B2Gold Corp. press release

B2Gold Reports Q2 2025 Results

2025-08-07

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

Continued Strong Operating Performance Across All Three Operations Led to Higher Than Expected Gold Production and Lower than Expected Cash Costs in the Second Quarter of 2025

VANCOUVER, British Columbia, Aug. 07, 2025 (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 second quarter of 2025. All dollar figures are in United States dollars unless otherwise indicated.

2025 Second Quarter Highlights

Gold production of 229,454 ounces : Consolidated gold production in the second quarter of 2025, including pre-commercial production from the Goose Mine, was 229,454 ounces, higher than expected. The Fekola, Masbate and Otjikoto mines all exceeded expected production in the second quarter, and the Company remains on track to meet its consolidated annual production guidance range. All three operations continue to meet or exceed gold production expectations to start the third quarter of 2025.

Consolidated cash operating costs of $745 per gold ounce produced : Consolidated cash operating costs (see “Non-IFRS Measures” ), excluding pre-commercial production from the Goose Mine, were $745 per gold ounce produced ($762 per gold ounce sold) during the second quarter of 2025. Cash operating costs per ounce produced for the second quarter of 2025 were better than expected as a result of lower than expected fuel costs and higher than expected gold production.

Consolidated all-in sustaining costs of $1,519 per gold ounce sold : Consolidated all-in sustaining costs (see “ _Non-IFRS Measures _”) were $1,519 per gold ounce sold during the second quarter of 2025. Consolidated all-in sustaining costs for the second quarter of 2025 were higher than expected as lower production costs per gold ounce sold and lower sustaining capital expenditures were offset by higher gold royalties resulting from a higher than expected average realized gold price and lower than expected ounces sold. The lower sales ounces were a result of the timing of shipments from the Company's Masbate and Fekola Mines, which were delivered and sold in July 2025.

Attributable net income of $0.12 per share; adjusted attributable net income of $0.12 per share : Net income attributable to the shareholders of the Company of $154 million, or $0.12 per share; adjusted net income (see “ _Non-IFRS Measures _”) attributable to the shareholders of the Company of $163 million, or $0.12 per share.

Operating cash flow before working capital adjustments of $301 million : Cash flow provided by operating activities before working capital and long-term value-added tax adjustments was $301 million in the second quarter of 2025.

Strong financial position and liquidity : At June 30, 2025, the Company had cash and cash equivalents of $308 million and working capital deficit (defined as current assets less assets classified as held for sale and current liabilities) of $19 million. Working capital at June 30, 2025 reflects the classification of the Company’s gold prepayment obligations as current liabilities. As of June 30, 2025, the full amount of the Company's $800 million revolving credit facility (“RCF”) was available for future draw downs.

Inaugural gold pour achieved at the Goose Mine; ramp up to commercial production ongoing and expected to be achieved in the third quarter of 2025; estimated gold production of 120,000 to 150,000 ounces in 2025 : With first gold achieved, as announced on June 30, 2025, focus now turns to continuing steady state operations and increasing throughput to full design capacity. The Company continues to estimate that gold production in calendar year 2025 will be between 120,000 and 150,000 ounces and that average annual gold production for the six year period from 2026 to 2031 inclusive will be approximately 300,000 ounces per year, based only on existing Mineral Reserves.

Positive Feasibility Study on the Gramalote Project in Colombia announced; after-tax NPV (5%) of $941 Million with an after-tax IRR of 22.4% at a $2,500 per ounce gold price : On July 14, 2025, B2Gold announced positive Feasibility Study (“FS”) results on the Company’s 100% owned Gramalote Project. The FS for the Gramalote project indicates an initial life of project of 13 years, with average annual production of 227,000 ounces over the first five years. Based on the project economics, B2Gold has commenced the work of amending the existing mine plan and environmental permits which are currently in place for a larger-scale project. B2Gold currently anticipates the permit modification to the new medium-scale project reflected in the current FS could be completed over the next 12 to 18 months.

Received approval to commence underground mining at Fekola : On July 30, 2025, the State of Mali granted approval for the Company to commence underground mining at the Fekola Mine. Subsequent to receipt of the approval, the Company commenced stope ore development and production at the Fekola underground, and Fekola underground ore that was stockpiled during the underground exploration development stage is currently being processed through the Fekola mill.

Fekola Mine reaches production milestone of four million ounces of gold produced : Subsequent to June 30, 2025, the Fekola Mine achieved lifetime production of four million ounces of gold, seven years and ten months from construction completion.

New Board of Director appointment : On August 6, 2025, Mary-Lynn Oke, CPA, was appointed to B2Gold's Board of Directors (the “Board”). Ms. Oke brings extensive corporate finance experience, and currently serves on the Boards of Directors of NexGold Mining Corp. and Jaguar Mining Inc.

Q3 2025 dividend of $0.02 per share declared : On August 7, 2025, B2Gold's Board of Directors declared a cash dividend for the third quarter of 2025 of $0.02 per common share (or an expected $0.08 per share on an annualized basis), payable on September 23, 2025, to shareholders of record as of September 10, 2025.

Second Quarter 2025 Results

| | Three months ended | Six months ended | | | | | June 30, | June 30, | | | | | 2025 | 2024 | 2025 | 2024 | | | | | | | | Gold revenue ($ in thousands) | 692,206 | 492,569 | 1,224,313 | 954,013 | | Net income (loss) ($ in thousands) | 160,753 | (34,777) | 223,317 | 13,704 | | Earnings (loss) per share – basic _(1) _($/ share) | 0.12 | (0.02) | 0.16 | 0.01 | | Earnings (loss) per share – diluted _(1) _($/ share) | 0.10 | (0.02) | 0.14 | 0.01 | | Cash provided by operating activities ($ thousands) | 255,081 | 62,432 | 433,869 | 773,159 | | Average realized gold price ($/ ounce) | 3,290 | 2,343 | 3,104 | 2,202 | | Adjusted net income _(1)(2) _($ in thousands) | 162,839 | 78,449 | 284,689 | 159,952 | | Adjusted earnings per share _(1)(2) _– basic ($) | 0.12 | 0.06 | 0.22 | 0.12 | | Consolidated operations results: | | | | | | Gold sold (ounces) | 210,384 | 210,228 | 394,382 | 433,206 | | Gold produced including pre-commercial production from the Goose Mine (ounces) | 229,454 | 204,241 | 422,206 | 418,580 | | Gold produced excluding pre-commercial production from the Goose Mine (ounces) | 228,762 | 204,241 | 421,514 | 418,580 | | Production costs ($ in thousands) | 160,363 | 151,299 | 322,357 | 308,044 | | Cash operating costs _(2)(4) _($/ gold ounce sold) | 762 | 720 | 817 | 711 | | Cash operating costs _(2)(4) _($/ gold ounce produced) | 745 | 808 | 785 | 762 | | Total cash costs _(2)(4) _($/ gold ounce sold) | 1,132 | 877 | 1,123 | 857 | | All-in sustaining costs _(2)(4) _($/ gold ounce sold) | 1,519 | 1,244 | 1,525 | 1,296 | | _Operations results including equity investment in Calibre __(3) __: _ | | | | | | Gold sold (ounces) | 210,384 | 218,495 | 394,382 | 452,850 | | Gold produced including pre-commercial production from the Goose Mine (ounces) | 229,454 | 212,508 | 422,206 | 438,224 | | Production costs ($ in thousands) | 160,363 | 164,520 | 322,357 | 333,170 | | Cash operating costs _(2)(4) _($/ gold ounce sold) | 762 | 753 | 817 | 736 | | Cash operating costs _(2)(4) _($/ gold ounce produced) | 745 | 839 | 785 | 785 | | Total cash costs _(2)(4) _($/ gold ounce sold) | 1,132 | 908 | 1,123 | 879 | | All-in sustaining costs _(2)(4) _($/ gold ounce sold) | 1,519 | 1,267 | 1,525 | 1,308 | | | | | | |

(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) Production from Calibre Mining Corp.'s ("Calibre") La Libertad, El Limon and Pan mines is presented on an approximate 24% basis until January 24, 2024 and 14% subsequently until June 20, 2024 which represented the Company’s indirect ownership interest in Calibre's operations through its equity investment in Calibre. On June 20, 2024, the Company reduced its ownership interest to approximately 4% and determined that it no longer had significant influence over Calibre and as a result, after June 20, 2024, no longer recorded attributable production representing its indirect ownership interest in Calibre's mines through an equity investment. (4) Cash operating costs per gold ounce produced do not include the results of pre-commercial production from the Goose Mine. Pre-commercial production from the Goose Mine in the second quarter of 2025 was not sold during the period. As a result, there is no impact to metrics on a per gold ounce sold basis. _

Liquidity and Capital Resources

B2Gold continues to maintain a strong financial position and liquidity. At June 30, 2025, the Company had cash and cash equivalents of $308 million (December 31, 2024 - $337 million) and working capital deficit (defined as current assets less assets classified as held for sale and current liabilities) of $19 million (December 31, 2024 – surplus of $321 million). Working capital at June 30, 2025, reflects the classification of the Company’s gold prepayment obligations as current liabilities. During the first half of 2025 the Company repaid $400 million on the Company's $800 million revolving credit facility, leaving $800 million remaining available for future draw downs, plus a $200 million accordion feature. Subsequent to June 30, 2025, on July 18, 2025, the Company drew down $200 million under the RCF which will be used to manage working capital requirements during the Company's delivery of ounces into its gold prepayment obligations over the 12-month period from July 2025 to June 2026.

Third Quarter 2025 Dividend

On August 7, 2025, the Board declared a cash dividend for the third quarter of 2025 (the “Q3 2025 Dividend”) of $0.02 per common share (or an expected $0.08 per share on an annualized basis), payable on September 23, 2025 to shareholders of record as of September 10, 2025.

The Company currently has a Dividend Reinvestment Plan (“DRIP”). For the purposes of the Q3 2025 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/EDGAR or by contacting the Company using the contact information at the end of this news release.

Operations

Fekola Complex – Mali

| | Three months ended | Six months ended | | | | | June 30, | June 30, | | | | | 2025 | 2024 | 2025 | 2024 | | | | | | | | Gold revenue ($ in thousands) | 377,316 | 270,592 | 631,983 | 526,910 | | Gold sold (ounces) | 115,184 | 115,288 | 202,992 | 239,116 | | Average realized gold price ($/ ounce) | 3,276 | 2,347 | 3,113 | 2,204 | | Tonnes of ore milled | 2,341,718 | 2,520,377 | 4,788,389 | 4,983,240 | | Grade (grams/ tonne) | 1.84 | 1.51 | 1.57 | 1.57 | | Recovery (%) | 91.2 | 92.8 | 91.1 | 92.7 | | Gold production (ounces) | 126,361 | 111,583 | 220,166 | 230,724 | | Production costs ($ in thousands) | 96,121 | 81,481 | 185,146 | 166,586 | | Cash operating costs _(1) _($/ gold ounce sold) | 834 | 707 | 912 | 697 | | Cash operating costs _(1) _($/ gold ounce produced) | 798 | 839 | 870 | 766 | | Total cash costs _(1) _($/ gold ounce sold) | 1,369 | 895 | 1,361 | 873 | | All-in sustaining costs _(1) _($/ gold ounce sold) | 1,721 | 1,258 | 1,815 | 1,351 | | Capital expenditures ($ in thousands) | 53,379 | 53,179 | 117,382 | 133,741 | | Exploration ($ in thousands) | — | 838 | — | 2,140 | | | | | | |

(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 Mine in Mali (owned 80% by the Company and 20% by the State of Mali) produced 126,361 ounces of gold in the second quarter of 2025, above expectations. For the second quarter of 2025, mill feed grade was 1.84 grams per tonne ("g/t") gold, mill throughput was 2.34 million tonnes, and gold recovery averaged 91.2%.

The Fekola Mine’s cash operating costs (refer to “Non-IFRS Measures” ) for the second quarter of 2025 were $798 per ounce produced ($834 per gold ounce sold). Cash operating costs per ounce produced for the second quarter of 2025 were lower than expected as a result of lower fuel costs, lower fleet maintenance costs and higher gold production due to above expected mill feed grades.

All-in sustaining costs (refer to “Non-IFRS Measures” ) for the second quarter of 2025 were $1,721 per gold ounce sold, higher than expected. All-in sustaining costs for the second quarter of 2025 were higher than anticipated as lower than expected production costs per gold ounce sold and lower than expected sustaining capital expenditures were offset by higher gold royalties resulting from a higher than expected average realized gold price and lower than expected gold ounces sold. Gold royalties include higher revenue-based production taxes based on a sliding scale and revenue-based State of Mali funds applicable for the Fekola Mine, which became effective for the first time in March 2025. The lower sustaining capital expenditures for the second quarter of 2025 were mainly a result of timing of expenditures and are expected to be incurred later in 2025. Lower than expected gold sales were a result of timing and these ounces were shipped and sold in July 2025.

Capital expenditures in the second quarter of 2025 totalled $53 million primarily consisting of $22 million for deferred stripping, $17 million for Fekola underground development, $10 million for mobile equipment purchases and rebuilds and $4 million for the construction of a new tailings storage facility.

The Fekola Complex is comprised of the Fekola Mine (Medinandi permit hosting the Fekola and Cardinal open pits and Fekola underground), owned 80% by B2Gold and 20% by the State of Mali, and Fekola Regional (Anaconda Area (formerly the three separate Bantako, Menankoto and Bakolobi permits, now consolidated into one permit called Menankoto) and the Dandoko permit), which will be owned 65% by B2Gold and 35% by the State of Mali. Fekola Regional is located approximately 20 kilometers from the Fekola Mine.

On July 30, 2025, the State of Mali granted approval for the Company to commence underground operations, including stope ore production, at the Fekola Mine ("Underground Mining Approval"). Throughout 2024 and 2025, the Company has been carrying out underground exploration development work at the Fekola Mine in anticipation of the receipt of Underground Mining Approval. This includes more than 9,300 meters of development work plus the installation of all required underground mining infrastructure. Subsequent to receipt of the Underground Mining Approval, the Company commenced stope ore production at Fekola underground, and Fekola underground ore that was stockpiled during the underground exploration development stage is currently being processed through the Fekola mill. In 2025, the Company anticipates Fekola underground to contribute between 25,000 to 35,000 ounces of gold production, ramping up significantly in 2026 and subsequent years.

The development of Fekola Regional has the potential to enhance the Fekola Complex production profile and extend the mine life. Fekola Regional is anticipated to contribute approximately 180,000 ounces of additional annual gold production in its first four full years of production from 2026 through 2029, with a mine life expected to extend well into the 2030’s. The Company and the State of Mali have committed to work together to finalize the approval of the Fekola Regional exploitation permit in the near term, with permit approval expected prior to the end of the third quarter of 2025. 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. Upon issuance of the exploitation permits for Fekola Regional, mining pre-stripping activities will begin for a period of three months, followed by initial gold production now expected to commence in late 2025.

Despite the delay in expected commencement of mining at Fekola Regional, the Company still expects to meet its production guidance of between 515,000 and 550,000 ounces from the Fekola Complex in 2025. The Fekola Complex is projected to process 9.56 million tonnes of ore during 2025 at an average grade of 1.84 g/t gold with a process gold recovery of 93.4%. Gold production is expected to be weighted approximately 40% to the first half of 2025 and 60% to the second half of 2025.

The Company has updated its cash cost and all-in sustaining cost guidance ranges for the Fekola Complex to reflect the expected impact of lower than estimated fuel costs in 2025, and an increase in realized and expected gold prices for 2025 compared to a budgeted gold price of $2,250 per ounce, along with expected changes in the timing of receipt of the exploitation permit for Fekola Regional. Cash operating cost guidance for the Fekola Complex is now forecast to be between $740 and $800 per gold ounce (original guidance range of between $845 and $905 per ounce) and all-in sustaining cost guidance for the Fekola Complex is now forecast to be between $1,595 and $1,655 per ounce (original guidance range of between $1,550 and $1,610 per gold ounce).