026, 4 days
Farthest expiry	16 Apr 2027, 200 days
Points within 10% of the price, 7 days out or more	15
Lowest IV among them	50.6%
Highest IV among them	60.0%

From the option chain at the close on 28 Sep 2026. Current on every plan.

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Expiry Ladder

On 28 Sep 2026, BTG has 9 captured expiries, from 2 Oct 2026 to 16 Apr 2027.

Expiry	Days	At the money IV	Call open interest	Put open interest
2 Oct 2026	4	53.5%	1,572	3,310
9 Oct 2026	11	62.5%	2,386	382
16 Oct 2026	18	53.6%	53,800	9,065
23 Oct 2026	25	57.3%	584	112
30 Oct 2026	32	53.0%	506	252
6 Nov 2026	39	56.1%	89	2
20 Nov 2026	53	54.7%	41,686	9,655
15 Jan 2027	109	53.9%	193,450	26,305
16 Apr 2027	200	55.6%	4,989	1,123

Open interest is summed over the strikes captured near the price on each expiry.

From the option chain at the close on 28 Sep 2026. Current on every plan.

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Strike Table

On 28 Sep 2026, BTG's largest open interest sits at the 5.5 strike, with 87,004 contracts across the captured expiries.

Strike	Call open interest	Put open interest	Total
5.5	83,255	3,749	87,004
5	65,408	11,829	77,237
7.5	40,460	319	40,779
4.5	23,101	16,172	39,273
4	21,189	9,068	30,257
6	20,186	1,672	21,858

From the option chain at the close on 28 Sep 2026. Current on every plan.

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Since Yesterday

From 25 Sep 2026 to 28 Sep 2026, BTG's at the money IV moved from 52.9 percent to 53.0 percent.

Figure	25 Sep	28 Sep	Change
At the money IV	52.9%	53.0%	+0.1 points
Open interest, strikes captured near the price	314,825	349,268	+34,443
Put/call ratio, open interest	0.19	0.17	-0.02

Open interest changes cannot identify buyers or sellers.

From the option chain at the close on 28 Sep 2026. Current on every plan.

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Changed Hands

On 28 Sep 2026, 9,523 BTG option contracts traded, 0.6 times its own recent average.

Figure	Value
Calls traded	9,018
Puts traded	505
Against its recent average	0.6 times
Busier than	13 of its last 18 trading days
Open interest, whole chain	378,799 contracts
Volume to open interest	0.03
Unusual volume flag	No

Traded volume and open interest are shown side by side and never combined. Open interest changes cannot identify buyers or sellers.

From the option chain at the close on 28 Sep 2026. Current on every plan.

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Positioning Replay

The replay holds 19 trading days of BTG's option positioning, from 1 Sep 2026 to 28 Sep 2026.

Date	Close	Net dollar gamma	Top call strike	Top put strike
1 Sep 2026	5.20	$868,108	5	5
21 Sep 2026	5.36	$1.04 million	5	5
28 Sep 2026	5.28	$1.84 million	5.5	5

Each frame restates one nightly capture. Net is calls minus puts, a convention, not who holds the contracts.

From the option chain at the close on 28 Sep 2026. Current on every plan.

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Read-out

On 25 Sep 2026 the desk's view of BTG was bullish, paper trading.

Figure	Value
Side	Bullish at 45 trading days, no signal
Level above the close	5.64, the swing high of 22 Sep 2026
Level below the close	5.16, the swing low of 24 Sep 2026, a close past it runs against the view
The chart	Sits with the view
Strategy family	Bull call spread (buy a call spread)
Price target	None. The desk has no price model.

The levels are prices the shares turned at on the chart, with the date of each.

Paper trading. The model's figures from 25 Sep 2026, one trading day behind, as the Free plan shows them.

Open Read-out in RingMaster The Read-out guide

Rank by Timeframe

On 25 Sep 2026 BTG sat at the 78th percentile of the model's 45 trading day ranking, paper trading.

Timeframe	Percentile	Side
10 trading days	60 of 100	Neutral
20 trading days	84 of 100	Bullish
45 trading days	78 of 100	Neutral

100 is the top of the ranking. A name in the middle three fifths is neutral.

Paper trading. The model's figures from 25 Sep 2026, one trading day behind, as the Free plan shows them.

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Timeframe Agreement

On 25 Sep 2026, 1 of 3 timeframes put BTG on the bullish side, paper trading.

Group	Timeframes	Side	On that side
Near	10 day, 20 day	Bullish	1 of 2
Long	45 day	Neutral	0 of 1

Paper trading. The model's figures from 25 Sep 2026, one trading day behind, as the Free plan shows them.

Open Timeframe Agreement in RingMaster The Timeframe Agreement guide

Signal History

On 25 Sep 2026 BTG had carried no signal for at least 18 trading days, paper trading.

Trading day	Signal	45 day percentile
25 Sep 2026	None	78 of 100
24 Sep 2026	None	67 of 100
23 Sep 2026	None	80 of 100
22 Sep 2026	None	88 of 100
21 Sep 2026	None	57 of 100
18 Sep 2026	None	46 of 100
17 Sep 2026	None	52 of 100
16 Sep 2026	None	82 of 100

Paper trading. The model's figures from 25 Sep 2026, one trading day behind, as the Free plan shows them.

Open Signal History in RingMaster The Signal History guide

Sector Split

On 25 Sep 2026, 35 of 62 Materials names were bullish and 11 were bearish, paper trading.

Sector	Names	Bullish	Bearish	Neutral
Materials	62	35	11	16

Paper trading. The model's figures from 25 Sep 2026, one trading day behind, as the Free plan shows them.

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Price Chart

BTG closed at 5.28 on 28 Sep 2026.

Figure	Value
Last close	5.28
Change over 5 trading days	-1.5%
Change over 21 trading days	-9.4%
Change over 63 trading days	+39.3%
Change over 252 trading days	+8.9%
52 week high	6.29
52 week low	3.57
20 day moving average	5.40
50 day moving average	4.96
200 day moving average	4.77
RSI, 14 days	50

Worked out from the desk's own daily bars, adjusted for share splits.

From the daily bars through 28 Sep 2026. Current on every plan.

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Earnings Radar

BTG reports next on 4 Nov 2026, a date confirmed by the company.

Figure	Value
Next report	4 Nov 2026, after the close
Date	Confirmed by the company
Move after the report of 6 Aug 2026	+23.0%
Move after the report of 7 May 2026	+10.5%
Move after the report of 18 Feb 2026	-4.8%
Move after the report of 5 Nov 2025	-5.7%

Earnings calendar as of 28 Sep 2026. Current on every plan.

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Seasonality

In the 17 Septembers on record, BTG's average change was minus 0.6 percent, and it rose in 47.1 percent of them.

Month	Average change	Middle change	Share of years up	Years
September	-0.6%	-1.7%	47.1%	17
October	+2.7%	+1.9%	64.7%	17
November	+0.9%	-0.4%	47.1%	17

Each figure is a month end to month end change in past years. A past month says nothing certain about the next one.

Monthly history through 28 Sep 2026. Current on every plan.

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Headlines

The desk's news feeds carried 1 headline naming BTG in the 3 days to 28 Sep 2026.

Figure	Value
Headlines in the window	1
Latest	28 Sep 2026

The titles are in the Headlines window, with the time each was published.

Headlines as of 28 Sep 2026. Current on every plan.

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Questions

What is BTG's IV rank?: BTG's IV rank is 10 of 100 on 28 Sep 2026.
What move are BTG options pricing?: On 28 Sep 2026, BTG options priced a move of 15.4 percent down and 16.0 percent up by 30 Oct 2026.
Where are BTG's call wall and put wall?: On 28 Sep 2026, BTG's call wall is the 5.5 strike and its put wall is the 5 strike.
What was the desk's latest view of BTG on the Free plan?: On 25 Sep 2026 the desk's view of BTG was bullish, paper trading.
When does BTG report earnings next?: BTG reports next on 4 Nov 2026, a date confirmed by the company.

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