# EDGAR Filing Document

**Accession Number:** 0001922318
**File Stem:** 0000921895-25-002204
**Filing Date:** 2025-8
**Character Count:** 17794
**Document Hash:** 59c9e5d4a22e9bed2705a7343c3bf565
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000921895-25-002204.hdr.sgml**: 20250813

**ACCESSION NUMBER**: 0000921895-25-002204

**CONFORMED SUBMISSION TYPE**: SCHEDULE 13G/A

**PUBLIC DOCUMENT COUNT**: 1

**FILED AS OF DATE**: 20250813

**DATE AS OF CHANGE**: 20250813

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** B2GOLD CORP
- **CENTRAL INDEX KEY:** 0001429937
- **STANDARD INDUSTRIAL CLASSIFICATION:** GOLD & SILVER ORES [1040]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 000000000
- **STATE OF INCORPORATION:** A1
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13G/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-87578
- **FILM NUMBER:** 251211760

**BUSINESS ADDRESS:**
- **STREET 1:** PARK PLACE
- **STREET 2:** SUITE 3400 - 666 BURRARD STREET
- **CITY:** VANCOUVER
- **STATE:** A1
- **ZIP:** V6C 2X8
- **BUSINESS PHONE:** (604) 601-2962

**MAIL ADDRESS:**
- **STREET 1:** PARK PLACE
- **STREET 2:** SUITE 3400 - 666 BURRARD STREET
- **CITY:** VANCOUVER
- **STATE:** A1
- **ZIP:** V6C 2X8
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Pale Fire Capital SE
- **CENTRAL INDEX KEY:** 0001922318

**ORGANIZATION NAME:**
- **EIN:** 000000000

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13G/A

**BUSINESS ADDRESS:**
- **STREET 1:** ZATECKA 55/14, JOSEFOV
- **CITY:** PRAGUE
- **STATE:** 2N
- **ZIP:** 110 00
- **BUSINESS PHONE:** 420 777-767-773

**MAIL ADDRESS:**
- **STREET 1:** ZATECKA 55/14, JOSEFOV
- **CITY:** PRAGUE
- **STATE:** 2N
- **ZIP:** 110 00

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## SCHEDULE 13G

### Under the Securities Exchange Act of 1934

**(Amendment No. 1)**

**Issuer:** B2GOLD CORP

**Title of Class of Securities:** Common Shares, no par value

**CUSIP Number:** 11777Q209

**Date of Event Which Requires Filing of this Statement:** 06/30/2025

**Check the appropriate box to designate the rule pursuant to which this Schedule is filed:**

- [ ] Rule 13d-1(b)

- [x] Rule 13d-1(c)

- [ ] Rule 13d-1(d)

---

| 1. | Names of Reporting Persons<br>Pale Fire Capital SICAV a.s. | Names of Reporting Persons<br>Pale Fire Capital SICAV a.s. |
|:---|:---|:---|:---|
| 2. | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] |
| 3. | SEC Use Only | SEC Use Only |
| 4. | Citizenship or Place of Organization<br>2N | Citizenship or Place of Organization<br>2N |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 5. | Sole Voting Power<br>0.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 6. | Shared Voting Power<br>65760909.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 7. | Sole Dispositive Power<br>0.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 8. | Shared Dispositive Power<br>65760909.00 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>65760909.00 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>65760909.00 |
| 10. | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] |
| 11. | Percent of Class Represented by Amount in Row (9)<br>4.97% | Percent of Class Represented by Amount in Row (9)<br>4.97% |
| 12. | Type of Reporting Person (See Instructions)<br>CO | Type of Reporting Person (See Instructions)<br>CO |

---

| 1. | Names of Reporting Persons<br>Pale Fire Capital investicni spolecnost a.s. | Names of Reporting Persons<br>Pale Fire Capital investicni spolecnost a.s. |
|:---|:---|:---|:---|
| 2. | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] |
| 3. | SEC Use Only | SEC Use Only |
| 4. | Citizenship or Place of Organization<br>2N | Citizenship or Place of Organization<br>2N |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 5. | Sole Voting Power<br>0.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 6. | Shared Voting Power<br>65760909.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 7. | Sole Dispositive Power<br>0.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 8. | Shared Dispositive Power<br>65760909.00 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>65760909.00 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>65760909.00 |
| 10. | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] |
| 11. | Percent of Class Represented by Amount in Row (9)<br>4.97% | Percent of Class Represented by Amount in Row (9)<br>4.97% |
| 12. | Type of Reporting Person (See Instructions)<br>CO | Type of Reporting Person (See Instructions)<br>CO |

---

| 1. | Names of Reporting Persons<br>PALE FIRE CAPITAL SE | Names of Reporting Persons<br>PALE FIRE CAPITAL SE |
|:---|:---|:---|:---|
| 2. | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] |
| 3. | SEC Use Only | SEC Use Only |
| 4. | Citizenship or Place of Organization<br>2N | Citizenship or Place of Organization<br>2N |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 5. | Sole Voting Power<br>0.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 6. | Shared Voting Power<br>65760909.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 7. | Sole Dispositive Power<br>0.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 8. | Shared Dispositive Power<br>65760909.00 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>65760909.00 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>65760909.00 |
| 10. | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] |
| 11. | Percent of Class Represented by Amount in Row (9)<br>4.97% | Percent of Class Represented by Amount in Row (9)<br>4.97% |
| 12. | Type of Reporting Person (See Instructions)<br>HC, OO | Type of Reporting Person (See Instructions)<br>HC, OO |

---

| 1. | Names of Reporting Persons<br>Senkypl Dusan | Names of Reporting Persons<br>Senkypl Dusan |
|:---|:---|:---|:---|
| 2. | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] |
| 3. | SEC Use Only | SEC Use Only |
| 4. | Citizenship or Place of Organization<br>2N | Citizenship or Place of Organization<br>2N |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 5. | Sole Voting Power<br>0.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 6. | Shared Voting Power<br>65760909.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 7. | Sole Dispositive Power<br>0.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 8. | Shared Dispositive Power<br>65760909.00 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>65760909.00 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>65760909.00 |
| 10. | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] |
| 11. | Percent of Class Represented by Amount in Row (9)<br>4.97% | Percent of Class Represented by Amount in Row (9)<br>4.97% |
| 12. | Type of Reporting Person (See Instructions)<br>HC, IN | Type of Reporting Person (See Instructions)<br>HC, IN |

---

| 1. | Names of Reporting Persons<br>Barta Jan | Names of Reporting Persons<br>Barta Jan |
|:---|:---|:---|:---|
| 2. | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] |
| 3. | SEC Use Only | SEC Use Only |
| 4. | Citizenship or Place of Organization<br>2N | Citizenship or Place of Organization<br>2N |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 5. | Sole Voting Power<br>0.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 6. | Shared Voting Power<br>65760909.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 7. | Sole Dispositive Power<br>0.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 8. | Shared Dispositive Power<br>65760909.00 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>65760909.00 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>65760909.00 |
| 10. | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] |
| 11. | Percent of Class Represented by Amount in Row (9)<br>4.97% | Percent of Class Represented by Amount in Row (9)<br>4.97% |
| 12. | Type of Reporting Person (See Instructions)<br>HC, IN | Type of Reporting Person (See Instructions)<br>HC, IN |

---

**Item 1(a). Name of Issuer:**
B2GOLD CORP

**Item 1(b). Address of Issuer's Principal Executive Offices:**
PARK PLACE, SUITE 3400 - 666 BURRARD STREET, VANCOUVER, BRITISH COLUMBIA, CANADA V6C 2X8

**Item 2(a). Name of Person Filing:**
This statement is filed by Pale Fire Capital SICAV a.s., a Joint Stock Company organized under the laws of the Czech Republic ("PFC SICAV"), Pale Fire Capital investicni spolecnost a.s., a Joint Stock Company organized under the laws of the Czech Republic ("PFC IS"), Pale Fire Capital SE, a Societas Europaea organized under the laws of the Czech Republic ("Pale Fire Capital"), Dusan Senkypl and Jan Barta. Each of the foregoing is referred to as a "Reporting Person" and collectively as the "Reporting Persons."

PFC IS is the investment manager of PFC SICAV and may be deemed to beneficially own the Common Shares, no par value, of the Issuer (the "Shares") owned directly by PFC SICAV. Pale Fire Capital is the controlling person and sole shareholder of each of PFC SICAV and PFC IS and may be deemed to beneficially own the Shares owned directly by PFC SICAV. Mr. Senkypl is a control person and Chairman of the board of Pale Fire Capital and may be deemed to beneficially own the Shares owned directly by PFC SICAV. Mr. Barta is a control person and Chairman of the supervisory board of Pale Fire Capital and Chief Investment Officer of PFC IS and may be deemed to beneficially own the Shares owned directly by PFC SICAV.

**Item 2(b). Address of Principal Business Office:**
The address of the principal office of each of PFC SICAV, PFC IS, and Pale Fire Capital is Zatecka 55/14, Josefov, 110 00 Prague 1, Czech Republic. The address of the principal office of Mr. Senkypl is Jestrabi 493, Osnice, 252 42 Jesenice, Czech Republic. The address of the principal office of Mr. Barta is Na bateriich 104/35, Brevnov, 162 00 Prague 6, Czech Republic.

**Item 2(c). Citizenship:**
Each of PFC SICAV, PFC IS and Pale Fire Capital is organized under the laws of the Czech Republic. Each of Messrs. Senkypl and Barta are citizens of the Czech Republic.

**Item 2(d). Title of Class of Securities:**
Common Shares, no par value

**Item 2(e). CUSIP Number:**
11777Q209

**Item 3. If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:**

(a) [ ] Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o).

(b) [ ] Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c).

(c) [ ] Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c).

(d) [ ] Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8).

(e) [ ] An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);

(f) [ ] An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);

(g) [ ] A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);

(h) [ ] A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);

(i) [ ] A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);

(j) [ ] A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), if filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:

(k) [ ] Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).

**Item 4. Ownership:**

**(a) Amount beneficially owned:**

As of the close of business on June 30, 2025:
(i) PFC SICAV directly owned 65,760,909 Shares;
(ii) PFC IS, as the investment manager of PFC SICAV, may be deemed the beneficial owner of the 65,760,909 Shares directly owned by PFC SICAV;
(iii) Pale Fire Capital, as the controlling person and sole shareholder of each of PFC SICAV and PFC IS, may be deemed the beneficial owner of the 65,760,909 Shares directly owned by PFC SICAV;
(iv) Mr. Senkypl, as a control person of Pale Fire Capital and Chairman of its board, may be deemed the beneficial owner of the 65,760,909 Shares directly owned by PFC SICAV; and
(v) Mr. Barta, as a control person of Pale Fire Capital and Chairman of its supervisory board and Chief Investment Officer of PFC IS, may be deemed the beneficial owner of the 65,760,909 Shares directly owned by PFC SICAV.
The filing of this Schedule 13G shall not be deemed an admission that the Reporting Persons are, for purposes of Section 13(d) of the Securities Exchange Act of 1934, as amended, the beneficial owners of any securities of the Issuer that such Reporting Person does not directly own. Each of the Reporting Persons specifically disclaims beneficial ownership of the securities reported herein that he or it does not directly own.

**(b) Percent of class:**

The following percentages are based on 1,322,881,482 Shares outstanding as of June 30, 2025, which is the total number of Shares outstanding as disclosed in Exhibit 99.1 to the Issuer's Form 6-K filed with the Securities and Exchange Commission on August 8, 2025.
As of the close of business on June 30, 2025, (i) PFC SICAV beneficially owned approximately 4.97% of the outstanding Shares and (ii) each of PFC IS, Pale Fire Capital and Messrs. Senkypl and Barta may be deemed to beneficially own approximately 4.97% of the outstanding Shares.

**(c) Number of shares as to which the person has:**

**(i) Sole power to vote or to direct the vote:**

See Cover Pages Items 5-9.

**(ii) Shared power to vote or to direct the vote:**

See Cover Pages Items 5-9.

**(iii) Sole power to dispose or to direct the disposition of:**

See Cover Pages Items 5-9.

**(iv) Shared power to dispose or to direct the disposition of:**

See Cover Pages Items 5-9.

**Item 5. Ownership of Five Percent or Less of a Class.**

[ ] If this statement is being filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more than five percent of the class of securities, check the following.

**Item 6. Ownership of More than 5 Percent on Behalf of Another Person.**

Not Applicable

**Item 7. Identification and Classification of the Subsidiary**

Not Applicable

**Item 8. Identification and Classification of Members of the Group**

See Exhibit 99.1 to the Schedule 13G filed by the Reporting Persons on May 5, 2025.

**Item 9. Notice of Dissolution of Group**

Not Applicable

**Item 10. Certification:**

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

### SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Pale Fire Capital SICAV a.s.**

**Date:** 08/13/2025

**By:** /s/ Dusan Senkypl

**Name & Title:** Dusan Senkypl, Authorized Representative

**Pale Fire Capital investicni spolecnost a.s.**

**Date:** 08/13/2025

**By:** /s/ Dusan Senkypl

**Name & Title:** Dusan Senkypl, Board Member

**PALE FIRE CAPITAL SE**

**Date:** 08/13/2025

**By:** /s/ Jan Barta

**Name & Title:** Jan Barta, Chairman of the Supervisory Board

**Senkypl Dusan**

**Date:** 08/13/2025

**By:** /s/ Dusan Senkypl

**Name & Title:** Dusan Senkypl

**Barta Jan**

**Date:** 08/13/2025

**By:** /s/ Jan Barta

**Name & Title:** Jan Barta