B2Gold (BTO) Q3 2026 earnings summary

Executive summary

• Q3 production was 193,321 oz and sales were 195,018 oz; full-year production guidance of 820,000–920,000 oz remained on track.

• Strong year-to-date performance at Masbate and Otjikoto, alongside lower expected Fekola royalties, supported reduced 2026 AISC guidance.

Financial highlights

• Revenue was $836M on sales of 195,018 oz at an average realized gold price of $4,289/oz, versus $783M and $3,133/oz in Q3 2025.

• Net income was $414M; net income attributable to shareholders was $409M. Adjusted net income was $183M, or $0.14/share; reported EPS was $0.31.

• Operating cash flow was $387M before working-capital changes and $239M after; free cash flow was $48M.

• Quarter-end cash was $294M, working capital was $497M, and $705M was available under the revolving credit facility.

Outlook and guidance

• 2026 consolidated AISC guidance fell to $2,230–$2,410/oz sold from $2,370–$2,550/oz; production, cost and capital guidance remained on track.

• Goose throughput averaged 3,200 tpd after Phase 1 commissioning; Phase 2 upgrades are expected to support 4,000 tpd and a medium-term target of 300,000 oz/year.

• Menankoto ore is expected at the Fekola plant in Q1 2027; Fekola Regional is expected to ramp through 2027 and produce over 150,000 oz/year from 2028.

• Masbate 2026 cash cost guidance is $800–$900/oz produced and AISC is $1,250–$1,400/oz sold; Otjikoto AISC guidance is $1,630–$1,780/oz sold.

• Goose Phase 2 includes a planned 10-week fixed-crusher shutdown in Q2 2027; mobile crushing and stockpiled ore are planned to support mill feed.