B2Gold Corp. press release
B2Gold Reports Q3 2025 Results
TSX - Toronto Stock Exchange · Gold · Canada
Continued strong performance across the Fekola, Otjikoto, and Masbate mines; Goose Mine has commenced high-grade underground ore production
VANCOUVER, British Columbia, Nov. 05, 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 third quarter of 2025. All dollar figures are in United States dollars unless otherwise indicated.
2025 Third Quarter Highlights
Gold production of 254,369 ounces : Total gold production in the third quarter of 2025, including pre-commercial production from the Goose Mine, was 254,369 ounces. The Fekola, Masbate and Otjikoto mines all exceeded expected production in the third quarter. The Company currently believes that it remains on track for the fourth quarter of 2025 to be the strongest quarter of gold production in 2025.
Consolidated cash operating costs of $780 per gold ounce produced : Consolidated cash operating costs (see “Non-IFRS Measures” ), excluding pre-commercial production from the Goose Mine, were $780 per gold ounce produced ($768 per gold ounce sold) during the third quarter of 2025. Cash operating costs per ounce produced for the third quarter of 2025 were better than expected as a result of higher than expected production, lower than expected fuel costs, and a weaker Namibian dollar foreign exchange rate.
Consolidated all-in sustaining costs of $1,479 per gold ounce sold : Consolidated all-in sustaining costs (see “ _Non-IFRS Measures _”) were $1,479 per gold ounce sold during the third quarter of 2025. Consolidated all-in sustaining costs for the third quarter of 2025 were in line with expectations 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. The lower sustaining capital expenditures were mainly a result of timing, and the majority are expected to be incurred in the fourth quarter 2025.
Total production guidance from the Fekola, Masbate and Otjikoto mines remains unchanged at 890,000 to 965,000 ounces of gold in 2025; Goose Mine production of between 50,000 to 80,000 ounces of gold in 2025 : Consolidated production guidance for the Fekola Complex, Masbate and Otjikoto mines remains unchanged and is expected to be between 890,000 and 965,000 ounces of gold. Due to the previously disclosed crushing plant issues and lower than budgeted gold grades arising from temporary delays in accessing higher-grade ore from Umwelt underground in the third and early fourth quarter of 2025, B2Gold is modifying its 2025 gold production guidance for the Goose Mine to between 50,000 to 80,000 ounces (previous guidance range of 80,000 to 110,000 ounces). Mining and processing of higher-grade ore from Umwelt underground commenced in late October 2025.
Attributable net income of $0.01 per share; adjusted attributable net income of $0.14 per share in Q3 2025 : Net income attributable to the shareholders of the Company of $19 million, or $0.01 per share; adjusted net income (see “ _Non-IFRS Measures _”) attributable to the shareholders of the Company of $180 million, or $0.14 per share.
Operating cash flow before working capital adjustments of $180 million : Cash flow provided by operating activities before working capital adjustments was $180 million in the third quarter of 2025.
Strong financial position and liquidity : At September 30, 2025, the Company had cash and cash equivalents of $367 million and working capital (defined as current assets less assets classified as held for sale and current liabilities) of $35 million. Working capital at September 30, 2025, reflects the classification of the Company’s gold prepayment obligations as current liabilities. During the third quarter the Company drew $200 million under its revolving credit facility (“RCF”). Subsequent to quarter end, on October 3, 2025, the Company repaid $50 million of the outstanding RCF balance, leaving $650 million available for future draw downs.
Approved development decision on the Antelope underground deposit : On September 15, 2025, B2Gold announced an approved construction 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 $129 million to $105 million. Production from Antelope has the potential to increase Otjikoto Mine gold production to approximately 110,000 ounces per year over the life of the Antelope underground mine.
Commercial production achieved at the Goose Mine : The Company achieved commercial production at the Goose Mine on October 2, 2025, based on an internal commercial production measure of 30 consecutive days of average mill throughput at 65% or greater of the mill design capacity of 4,000 tonnes per day (“tpd”). During the final 14 days of the period, from September 19, 2025, to October 2, 2025, the mill achieved an average throughput of 3,249 tpd, which represents 81.2% of design capacity.
Repurchased $10 million of shares under the Company’s normal course issuer bid : On April 1, 2025, the Toronto Stock Exchange accepted the notice of B2Gold’s intention to implement a normal course issuer bid (“NCIB”), which became effective on April 3, 2025 and will expire no later than April 2, 2026. During the third quarter of 2025, the Company bought back 2 million shares for $10 million under the NCIB.
Operations at the Fekola Complex in Mali continue unimpeded : Operations at the Fekola Complex in Mali continue to operate uninterrupted with milling and mining activities operating at full capacity. In addition, the Company confirms all exploration and exploitation permits are valid and in good standing and have not been impacted by the recent permit revocations in Mali. The Company reiterates its 2025 gold production guidance for the Fekola Complex of between 515,000 to 550,000 ounces.
Q4 2025 dividend of $0.02 per share declared : On November 5, 2025, B2Gold’s Board of Directors declared a cash dividend for the fourth quarter of 2025 of $0.02 per common share (or an expected $0.08 per share on an annualized basis), payable on December 15, 2025, to shareholders of record as of December 2, 2025.
Third Quarter 2025 Results
| | Three months ended | Nine months ended | | | | | September 30, | September 30, | | | | | 2025 | 2024 | 2025 | 2024 | | | | | | | | Gold revenue ($ in thousands) | 782,948 | 448,229 | 2,007,261 | 1,402,242 | | Net income (loss) ($ in thousands) | 23,123 | (631,032) | 246,440 | (617,328) | | Earnings (loss) per share – basic _(1) _($/ share) | 0.01 | (0.48) | 0.18 | (0.47) | | Earnings (loss) per share – diluted _(1) _($/ share) | 0.01 | (0.48) | 0.16 | (0.47) | | Cash provided (used) by operating activities ($ thousands) | 171,390 | (16,099) | 605,259 | 757,060 | | Average realized gold price ($/ ounce) | 3,133 | 2,483 | 3,115 | 2,285 | | Adjusted net income _(1)(2) _($ in thousands) | 179,913 | 29,157 | 464,602 | 189,109 | | Adjusted earnings per share _(1)(2) _– basic ($) | 0.14 | 0.02 | 0.35 | 0.14 | | Consolidated operations results: | | | | | | Gold sold including pre-commercial production from the Goose Mine (ounces) | 249,925 | 180,525 | 644,307 | 613,731 | | Gold sold excluding pre-commercial production from the Goose Mine (ounces) | 242,240 | 180,525 | 636,622 | 613,731 | | Gold produced including pre-commercial production from the Goose Mine (ounces) | 254,369 | 180,553 | 676,575 | 599,133 | | Gold produced excluding pre-commercial production from the Goose Mine (ounces) | 240,507 | 180,553 | 662,021 | 599,133 | | Production costs ($ in thousands) | 195,154 | 192,408 | 517,511 | 500,452 | | Cash operating costs _(2)(4) _($/ gold ounce sold) | 768 | 1,066 | 799 | 815 | | Cash operating costs _(2)(4) _($/ gold ounce produced) | 780 | 1,061 | 783 | 852 | | Total cash costs _(2)(4) _($/ gold ounce sold) | 1,149 | 1,248 | 1,133 | 972 | | All-in sustaining costs _(2)(4) _($/ gold ounce sold) | 1,479 | 1,650 | 1,508 | 1,400 | | _Operations results including equity investment in Calibre __(3) __: _ | | | | | | Gold sold including pre-commercial production from the Goose Mine (ounces) | 249,925 | 180,525 | 644,307 | 633,375 | | Gold produced excluding pre-commercial production from the Goose Mine (ounces) | 240,507 | 180,553 | 662,021 | 618,777 | | Production costs ($ in thousands) | 195,154 | 192,408 | 517,511 | 525,578 | | Cash operating costs _(2)(4) _($/ gold ounce sold) | 768 | 1,066 | 799 | 830 | | Cash operating costs _(2)(4) _($/ gold ounce produced) | 780 | 1,061 | 783 | 865 | | Total cash costs _(2)(4) _($/ gold ounce sold) | 1,149 | 1,248 | 1,133 | 984 | | All-in sustaining costs _(2)(4) _($/ gold ounce sold) | 1,479 | 1,650 | 1,508 | 1,405 | | | | | | |
(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 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 from the Goose Mine.
Liquidity and Capital Resources
B2Gold continues to maintain a strong financial position and liquidity. At September 30, 2025, the Company had cash and cash equivalents of $367 million (December 31, 2024 - $337 million) and working capital (defined as current assets less assets classified as held for sale and current liabilities) of $35 million (December 31, 2024 - $321 million). Working capital at September 30, 2025, reflects the classification of the Company’s gold prepayment obligations as current liabilities. During 2025 the Company first repaid the outstanding balance of $400 million on the Company’s $800 million RCF and then drew down $200 million in the third quarter of 2025. Subsequent to quarter end, on October 3, 2025, the Company repaid $50 million on the RCF leaving $650 million available for future draw downs.
Fourth Quarter 2025 Dividend
On November 5, 2025, B2Gold’s Board of Directors declared a cash dividend for the fourth quarter of 2025 (the “Q4 2025 Dividend”) of $0.02 per common share (or an expected $0.08 per share on an annualized basis), payable on December 15, 2025, to shareholders of record as of December 2, 2025.
The Company currently has a Dividend Reinvestment Plan (“DRIP”). For the purposes of the Q4 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 | Nine months ended | | | | | September 30, | September 30, | | | | | 2025 | 2024 | 2025 | 2024 | | | | | | | | Gold revenue ($ in thousands) | 472,582 | 194,988 | 1,104,565 | 721,898 | | Gold sold (ounces) | 137,360 | 78,889 | 340,352 | 318,005 | | Average realized gold price ($/ ounce) | 3,440 | 2,472 | 3,245 | 2,270 | | Tonnes of ore milled | 2,572,818 | 2,466,087 | 7,361,207 | 7,449,327 | | Grade (grams/ tonne) | 1.94 | 1.07 | 1.70 | 1.40 | | Recovery (%) | 91.6 | 92.7 | 91.5 | 92.7 | | Gold production (ounces) | 146,883 | 78,207 | 367,049 | 308,931 | | Production costs ($ in thousands) | 104,448 | 109,857 | 289,594 | 276,443 | | Cash operating costs (1) ($/ gold ounce sold) | 760 | 1,393 | 851 | 869 | | Cash operating costs (1) ($/ gold ounce produced) | 772 | 1,434 | 830 | 935 | | Total cash costs (1) ($/ gold ounce sold) | 1,319 | 1,653 | 1,344 | 1,066 | | All-in sustaining costs (1) ($/ gold ounce sold) | 1,678 | 2,287 | 1,760 | 1,583 | | Capital expenditures ($ in thousands) | 55,113 | 64,464 | 172,495 | 198,205 | | Exploration ($ in thousands) | — | 996 | — | 3,136 | | | | | | |
(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 146,883 ounces of gold in the third quarter of 2025, above expectations. For the third quarter of 2025, mill feed grade was 1.94 grams per tonne ( _“ _g/t ” ), mill throughput was 2.57 million tonnes, and gold recovery averaged 91.6%.
The Fekola Mine’s cash operating costs (refer to “Non-IFRS Measures” ) for the third quarter of 2025 were $772 per ounce produced ($760 per gold ounce sold). Cash operating costs per ounce produced for the third quarter of 2025 were lower than expected as a result of lower underground mining costs due to the timing of permit approval, lower site general costs and higher gold production due to higher throughput.
All-in sustaining costs (refer to “Non-IFRS Measures” ) for the third quarter of 2025 were $1,678 per gold ounce sold, higher than expected. All-in sustaining costs for the third quarter of 2025 were higher than anticipated as lower than expected production costs per gold ounce sold 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 for the Fekola Mine, which became effective for the first time in March 2025. Lower than expected gold sales were a result of shipment timing and subsequent to quarter end these ounces were shipped and sold in early October 2025.
Capital expenditures in the third quarter of 2025 totaled $55 million primarily consisting of $22 million for deferred stripping, $16 million for Fekola underground development, $11 million for mobile equipment purchases and rebuilds and $2 million for the construction of a new tailings storage facility ( _“ _TSF ” ).
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 (the Menankoto and Dandoko permits), 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 ” ). After receipt of the Underground Mining Approval, the Company commenced stope ore production at Fekola underground and production is expected to ramp up significantly in 2026 and subsequent years.
The Company reiterates its 2025 gold production guidance for the Fekola Complex of between 515,000 and 550,000 ounces. 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%.
The Company has updated its all-in sustaining cost guidance ranges for the Fekola Complex to include the expected impact of higher royalties than previously forecast as a result of the current higher gold price environment. Cash operating cost guidance for the Fekola Complex remains unchanged between $740 and $800 per gold ounce and all-in sustaining cost guidance for the Fekola Complex is now forecast to be between $1,670 and $1,730 per ounce (previous guidance range of between $1,595 and $1,655 per gold ounce).
B2Gold’s operations at the Fekola Mine continue unimpeded, with milling and mining activities operating at full capacity. In addition, the Company confirms all exploration and exploitation permits are valid and in good standing and have not been impacted by the recent permit revocations in Mali, which were largely a result of inactivity and failure to comply with the provisions of the 2023 Mali Mining Code.
B2Gold remains focused on ensuring the Fekola Complex continues its track record of safe and reliable gold production, providing economic benefits and jobs to the surrounding communities and to the State of Mali.
Masbate Mine – The Philippines
| | Three months ended | Nine months ended | | | | | September 30, | September 30, | | | | | 2025 | 2024 | 2025 | 2024 | | | | | | | | Gold revenue ($ in thousands) | 226,241 | 120,115 | 488,332 | 328,165 | | Gold sold (ounces) | 64,043 | 47,960 | 148,393 | 142,260 | | Average realized gold price ($/ ounce) | 3,533 | 2,504 | 3,291 | 2,307 | | Tonnes of ore milled | 2,170,498 | 2,197,112 | 6,640,130 | 6,409,631 | | Grade (grams/ tonne) | 0.88 | 0.98 | 0.88 | 0.97 | | Recovery (%) | 80.0 | 72.4 | 77.9 | 72.4 | | Gold production (ounces) | 49,519 | 50,215 | 146,626 | 144,512 | | Production costs ($ in thousands) | 49,632 | 42,697 | 122,116 | 123,070 | | Cash operating costs (1) ($/ gold ounce sold) | 775 | 890 | 823 | 865 | | Cash operating costs (1) ($/ gold ounce produced) | 805 | 811 | 812 | 839 | | Total cash costs (1) ($/ gold ounce sold) | 931 | 1,039 | 1,000 | 1,002 | | All-in sustaining costs (1) ($/ gold ounce sold) | 1,108 | 1,167 | 1,242 | 1,174 | | Capital expenditures ($ in thousands) | 9,916 | 5,192 | 35,148 | 20,229 | | Exploration ($ in thousands) | 602 | 1,290 | 1,553 | 3,039 | | | | | | |