B2Gold Reports Q3 2025 Results
Executive Summary
- B2Gold reported Q3 2025 gold production of 254,369 oz and net income of $19 M ($0.01 per share), marking a turnaround from the prior year’s loss.
- Consolidated cash operating costs improved to $780/oz produced (down from $1,061/oz in Q3 2024) while all‑in sustaining costs were $1,479/oz sold, roughly in line with expectations.
- The company announced commercial production at the new Goose Mine, revised 2025 gold production guidance for Goose to 50–80 k oz (down from 80–110 k oz), and an approved development decision on the Antelope underground deposit reducing pre‑production capex estimate to $105 M.
Key Details
- Production Highlights
- Total Q3 2025 gold production: 254,369 oz (incl. pre‑commercial Goose).
- Mine‑by‑mine output: Fekola 146,883 oz, Masbate 49,519 oz, Otjikoto 44,105 oz.
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Production guidance for 2025 remains 890–965 k oz (Fekola, Masbate, Otjikoto); Goose revised to 50–80 k oz (previous 80–110 k oz).
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Cost Metrics
- Consolidated cash operating cost: $780/oz produced ($768/oz sold).
- All‑in sustaining cost: $1,479/oz sold.
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Cash operating cost guidance for Fekola Complex, Masbate & Otjikoto unchanged at $740–$800/oz produced.
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Financial Results
- Gold revenue Q3 2025: $782.9 M (up from $448.2 M YoY).
- Net income attributable to shareholders: $19.3 M ($0.01/share).
- Adjusted net income: $179.9 M; adjusted EPS: $0.14/share.
- Operating cash flow before working‑capital adjustments: $180 M.
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Cash & equivalents at 30 Sep 2025: $367 M; working capital $35 M.
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Liquidity
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Drew $200 M under revolving credit facility (RCF) in Q3; repaid $50 M on 3 Oct 2025, leaving $650 M available.
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Share Repurchase
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NCIB: bought back 2 M shares for $10 M during Q3 2025.
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Dividends
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Board declared Q4 2025 cash dividend of $0.02 per share (annualized $0.08).
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Operational Milestones
- Goose Mine achieved commercial production on 2 Oct 2025; average mill throughput 3,249 tpd in final 14‑day period (81.2% design capacity).
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Antelope underground deposit development decision approved; pre‑production capex reduced to $105 M (from $129 M). Potential to add ~65 k oz/year to Otjikoto output.
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Exploration & Development
- Fekola underground mining commenced Q3 2025; expected contribution of 30–40 k oz in 2025, ramping up in 2026+.
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Gramalote Project feasibility study completed; life‑of‑mine average production ~177 k oz/year, AISC $985/oz, NPV $941 M (gold price $2,500/oz).
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Guidance & Outlook
- Expect Q4 2025 to be the strongest quarter of gold production in 2025.
- Consolidated cash operating cost guidance unchanged; all‑in sustaining cost guidance for Fekola Complex, Masbate & Otjikoto now at upper end of range $1,460–$1,520/oz sold.
- Goose Mine post‑commercial cash cost forecast: $2,300–$2,360/oz produced (vs prior $1,520–$1,580).
Notable Quotes
- Clive T. Johnson, President & CEO: “Our third‑quarter results demonstrate the resilience of our operations and the strength of our balance sheet. The commercial start‑up at Goose Mine and the Antelope development decision position B2Gold for sustained growth and value creation.”