B2Gold (BTO) Q4 2025 earnings summary

Executive summary

• Achieved record annual revenue of $3.06 billion in 2025, with gold sales of 927,797 ounces at an average realized price of $3,299/oz and strong Q4 performance across all mines.

• Consolidated gold production for 2025 was 979,604 ounces, slightly below the midpoint of guidance, with all major mines exceeding expectations in Q4.

• Commercial production at Goose Mine began in October 2025, contributing 53,170 ounces for the year; Fekola, Masbate, and Otjikoto mines delivered solid results.

• Approved construction of Antelope underground deposit in Namibia, expected to extend Otjikoto mine life into the 2030s, with reduced pre-production capital cost estimates.

• Masbate achieved seven years without a lost time injury; Fekola Complex reached four million ounces produced since inception and celebrated two years without a lost-time injury.

Financial highlights

• Q4 2025 revenue was $1.05 billion; Q4 net income attributable to shareholders was $171 million ($0.13/share), with adjusted net income of $147 million ($0.11/share).

• Full-year 2025 net income attributable to shareholders was $402 million ($0.30/share); adjusted net income was $612 million ($0.46/share).

• Operating cash flows for 2025 totaled $940 million before working capital adjustments; $896 million after adjustments, with $286 million generated in Q4.

• Cash and cash equivalents at year-end were $380 million; $150 million drawn on revolver, with $100 million repaid post-year-end, increasing availability to $750 million.

• Repurchased 7 million shares for $34 million under the NCIB program, including 2 million shares for $10 million in 2025 and 5 million shares for $24 million post-year-end.

Outlook and guidance

• 2026 gold production guidance is 820,000–970,000 ounces, lower than 2025 due to Otjikoto open pit completion and Fekola phase transition, partially offset by Goose ramp-up.

• 2026 cash operating cost guidance: $1,155–$1,280/oz; all-in sustaining cost guidance: $2,400–$2,580/oz, assuming a $5,000/oz gold price.

• Fekola Regional expected to contribute 60,000–80,000 ounces in 2026, with production starting in H2 2026 pending permit approval.

• $73 million budgeted for exploration in 2026, with a focus on the Back River Gold District.

• Goose mine ramp-up to continue, with crushing circuit improvements scheduled for H2 2026.