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B2Gold (BTO) investor relations material
B2Gold Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary6 Nov, 2025
Executive summary
Achieved strong operational and financial results in Q3 2025, with Fekola, Masbate, and Otjikoto mines exceeding production expectations and delivering lower than expected cash operating costs per ounce.
Gold production reached 254,369 ounces in Q3 2025, with Goose Mine commencing high-grade underground ore production and achieving commercial production in October 2025.
Net income attributable to shareholders was $19 million ($0.01 per share), while adjusted net income was $180 million ($0.14 per share).
Goose Mine's Q3 output was impacted by crushing capacity shortfalls and delayed access to higher-grade Umwelt underground ore, but ramp-up is expected in Q4 and 2026.
Confident in ongoing operations in Mali despite political challenges, with no mining interruptions and continued government and international support.
Financial highlights
Q3 2025 revenue totaled $782.9 million, including $144 million from gold prepay deliveries.
Adjusted EPS was $0.14; GAAP EPS was $0.01.
Operating cash flow reached $171.4 million ($180 million before working capital adjustments).
Cash and cash equivalents stood at $367 million at quarter-end.
Cash operating costs per gold ounce produced were $780, and all-in sustaining costs per gold ounce sold were $1,479.
Outlook and guidance
Annual gold production for 2025 expected to be approximately 1 million ounces, with Fekola, Masbate, and Otjikoto guidance at 890,000–965,000 ounces and Goose Mine revised to 50,000–80,000 ounces.
Goose Mine 2026 forecast is 250,000 ounces, 2027 forecast is 330,000 ounces, with a six-year average of 300,000 ounces per year.
Fekola Complex expected to produce 515,000–550,000 ounces in 2025; Masbate 190,000–210,000 ounces; Otjikoto 185,000–205,000 ounces.
Consolidated cash operating cost guidance for Fekola, Masbate, and Otjikoto is $740–$800/oz; Goose Mine post-commercial production costs revised to $2,300–$2,360/oz.
All-in sustaining cost guidance for Fekola, Masbate, and Otjikoto is $1,460–$1,520/oz; Goose Mine revised to $3,290–$3,350/oz.
Goose Mine: Path to sub-$1,400 AISC
Gramalote: Key milestones for 2026/2027 decision
Fekola Regional: Remaining steps for permit?
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Frequently asked questions
B2Gold Corp is a gold producer with mining operations in Mali, Namibia, and the Philippines, along with exploration projects in various jurisdictions. The company engages in gold production, development, and exploration through wholly owned and joint venture assets. The company is headquartered in Vancouver, Canada, and its shares are listed on the TSX.
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