B2Gold Reports Q4 and Full Year 2025 Results & 2026 Guidance; Achieved 2025 Gold Production and Cost Guidance; Record Annual Revenue in 2025 of Over $3 Billion; Gold Production for 2026 Anticipated to be Between 820,000 and 970,000 oz; Q1 2026 Dividend of US$0.02 Per Share Declared
Rhea-AI Summary
B2Gold (BTG) reported 2025 results and 2026 guidance on Feb 18, 2026: record annual revenue of $3.06 billion on 927,797 ounces sold and consolidated gold production of 979,604 ounces for 2025.
The company achieved commercial production at Goose Mine, reported adjusted net income of $612 million (adjusted EPS $0.46), declared a Q1 2026 dividend of US$0.02 per share, and provided 2026 guidance of 820,000–970,000 oz production with higher cost forecasts.
Positive
- Record annual revenue of $3.06 billion in 2025
- Consolidated gold production of 979,604 oz in 2025
- Adjusted net income of $612 million (adjusted EPS $0.46) for 2025
- Goose Mine reached commercial production on Oct 2, 2025
Negative
- 2026 production guidance down to 820,000–970,000 oz
- 2026 consolidated cash operating cost guidance of $1,155–$1,280/oz
- 2026 all-in sustaining cost guidance of $2,400–$2,580/oz
- Working capital at $68 million at Dec 31, 2025
News Market Reaction – BTG
In the Feb 19 session, BTG declined 4.83%, reflecting a moderate negative market reaction. Argus tracked a trough of -4.8% from its starting point during tracking. Our momentum scanner triggered 13 alerts that day, indicating notable trading interest and price volatility.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Previous Dividends,earnings Reports
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| Feb 19 | Q4/FY 2024 earnings | Positive | +5.6% | Achieved 2024 guidance, Goose on track, Q1 2025 dividend of $0.02 declared. |
| Feb 21 | Q4/FY 2023 earnings | Positive | -2.8% | Strong 2023 results with dividend announcement but shares fell post-release. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Earnings + dividend releases have shown mixed reactions, with one strong positive move and one notable decline despite broadly positive fundamentals.
Recent history shows B2Gold using earnings-and-dividend announcements to highlight operational delivery and balance sheet strength. In Feb 2024, Q4/FY 2023 results and a Q1 2024 dividend accompanied achieved guidance and drove a -2.78% move. In Feb 2025, Q4/FY 2024 results, confirmation of Goose capital costs, and a Q1 2025 dividend of $0.02 per share coincided with a 5.64% gain. Today’s record $3.06B 2025 revenue, guidance, and Q1 2026 dividend fit this established pattern of detailed annual updates.
Key Terms
cash operating costs financial
all-in sustaining costs financial
non-ifrs measures financial
normal course issuer bid financial
dividend reinvestment plan financial
registration statement regulatory
schedule 13g regulatory
revolving credit facility financial
AI-generated analysis. How Rhea-AI works. Not financial advice.
VANCOUVER, British Columbia, Feb. 18, 2026 (GLOBE NEWSWIRE) -- B2Gold Corp. (TSX: BTO, NYSE AMERICAN: BTG, NSX: B2G) (“B2Gold” or the “Company”) announces its operational and financial results for the fourth quarter and full year 2025, together with 2026 operating and cost guidance. All dollar figures are in United States dollars unless otherwise indicated.
2025 Fourth Quarter and Full Year Highlights
- Consolidated gold production of 303,029 ounces in Q4 2025: The Fekola, Masbate and Otjikoto mines all exceeded gold production expectations for the fourth quarter, capping off strong operational years at all three sites. Commercial production at the Goose Mine was achieved on October 2, 2025, after which it produced 38,616 ounces in the fourth quarter.
- Consolidated cash operating costs of
$736 per ounce produced in Q4 2025: Consolidated cash operating costs (see “Non-IFRS Measures”) were$736 per gold ounce produced during the fourth quarter of 2025, lower than expected as a result of higher than anticipated gold production in the quarter. - Consolidated all-in sustaining costs of
$1,754 per ounce sold in Q4 2025: Consolidated all-in sustaining costs (see “Non-IFRS Measures”) were$1,754 per gold ounce sold during the fourth quarter of 2025, higher than expected as a result of lower than anticipated gold ounces sold due to the timing of shipments at the Fekola Mine and higher than budgeted royalties resulting from a higher realized gold price than expected. - Annual consolidated gold production of 979,604 ounces: Consolidated gold production for 2025 was 979,604 ounces, including 14,554 ounces of pre-commercial production from the Goose Mine, slightly below the mid-point of the Company's guidance range of between 940,000 and 1,045,000 ounces. In 2025, the Fekola, Masbate and Otjikoto mines continued their strong performance producing 926,434 ounces of gold, at the mid-point of their guidance range of between 890,000 and 965,000 ounces. Commercial production at the Goose Mine was achieved on October 2, 2025, after which it produced 38,616 ounces, totaling 53,170 ounces for 2025, at the low end of its guidance range of between 50,000 and 80,000 ounces.
- Annual consolidated cash operating costs of
$769 per gold ounce produced: Annual consolidated cash operating costs (see “Non-IFRS Measures”), excluding pre-commercial production from the Goose Mine, of$769 per gold ounce produced. Cash operating costs for the year ended December 31, 2025, were below the low end of the Company's guidance range of$795 t o$855 per ounce produced as a result of higher than expected gold production and lower fuel costs. - Annual consolidated all-in sustaining costs of
$1,584 per gold ounce sold: Annual consolidated all-in sustaining costs (see “Non-IFRS Measures”), excluding pre-commercial production from the Goose Mine, of$1,584 per gold ounce sold, at the low end of the Company's guidance range of$1,575 t o$1,635 per ounce sold. The increase in realized gold price compared to budget for the year resulted in additional royalties of$169 per gold ounce sold. - Record annual revenue of
$3.06 billion in 2025: Achieved record annual revenue of$3.06 billion on gold sales of 927,797 ounces at an average realized gold price of$3,299 per ounce sold. - Attributable net income of
$0.13 per share in Q4 2025; Adjusted attributable net income of$0.11 per share in Q4 2025: Net income attributable to the shareholders of the Company of$171 million ($0.13 per share) in the fourth quarter of 2025; adjusted net income (see “Non-IFRS Measures”) attributable to the shareholders of the Company of$147 million ($0.11 per share) in the fourth quarter of 2025. For the year ended December 31, 2025, net income attributable to the shareholders of the Company was$402 million ($0.30 per share), predominantly due to strong gold production and higher than expected realized gold prices, and adjusted net income (see “Non-IFRS Measures”) attributable to the shareholders of the Company was$612 million ($0.46 per share). - Annual operating cash flow before working capital adjustments of
$940 million , including$211 million in Q4 2025: Cash flow provided by operating activities before working capital adjustments was$211 million in the fourth quarter of 2025. Cash flow provided by operating activities before working capital adjustments for the year ended December 31, 2025, was$940 million . - Strong financial position and liquidity: At December 31, 2025, the Company had cash and cash equivalents of
$380 million and working capital (defined as current assets less current liabilities) of$68 million . Working capital at December 31, 2025, reflected the classification of the Company's gold prepayment obligations as current liabilities. As of December 31, 2025, the Company had$650 million available under its revolving credit facility ("RCF"). Subsequent to year end, the Company repaid$100 million on the RCF leaving$750 million available for future draw downs. - Repurchased 7 million shares for
$34 million under the Company’s normal course issuer bid (“NCIB”): On April 1, 2025, the Toronto Stock Exchange accepted the notice of B2Gold’s intention to implement an NCIB, which became effective on April 3, 2025, and will expire no later than April 2, 2026. During the year ended December 31, 2025, the Company repurchased 2 million shares for$10 million . Subsequent to year end, the Company repurchased a further 5 million shares for$24 million . - Q1 2026 dividend of
$0.02 per share declared: On February 18, 2026, B2Gold's Board of Directors declared a cash dividend for the first quarter of 2026 of$0.02 per common share (or an expected$0.08 per share on an annualized basis), payable on March 19, 2026, to shareholders of record as of March 6, 2026.
Fourth Quarter and Full Year 2025 Results
| Three months ended | Year ended | ||||
| December 31 | December 31 | ||||
| 2025 | 2024 | 2025 | 2024 | 2023 | |
| Gold revenue ($ in thousands) | 1,053,977 | 499,788 | 3,061,238 | 1,902,030 | 1,934,272 |
| Net income (loss) ($ in thousands) | 180,259 | (9,325) | 426,699 | (626,653) | 41,588 |
| Earnings (loss) per share – basic(1) ($/share) | 0.13 | (0.01) | 0.30 | (0.48) | 0.01 |
| Earnings (loss) per share – diluted(1) ($/share) | 0.11 | (0.01) | 0.28 | (0.48) | 0.01 |
| Cash provided by operating activities ($ in thousands) | 286,364 | 120,544 | 895,836 | 877,604 | 714,453 |
| Total assets ($ in thousands) | 5,879,316 | 4,813,998 | 5,879,316 | 4,813,998 | 4,874,619 |
| Non-current liabilities ($ in thousands) | 1,176,544 | 1,197,614 | 1,176,544 | 1,197,614 | 651,173 |
| Average realized gold price ($/ounce) | 3,718 | 2,661 | 3,299 | 2,373 | 1,946 |
| Adjusted net income(1)(2) ($ in thousands) | 147,251 | 17,433 | 611,853 | 206,542 | 347,203 |
| Adjusted earnings per share(1)(2) - basic ($) | 0.11 | 0.01 | 0.46 | 0.16 | 0.28 |
| Consolidated operations results: | |||||
| Gold sold including pre-commercial ounces sold from the Goose Mine (ounces) | 283,490 | 187,793 | 927,797 | 801,524 | 994,060 |
| Gold sold excluding pre-commercial ounces sold from the Goose Mine (ounces) | 283,490 | 187,793 | 920,112 | 801,524 | 994,060 |
| Gold produced including pre-commercial production from the Goose Mine (ounces) | 303,029 | 186,001 | 979,604 | 785,134 | 992,343 |
| Gold produced excluding pre-commercial production from the Goose Mine (ounces) | 303,029 | 186,001 | 965,050 | 785,134 | 992,343 |
| Production costs ($ in thousands) | 227,935 | 181,376 | 745,446 | 681,828 | 616,197 |
| Cash operating costs(2)(3) ($/gold ounce sold) | 804 | 966 | 800 | 851 | 620 |
| Cash operating costs(2)(3) ($/gold ounce produced) | 736 | 968 | 769 | 879 | 631 |
| Total cash costs(2)(3) ($/gold ounce sold) | 1,266 | 1,235 | 1,174 | 1,034 | 756 |
| All-in sustaining costs(2)(3) ($/gold ounce sold) | 1,754 | 1,668 | 1,584 | 1,463 | 1,199 |
| Operations results including equity investment in Calibre: | |||||
| Gold sold (ounces) | 283,490 | 187,793 | 927,797 | 821,168 | 1,062,785 |
| Gold produced (ounces) | 303,029 | 186,001 | 979,604 | 804,778 | 1,061,060 |
| Production costs ($ in thousands) | 227,935 | 181,376 | 745,446 | 706,954 | 683,963 |
| Cash operating costs(2) ($/gold ounce sold) | 804 | 966 | 800 | 861 | 644 |
| Cash operating costs(2) ($/gold ounce produced) | 736 | 968 | 769 | 889 | 654 |
| Total cash costs(2) ($/gold ounce sold) | 1,266 | 1,235 | 1,174 | 1,041 | 776 |
| All-in sustaining costs(2) ($/ounce gold sold) | 1,754 | 1,668 | 1,584 | 1,465 | 1,201 |
(1) Attributable to the shareholders of the Company.
(2) Non-IFRS measure. For a description of how these measures are calculated and a reconciliation of these measures to the most directly comparable measures specified, defined or determined under IFRS and presented in the Company’s financial statements, refer to “Non-IFRS Measures”.
(3) Cash operating costs per gold ounce sold, cash operating costs per gold ounce produced, total cash costs per gold ounce sold and all-in sustaining costs per gold ounce sold do not include the results of pre-commercial production or sales from the Goose Mine.
2026 Guidance Highlights
- Consolidated gold production in 2026 is anticipated to be between 820,000 and 970,000 ounces: Consolidated gold production for 2026 is expected to be between 820,000 and 970,000 ounces. The expected decrease in 2026 production relative to 2025 is predominantly due to a step down in production at the Otjikoto Mine following the completion of open pit mining in the Otjikoto Pit and expected lower production at the Fekola Complex (Fekola Mine and Fekola Regional) as stripping of Phase 8 of the Fekola Pit continues, partially offset by the continued ramp up of the Goose Mine. Consolidated production in 2027 is expected to increase back to 2025 levels including expected steady state production for the Goose Mine for the full year. To date in 2026, the operations have been performing well, with all four mines outperforming expectations in January 2026.
- Consolidated cash operating costs guidance in 2026 of between
$1,155 and$1,280 per gold ounce produced: Consolidated cash operating cost (see “Non-IFRS Measures”) guidance for 2026 of between$1,155 and$1,280 per gold ounce. - Consolidated all-in sustaining cost guidance of between
$2,400 and$2,580 per gold ounce sold: Consolidated all-in sustaining cost per gold ounce sold (see “Non-IFRS Measures”) for 2026 of between$2,400 and$2,580 per ounce, reflecting an investment in deferred stripping at the Fekola Mine and a partial ramp up year at the Goose Mine. Consolidated all-in sustaining cost guidance assumes a realized gold price of$5,000 per ounce for 2026, resulting in total budgeted royalties and production taxes of approximately$485 million or approximately$525 per ounce sold. Each$100 per ounce change in the gold price is expected to impact consolidated all-in sustaining costs per ounce sold by approximately$12 per ounce. - Continued focus on exploration investment across B2Gold’s prospective land packages:
$73 million is budgeted for exploration in 2026 to support organic growth by advancing the Company’s pipeline of development, brownfield and greenfield exploration projects, with a considerable portion allocated to continue the significant exploration campaign at the Back River Gold District.
2026 Production and Cost Guidance
| 2026 Guidance ( | Fekola Complex(2) | Masbate | Otjikoto | Goose | Other | Operations and Projects Total |
| Gold Production (koz) | 410 - 460 | 170 - 190 | 70 - 90 | 170 - 230 | — | 820 - 970 |
| Cash Operating Costs ($/oz produced)(3) | 1,060 - 1,160 | 900 - 1,000 | 1,200 - 1,300 | 1,610 - 1,810 | — | 1,155 - 1,280 |
| Royalties and Production Taxes ($/oz sold) | 910 | 240 | 200 | 75 | — | 525 |
| Sustaining Capital Expenditures ($M) | 122 | 38 | 13 | 103 | — | 276 |
| Deferred Stripping / Underground Development ($M) | 156 | 11 | 13 | 85 | — | 265 |
| Sustaining Mine Exploration Expenditures ($M) | 3 | — | — | 24 | — | 27 |
| General & Administrative (incl. Stock Based Compensation) ($M) | 14 | 8 | 3 | — | 63 | 88 |
| All-In Sustaining Costs ($/oz sold)(3) | 2,670 - 2,820 | 1,430 - 1,580 | 1,830 - 1,980 | 2,670 - 2,970 | — | 2,400 - 2,580 |
| Growth / Construction Capital Expenditures ($M) | 2 | 12 | 31 | 14 | 61 | 120 |
| Growth Exploration Expenditures ($M) | 1 | 3 | 6 | — | 36 | 46 |
| Total Growth / Non-Sustaining Capital Expenditures ($M) | 3 | 15 | 37 | 14 | 97 | 166 |
(1) Totals may not add due to rounding. Estimates are based on a
(2) The Fekola Complex is comprised of the Fekola Mine (Medinandi permit hosting the Fekola and Cardinal open pits and Fekola underground), and Fekola Regional (Anaconda Area, comprised of the consolidated Menankoto permit, and the Dandoko permit.
(3) Non-IFRS measure. For a description of how these measures are calculated and a reconciliation of these measures to the most directly comparable measures specified, defined or determined under IFRS and presented in the Company's financial statements, refer to "Non-IFRS Measures".
Liquidity and Capital Resources
B2Gold continues to maintain a strong financial position and liquidity. At December 31, 2025, the Company had cash and cash equivalents of
First Quarter 2026 Dividend
On February 18, 2026, B2Gold's Board of Directors declared a cash dividend for the first quarter of 2026 (the “Q1 2026 Dividend”) of
The Company currently has a Dividend Reinvestment Plan (“DRIP”). For the purposes of the Q1 2026 Dividend, the Company has determined that no discount will be applied to calculate the Average Market Price (as defined in the DRIP) of its common shares issued from treasury. Beneficial shareholders who wish to participate in the DRIP should contact their financial advisor, broker, investment dealer, bank, financial institution, or other intermediary through which they hold common shares well in advance of the above date for instructions on how to enroll in the DRIP.
This dividend is designated as an “eligible dividend” for the purposes of the Income Tax Act (Canada). Dividends paid by B2Gold to shareholders outside Canada (non-resident investors) will be subject to Canadian non-resident withholding taxes.
The declaration and payment of future dividends and the amount of any such dividends will be subject to the determination of the Board, in its sole and absolute discretion, taking into account, among other things, economic conditions, business performance, financial condition, growth plans, expected capital requirements, compliance with B2Gold's constating documents, all applicable laws, including the rules and policies of any applicable stock exchange, as well as any contractual restrictions on such dividends, including any agreements entered into with lenders to the Company, and any other factors that the Board deems appropriate at the relevant time. There can be no assurance that any dividends will be paid at the intended rate or at all in the future.
For more information regarding the DRIP and enrollment in the DRIP, please refer to the Company's website at https://www.b2gold.com/investors/stock_info/.
This news release does not constitute an offer to sell or the solicitation of an offer to buy securities in any jurisdiction nor will there be any sale of these securities in any province, state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such province, state or jurisdiction.
The Company has filed a registration statement relating to the DRIP with the U.S. Securities and Exchange Commission that may be obtained under the Company's profile on the U.S. Securities and Exchange Commission's website at http://www.sec.gov/EDGAR or by contacting the Company using the contact information at the end of this news release.
Operations
Fekola Complex - Mali
| Three months ended | Year ended | |||
| December 31 | December 31 | |||
| 2025 | 2024 | 2025 | 2024 | |
| Gold revenue ($ in thousands) | 639,133 | 229,779 | 1,743,698 | 951,676 |
| Gold sold (ounces) | 153,407 | 86,453 | 493,759 | 404,458 |
| Average realized gold price ($/ounce) | 4,166 | 2,658 | 3,531 | 2,353 |
| Tonnes of ore milled | 2,402,312 | 2,442,390 | 9,763,519 | 9,891,717 |
| Grade (grams/tonne) | 2.29 | 1.17 | 1.84 | 1.34 |
| Recovery (%) | 92.4 | 91.9 | 91.8 | 92.6 |
| Gold production (ounces) | 163,720 | 84,015 | 530,769 | 392,946 |
| Production costs ($ in thousands) | 118,511 | 107,778 | 408,105 | 384,221 |
| Cash operating costs(1) ($/gold ounce sold) | 773 | 1,247 | 827 | 950 |
| Cash operating costs(1) ($/gold ounce produced) | 642 | 1,192 | 772 | 990 |
| Total cash costs(1) ($/gold ounce sold) | 1,490 | 1,684 | 1,389 | 1,198 |
| All-in sustaining costs(1) ($/gold ounce sold) | 1,903 | 2,237 | 1,804 | 1,723 |
| Capital expenditures ($ in thousands) | 50,175 | 59,571 | 222,670 | 257,776 |
| Exploration ($ in thousands) | 609 | 1,292 | 609 | 4,428 |
(1) Non-IFRS measure. For a description of how these measures are calculated and a reconciliation of these measures to the most directly comparable measures specified, defined or determined under IFRS and presented in the Company’s financial statements, refer to “Non-IFRS Measures”.
The Fekola Complex is comprised of the Fekola Mine (Medinandi permit hosting the Fekola and Cardinal open pits and Fekola underground), owned
The Fekola Mine produced 530,769 ounces of gold for the full year 2025, still within the overall annual guidance range for the Fekola Complex of between 515,000 and 550,000 ounces. For the year ended December 31, 2025, mill feed grade was 1.84 grams per tonne ("g/t"), mill throughput was 9.76 million tonnes, and gold recovery averaged
For the year ended December 31, 2025, the Fekola Mine's cash operating costs (refer to “Non-IFRS Measures”) of
All-in sustaining costs (refer to “Non-IFRS Measures”) for the Fekola Mine for the year ended December 31, 2025, were
Capital expenditures for the year ended December 31, 2025, totalled
During the year ended December 31, 2025, the Company received refunds of approximately
The development of Fekola Regional has the potential to enhance the Fekola Complex production profile and extend the life of the Complex. The Company now expects to receive the Fekola Regional exploitation permit during the first quarter of 2026. Upon receipt of the exploitation permit, mining pre-stripping activities will commence immediately for a period of three months, followed by initial gold production, which is expected to commence in the second half of 2026. Importantly, the haul road from Fekola Regional to the Fekola Mine is operational as construction of the haul roads and mining infrastructure (warehouse, workshop, fuel depot and offices) was completed on schedule in 2023. Fekola Regional gold production is expected to ramp up to an average of approximately 180,000 ounces per year over its first five years of full production from 2027 through 2031, with a mine life expected to extend well into the 2030’s.
The Fekola Complex in Mali is expected to produce between 410,000 and 460,000 ounces of gold in 2026 at cash operating costs of between
The Fekola Complex is projected to process 9.57 million tonnes of ore during 2026 at an average grade of 1.57 g/t gold with a process gold recovery of
Capital expenditures in 2026 for the Fekola Complex are expected to total approximately
Masbate Mine – The Philippines
| Three months ended | Year ended | |||
| December 31 | December 31 | |||
| 2025 | 2024 | 2025 | 2024 | |
| Gold revenue ($ in thousands) | 198,919 | 135,976 | 687,251 | 464,141 |
| Gold sold (ounces) | 47,420 | 51,010 | 195,813 | 193,270 |
| Average realized gold price ($/ounce) | 4,195 | 2,666 | 3,510 | 2,402 |
| Tonnes of ore milled | 2,190,866 | 2,190,610 | 8,830,995 | 8,600,241 |
| Grade (grams/tonne) | 0.91 | 0.95 | 0.89 | 0.96 |
| Recovery (%) | 78.0 | 74.1 | 78.0 | 72.8 |
| Gold production (ounces) | 49,900 | 49,534 | 196,526 | 194,046 |
| Production costs ($ in thousands) | 40,368 | 38,392 | 162,484 | 161,462 |
| Cash operating costs(1) ($/gold ounce sold) | 851 | 753 | 830 | 835 |
| Cash operating costs(1) ($/gold ounce produced) | 813 | 835 | 813 | 838 |
| Total cash costs(1) ($/gold ounce sold) | 1,078 | 897 | 1,018 | 974 |
| All-in sustaining costs(1) ($/gold ounce sold) | 1,230 | 1,102 | 1,239 | 1,155 |
| Capital expenditures ($ in thousands) | 6,109 | 9,534 | 41,257 | 29,763 |
| Exploration ($ in thousands) | 1,086 | 610 | 2,639 | 3,649 |
(1) Non-IFRS measure. For a description of how these measures are calculated and a reconciliation of these measures to the most directly comparable measures specified, defined or determined under IFRS and presented in the Company’s financial statements, refer to “Non-IFRS Measures”.
The Masbate Mine in the Philippines continued its strong operational performance in 2025, producing 196,526 ounces of gold, within its guidance range of 190,000 to 210,000 ounces. The better than expected gold production was due to better mill productivity, partially offset by lower than expected recoveries, due to a change in mining sequences. For the year ended December 31, 2025, mill feed grade was 0.89 g/t, mill throughput was a record 8.83 million tonnes, and gold recovery averaged
The Masbate Mine’s cash operating costs (refer to “Non-IFRS Measures”) for the year ended December 31, 2025, were
All-in sustaining costs (refer to “Non-IFRS Measures”) for the Masbate Mine for the year ended December 31, 2025, were
Capital expenditures totalled
The Masbate Mine in the Philippines is expected to produce between 170,000 and 190,000 ounces of gold in 2026 at cash operating costs of between
Capital expenditures in 2026 for the Masbate Mine are expected to total
Otjikoto Mine - Namibia
| Three months ended | Year ended | |||
| December 31 | December 31 | |||
| 2025 | 2024 | 2025 | 2024 | |
| Gold revenue ($ in thousands) | 211,775 | 134,034 | 685,069 | 486,213 |
| Gold sold (ounces) | 50,725 | 50,330 | 198,602 | 203,796 |
| Average realized gold price ($/ounce) | 4,175 | 2,663 | 3,449 | 2,386 |
| Tonnes of ore milled | 836,850 | 788,536 | 3,436,347 | 3,338,384 |
| Grade (grams/tonne) | 1.91 | 2.10 | 1.83 | 1.87 |
| Recovery (%) | 98.7 | 98.6 | 98.7 | 98.6 |
| Gold production (ounces) | 50,793 | 52,452 | 199,139 | 198,142 |
| Production costs ($ in thousands) | 33,653 | 35,206 | 130,327 | 136,145 |
| Cash operating costs(1) ($/gold ounce sold) | 663 | 700 | 656 | 668 |
| Cash operating costs(1) ($/gold ounce produced) | 716 | 733 | 658 | 699 |
| Total cash costs(1) ($/gold ounce sold) | 831 | 806 | 794 | 763 |
| All-in sustaining costs(1) ($/gold ounce sold) | 1,085 | 913 | 969 | 951 |
| Capital expenditures ($ in thousands) | 11,298 | 2,714 | 24,005 | 28,842 |
| Exploration ($ in thousands) | 1,700 | 2,634 | 8,133 | 7,825 |
(1) Non-IFRS measure. For a description of how these measures are calculated and a reconciliation of these measures to the most directly comparable measures specified, defined or determined under IFRS and presented in the Company’s financial statements, refer to “Non-IFRS Measures”.
The Otjikoto Mine in Namibia, in which the Company holds a
The Otjikoto Mine's cash operating costs (refer to “Non-IFRS Measures”) for the year ended December 31, 2025, were
All-in sustaining costs (refer to “Non-IFRS Measures”) for the Otjikoto Mine for the year ended December 31, 2025, were
Capital expenditures totalled
On September 15, 2025, the Company announced it had approved a development decision on the Antelope underground deposit. Subsequent to the release of the Preliminary Economic Assessment (“PEA”) results for the Antelope deposit on February 4, 2025, the Company completed further optimization work on a small-scale, low-cost, underground gold mine at Antelope, and believes that the estimated pre-production capital cost can be reduced from
The Otjikoto Mine in Namibia is expected to produce between 70,000 and 90,000 ounces of gold in 2026 at cash operating costs of between
Capital expenditures in 2026 for the Otjikoto Mine are expected to total
Goose Mine - Canada
| Three months ended | Year ended | |||
| December 31 | December 31 | |||
| 2025 | 2024 | 2025 | 2024 | |
| Gold revenue ($ in thousands) | 136,758 | — | 165,651 | — |
| Gold sold including pre-commercial sales (ounces) | 31,938 | — | 39,623 | — |
| Gold sold excluding pre-commercial sales (ounces) | 31,938 | — | 31,938 | — |
| Average realized gold price ($/ounce) | 4,282 | — | 4,181 | — |
| Tonnes of ore milled | 210,317 | — | 355,835 | — |
| Grade (grams/tonne) | 6.22 | — | 5.16 | — |
| Recovery (%) | 91.7 | — | 90.1 | — |
| Gold production including pre-commercial production (ounces) | 38,616 | — | 53,170 | — |
| Gold production excluding pre-commercial production (ounces) | 38,616 | — | 38,616 | — |
| Production costs ($ in thousands) | 35,403 | — | 44,530 | — |
| Cash operating costs post-commercial production(1) ($/gold ounce sold) | 1,108 | — | 1,108 | — |
| Cash operating costs post-commercial production(1) ($/gold ounce produced) | 1,066 | — | 1,066 | — |
| Total cash costs(1) ($/gold ounce sold) | 1,156 | — | 1,156 | — |
| All-in sustaining costs(1) ($/gold ounce sold) | 2,249 | — | 2,249 | — |
| Capital expenditures ($ in thousands) | 76,089 | 149,262 | 471,453 | 515,391 |
| Exploration ($ in thousands) | 8,694 | 6,335 | 24,635 | 28,864 |
(1) Non-IFRS measure. For a description of how these measures are calculated and a reconciliation of these measures to the most directly comparable measures specified, defined or determined under IFRS and presented in the Company’s financial statements, refer to “Non-IFRS Measures”.
The Back River Gold District in Canada consists of eleven mineral claims blocks along an 80 km belt and contains the most advanced project in the district, the
B2Gold acknowledges our partner the Kitikmeot Inuit Association (“KIA”), who has played a critical role for many years to ensure the development of a successful gold mining operation at the Goose Mine. Respect and collaboration with the KIA is central to the license to operate in the Back River Gold District and the Company will continue to prioritize developing the District in a manner that recognizes Inuit priorities, addresses concerns and brings long-term socio-economic benefits to the Kitikmeot Region. B2Gold looks forward to continuing to build on its strong collaboration with the KIA and Kitikmeot communities. With its significant gold resource endowment, the Back River Gold District is expected to be a large, long life mining complex.
The Goose Mine achieved commercial production on October 2, 2025. During the year ended December 31, 2025, the Goose Mine produced 53,170 ounces of gold, at the low end of its guidance range of between 50,000 and 80,000 ounces. For the year ended December 31, 2025, mill feed grade was 5.16 g/t, mill throughput was 0.36 million tonnes, and gold recovery averaged
The Goose Mine crushing circuit is currently being supplemented with a mobile crusher. Production during the fourth quarter of 2025 was impacted by unseasonably low temperatures, which impacted the performance of the mobile crushing unit. The mobile crushing unit is not enclosed and is susceptible to operational interruptions in extreme cold. Initial modifications to improve performance of the crushing circuit in the near-term, including the addition of a run-of-mine bin and apron feeder which were ordered in late 2025, are scheduled to be implemented in the second half of 2026, at which point use of the mobile crusher will cease to be necessary full time. The Company estimates that the Goose Mine crushing circuit will be able to operate at an average daily capacity of approximately 3,200 tonnes per day (“tpd”) once these initial modifications are implemented. Additionally, the Company is studying more comprehensive crushing circuit improvements to increase design capacity of the existing crushing circuit to enable it to run at an average rate of 4,000 tpd. These studies will be finalized in the first half of 2026, at which point the Company will determine the optimal scope and timing of additional crushing circuit improvements.
The Goose Mine's cash operating costs (refer to “Non-IFRS Measures”) post-commercial production were
Capital expenditures in the year ended December 31, 2025, totalled
The Goose Mine in Canada is expected to produce between 170,000 and 230,000 ounces of gold in 2026 at cash operating costs of between
Capital expenditures in 2026 at Goose are expected to total
Goose Mine Opportunities
Significant exploration potential remains across the Back River Gold District, with a total of
In addition, work continues on the optimization study for the Goose Mine as previously announced in March 2025, including the potential installation of a SAG mill to be paired in conjunction with the existing 4,000 tpd ball mill, which could expand mill throughput capacity up to 6,000 tpd. The results of the studies are expected to be finalized in the first half of 2026, and are also expected to reflect two additional value drivers for the Goose Mine related to the potential reduction in carbon taxes paid over the life of the mine, and a reduction in the annual amount of fuel consumed as a result of equipment optimizations.
Once these studies are completed the Company will assess the economics of each option and pursue the desired choice. This assessment is expected to include consideration of whether the Company should postpone any expenditures to increase Goose Mine milling capacity in favor of potential future capital development at George and other Back River Gold District regional targets.
In connection with these studies, B2Gold will also be reviewing any regulatory requirements and engaging with the KIA and local communities to ensure any proposed optimization of the Goose Mine provides benefits to all stakeholders.
Gramalote Project - Colombia
The Gramalote Project is located in central Colombia, approximately 230 km northwest of Bogota and 100 km northeast of Medellin, in the Province of Antioquia, which has expressed a positive attitude towards the development of responsible mining projects in the region. Following consolidation of the ownership, B2Gold completed a detailed review of the Gramalote Project, including the higher-grade core of the resource, facility size and location, power supply, mining and processing options, tailings design, resettlement, potential construction sequencing and camp design to identify potential cost savings to develop a medium-scale project. The results of the review allowed the Company to determine the optimal parameters and assumptions for the Gramalote PEA, the results of which were announced on June 18, 2024.
On July 14, 2025, the Company announced the results of a 2025 Gramalote Feasibility study which demonstrated that the Gramalote Project has a meaningful production profile, favorable metallurgical characteristics and positive project economics. The study assumes a mill with an annual processing rate of 6.0 million tonnes per annum, an initial open pit mine life of 11 years, and a processing life of 13 years. The study shows average annual grade processed over the first five years of 1.23 g/t, with a life-of-mine grade of 0.96 g/t and average annual gold production over the first five years of 227,000 ounces of gold per year, with life-of-mine average annual gold production of 177,000 ounces per year. Financial results include all-in sustaining costs of
Due to the desired modifications to the processing plant and infrastructure locations, a Modified Work Plan and Modified Environment Impact Study are required. The Modified Work Plan was submitted in December 2025, and the Modified Environmental Impact Study is expected to be submitted later in the first quarter of 2026, with completion of the modification process expected to take approximately twelve months. In conjunction with these permit modifications, the Company also intends to complete a significant portion of its resettlement objectives by the end of 2026, in accordance with its existing resettlement plan. Assessment of the Gramalote Project remains ongoing. If B2Gold makes the decision to develop the Gramalote Project as an open pit gold mine, B2Gold would utilize its proven internal mine construction team to build the mine and mill facilities.
The Gramalote Project has a budget of
Exploration
B2Gold executed another year of aggressive exploration in 2025 incurring
B2Gold is planning another year of extensive exploration in 2026 with a budget of approximately
Back River Gold District Exploration
A total of
In addition, 8,863 m over 57 holes were drilled on the Back River Gold District regional projects, including George, Boot, Del, Needle and Boulder.
2026 Guidance for Back River Gold District Exploration
A total of
Regional exploration including geophysics, mapping, prospecting and till sampling will be undertaken on the George, Boot, Boulder, Del, Beech and Needle projects. This regional work will also include an estimated 13,000 m of diamond drilling to follow up drill ready targets defined during the 2025 summer regional exploration program. A significantly increased budget of
Mali Exploration
A total of
In addition, the Mali exploration team assisted operations in completing 37,181 m over 934 holes to complete the first phase of grade control drilling on the Menankoto permit and the drilling of grade control, infill and extension drilling at the Fekola underground, completing 31,196 m over 277 holes.
2026 Guidance for Mali Exploration
A total of
The Philippines Exploration
The total budget for the Philippines in 2025 was
In addition,
2026 Guidance for The Philippines Exploration
The total budget for the Philippines in 2026 is
An additional
Namibia Exploration
A total of
2026 Guidance for Namibia Exploration
A total of
Greenfield Exploration
B2Gold allocated approximately
In addition to the defined programs noted above, the Company allocated approximately
2026 Guidance for Greenfield Exploration
B2Gold has allocated approximately
Fourth Quarter and Full Year 2025 Financial Results - Conference Call Details
B2Gold executives will host a conference call to discuss the results on Thursday, February 19, 2026, at 8:00 am PT / 11:00 am ET.
Participants may register for the conference call here: registration link. Upon registering, participants will receive a calendar invitation by email with dial in details and a unique PIN. This will allow participants to bypass the operator queue and connect directly to the conference. Registration will remain open until the end of the conference call. Participants may also dial in using the numbers below:
- Toll-free in U.S. and Canada: +1 (833) 821-2803
- All other callers: +1 (647) 846-2419
The conference call will be available to playback for two weeks by dialing toll-free in the U.S. and Canada: +1 (855) 669-9658, replay access code 8916212. All other callers: +1 (412) 317-0088, replay access code 8916212.
About B2Gold
B2Gold is a responsible international senior gold producer headquartered in Vancouver, Canada. Founded in 2007, today, B2Gold has operating gold mines in Canada, Mali, Namibia and the Philippines, and numerous development and exploration projects in various countries.
Qualified Persons
Bill Lytle, Senior Vice President and Chief Operating Officer, a qualified person under NI 43-101, has approved the scientific and technical information related to operations matters contained in this news release.
Andrew Brown, P. Geo., Vice President, Exploration, a qualified person under NI 43-101, has approved the scientific and technical information related to exploration and mineral resource matters contained in this news release.
ON BEHALF OF B2GOLD CORP.
“Clive T. Johnson”
President and Chief Executive Officer
Source: B2Gold Corp.
The Toronto Stock Exchange and NYSE American LLC neither approve nor disapprove the information contained in this news release.
Production results and production guidance presented in this news release reflect total production at the mines B2Gold operates on a
This news release includes certain “forward-looking information” and “forward-looking statements” (collectively “forward-looking statements”) within the meaning of applicable Canadian and United States securities legislation, including: projections; outlook; guidance; forecasts; estimates; and other statements regarding future or estimated financial and operational performance, gold production and sales, revenues and cash flows, and capital costs (sustaining and non-sustaining) and operating costs, including projected cash operating costs and all-in sustaining costs, and budgets on a consolidated and mine by mine basis, which if they occur, would have on our business, our planned capital and exploration expenditures; future or estimated mine life, metal price assumptions, ore grades or sources, gold recovery rates, stripping ratios, throughput, ore processing; statements regarding anticipated exploration, drilling, development, construction, permitting and other activities or achievements of B2Gold; and including, without limitation: remaining well positioned for continued strong operational and financial performance in 2026; projected gold production, cash operating costs and all-in sustaining costs (on a consolidated and mine by mine basis in 2026 for the Fekola Complex, the Otjikoto Mine, the Masbate Gold Project and the Goose Mine; total consolidated gold production of between 820,000 and 970,000 ounces in 2026, with cash operating costs of between
Forward-looking statements necessarily involve assumptions, risks and uncertainties, certain of which are beyond B2Gold's control, including risks associated with or related to: the volatility of metal prices and B2Gold's common shares; changes in tax laws; the dangers inherent in exploration, development and mining activities; the uncertainty of reserve and resource estimates; not achieving production, cost or other estimates; actual production, development plans and costs differing materially from the estimates in B2Gold's feasibility and other studies; the ability to obtain and maintain any necessary permits, consents or authorizations required for mining activities; environmental regulations or hazards and compliance with complex regulations associated with mining activities; climate change and climate change regulations; the ability to replace mineral reserves and identify acquisition opportunities; the unknown liabilities of companies acquired by B2Gold; the ability to successfully integrate new acquisitions; fluctuations in exchange rates; the availability of financing; financing and debt activities, including potential restrictions imposed on B2Gold's operations as a result thereof and the ability to generate sufficient cash flows; operations in foreign and developing countries and the compliance with foreign laws, including those associated with operations in Mali, Namibia, the Philippines and Colombia and including risks related to changes in foreign laws and changing policies related to mining and local ownership requirements or resource nationalization generally; remote operations and the availability of adequate infrastructure; fluctuations in price and availability of energy and other inputs necessary for mining operations; shortages or cost increases in necessary equipment, supplies and labour; regulatory, political and country risks, including local instability or acts of terrorism and the effects thereof; the reliance upon contractors, third parties and joint venture partners; the lack of sole decision-making authority related to Filminera Resources Corporation, which owns the Masbate Project; challenges to title or surface rights; the dependence on key personnel and the ability to attract and retain skilled personnel; the risk of an uninsurable or uninsured loss; adverse climate and weather conditions; litigation risk; competition with other mining companies; community support for B2Gold's operations, including risks related to strikes and the halting of such operations from time to time; conflicts with small scale miners; failures of information systems or information security threats; the ability to maintain adequate internal controls over financial reporting as required by law, including Section 404 of the Sarbanes-Oxley Act; compliance with anti-corruption laws, and sanctions or other similar measures; social media and B2Gold's reputation; risks affecting Calibre having an impact on the value of the Company's investment in Calibre, and potential dilution of our equity interest in Calibre; as well as other factors identified and as described in more detail under the heading "Risk Factors" in B2Gold's most recent Annual Information Form, B2Gold's current Form 40-F Annual Report and B2Gold's other filings with Canadian securities regulators and the U.S. Securities and Exchange Commission (the "SEC"), which may be viewed at www.sedarplus.ca and www.sec.gov, respectively (the "Websites"). The list is not exhaustive of the factors that may affect B2Gold's forward-looking statements.
B2Gold's forward-looking statements are based on the applicable assumptions and factors management considers reasonable as of the date hereof, based on the information available to management at such time. These assumptions and factors include, but are not limited to, assumptions and factors related to B2Gold's ability to carry on current and future operations, including: development and exploration activities; the timing, extent, duration and economic viability of such operations, including any mineral resources or reserves identified thereby; the accuracy and reliability of estimates, projections, forecasts, studies and assessments; B2Gold's ability to meet or achieve estimates, projections and forecasts; the availability and cost of inputs; the price and market for outputs, including gold; foreign exchange rates; taxation levels; the timely receipt of necessary approvals or permits; the ability to meet current and future obligations; the ability to obtain timely financing on reasonable terms when required; the current and future social, economic and political conditions; and other assumptions and factors generally associated with the mining industry.
B2Gold's forward-looking statements are based on the opinions and estimates of management and reflect their current expectations regarding future events and operating performance and speak only as of the date hereof. B2Gold does not assume any obligation to update forward-looking statements if circumstances or management's beliefs, expectations or opinions should change other than as required by applicable law. There can be no assurance that forward-looking statements will prove to be accurate, and actual results, performance or achievements could differ materially from those expressed in, or implied by, these forward-looking statements. Accordingly, no assurance can be given that any events anticipated by the forward-looking statements will transpire or occur, or if any of them do, what benefits or liabilities B2Gold will derive therefrom. For the reasons set forth above, undue reliance should not be placed on forward-looking statements.
Non-IFRS Measures
This news release includes certain terms or performance measures commonly used in the mining industry that are not defined under International Financial Reporting Standards ("IFRS"), including "cash operating costs" and "all-in sustaining costs" (or "AISC"). Non-IFRS measures do not have any standardized meaning prescribed under IFRS, and therefore they may not be comparable to similar measures employed by other companies. The projected range of AISC is anticipated to be adjusted to include sustaining capital expenditures, corporate administrative expense, mine-site exploration and evaluation costs and reclamation cost accretion and amortization, and exclude the effects of expansionary capital and non-sustaining expenditures. Projected GAAP total production cash costs for the full year would require inclusion of the projected impact of future included and excluded items, including items that are not currently determinable, but may be significant, such as sustaining capital expenditures, reclamation cost accretion and amortization. Due to the uncertainty of the likelihood, amount and timing of any such items, B2Gold does not have information available to provide a quantitative reconciliation of projected AISC to a total production cash costs projection. B2Gold believes that this measure represents the total costs of producing gold from current operations, and provides B2Gold and other stakeholders of the Company with additional information of B2Gold’s operational performance and ability to generate cash flows. AISC, as a key performance measure, allows B2Gold to assess its ability to support capital expenditures and to sustain future production from the generation of operating cash flows. This information provides management with the ability to more actively manage capital programs and to make more prudent capital investment decisions.
The data presented is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS and should be read in conjunction with B2Gold's consolidated financial statements. Readers should refer to B2Gold's Management Discussion and Analysis, available on the Websites, under the heading "Non-IFRS Measures" for a more detailed discussion of how B2Gold calculates certain such measures and a reconciliation of certain measures to IFRS terms.
Cautionary Statement Regarding Mineral Reserve and Resource Estimates
The disclosure in this news release was prepared in accordance with Canadian standards for the reporting of mineral resource and mineral reserve estimates, which differ in some material respects from the disclosure requirements of United States securities laws. In particular, and without limiting the generality of the foregoing, the terms “mineral reserve”, “proven mineral reserve”, “probable mineral reserve”, “inferred mineral resources,”, “indicated mineral resources,” “measured mineral resources” and “mineral resources” used or referenced in this prospectus, any prospectus supplement and the documents incorporated by reference herein or therein are Canadian mineral disclosure terms as defined in accordance with Canadian National Instrument 43-101 - Standards of Disclosure for Mineral Projects (“NI 43-101”) and the Canadian Institute of Mining, Metallurgy and Petroleum (the “CIM”) - CIM Definition Standards on Mineral Resources and Mineral Reserves, adopted by the CIM Council, as amended (the “CIM Definition Standards”). The definitions of these terms, and other mining terms and disclosures, differ from the definitions of such terms, if any, for purposes of the SEC’s disclosure rules the SEC for domestic United States Issuers (the “SEC Rules”), (the “Exchange Act”). Accordingly, mineral reserve and mineral resource information and other technical information contained in this news release may not be comparable to similar information disclosed by United States companies subject to the SEC’s reporting and disclosure requirements for domestic United States issuers.
Historical results or feasibility models presented herein are not guarantees or expectations of future performance. Mineral resources that are not mineral reserves do not have demonstrated economic viability. Due to the uncertainty of measured, indicated or inferred mineral resources, these mineral resources may never be upgraded to proven and probable mineral reserves. Investors are cautioned not to assume that any part of mineral deposits in these categories will ever be converted into reserves or recovered. In addition, United States investors are cautioned not to assume that any part or all of B2Gold’s measured, indicated or inferred mineral resources constitute or will be converted into mineral reserves or are or will be economically or legally mineable without additional work.
| B2GOLD CORP. CONSOLIDATED STATEMENTS OF OPERATIONS (Expressed in thousands of United States dollars, except shares and per share amounts) (Unaudited) | ||||||||||||||||
| For the three months ended Dec. 31, 2025 | For the three months ended Dec. 31, 2024 | For the twelve months ended Dec. 31, 2025 | For the twelve months ended Dec. 31, 2024 | |||||||||||||
| Gold revenue | $ | 1,053,977 | $ | 499,788 | $ | 3,061,238 | $ | 1,902,030 | ||||||||
| Cost of sales | ||||||||||||||||
| Production costs | (227,935 | ) | (181,376 | ) | (745,446 | ) | (681,828 | ) | ||||||||
| Depreciation and depletion | (143,904 | ) | (93,903 | ) | (440,831 | ) | (367,408 | ) | ||||||||
| Royalties and production taxes | (130,887 | ) | (50,554 | ) | (344,178 | ) | (146,599 | ) | ||||||||
| Total cost of sales | (502,726 | ) | (325,833 | ) | (1,530,455 | ) | (1,195,835 | ) | ||||||||
| Gross profit | 551,251 | 173,955 | 1,530,783 | 706,195 | ||||||||||||
| General and administrative | (24,253 | ) | (19,094 | ) | (67,087 | ) | (59,483 | ) | ||||||||
| Share-based payments | (3,985 | ) | (9,863 | ) | (24,954 | ) | (24,678 | ) | ||||||||
| Non-recoverable input taxes | (1,734 | ) | (2,859 | ) | (14,391 | ) | (13,211 | ) | ||||||||
| Foreign exchange losses | (14,488 | ) | (15,850 | ) | (9,745 | ) | (23,692 | ) | ||||||||
| Share of net income (loss) of associates | 1,170 | (1,951 | ) | (755 | ) | 2,630 | ||||||||||
| Community relations | 69 | (1,123 | ) | (12,510 | ) | (2,909 | ) | |||||||||
| Write-down of mining interests | — | — | (5,118 | ) | (636 | ) | ||||||||||
| Impairment of long-lived assets | — | — | — | (876,376 | ) | |||||||||||
| Gain on sale of mining interests | — | — | — | 56,115 | ||||||||||||
| Gain on sale of shares in associate | — | — | — | 16,822 | ||||||||||||
| Other income (expense) | 3,013 | 5,200 | (13,964 | ) | (29,104 | ) | ||||||||||
| Operating income (loss) | 511,043 | 128,415 | 1,382,259 | (248,327 | ) | |||||||||||
| Losses (gains) on derivative instruments | (96,621 | ) | 2,837 | (266,794 | ) | (2,837 | ) | |||||||||
| Change in fair value of gold stream | (37,958 | ) | (5,629 | ) | (118,364 | ) | (26,825 | ) | ||||||||
| Interest and financing expense | (22,395 | ) | (10,846 | ) | (37,702 | ) | (34,848 | ) | ||||||||
| Interest income | 3,328 | 3,597 | 12,448 | 20,734 | ||||||||||||
| Losses on dilution of associate | — | — | — | (8,984 | ) | |||||||||||
| Other income (expense) | 2,451 | (10,069 | ) | 4,952 | (8,137 | ) | ||||||||||
| Income (loss) from operations before taxes | 359,848 | 108,305 | 976,799 | (309,224 | ) | |||||||||||
| Current income tax, withholding and other taxes | (304,448 | ) | (86,641 | ) | (694,650 | ) | (319,726 | ) | ||||||||
| Deferred income tax recovery (expense) | 124,859 | (30,989 | ) | 144,550 | 2,297 | |||||||||||
| Net income (loss) | $ | 180,259 | $ | (9,325 | ) | $ | 426,699 | $ | (626,653 | ) | ||||||
| Attributable to: | ||||||||||||||||
| Shareholders of the Company | $ | 170,584 | $ | (11,881 | ) | $ | 401,908 | $ | (629,891 | ) | ||||||
| Non-controlling interests | 9,675 | 2,556 | 24,791 | 3,238 | ||||||||||||
| Net income (loss) | $ | 180,259 | $ | (9,325 | ) | $ | 426,699 | $ | (626,653 | ) | ||||||
| Earnings (loss) per share (attributable to shareholders of the Company) | ||||||||||||||||
| Basic | $ | 0.13 | $ | (0.01 | ) | $ | 0.30 | $ | (0.48 | ) | ||||||
| Diluted | $ | 0.11 | $ | (0.01 | ) | $ | 0.28 | $ | (0.48 | ) | ||||||
| Weighted average number of common shares outstanding (in thousands) | ||||||||||||||||
| Basic | 1,336,691 | 1,313,960 | 1,325,322 | 1,308,850 | ||||||||||||
| Diluted | 1,497,855 | 1,313,960 | 1,480,858 | 1,308,850 | ||||||||||||
| B2GOLD CORP. CONSOLIDATED STATEMENTS OF CASH FLOWS (Expressed in thousands of United States dollars) (Unaudited) | |||||||||||||||
| For the three months ended Dec. 31, 2025 | For the three months ended Dec. 31, 2024 | For the twelve months ended Dec. 31, 2025 | For the twelve months ended Dec. 31, 2024 | ||||||||||||
| Operating activities | |||||||||||||||
| Net income (loss) | $ | 180,259 | $ | (9,325 | ) | $ | 426,699 | $ | (626,653 | ) | |||||
| Mine restoration provisions settled | (1,477 | ) | (620 | ) | (3,134 | ) | (2,088 | ) | |||||||
| Non-cash charges, net | 177,349 | 154,570 | 805,682 | 1,289,104 | |||||||||||
| Delivery into prepaid sales | (144,699 | ) | — | (288,792 | ) | — | |||||||||
| Proceeds from prepaid sales | — | — | — | 500,023 | |||||||||||
| Changes in non-cash working capital | 104,935 | (101,031 | ) | 189,886 | (155,179 | ) | |||||||||
| Changes in long-term inventory | (7,539 | ) | 62,052 | (109,705 | ) | (55,413 | ) | ||||||||
| Changes in long-term value added tax receivables | (22,464 | ) | 14,898 | (124,800 | ) | (72,190 | ) | ||||||||
| Cash provided by operating activities | 286,364 | 120,544 | 895,836 | 877,604 | |||||||||||
| Financing activities | |||||||||||||||
| Proceeds from convertible senior unsecured notes, net of financing costs | — | — | 445,913 | — | |||||||||||
| Revolving credit facility draw downs, net of financing costs | — | 245,753 | 195,869 | 445,753 | |||||||||||
| Revolving credit facility repayments | (50,000 | ) | (50,000 | ) | (450,000 | ) | (200,000 | ) | |||||||
| Equipment facility draw downs, net of financing costs | 4,720 | 7,779 | 21,463 | 7,779 | |||||||||||
| Equipment loan facility repayments | (1,759 | ) | (2,156 | ) | (14,003 | ) | (11,042 | ) | |||||||
| Interest and commitment fees paid | (5,990 | ) | (5,904 | ) | (18,447 | ) | (11,648 | ) | |||||||
| Common shares issued in flow-through financing | 13,920 | 10,073 | 13,920 | 10,073 | |||||||||||
| Common shares issued on exercise of stock options | 30,747 | 108 | 66,083 | 3,122 | |||||||||||
| Repurchase of common shares | — | — | (9,849 | ) | — | ||||||||||
| Dividends paid | (26,014 | ) | (46,662 | ) | (103,444 | ) | (184,632 | ) | |||||||
| Principal payments on lease arrangements | (5,186 | ) | (1,146 | ) | (22,078 | ) | (6,531 | ) | |||||||
| Distributions to non-controlling interests | (7,473 | ) | (110,169 | ) | (29,914 | ) | (122,869 | ) | |||||||
| Realized loss on derivative instruments | (32,633 | ) | — | (36,846 | ) | — | |||||||||
| Other | 83 | 473 | (21 | ) | 923 | ||||||||||
| Cash (used) provided by financing activities | (79,585 | ) | 48,149 | 58,646 | (69,072 | ) | |||||||||
| Investing activities | |||||||||||||||
| Expenditures on mining interests: | |||||||||||||||
| Fekola Mine | (50,175 | ) | (59,571 | ) | (222,670 | ) | (257,776 | ) | |||||||
| Masbate Mine | (6,109 | ) | (9,534 | ) | (41,257 | ) | (29,763 | ) | |||||||
| Otjikoto Mine | (11,298 | ) | (2,714 | ) | (24,005 | ) | (28,842 | ) | |||||||
| Goose Mine | (76,089 | ) | (149,262 | ) | (471,453 | ) | (515,391 | ) | |||||||
| Fekola Regional Properties | (7,093 | ) | (3,444 | ) | (20,845 | ) | (16,861 | ) | |||||||
| Gramalote Project | (8,445 | ) | (6,901 | ) | (31,920 | ) | (17,128 | ) | |||||||
| Other exploration | (15,467 | ) | (13,465 | ) | (50,679 | ) | (52,629 | ) | |||||||
| Purchases of long-term investments | (12,672 | ) | (9,660 | ) | (25,850 | ) | (16,576 | ) | |||||||
| Purchase of shares in associate | — | — | (4,800 | ) | (9,089 | ) | |||||||||
| Purchases of short-term investments | (19,490 | ) | (16,361 | ) | (45,041 | ) | (16,361 | ) | |||||||
| Redemptions of short-term investments | 23,940 | 5,386 | 54,949 | 5,386 | |||||||||||
| Funding of reclamation deposits | (2,661 | ) | (802 | ) | (10,915 | ) | (5,797 | ) | |||||||
| Cash proceeds on sale of investment in associate | — | — | — | 100,302 | |||||||||||
| Cash proceeds on sale of long-term investments | — | 15,276 | — | 92,564 | |||||||||||
| Cash proceeds from sale of mining interest | — | 7,500 | — | 7,500 | |||||||||||
| Other | 1,794 | (8,415 | ) | 1,746 | (2,840 | ) | |||||||||
| Cash used by investing activities | (183,765 | ) | (251,967 | ) | (892,740 | ) | (763,301 | ) | |||||||
| Increase (decrease) in cash and cash equivalents | 23,014 | (83,274 | ) | 61,742 | 45,231 | ||||||||||
| Effect of exchange rate changes on cash and cash equivalents | (9,818 | ) | (10,868 | ) | (18,289 | ) | (15,155 | ) | |||||||
| Cash and cash equivalents, beginning of period | 367,228 | 431,113 | 336,971 | 306,895 | |||||||||||
| Cash and cash equivalents, end of period | $ | 380,424 | $ | 336,971 | $ | 380,424 | $ | 336,971 | |||||||
| B2GOLD CORP. CONSOLIDATED BALANCE SHEETS (Expressed in thousands of United States dollars) | ||||||||
| As at | As at | |||||||
| December 31, | December 31, | |||||||
| 2025 | 2024 | |||||||
| Assets | ||||||||
| Current | ||||||||
| Cash and cash equivalents | $ | 380,424 | $ | 336,971 | ||||
| Receivables, prepaids and other | 58,293 | 41,059 | ||||||
| Value-added and other tax receivables | 63,732 | 46,173 | ||||||
| Inventories | 627,225 | 477,586 | ||||||
| 1,129,674 | 901,789 | |||||||
| Long-term investments | 286,066 | 76,717 | ||||||
| Long-term value-added tax receivables | 276,035 | 244,147 | ||||||
| Mining interests | 3,760,337 | 3,291,435 | ||||||
| Investment in associates | 98,183 | 91,417 | ||||||
| Long-term inventories | 177,595 | 134,529 | ||||||
| Other assets | 74,986 | 73,964 | ||||||
| Deferred income taxes | 76,440 | — | ||||||
| $ | 5,879,316 | $ | 4,813,998 | |||||
| Liabilities | ||||||||
| Current | ||||||||
| Accounts payable and accrued liabilities | $ | 174,802 | $ | 156,352 | ||||
| Current income and other taxes payable | 267,073 | 103,557 | ||||||
| Current portion of prepaid gold sales | 285,458 | 272,781 | ||||||
| Current portion of long-term debt | 33,870 | 16,419 | ||||||
| Current portion of derivative instruments | 237,308 | 1,606 | ||||||
| Current portion of gold stream obligation | 24,500 | 6,900 | ||||||
| Current portion of mine restoration provisions | 18,114 | 7,170 | ||||||
| Other current liabilities | 20,131 | 15,902 | ||||||
| 1,061,256 | 580,687 | |||||||
| Prepaid gold sales | — | 265,329 | ||||||
| Long-term debt | 564,440 | 421,464 | ||||||
| Gold stream obligation | 258,231 | 159,525 | ||||||
| Mine restoration provisions | 151,293 | 140,541 | ||||||
| Deferred income taxes | 151,343 | 169,738 | ||||||
| Employee benefits obligation | 25,103 | 18,410 | ||||||
| Other long-term liabilities | 26,134 | 22,607 | ||||||
| 2,237,800 | 1,778,301 | |||||||
| Equity | ||||||||
| Shareholders’ equity | ||||||||
| Share capital | 3,607,005 | 3,510,271 | ||||||
| Contributed surplus | 151,218 | 91,184 | ||||||
| Accumulated other comprehensive income (loss) | 55,955 | (102,771 | ) | |||||
| Retained deficit | (220,613 | ) | (515,619 | ) | ||||
| 3,593,565 | 2,983,065 | |||||||
| Non-controlling interests | 47,951 | 52,632 | ||||||
| 3,641,516 | 3,035,697 | |||||||
| $ | 5,879,316 | $ | 4,813,998 | |||||
NON-IFRS MEASURES
Cash operating costs per gold ounce sold and total cash costs per gold ounce sold
‘‘Cash operating costs per gold ounce’’ and “total cash costs per gold ounce” are common financial performance measures in the gold mining industry but, as non-IFRS measures, they do not have a standardized meaning under IFRS and therefore may not be comparable to similar measures presented by other issuers. Management believes that, in addition to conventional measures prepared in accordance with IFRS, certain investors use this information to evaluate our performance and ability to generate cash flow. Accordingly, these measures are intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. The measures, along with sales, are considered to be a key indicator of the Company’s ability to generate earnings and cash flow from its mining operations.
Cash cost figures are calculated on a sales basis in accordance with a standard developed by The Gold Institute, which was a worldwide association of suppliers of gold and gold products and included leading North American gold producers. The Gold Institute ceased operations in 2002, but the standard is the accepted standard of reporting cash cost of production in North America. Adoption of the standard is voluntary and the cost measures presented may not be comparable to other similarly titled measures of other companies. Other companies may calculate these measures differently. Cash operating costs and total cash costs per gold ounce sold are derived from amounts included in the statement of operations and include mine site operating costs such as mining, processing, smelting, refining, transportation costs, royalties and production taxes, less silver by-product credits. The tables below show a reconciliation of cash operating costs per gold ounce sold and total cash costs per gold ounce sold to production costs as extracted from the annual consolidated financial statements on a consolidated and a mine-by-mine basis (dollars in thousands):
| For the three months ended December 31, 2025 | |||||
| Fekola Mine | Masbate Mine | Otjikoto Mine | Goose Mine | Grand Total | |
| $ | $ | $ | $ | $ | |
| Production costs | 118,511 | 40,368 | 33,653 | 35,403 | 227,935 |
| Royalties and production taxes | 110,134 | 10,737 | 8,486 | 1,529 | 130,886 |
| Total cash costs | 228,645 | 51,105 | 42,139 | 36,932 | 358,821 |
| Gold sold (ounces) | 153,407 | 47,420 | 50,725 | 31,938 | 283,490 |
| Cash operating costs per ounce ($/gold ounce sold) | 773 | 851 | 663 | 1,108 | 804 |
| Total cash costs per ounce ($/gold ounce sold) | 1,490 | 1,078 | 831 | 1,156 | 1,266 |
| For the three months ended December 31, 2024 | ||||||
| Fekola Mine | Masbate Mine | Otjikoto Mine | Total | Calibre equity investment | Grand Total | |
| $ | $ | $ | $ | $ | $ | |
| Production costs | 107,778 | 38,392 | 35,206 | 181,376 | — | 181,376 |
| Royalties and production taxes | 37,792 | 7,381 | 5,381 | 50,554 | — | 50,554 |
| Total cash costs | 145,570 | 45,773 | 40,587 | 231,930 | — | 231,930 |
| Gold sold (ounces) | 86,453 | 51,010 | 50,330 | 187,793 | — | 187,793 |
| Cash operating costs per ounce ($/gold ounce sold) | 1,247 | 753 | 700 | 966 | — | 966 |
| Total cash costs per ounce ($/gold ounce sold) | 1,684 | 897 | 806 | 1,235 | — | 1,235 |
| For the year ended December 31, 2025 | |||||||
| Fekola Mine | Masbate Mine | Otjikoto Mine | Goose Mine | Grand Total | |||
| $ | $ | $ | $ | ||||
| Production costs | 408,105 | 162,484 | 130,327 | 44,530 | 745,446 | ||
| Royalties and production taxes | 277,902 | 36,950 | 27,417 | 1,909 | 344,178 | ||
| Less pre-commercial production costs | — | — | — | (9,507 | ) | (9,507 | ) |
| Total cash costs | 686,007 | 199,434 | 157,744 | 36,932 | 1,080,117 | ||
| Gold sold (ounces) | 493,759 | 195,813 | 198,602 | 39,623 | 927,797 | ||
| Less pre-commercial sales (ounces) | — | — | — | (7,685 | ) | (7,685 | ) |
| Gold sold from commercial production (ounces) | 493,759 | 195,813 | 198,602 | 31,938 | 920,112 | ||
| Cash operating costs per ounce ($/gold ounce sold) | 827 | 830 | 656 | 1,108 | 800 | ||
| Total cash costs per ounce ($/gold ounce sold) | 1,389 | 1,018 | 794 | 1,156 | 1,174 | ||
| For the year ended December 31, 2024 | ||||||
| Fekola Mine | Masbate Mine | Otjikoto Mine | Total | Calibre equity investment | Grand Total | |
| $ | $ | $ | $ | $ | $ | |
| Production costs | 384,221 | 161,462 | 136,145 | 681,828 | 25,126 | 706,954 |
| Royalties and production taxes | 100,353 | 26,801 | 19,445 | 146,599 | 1,565 | 148,164 |
| Total cash costs | 484,574 | 188,263 | 155,590 | 828,427 | 26,691 | 855,118 |
| Gold sold (ounces) | 404,458 | 193,270 | 203,796 | 801,524 | 19,644 | 821,168 |
| Cash operating costs per ounce ($/gold ounce sold) | 950 | 835 | 668 | 851 | 1,279 | 861 |
| Total cash costs per ounce ($/gold ounce sold) | 1,198 | 974 | 763 | 1,034 | 1,359 | 1,041 |
Cash operating costs per gold ounce produced
In addition to cash operating costs on a per gold ounce sold basis, the Company also presents cash operating costs on a per gold ounce produced basis. Cash operating costs per gold ounce produced is derived from amounts included in the statement of operations and include mine site operating costs such as mining, processing, smelting, refining, transportation costs, less silver by-product credits. Cash operating costs per gold ounce produced do not include pre-commercial production from the Goose Mine. The tables below show a reconciliation of cash operating costs per gold ounce produced to production costs as extracted from the annual consolidated financial statements on a consolidated and a mine-by-mine basis (dollars in thousands):
| For the three months ended December 31, 2025 | |||||||
| Fekola Mine | Masbate Mine | Otjikoto Mine | Goose Mine | Grand Total | |||
| $ | $ | $ | $ | $ | |||
| Production costs | 118,511 | 40,368 | 33,653 | 35,403 | 227,935 | ||
| Inventory sales adjustment | (13,439 | ) | 184 | 2,717 | 5,780 | (4,758 | ) |
| Cash operating costs | 105,072 | 40,552 | 36,370 | 41,183 | 223,177 | ||
| Gold produced (ounces) | 163,720 | 49,900 | 50,793 | 38,616 | 303,029 | ||
| Cash operating costs per ounce ($/gold ounce produced) | 642 | 813 | 716 | 1,066 | 736 | ||
| For the three months ended December 31, 2024 | |||||||||
| Fekola Mine | Masbate Mine | Otjikoto Mine | Total | Calibre equity investment | Grand Total | ||||
| $ | $ | $ | $ | $ | $ | ||||
| Production costs | 107,778 | 38,392 | 35,206 | 181,376 | — | 181,376 | |||
| Inventory sales adjustment | (7,600 | ) | 2,950 | 3,245 | (1,405 | ) | — | (1,405 | ) |
| Cash operating costs | 100,178 | 41,342 | 38,451 | 179,971 | — | 179,971 | |||
| Gold produced (ounces) | 84,015 | 49,534 | 52,452 | 186,001 | — | 186,001 | |||
| Cash operating costs per ounce ($/gold ounce produced) | 1,192 | 835 | 733 | 968 | — | 968 | |||
| For the year ended December 31, 2025 | ||||||||
| Fekola Mine | Masbate Mine | Otjikoto Mine | Goose Mine | Grand Total | ||||
| $ | $ | $ | $ | $ | ||||
| Production costs | 408,105 | 162,484 | 130,327 | 44,530 | 745,446 | |||
| Inventory sales adjustment | 1,734 | (2,799 | ) | 635 | 11,923 | 11,493 | ||
| Pre-commercial production costs | — | — | — | (15,270 | ) | (15,270 | ) | |
| Cash operating costs | 409,839 | 159,685 | 130,962 | 41,183 | 741,669 | |||
| Gold Produced (in ounces) | 530,769 | 196,526 | 199,139 | 53,170 | 979,604 | |||
| Less pre-commercial production ounces | — | — | — | (14,554 | ) | (14,554 | ) | |
| Gold produced from commercial production (ounces) | 530,769 | 196,526 | 199,139 | 38,616 | 965,050 | |||
| Cash operating costs per ounce ($/gold ounce produced) | 772 | 813 | 658 | 1,066 | 769 | |||
| For the year ended December 31, 2024 | ||||||
| Fekola Mine | Masbate Mine | Otjikoto Mine | Total | Calibre equity investment | Grand Total | |
| $ | $ | $ | $ | $ | $ | |
| Production costs | 384,221 | 161,462 | 136,145 | 681,828 | 25,126 | 706,954 |
| Inventory sales adjustment | 4,905 | 1,183 | 2,391 | 8,479 | — | 8,479 |
| Cash operating costs | 389,126 | 162,645 | 138,536 | 690,307 | 25,126 | 715,433 |
| Gold produced (ounces) | 392,946 | 194,046 | 198,142 | 785,134 | 19,644 | 804,778 |
| Cash operating costs per ounce ($/ gold ounce produced) | 990 | 838 | 699 | 879 | 1,279 | 889 |
All-in sustaining costs per gold ounce
In June 2013, the World Gold Council, a non-regulatory association of the world’s leading gold mining companies established to promote the use of gold to industry, consumers and investors, provided guidance for the calculation of the measure “all-in sustaining costs per gold ounce”, but as a non-IFRS measure, it does not have a standardized meaning under IFRS and therefore may not be comparable to similar measures presented by other issuers. The original World Gold Council standard became effective January 1, 2014 with further updates announced on November 16, 2018 which were effective starting January 1, 2019.
Management believes that the all-in sustaining costs per gold ounce measure provides additional insight into the costs of producing gold by capturing all of the expenditures required for the discovery, development and sustaining of gold production and allows the Company to assess its ability to support capital expenditures to sustain future production from the generation of operating cash flows. Management believes that, in addition to conventional measures prepared in accordance with IFRS, certain investors use this information to evaluate the Company's performance and ability to generate cash flow. Accordingly, it is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. Adoption of the standard is voluntary and the cost measures presented may not be comparable to other similarly titled measures of other companies. The Company has applied the principles of the World Gold Council recommendations and has reported all-in sustaining costs on a sales basis. Other companies may calculate these measures differently.
B2Gold defines all-in sustaining costs per ounce as the sum of cash operating costs, royalties and production taxes, capital expenditures and exploration costs that are sustaining in nature, sustaining lease expenditures, corporate general and administrative costs, share-based payment expenses related to RSUs/DSUs/PSUs/RPUs, community relations expenditures, reclamation liability accretion and realized (gains) losses on fuel derivative contracts, all divided by the total post-commercial production gold ounces sold to arrive at a per ounce figure.
The tables below show a reconciliation of all-in sustaining costs per ounce to production costs as extracted from the annual consolidated financial statements on a consolidated and a mine-by-mine basis (dollars in thousands):
| For the three months ended December 31, 2025 | ||||||||
| Fekola Mine | Masbate Mine | Otjikoto Mine | Goose Mine | Corporate | Grand Total | |||
| $ | $ | $ | $ | $ | $ | |||
| Production costs | 118,511 | 40,368 | 33,653 | 35,403 | — | 227,935 | ||
| Royalties and production taxes | 110,134 | 10,737 | 8,486 | 1,529 | — | 130,886 | ||
| Corporate administration | 5,718 | 1,279 | 1,150 | 166 | 15,940 | 24,253 | ||
| Share-based payments – RSUs/DSUs/PSUs/RPUs(1) | (43 | ) | — | — | — | 3,596 | 3,553 | |
| Community relations | 1,183 | 78 | 681 | 698 | — | 2,640 | ||
| Reclamation liability accretion | 632 | 331 | 226 | 472 | — | 1,661 | ||
| Realized losses (gains) on fuel derivative contracts | 165 | 112 | (5 | ) | — | — | 272 | |
| Sustaining lease expenditures | 4,897 | 301 | 1,648 | — | 451 | 7,297 | ||
| Sustaining capital expenditures(2) | 50,175 | 5,022 | 8,467 | 24,869 | — | 88,533 | ||
| Sustaining mine exploration(2) | 609 | 102 | 719 | 8,694 | — | 10,124 | ||
| Total all-in sustaining costs | 291,981 | 58,330 | 55,025 | 71,831 | 19,987 | 497,154 | ||
| Gold sold (ounces) | 153,407 | 47,420 | 50,725 | 31,938 | — | 283,490 | ||
| All-in sustaining cost per ounce ($/gold ounce sold) | 1,903 | 1,230 | 1,085 | 2,249 | — | 1,754 | ||
(1) Included as a component of Share-based payments on the Consolidated Statement of Operations.
(2) Refer to Sustaining capital expenditures and Sustaining mine exploration reconciliations below.
The table below shows a reconciliation of sustaining capital expenditures to operating mine capital expenditures as extracted from the annual consolidated financial statements on a consolidated and a mine-by-mine basis (dollars in thousands):
| For the three months ended December 31, 2025 | |||||||||
| Fekola Mine | Masbate Mine | Otjikoto Mine | Goose Mine | Grand Total | |||||
| $ | $ | $ | $ | $ | |||||
| Operating mine capital expenditures | 50,175 | 6,109 | 11,298 | 76,089 | 143,671 | ||||
| Plant and infrastructure construction | — | — | — | (51,220 | ) | (51,220 | ) | ||
| Land acquisitions | — | (1,018 | ) | — | — | (1,018 | ) | ||
| Other | — | (69 | ) | (2,831 | ) | — | (2,900 | ) | |
| Sustaining capital expenditures | 50,175 | 5,022 | 8,467 | 24,869 | 88,533 | ||||
The table below shows a reconciliation of sustaining mine exploration to operating mine exploration as extracted from the annual consolidated financial statements on a consolidated and a mine-by-mine basis (dollars in thousands):
| For the three months ended December 31, 2025 | ||||||||
| Fekola Mine | Masbate Mine | Otjikoto Mine | Goose Mine | Grand Total | ||||
| $ | $ | $ | $ | $ | ||||
| Operating mine exploration | 609 | 1,086 | 1,700 | 8,694 | 12,089 | |||
| Regional exploration | — | (984 | ) | (981 | ) | — | (1,965 | ) |
| Sustaining mine exploration | 609 | 102 | 719 | 8,694 | 10,124 | |||
The tables below show a reconciliation of all-in sustaining costs per ounce to production costs as extracted from the annual consolidated financial statements on a consolidated and a mine-by-mine basis (dollars in thousands):
| For the three months ended December 31, 2024 | ||||||||
| Fekola Mine | Masbate Mine | Otjikoto Mine | Corporate | Total | Calibre equity investment | Grand Total | ||
| $ | $ | $ | $ | $ | $ | $ | ||
| Production costs | 107,778 | 38,392 | 35,206 | — | 181,376 | — | 181,376 | |
| Royalties and production taxes | 37,792 | 7,381 | 5,381 | — | 50,554 | — | 50,554 | |
| Corporate administration | 3,209 | 1,168 | 1,089 | 13,628 | 19,094 | — | 19,094 | |
| Share-based payments – RSUs/DSUs/PSUs/RPUs(1) | 16 | — | — | 3,532 | 3,548 | — | 3,548 | |
| Community relations | 543 | 89 | 491 | — | 1,123 | — | 1,123 | |
| Reclamation liability accretion | 443 | 299 | 226 | — | 968 | — | 968 | |
| Realized losses on fuel derivative contracts | 465 | 255 | 83 | — | 803 | — | 803 | |
| Sustaining lease expenditures | 80 | 309 | 230 | 483 | 1,102 | — | 1,102 | |
| Sustaining capital expenditures(2) | 41,809 | 7,993 | 2,590 | — | 52,392 | — | 52,392 | |
| Sustaining mine exploration(2) | 1,292 | 320 | 658 | — | 2,270 | — | 2,270 | |
| Total all-in sustaining costs | 193,427 | 56,206 | 45,954 | 17,643 | 313,230 | — | 313,230 | |
| Gold sold (ounces) | 86,453 | 51,010 | 50,330 | — | 187,793 | — | 187,793 | |
| All-in sustaining cost per ounce ($/gold ounce sold) | 2,237 | 1,102 | 913 | — | 1,668 | — | 1,668 | |
(1) Included as a component of Share-based payments on the Consolidated Statement of Operations.
(2) Refer to Sustaining capital expenditures and Sustaining mine exploration reconciliations below.
The table below shows a reconciliation of sustaining capital expenditures to operating mine capital expenditures as extracted from the annual consolidated financial statements on a consolidated and a mine-by-mine basis (dollars in thousands):
| For the three months ended December 31, 2024 | |||||||||||
| Fekola Mine | Masbate Mine | Otjikoto Mine | Total | Calibre equity investment | Grand Total | ||||||
| $ | $ | $ | $ | $ | $ | ||||||
| Operating mine capital expenditures | 59,571 | 9,534 | 2,714 | 71,819 | — | 71,819 | |||||
| Road construction | (278 | ) | — | — | (278 | ) | — | (278 | ) | ||
| Fekola underground | (17,484 | ) | — | — | (17,484 | ) | — | (17,484 | ) | ||
| Land acquisitions | — | (1,541 | ) | — | (1,541 | ) | — | (1,541 | ) | ||
| Other | — | — | (124 | ) | (124 | ) | — | (124 | ) | ||
| Sustaining capital expenditures | 41,809 | 7,993 | 2,590 | 52,392 | — | 52,392 | |||||
The table below shows a reconciliation of sustaining mine exploration to operating mine exploration as extracted from the annual consolidated financial statements on a consolidated and a mine-by-mine basis (dollars in thousands):
| For the three months ended December 31, 2024 | ||||||||||
| Fekola Mine | Masbate Mine | Otjikoto Mine | Total | Calibre equity investment | Grand Total | |||||
| $ | $ | $ | $ | $ | $ | |||||
| Operating mine exploration | 1,292 | 610 | 2,634 | 4,536 | — | 4,536 | ||||
| Regional exploration | — | (290 | ) | (1,976 | ) | (2,266 | ) | — | (2,266 | ) |
| Sustaining mine exploration | 1,292 | 320 | 658 | 2,270 | — | 2,270 | ||||
The tables below show a reconciliation of all-in sustaining costs per ounce to production costs as extracted from the annual consolidated financial statements on a consolidated and a mine-by-mine basis (dollars in thousands):
| For the year ended December 31, 2025 | ||||||||
| Fekola Mine | Masbate Mine | Otjikoto Mine | Goose Mine | Corporate | Grand Total | |||
| $ | $ | $ | $ | $ | $ | |||
| Production costs | 408,105 | 162,484 | 130,327 | 44,530 | — | 745,446 | ||
| Royalties and production taxes | 277,902 | 36,950 | 27,417 | 1,909 | — | 344,178 | ||
| Corporate administration | 16,511 | 2,977 | 4,448 | 166 | 42,985 | 67,087 | ||
| Share-based payments – RSUs/DSUs/PSUs/RPUs(1) | — | — | — | — | 14,409 | 14,409 | ||
| Community relations | 2,321 | 350 | 1,850 | 7,989 | — | 12,510 | ||
| Reclamation liability accretion | 2,581 | 1,344 | 970 | 1,604 | — | 6,499 | ||
| Realized losses on fuel derivative contracts | 925 | 578 | 90 | — | — | 1,593 | ||
| Sustaining lease expenditures | 5,148 | 1,262 | 5,306 | — | 1,780 | 13,496 | ||
| Sustaining capital expenditures(2) | 176,787 | 36,488 | 20,161 | 24,869 | — | 258,305 | ||
| Sustaining mine exploration(2) | 609 | 220 | 1,910 | 8,694 | — | 11,433 | ||
| Total all-in sustaining costs | 890,889 | 242,653 | 192,479 | 89,761 | 59,174 | 1,474,956 | ||
| Less all-in sustaining costs related to pre-commercial production | — | — | — | (17,930 | ) | — | (17,930 | ) |
| Total all-in sustaining costs from commercial production | 890,889 | 242,653 | 192,479 | 71,831 | 59,174 | 1,457,026 | ||
| Gold Sold (ounces) | 493,759 | 195,813 | 198,602 | 39,623 | — | 927,797 | ||
| Less pre-commercial sales ounces | — | — | — | (7,685 | ) | — | (7,685 | ) |
| Gold Sold from commercial production (ounces) | 493,759 | 195,813 | 198,602 | 31,938 | — | 920,112 | ||
| All-in sustaining cost per ounce ($/gold ounce sold) | 1,804 | 1,239 | 969 | 2,249 | — | 1,584 | ||
(1) Included as a component of Share-based payments on the Consolidated Statement of Operations.
(2) Refer to Sustaining capital expenditures and Sustaining mine exploration reconciliations below.
The table below shows a reconciliation of sustaining capital expenditures to operating mine capital expenditures as extracted from the annual consolidated financial statements on a consolidated and a mine-by-mine basis (dollars in thousands):
| For the year ended December 31, 2025 | ||||||||||
| Fekola Mine | Masbate Mine | Otjikoto Mine | Goose Mine | Grand Total | ||||||
| $ | $ | $ | $ | $ | ||||||
| Operating mine capital expenditures | 222,670 | 41,257 | 24,005 | 471,453 | 759,385 | |||||
| Pre-production capital expenditures | — | — | — | (395,364 | ) | (395,364 | ) | |||
| Plant and infrastructure construction | — | — | — | (51,220 | ) | (51,220 | ) | |||
| Fekola underground | (45,883 | ) | — | — | — | (45,883 | ) | |||
| Land acquisitions | — | (3,729 | ) | — | — | (3,729 | ) | |||
| Other | — | (1,040 | ) | (3,844 | ) | — | (4,884 | ) | ||
| Sustaining capital expenditures | 176,787 | 36,488 | 20,161 | 24,869 | 258,305 | |||||
The table below shows a reconciliation of sustaining mine exploration to operating mine exploration as extracted from the annual consolidated financial statements (dollars in thousands):
| For the year ended December 31, 2025 | |||||||||
| Fekola Mine | Masbate Mine | Otjikoto Mine | Goose Mine | Grand Total | |||||
| $ | $ | $ | $ | $ | |||||
| Operating mine exploration | 609 | 2,639 | 8,133 | 24,635 | 36,016 | ||||
| Regional exploration | — | (2,419 | ) | (6,223 | ) | (15,941 | ) | (24,583 | ) |
| Sustaining mine exploration | 609 | 220 | 1,910 | 8,694 | 11,433 | ||||
The tables below show a reconciliation of all-in sustaining costs per ounce to production costs as extracted from the annual consolidated financial statements on a consolidated and a mine-by-mine basis (dollars in thousands):
| For the year ended December 31, 2024 | ||||||||
| Fekola Mine | Masbate Mine | Otjikoto Mine | Corporate | Total | Calibre equity investment | Grand Total | ||
| $ | $ | $ | $ | $ | $ | $ | ||
| Production costs | 384,221 | 161,462 | 136,145 | — | 681,828 | 25,126 | 706,954 | |
| Royalties and production taxes | 100,353 | 26,801 | 19,445 | — | 146,599 | 1,565 | 148,164 | |
| Corporate administration | 11,220 | 2,767 | 4,781 | 40,715 | 59,483 | 1,463 | 60,946 | |
| Share-based payments – RSUs/DSUs/PSUs/RPUs(1) | 111 | — | — | 16,150 | 16,261 | — | 16,261 | |
| Community relations | 962 | 228 | 1,719 | — | 2,909 | — | 2,909 | |
| Reclamation liability accretion | 1,815 | 1,234 | 961 | — | 4,010 | — | 4,010 | |
| Realized losses on fuel derivative contracts | 100 | 35 | 73 | — | 208 | — | 208 | |
| Sustaining lease expenditures | 329 | 1,248 | 1,254 | 1,989 | 4,820 | — | 4,820 | |
| Sustaining capital expenditures(2) | 193,277 | 27,314 | 27,668 | — | 248,259 | 2,392 | 250,651 | |
| Sustaining mine exploration(2) | 4,428 | 2,121 | 1,769 | — | 8,318 | — | 8,318 | |
| Total all-in sustaining costs | 696,816 | 223,210 | 193,815 | 58,854 | 1,172,695 | 30,546 | 1,203,241 | |
| Gold sold (ounces) | 404,458 | 193,270 | 203,796 | — | 801,524 | 19,644 | 821,168 | |
| All-in sustaining cost per ounce ($/gold ounce sold) | 1,723 | 1,155 | 951 | — | 1,463 | 1,555 | 1,465 | |
(1) Included as a component of Share-based payments on the Consolidated Statement of Operations.
(2) Refer to Sustaining capital expenditures and Sustaining mine exploration reconciliations below.
The table below shows a reconciliation of sustaining capital expenditures to operating mine capital expenditures as extracted from the annual consolidated financial statements (dollars in thousands):
| For the year ended December 31, 2024 | |||||||||||
| Fekola Mine | Masbate Mine | Otjikoto Mine | Total | Calibre equity investment | Grand Total | ||||||
| $ | $ | $ | $ | $ | $ | ||||||
| Operating mine capital expenditures | 257,776 | 29,763 | 28,842 | 316,381 | 2,392 | 318,773 | |||||
| Road construction | (887 | ) | — | — | (887 | ) | — | (887 | ) | ||
| Fekola underground | (63,612 | ) | — | — | (63,612 | ) | — | (63,612 | ) | ||
| Land acquisitions | — | (2,189 | ) | — | (2,189 | ) | — | (2,189 | ) | ||
| Other | — | (260 | ) | (1,174 | ) | (1,434 | ) | — | (1,434 | ) | |
| Sustaining capital expenditures | 193,277 | 27,314 | 27,668 | 248,259 | 2,392 | 250,651 | |||||
The table below shows a reconciliation of sustaining mine exploration to operating mine exploration as extracted from the annual consolidated financial statements (dollars in thousands):
| For the year ended December 31, 2024 | ||||||||||
| Fekola Mine | Masbate Mine | Otjikoto Mine | Total | Calibre equity investment | Grand Total | |||||
| $ | $ | $ | $ | $ | $ | |||||
| Operating mine exploration | 4,428 | 3,649 | 7,825 | 15,902 | — | 15,902 | ||||
| Regional exploration | — | (1,528 | ) | (6,056 | ) | (7,584 | ) | — | (7,584 | ) |
| Sustaining mine exploration | 4,428 | 2,121 | 1,769 | 8,318 | — | 8,318 | ||||
Adjusted net income and adjusted earnings per share - basic
Adjusted net income and adjusted earnings per share – basic are non-IFRS measures that do not have a standardized meaning prescribed by IFRS and therefore may not be comparable to similar measures presented by other issuers. The Company defines adjusted net income as net income attributable to shareholders of the Company adjusted for non-recurring items and also significant recurring non-cash items. The Company defines adjusted earnings per share – basic as adjusted net income divided by the basic weighted average number of common shares outstanding.
Management believes that the presentation of adjusted net income and adjusted earnings per share - basic is appropriate to provide additional information to investors regarding items that we do not expect to continue at the same level in the future or that management does not believe to be a reflection of the Company's ongoing operating performance. Management further believes that its presentation of these non-IFRS financial measures provide information that is useful to investors because they are important indicators of the strength of our operations and the performance of our core business. Accordingly, it is intended to provide additional information and should not be considered in isolation as a substitute for measures of performance prepared in accordance with IFRS. Other companies may calculate this measure differently.
A reconciliation of net income (loss) to adjusted net income as extracted from the annual consolidated financial statements is set out in the table below:
| Three months ended | Year ended | |||||||
| December 31, | December 31, | |||||||
| 2025 | 2024 | 2025 | 2024 | |||||
| $ | $ | $ | $ | |||||
| (000’s) | (000’s) | (000’s) | (000’s) | |||||
| Net income (loss) attributable to shareholders of the Company for the period: | 170,584 | (11,881 | ) | 401,908 | (629,891 | ) | ||
| Adjustments for non-recurring items and significant recurring non-cash items: | ||||||||
| Unrealized losses (gains) on derivative instruments | 63,717 | (3,639 | ) | 236,087 | 2,630 | |||
| Change in fair value of gold stream | 37,958 | 5,629 | 118,364 | 26,825 | ||||
| Realized gain on total return swap | — | — | (7,731 | ) | — | |||
| Write-down of mining interests | — | — | 5,118 | 636 | ||||
| Impairment of long-lived assets | — | — | — | 858,301 | ||||
| Gain on sale of mining interests | — | — | — | (56,115 | ) | |||
| Gain on sale of shares in associate | — | — | — | (16,822 | ) | |||
| Regulatory dispute settlement | — | — | — | 15,089 | ||||
| Dilution loss on investment in Calibre | — | — | — | 8,984 | ||||
| Deferred income tax (recovery) expense | (125,008 | ) | 27,324 | (141,893 | ) | (3,095 | ) | |
| Adjusted net income attributable to shareholders of the Company for the period | 147,251 | 17,433 | 611,853 | 206,542 | ||||
| Basic weighted average number of common shares outstanding (in thousands) | 1,336,691 | 1,313,960 | 1,325,322 | 1,308,850 | ||||
| Adjusted net earnings attributable to shareholders of the Company per share–basic ($/share) | 0.11 | 0.01 | 0.46 | 0.16 | ||||
For more information on B2Gold please visit the Company website at www.b2gold.com or contact: Michael McDonald VP, IR, Corporate Development & Treasury +1 604-681-8371 investor@b2gold.com Cherry De Geer Director, Corporate Communications +1 604-681-8371 investor@b2gold.com