B2Gold Reports Q3 2026 Results - Lowers Annual All-In Sustaining Cost Guidance and Remains On-Track to Achieve Production Guidance

B2Gold Corp. (BTO) reported third-quarter 2026 financial results after the market close on November 4, 2026, revealing a lower full-year all-in sustaining cost (AISC) guide alongside a reaffirmation of its production outlook. The company produced 193,321 ounces of gold and sold 195,018 ounces at an average realized price of $4,289 per ounce.

Total revenue for the quarter reached $836 million. Reported net income was $414 million, or $0.31 per share, while adjusted net income stood at $183 million, or $0.14 per share. The discrepancy between the two figures was driven by a $253 million non-cash impairment reversal at the Fekola mine. Consolidated AISC came in at $2,602 per ounce sold, with cash operating costs of $1,347 per ounce sold, or $1,335 per ounce produced. Cash flow from operations totaled $239 million, or $387 million before working capital changes, resulting in free cash flow of $48 million.

Management cut the 2026 AISC guidance to $2,230–$2,410 per ounce sold, down from the previous range of $2,370–$2,550. Specific asset-level cost guidance was also revised downward. Masbate’s cash cost guidance was lowered to $800–$900 per ounce (from $900–$1,000), and its AISC was cut to $1,250–$1,400 (from $1,430–$1,580). Otjikoto’s AISC guidance was reduced to $1,630–$1,780 (from $1,830–$1,980), while Fekola’s AISC guidance was lowered to $2,350–$2,500 (from $2,670–$2,820). Goose’s AISC guidance remained unchanged at $2,670–$2,970, though the company noted the figure is near the top end of that range.

Production guidance for 2026 was reaffirmed at 820,000–920,000 ounces. At the Menankoto project, a permit was granted on August 7, with pre-stripping commencing in October. Ore is expected to begin flowing to the Fekola plant in the first quarter of 2027. Meanwhile, Phase 1 fixed-crusher upgrades at Goose are complete, allowing the operation to run at 3,200 tonnes per day. Phase 2 upgrades, targeting a capacity of 4,000 tonnes per day, are scheduled for mid-2027.

The company returned $59 million to shareholders during the quarter, comprising $26 million in dividends and $33 million in share buybacks. Year-to-date buybacks total 41 million shares for $205 million. B2Gold declared a fourth-quarter dividend of $0.02 per share.

B2Gold Corp. (BTO) lowered its consolidated all-in sustaining costs (AISC) midpoint from approximately $2,460 to $2,320, a decrease of 5.7%. The company also reduced AISC at its Fekola mine from roughly $2,745 to $2,425, an 11.7% drop, while Masbate AISC fell by 12% and Otjikoto AISC decreased by 10.5%.

The cost reduction aligns with a previously reported run-rate, as year-to-date AISC of $2,267 was already below the prior full-year range. On approximately 900,000 ounces sold, the roughly $140 per ounce consolidated saving translates to approximately $125–140 million in annualized costs, or about 2% of enterprise value.

Production guidance was reaffirmed within a wide 100,000-ounce band. With nine-month output at 634,732 ounces, the company is tracking toward the low end of the range, which would be approximately 828,000 ounces if fourth-quarter output merely repeats third-quarter levels.

Headline earnings per share of $0.31 included a $253 million non-cash impairment reversal. Adjusted EPS was $0.14. Free cash flow totaled $48 million at a realized price of $4,289 per ounce.

B2Gold Corp. (BTO) is a Vancouver-headquartered intermediate gold producer that operates four mines and maintains a development pipeline. The company’s largest asset is the Fekola Complex in Mali, which includes an 80% interest in Fekola under the 2012 Mining Code and a 65% interest in Fekola Regional under the 2023 Mining Code. The Fekola Regional project covers the Menankoto and Dandoko areas. Fekola is the largest gold mine in Mali and is currently ramping up underground operations.

In Nunavut, Canada, B2Gold holds 100% ownership of the Goose and Back River high-grade underground mines. These assets have a reserve grade of 6.79 g/t and a mine life extending to 2033. The company is targeting production of 300,000 ounces per year in the medium term at a throughput of 4,000 tonnes per day.

The Masbate project in the Philippines is held on a 100% project basis. However, the company holds a 40% interest in Filminera, in which Zoom Mineral Holdings holds 60%, alongside a PGPRC ore sales and purchase agreement. The Otjikoto mine in Namibia is 90% owned by B2Gold and consists of a mature open pit and the Antelope underground development.

Looking to the future, the Gramalote project in Colombia has a 13-year feasibility study indicating production of 177,000 ounces per year. The project has a net present value of $941 million at a gold price of $2,500 per ounce, representing a significant future capital commitment.