B2Gold Corp. press release

B2Gold Reports Q3 2026 Results - Lowers Annual All-In Sustaining Cost Guidance and Remains On-Track to Achieve Production Guidance

2026-11-04

TSX - Toronto Stock Exchange · Gold · Canada · Corporate Finance

VANCOUVER, British Columbia, Nov. 04, 2026 (GLOBE NEWSWIRE) -- B2Gold Corp. (TSX: BTO, NYSE AMERICAN: BTG, NSX: B2G) (“B2Gold” or the “Company”) is pleased to announce its operational and financial results for the third quarter of 2026. All dollar figures are in United States dollars unless otherwise indicated. The consolidated financial statements and Management Discussion and Analysis (“MD&A”) relating to these results are available at www​.b2gold.com.

Third Quarter 2026Highlights

Revenue of $836 millionon 195,018gold ounces sold at an average realized price of $4,289per ounce.Production of 193,321 ounces of gold, on track to deliver full-year production guidance at all operations. Cashflow provided by operating activities of $239 million, cash flow from operating activities before changes in working capital1of $387 million, and free cash flow2of $48 million, reflecting the first quarter post completion of the prepaid gold sales contracts in June 2026. Consolidated all-in sustaining costs3(“AISC”) of $2,602per ounce sold. Reduced AISC guidance range to between $2,230 and $2,410 per ounce sold for 2026 (previously between $2,370 and $2,550 per ounce sold) to reflect strong year-to-date operating performance and expected results for the fourth quarter. Earnings per share (“EPS”) of $0.31and adjusted EPS4of $0.14.Included in EPS was an impairment reversal of $253 million for Fekola. Returned $59 million to shareholdersin the quarter, consisting of $26 million in dividends paid and $33 million of share buy backs under the Company's normal course issuer bid (“NCIB”). Strong financial position, including cash and cash equivalents of $294 million, working capital (defined as current assets less assets classified as held for sale and current liabilities) of $497 million, and an undrawn balance of $705 million on the Company's revolving credit facility. Phase 1 upgrades to the Goose fixed crushing circuit completed, with the circuit now operating at 3,200 tpd following commissioning in mid-October 2026. Menankoto exploitation permit granted on August 7, 2026, by the State of Mali. The Company commenced mining pre-stripping activities on the Menankoto permit area in October 2026. Fourth quarter of 2026 dividend of $0.02 per sharedeclared on November 4, 2026, payable on December 15, 2026, to shareholders of record as of December 2, 2026.

Mike Cinnamond, President and CEO of B2Gold, said “B2Gold delivered a strong third quarter, highlighted by continued outperformance from Masbate and Otjikoto and significant progress across several key strategic initiatives. During the quarter, we received the Menankoto exploitation permit, and waste stripping activities commenced in October. These are important milestones which support the continued growth and long-term value of the Fekola Complex. At Goose, our team continued to execute on plans to improve crushing capacity at site, with the addition of a new mobile crusher in the third quarter, and completion of Phase 1 upgrades to the fixed crusher in October, delivering 3,200 tonnes per day of crushed ore to the mill, in-line with the plan. The reduction in our full-year AISC guidance reflects the leverage in our business, where strong production performance and consistent execution translate into lower costs on a per-ounce basis. As we enter the final months of the year, our teams remain focused on safe and disciplined execution, and we remain well positioned to achieve consolidated annual production guidance for 2026 and create long-term value for shareholders.”

_1. “Cash flow from operating activities before changes in working capital” is a non-IFRS measure; for a description of how we calculate this measure and a reconciliation from this measure to the most directly comparable measure specified, defined or determined under IFRS and presented in our financial statements, refer to “Non-IFRS Measures”. 2. “Free cash flow” is a non-IFRS measure; for a description of how we calculate this measure and a reconciliation from this measure to the most directly comparable measure specified, defined or determined under IFRS and presented in our financial statements, refer to “Non-IFRS Measures”. 3. “All-in sustaining costs” is a non-IFRS measure; for a description of how we calculate this measure and a reconciliation from this measure to the most directly comparable measure specified, defined or determined under IFRS and presented in our financial statements, refer to “Non-IFRS Measures”._ 4. “Adjusted earnings per share” is a non-IFRS measure; for a description of how we calculate this measure and a reconciliation from this measure to the most directly comparable measure specified, defined or determined under IFRS and presented in our financial statements, refer to “Non-IFRS Measures”.

Review of Mining Operations and Development Projects Selected Quarterly Financial and Operating Results

| | | Three months ended | Nine months ended | | | | | | September 30, | September 30, | | | | | | 2026 | 2025 | 2026 | 2025 | | | | | | | | | Gold revenue - consolidated | $ in millions | 836 | 783 | 2,784 | 2,007 | | Fekola | $ in millions | 382 | 473 | 1,635 | 1,105 | | Goose | $ in millions | 135 | 29 | 432 | 29 | | Masbate | $ in millions | 227 | 226 | 701 | 488 | | Otjikoto | $ in millions | 92 | 143 | 344 | 473 | | Average realized gold price | $/ounce | 4,289 | 3,133 | 4,089 | 3,115 | | Production costs - consolidated | $ in millions | 263 | 195 | 733 | 518 | | Fekola | $ in millions | 125 | 104 | 366 | 290 | | Goose | $ in millions | 69 | 9 | 172 | 9 | | Masbate | $ in millions | 40 | 50 | 114 | 122 | | Otjikoto | $ in millions | 28 | 32 | 81 | 97 | | Net income | $ in millions | 414 | 23 | 1,039 | 246 | | Earnings per share – basic_(1)_ | $/share | 0.31 | 0.01 | 0.77 | 0.18 | | Earnings per share – diluted_(1)_ | $/share | 0.28 | 0.01 | 0.70 | 0.16 | | Adjusted net income_(1)(2)_($ in millions) | $ in millions | 183 | 180 | 471 | 465 | | Adjusted earnings per share_(1)(2)_– basic ($) | $/share | 0.14 | 0.14 | 0.35 | 0.35 | | Cash provided by operating activities | $ in millions | 239 | 176 | 699 | 609 | | Free cash flow_(2)_ | $ in millions | 48 | (84) | 152 | (79) | | Gold sold - consolidated | ounces in thousands | 195 | 250 | 681 | 644 | | Fekola | ounces in thousands | 90 | 137 | 356 | 340 | | Goose | ounces in thousands | 31 | 8 | 93 | 8 | | Masbate | ounces in thousands | 53 | 64 | 156 | 148 | | Otjikoto | ounces in thousands | 22 | 41 | 76 | 148 | | Gold production - consolidated | ounces in thousands | 193 | 254 | 635 | 677 | | Fekola | ounces in thousands | 78 | 147 | 312 | 367 | | Goose | ounces in thousands | 40 | 14 | 96 | 15 | | Masbate | ounces in thousands | 53 | 50 | 157 | 147 | | Otjikoto | ounces in thousands | 22 | 44 | 70 | 148 | | _Cash operating costs__(2)(3)__- consolidated_ | $/ounce sold | 1,347 | 768 | 1,076 | 799 | | Fekola | $/ounce sold | 1,399 | 760 | 1,026 | 851 | | Goose | $/ounce sold | 2,244 | — | 1,851 | — | | Masbate | $/ounce sold | 750 | 775 | 732 | 823 | | Otjikoto | $/ounce sold | 1,312 | 782 | 1,070 | 654 | | _Cash operating costs__(2)(3)__- consolidated_ | $/ounce produced | 1,335 | 780 | 1,168 | 783 | | Fekola | $/ounce produced | 1,444 | 772 | 1,161 | 830 | | Goose | $/ounce produced | 1,870 | — | 1,916 | — | | Masbate | $/ounce produced | 761 | 805 | 740 | 812 | | Otjikoto | $/ounce produced | 1,370 | 781 | 1,143 | 638 | | _All-in sustaining costs__(2)(3)__- consolidated_ | $/ounce sold | 2,602 | 1,479 | 2,267 | 1,508 | | Fekola | $/ounce sold | 2,703 | 1,678 | 2,250 | 1,760 | | Goose | $/ounce sold | 4,816 | — | 4,148 | — | | Masbate | $/ounce sold | 1,182 | 1,108 | 1,223 | 1,242 | | Otjikoto | $/ounce sold | 1,875 | 1,089 | 1,526 | 930 |

(1) Attributable to the shareholders of the Company. (2) Non-IFRS measure. For a description of how these measures are calculatedand a reconciliation of these measures to the most directly comparable measures specified, definedor determined under IFRS and presented in the Company’s financial statements, refer to “Non-IFRS Measures”. (3) Consolidated cash operating costs per gold ounce sold, consolidated cash operating costs per gold ounce produced and consolidated all-in sustaining costs per gold ounce sold for the three and nine months ended September 30, 2025, do not include the results of pre-commercial production from the Goose Mine.

Outlook

Consolidated gold production was 634,732 ounces in the first nine months of 2026. Strong year-to-date production from Masbate and Otjikoto, and lower royalty costs at Fekola, helped drive lower than expected consolidated cash operating costs and all-in sustaining costs.

At the Fekola Mine, the Company remains focused on efficient operations at both the Fekola and Cardinal open-pits and Fekola underground. In the third quarter of 2026, open pit activities at Fekola transitioned to waste stripping in Phase 8. This large waste mining campaign will continue through the majority of 2027. The issuance of the Menankoto exploitation permit by the State of Mali during the third quarter, which together with the Dandoko exploration permit forms Fekola Regional, unlocks one of the Company's most important near-term growth opportunities. With the Menankoto exploitation permit now received, mining pre-stripping activities commenced in October and ore is expected to be delivered to the Fekola process plant in the first quarter of 2027, upon completion of the toll milling agreement. Fekola Regional is expected to ramp up operations through the end of 2027, and produce in excess of 150,000 ounces of gold per year from 2028 through the mid-2030’s.

At Goose, remediation repairs as a result of the crushing circuit fire have been completed along with Phase 1 of the planned Goose fixed crushing circuit upgrades. Mill throughput is now averaging 3,200 tpd and is expected to remain at those levels until mid-year 2027, at which time the Company expects to complete Phase 2 upgrades in order that the Goose mill operates at an average of 4,000 tonnes per day. B2Gold continues to target gold production of 300,000 ounces of gold per year over the medium-term.

At Masbate, strong gold production results from the first nine months of 2026 are expected to continue through the remainder of the year. As a result, the Company is lowering its 2026 cash operating cost and all-in sustaining cost guidance for Masbate. Ongoing exploration, permitting and mine planning work is underway to evaluate additional opportunities for mine life extensions at current gold prices.

Similarly, at Otjikoto strong gold production results from the first nine months of 2026 are expected to continue throughout the remainder of the year. As a result, the Company is lowering its 2026 all-in sustaining cost guidance for Otjikoto. Work progressed during the quarter at Antelope, four kilometres southwest of Otjikoto, where surface and underground infrastructure is being established to support the development phase of the Antelope deposit.

The Company is well placed to complete its planned capital and exploration activities for 2026, manage its financial commitments and continue to return capital to its shareholders. In addition to paying a dividend at a yield consistent with its peer group, the Company has continued to repurchase shares under its NCIB. The Company has repurchased 41 million shares to date in 2026 for a total of $205 million in cash and expects to repurchase further shares as the year progresses.

Exploration also remains a key focus as B2Gold seeks to both expand its reserve and resource base at its existing operations as well as greenfield opportunities, including strategic investments in prospective junior exploration companies.

The Company's ongoing strategy is to continue to maximize responsible profitable production from its existing mines, maintain a strong financial position, realize the potential increase in gold production from the Company's existing development projects, continue exploration programs across the Company's robust land packages, evaluate new exploration, development and production opportunities and continue to return capital to shareholders.

2026 Guidance

The Company remains on-track to deliver its 2026 production cost guidance. Based on year-to-date cost performance, changes to certain aspects of the 2026 cash operating cost and all-in sustaining cost guidance are reflected in bold in the table below, including lowering cash operating cost guidance per ounce produced for Masbate and lowering all-in sustaining cost guidance for Fekola, Masbate, Otjikoto and the consolidated group. Goose all-in sustaining cost guidance remains unchanged, though full year results are expected to be near the top end of the range.

| 2026 Guidance (100% Basis)(1) | Fekola Complex(2) | Masbate | Otjikoto | Goose | Total | | Gold Production (koz) | 390 - 420 | 180 - 200 | 80 - 100 | 170 - 200 | 820 - 920 | | Cash Operating Costs ($/oz produced)(3) | 1,060 - 1,160 | 800 - 900 | 1,200 - 1,300 | 1,610 - 1,810 | 1,155 - 1,280 | | All-In Sustaining Costs ($/oz sold)(3) | 2,350 - 2,500 | 1,250 - 1,400 | 1,630 - 1,780 | 2,670 - 2,970 | 2,230 - 2,410 |

(1)Totals may not add due to rounding. (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 (comprised of the consolidated Menankoto permit, and the Dandoko permit). (3)Non-IFRS measure. For a description of how these measures are calculatedand a reconciliation of these measures to the most directly comparable measures specified, definedor determined under IFRS and presented in the Company's financial statements, refer to "Non-IFRS Measures".

Fourth Quarter 2026 Dividend

On November 4, 2026, B2Gold’s Board of Directors declared a cash dividend for the fourth quarter of 2026 (the “Q4 2026 Dividend”) of $0.02 per common share (or an expected $0.08 per share on an annualized basis), payable on December 15, 2026, to shareholders of record as of December 2, 2026.

The Company currently has a Dividend Reinvestment Plan (“DRIP”). For the purposes of the Q4 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 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/EDGARor by contacting the Company using the contact information at the end of this news release.

Third Quarter 2026 Financial Results - Conference Call Details

B2Gold executives will host a conference call to discuss the results on Thursday, November 5, 2026, at 9:00 am PCT / 11:00 am ET. To participate in the live call, please use one of the following methods:

Toll-free in U.S. and Canada: +1 (833) 821-2803 International: +1 (647) 846-2419 Webcast: access link

The conference call will be available for playback for two weeks by dialing toll-free in the U.S. and Canada: +1 (855) 669-9658, replay access code 9332075. All other callers: +1 (412) 317-0088, replay access code 9332075.

About B2Gold

B2Gold is a responsible international gold producer headquartered in Vancouver, Canada. 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 contained in this news release.

The Toronto Stock Exchange and NYSE American LLC neither approve nor disapprove the information contained in this news release.

Cautionary Statement on Forward-Looking Information

Productionresults and production guidance presented in this news release reflect the total production at the mines B2Gold operates on a 100% basis. Please see our most recent Annual Information Form for a discussion of our ownership interest in the mines B2Gold operates.

This news release includes certain “forward-looking information” (including financial outlook) 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; revised all-in sustaining costs of between $2,230 and $2,410 per ounce; 2026 production guidance for Goose expected to be between 170,000 and 200,000 ounces of gold at cash operating costs of between $1,610 and $1,810 per gold ounce produced and all-in sustaining costs of between $2,670 and $2,970 per gold ounce; B2Gold's continued prioritization of operating the Goose Mine in a manner that recognizes Indigenous input and concerns and brings long-term socio-economic benefits to the area; the Goose Mine annual gold production exceeding 300,000 ounces per year over the medium-term; the timeline and cost for repairs of the Goose crushing circuit damaged by the fire and the interim ability to utilize mobile crushers to maintain the planned production profile; the second phase of the crushing circuit upgrades being completed in the first half of 2027 and the costs associated therewith; upon completion of the second phase of the crusher circuit upgrades, the potential for crushing capacity to be increased to an average of 4,000 tpd by the end of the first half of 2027; 2026 Fekola Complex production guidance expected to be between 390,000 and 420,000 ounces of gold at cash operating costs of between $1,060 and $1,160 per gold ounce produced also remains unchanged and revised Fekola all-in sustaining costs guidance to $2,350 to $2,500 per gold ounce sold; Fekola Regional contributing in excess of 150,000 ounces starting in 2028; 2026 production guidance for Otjikoto expected to be between 80,000 to 100,000 ounces of gold at cash operating costs of between $1,200 and $1,300 per gold ounce produced and revised all-in sustaining costs of $1,630 to $1,780 per gold ounce sold; delivery of ore to the Fekola process plant in the first quarter of 2027; 2026 production guidance for Masbate expecting to be between 180,000 and 200,000 ounces of gold at revised cash operating costs guidance to $800 to $900 per gold ounce produced and revised all-in sustaining costs of $1,250 to $1,400 per gold ounce sold; the receipt of the required permit amendments for Gramalote and the potential to develop the Gramalote Project as an open pit gold mine; planned 2026 exploration budgets for Canada, Mali, Namibia, the Philippines, Kazakhstan and other grassroots projects; and the potential payment of future dividends, including the timing and amount of any such dividends, and the expectation that quarterly dividends will be maintained at the same level. All statements in this news release that address events or developments that we expect to occur in the future are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, although not always, identified by words such as "expect", "plan", "anticipate", "on-track", "target", "potential", "future", "continue", "opportunity", "anticipate", "seek", "intend" or "believe" and similar expressions or their negative connotations, or that events or conditions "will", "would", "may", "could", "should" or "might" occur. All such forward-looking statements are based on the opinions and estimates of management as of the date such statements are made.