B2Gold (BTO) Q4 2025 earnings summary

Executive summary

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

• Consolidated gold production for 2025 was 979,604 ounces, with all major mines exceeding Q4 expectations; Goose Mine began commercial production in October, contributing 53,170 ounces.

• Fekola, Masbate, and Otjikoto mines maintained solid output; Goose Mine ramped up, delivering the strongest consolidated production quarter.

• First gold pour and commercial production at Goose; Fekola Underground exploitation approval received and over 20,000 ounces produced.

• Approved construction of Antelope underground deposit in Namibia, expected to extend Otjikoto's mine life into the 2030s.

Financial highlights

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

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 8 stripping, 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.