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B2Gold (BTO) investor relations material
B2Gold Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary8 Aug, 2025
Executive summary
Q2 2025 gold production reached 229,454 ounces, surpassing expectations at all mines, with Goose Mine contributing pre-commercial output and ramping up to commercial production expected by September 2025.
Attributable net income was $154 million ($0.12 per share), with adjusted net income at $163 million ($0.12 per share), reflecting strong operational performance and higher realized gold prices.
Operating cash flow before working capital adjustments was $301 million, and cash and cash equivalents stood at $308 million at quarter-end.
Positive feasibility study for Gramalote project supports meaningful production and positive economics, with an after-tax NPV (5%) of $941 million and IRR of 22.4% at $2,500/oz gold price.
Q3 2025 dividend of $0.02 per share declared, maintaining a high annualized yield among peers.
Financial highlights
Q2 2025 gold revenue was $692.2 million, up from $492.6 million in Q2 2024; net income was $160.8 million versus a loss of $34.8 million year-over-year.
Adjusted net income for Q2 2025 was $162.8 million ($0.12/share), up from $78.4 million ($0.06/share) in Q2 2024.
Cash provided by operating activities in Q2 2025 was $255.1 million, up from $62.4 million in Q2 2024.
Average realized gold price in Q2 2025 was $3,290/oz, significantly higher than $2,343/oz in Q2 2024.
Consolidated cash operating costs were $745/oz produced and $762/oz sold; all-in sustaining costs were $1,519/oz sold.
Outlook and guidance
Full-year 2025 production guidance reiterated at 970,000–1,075,000 ounces, with Goose expected to contribute 120,000–150,000 ounces.
Updated 2025 cash operating cost guidance for Fekola, Masbate, and Otjikoto is $740–$800/oz; consolidated guidance including Goose is $795–$855/oz.
All-in sustaining cost guidance for Fekola, Masbate, and Otjikoto is $1,460–$1,520/oz; consolidated guidance including Goose is $1,490–$1,550/oz.
Fekola Complex expected to produce 515,000–550,000 ounces in 2025; Masbate 170,000–190,000 ounces; Otjikoto 165,000–185,000 ounces.
Goose Mine ramping to commercial production in Q3 2025, with average annual output of 300,000 ounces projected for 2026–2031.
Goose CapEx pull-forward impact on 2026?
Hurdles for Fekola regional permit by Q3?
Gramalote sanctioning likelihood at $3k gold?
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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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