B2Gold Corp. press release

B2Gold Reports Q1 2026 Results

2026-05-06

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

Strong operating performance across all operations led to higher than expected gold production, lower than expected costs, and robust free cash flow in the first quarter of 2026

VANCOUVER, British Columbia, May 06, 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 first quarter of 2026. All dollar figures are in United States dollars unless otherwise indicated.

2026 First Quarter Highlights

Gold production of 237,763 ounces: Total gold production in the first quarter of 2026 was 237,763 ounces. All operations exceeded expected production in the first quarter.

Consolidated cash operating costs of $1,005per gold ounce produced: Consolidated cash operating costs (see “_Non-IFRS Measures_”) were $1,005 per gold ounce produced ($846 per gold ounce sold) during the first quarter of 2026. Cash operating costs per ounce produced for the first quarter of 2026 were better than expected mainly as a result of higher than expected gold production.

Consolidated all-in sustaining costs of $1,964per gold ounce sold: Consolidated all-in sustaining costs (see “_Non-IFRS Measures_”) were $1,964 per gold ounce sold during the first quarter of 2026. Consolidated all-in sustaining costs for the first quarter of 2026 were better than expected as a result of lower than anticipated production costs, higher than planned gold ounces sold, and lower than expected sustaining capital expenditures.

Attributable net income of $0.15per share; adjusted attributable net income of $0.19per share: Net income attributable to the shareholders of the Company of $200 million, or $0.15 per share; adjusted net income (see “_Non-IFRS Measures_”) attributable to the shareholders of the Company of $260 million, or $0.19 per share.

Operating cash flow before working capital adjustments of $386million and free cash flow of $362million:Cash flow provided by operating activities before working capital adjustments of $386 million, and free cash flow (see “_Non-IFRS Measures_”) of $362 million in the first quarter of 2026.

Strong financial position and liquidity: At March 31, 2026, the Company had cash and cash equivalents of $479 million and working capital (defined as current assets less assets classified as held for sale and current liabilities) of $171 million. During the first quarter of 2026, the Company repaid a net $75 million on the Company's $800 million revolving credit facility (“RCF”). Subsequent to quarter end, on April 24, 2026, the Company repaid the full outstanding $75 million balance on the RCF, leaving the full $800 million available for future draw downs.

Leadership transition:On February 23, 2026, the Company announced that, as part of the Company's leadership succession planning, Mr. Clive Johnson has decided to retire from his role as President, Chief Executive Officer (“CEO”) and Director of the Company effective June 4, 2026. The Board of Directors named Mike Cinnamond, Senior Vice President, Finance and Chief Financial Officer of B2Gold, to succeed Mr. Johnson as President and CEO and replace Mr. Johnson on the Board of Directors. In recognition and appreciation of his unique and important role as a founder and his invaluable contributions to the Company, Mr. Johnson will be named Chair Emeritus of B2Gold.

Repurchased $80 millionof shares under the Company's normal course issuer bid (“NCIB”): During the first quarter of 2026, the Company repurchased 16 million shares for $80 million under the prior NCIB. Subsequent to quarter end, the Company repurchased and cancelled an additional 4 million shares for $18 million.

Renewed the Company's NCIB for 10% of the public float:On April 1, 2026, the Toronto Stock Exchange accepted the notice of B2Gold's intention to renew its NCIB. The renewed NCIB commenced on April 3, 2026 and will expire no later than April 2, 2027. The renewed TSX approval allows the Company to purchase up to 132,662,594 common shares of B2Gold representing 10% of the public float as of March 20, 2026.

Sold 70% interest in Fingold Ventures Ltd. (“Fingold”) to Agnico Eagle Mines Ltd. (“Agnico Eagle”) for $325 million:On April 23, 2026, B2Gold announced that it had closed the sale of its 70% interest in Fingold to Agnico Eagle for cash consideration of $325 million.

Agreed to Nunavut collaboration agreement with Agnico Eagle:On April 20, 2026, the Company announced that B2Gold and Agnico Eagle agreed to enter into a collaboration agreement focused on knowledge sharing and cooperation across their respective operations in Nunavut, Canada (the “Nunavut Collaboration Agreement”). The agreement is intended to leverage the complementary experience, best practices and expertise of both companies operating in northern arctic environments. The agreement will not involve any transfer of ownership interests or integration of activities and is non-exclusive in nature.

Q2 2026 dividend of $0.02 per share declared: On May 6, 2026, B2Gold's Board of Directors declared a cash dividend for the second quarter of 2026 of $0.02 per common share (or an expected $0.08 per share on an annualized basis), payable on June 23, 2026, to shareholders of record as of June 10, 2026.

First Quarter 2026 Results

| | Three months ended | | | | March 31, | | | | 2026 | 2025 | | | | | | Gold revenue ($ in thousands) | 1,158,655 | 532,107 | | Net income ($ in thousands) | 205,550 | 62,564 | | Earnings per share – basic_(1)_($/ share) | 0.15 | 0.04 | | Earnings per share – diluted_(1)_($/ share) | 0.14 | 0.04 | | Cash provided by operating activities ($ thousands) | 539,481 | 178,788 | | Average realized gold price ($/ ounce) | 4,193 | 2,892 | | Adjusted net income_(1)(2)_($ in thousands) | 259,877 | 121,850 | | Adjusted earnings per share_(1)(2)_– basic ($) | 0.19 | 0.09 | | Free cash flow_(2)_($ in thousands) | 361,800 | (6,925) | | Consolidated operations results: | | | | Gold sold (ounces) | 276,346 | 183,998 | | Gold produced (ounces) | 237,763 | 192,752 | | Production costs ($ in thousands) | 233,838 | 161,994 | | Cash operating costs_(2)_($/ gold ounce sold) | 846 | 880 | | Cash operating costs_(2) _($/ gold ounce produced) | 1,005 | 832 | | Total cash costs_(2)_($/ gold ounce sold) | 1,403 | 1,113 | | All-in sustaining costs_(2)_($/ gold ounce sold) | 1,964 | 1,533 | | | | |

(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”.

Liquidity and Capital Resources

B2Gold continues to maintain a strong financial position and liquidity. At March 31, 2026, the Company had cash and cash equivalents of $479 million (December 31, 2025 - $380 million) and working capital (defined as current assets less assets classified as held for sale and current liabilities) of $171 million (December 31, 2025 - $68 million). During the first quarter of 2026, the Company repaid a net $75 million on the Company's $800 million RCF, leaving $725 million remaining available for future draw downs. Subsequent to March 31, 2026, on April 24, 2026, the Company repaid the full outstanding $75 million balance on the RCF.

Second Quarter 2026 Dividend

On May 6, 2026, B2Gold’s Board of Directors declared a cash dividend for the second quarter of 2026 (the “Q2 2026 Dividend”) of $0.02 per common share (or an expected $0.08 per share on an annualized basis), payable on June 23, 2026, to shareholders of record as of June 10, 2026.

The Company currently has a Dividend Reinvestment Plan (“DRIP”). For the purposes of the Q2 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.

Operations

Fekola Complex - Mali

| | Three months ended | | | | March 31, | | | | 2026 | 2025 | | | | | | Gold revenue ($ in thousands) | 734,850 | 254,667 | | Gold sold (ounces) | 152,356 | 87,808 | | Average realized gold price ($/ ounce) | 4,823 | 2,900 | | Tonnes of ore milled | 2,546,948 | 2,446,671 | | Grade (grams/ tonne) | 1.56 | 1.31 | | Recovery (%) | 91.7 | 91.5 | | Gold production (ounces) | 117,450 | 93,805 | | Production costs ($ in thousands) | 111,003 | 89,025 | | Cash operating costs_(1)_($/ gold ounce sold) | 729 | 1,014 | | Cash operating costs_(1)_($/ gold ounce produced) | 950 | 965 | | Total cash costs_(1)_($/ gold ounce sold) | 1,590 | 1,350 | | All-in sustaining costs_(1)_($/ gold ounce sold) | 1,955 | 1,937 | | Capital expenditures ($ in thousands) | 47,085 | 64,003 | | Exploration ($ in thousands) | — | — | | | | |

(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 80% by B2Gold and 20% by the State of Mali, and Fekola Regional (Anaconda Area comprised of the consolidated Menankoto permit 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 (“km”) from the Fekola Mine.

For the first quarter of 2026, production from the Fekola Mine was 117,450 ounces of gold, higher than expected due to higher than planned throughput. For the first quarter of 2026, mill feed grade was 1.56 grams per tonne (“g/t”), mill throughput was 2.55 million tonnes, and gold recovery averaged 91.7%.

The Fekola Mine’s cash operating costs (refer to “_Non-IFRS Measures_”) for the first quarter of 2026 were $950 per ounce produced ($729 per gold ounce sold). Cash operating costs per ounce produced for the first quarter of 2026 were in line with expectations as higher than anticipated gold production was mostly offset by higher than planned mining costs resulting from changes in the mining sequence.

All-in sustaining costs (refer to “_Non-IFRS Measures_”) for the first quarter of 2026 were $1,955 per gold ounce sold, lower than expected. All-in sustaining costs per gold ounce sold for the first quarter of 2026 were lower than anticipated due to higher gold ounces sold, lower than planned sustaining capital expenditures and slightly lower than expected royalties expense per gold ounce sold as a result of a lower than budgeted realized gold price. The lower sustaining capital expenditures for the first quarter of 2026 were mainly a result of timing of expenditures and are expected to be incurred later in 2026.

Capital expenditures for the Fekola Mine in the first quarter of 2026 totalled $47 million primarily consisting of $25 million for deferred stripping, $9 million for mobile equipment rebuilds and $5 million for Fekola underground development. Capital expenditures for Fekola Regional in the first quarter of 2026 totalled $16 million, primarily related to mobile equipment purchases.

The Fekola Complex is expected to produce between 410,000 and 460,000 ounces of gold in 2026 at cash operating costs of between $1,060 and $1,160 per ounce produced and all-in sustaining costs of between $2,670 and $2,820 per ounce sold. Fekola Regional is anticipated to contribute between 60,000 and 80,000 ounces to the Fekola Complex gold production in 2026 through the trucking of open pit ore to the Fekola mill once the exploitation permit has been received. The Company expects to meet the Fekola Complex production guidance range for the year, provided an exploitation permit for Fekola Regional is received by the end of June 2026. All-in sustaining cost guidance for the Fekola Complex is based on an assumed realized gold price of $5,000 per ounce for 2026, resulting in total budgeted royalties and production taxes of approximately $410 million or approximately $910 per ounce sold. Each $100 per ounce change in the gold price is expected to impact the Fekola Complex all-in sustaining costs by approximately $23 per ounce.

Goose Mine - Canada

| | Three months ended | | | | March 31, | | | | 2026 | 2025 | | | | | | Gold revenue ($ in thousands) | 219,527 | — | | Gold sold (ounces) | 44,445 | — | | Average realized gold price ($/ ounce) | 4,939 | — | | Tonnes of ore milled | 180,184 | — | | Grade (grams/ tonne) | 7.92 | — | | Recovery (%) | 93.5 | — | | Gold production (ounces) | 42,876 | — | | Production costs ($ in thousands) | 64,278 | — | | Cash operating costs_(1)_($/ gold ounce sold) | 1,446 | — | | Cash operating costs_(1)_($/ gold ounce produced) | 1,653 | — | | Total cash costs_(1)_($/ gold ounce sold) | 1,540 | — | | All-in sustaining costs_(1)_($/ gold ounce sold) | 2,806 | — | | Capital expenditures ($ in thousands) | 70,675 | — | | Exploration ($ in thousands) | 6,418 | — | | | | |

(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 consists of eleven mineral claims blocks along an 80 km belt and contains the most advanced asset in the district, the 100% owned Goose Mine.

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.

For the first quarter of 2026, production from the Goose Mine was 42,876 ounces of gold, higher than expected. Gold production in the first quarter of 2026 was higher than anticipated as higher grade and gold recovery more than offset the lower throughput. For the first quarter of 2026, mill feed grade was 7.92 g/t, mill throughput was 0.18 million tonnes, and gold recovery averaged 93.5%.

The Goose Mine's cash operating costs (refer to “_Non-IFRS Measures_”) for the first quarter of 2026 were $1,653 per gold ounce produced ($1,446 per gold ounce sold), lower than expected. Cash operating costs per ounce produced for the first quarter of 2026 were lower than anticipated due to lower than planned underground mining and site general costs.

All-in sustaining costs (refer to “_Non-IFRS Measures_”) for the first quarter of 2026 were $2,806 per gold ounce sold, lower than expected. All-in sustaining costs for the first quarter of 2026 were lower than anticipated due to higher gold ounces sold, and lower than planned sustaining capital expenditures. The lower sustaining capital expenditures for the first quarter of 2026 were mainly a result of timing of expenditures and are expected to be incurred later in 2026. Higher than expected gold ounces sold in the first quarter of 2026 were the result of both higher production and shipment timing.

Capital expenditures in the first quarter of 2026 totalled $71 million primarily consisting of $23 million of ongoing site construction activities, $17 million for deferred stripping, $10 million for Umwelt underground development, $11 million for site infrastructure and civil projects and approximately $3 million for mobile equipment purchases.

On April 17, 2026, the Company announced that a fire had occurred in certain areas of the crushing circuit at the Goose Mine in the evening of April 16, 2026. No injuries were reported and no medical treatment was required related to the fire. The fire damage was localized to the crushing circuit area. There was no damage or impact to the mill or power facility. A preliminary revised mill processing plan has been developed for the second quarter of 2026 based on the use of the existing mobile crushers to feed crushed ore directly to the fine ore stockpile while repairs to the crushing circuit related to the fire are completed. An additional mobile crusher has been sourced and is expected to be transported to site in the second quarter of 2026 to supplement the existing mobile crushers currently at the Goose Mine. The Company estimates that repairs will be completed in the third quarter of 2026 at a cost of approximately $7 million.

These repairs will coincide with first phase of the upgrades to the Goose Mine crushing circuit comprised of the previously announced addition of a run-of-mine bin and apron feeder, plus a new larger jaw crusher and rock breaker. These repairs are scheduled to be implemented in the third quarter of 2026. The total cost of the first phase of crushing circuit upgrades is expected to be approximately $11 million. B2Gold reiterates its previously disclosed estimate that the Goose Mine crushing circuit will be able to operate at an average daily capacity of approximately 3,200 tonnes per day by the end of the third quarter of 2026, as a result of the first phase of upgrades. Additionally, based on the studies conducted to date, the Company has identified a second phase of crushing circuit upgrades, that are scheduled to be implemented in the first half of 2027, in order to increase the name-plate capacity of the crushing circuit and enable it to run at an average rate of 4,000 tonnes per day. The total cost of the second phase of crushing circuit upgrades is anticipated to be between $20 million and $30 million, which will be further refined upon completion of detailed engineering that is already underway. The second phase of crusher upgrades include the installation of larger cone crushers, additional surge bins and feeders to optimize crusher performance, and upgraded conveyors to support higher throughput.