B2Gold (BTO) Q3 2025 earnings summary

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 reaching 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).

• Operating cash flow before working capital adjustments was $180 million, and cash and cash equivalents stood at $367 million at quarter-end.

• A Q4 2025 dividend of $0.02 per share was declared.

Financial highlights

• Q3 2025 revenue totaled approximately $783 million, including $144 million from gold prepay deliveries.

• Adjusted net income for Q3 2025 was $179.9 million, with cash operating costs per gold ounce produced at $780.

• All-in sustaining costs per gold ounce sold were $1,479, down from $1,650 in Q3 2024.

• Cash provided by operating activities was $171.4 million in Q3 2025.

• Gross margin for Q3 2025 was $390.3 million.

Outlook and guidance

• 2025 gold production guidance for Fekola, Masbate, and Otjikoto remains 890,000–965,000 ounces; Goose Mine guidance revised to 50,000–80,000 ounces due to crushing and ore access delays.

• Goose Mine expected to ramp up to 4,000 tpd by year-end, with long-term annual production averaging 300,000 ounces (2026–2031).

• 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.