B2Gold Reports Q4 and Full Year 2025 Results & 2026 Guidance; Achieved 2025 Gold Production and Cost Guidance; Record Annual Revenue in 2025 of Over $3 Billion; Gold Production for 2026 Anticipated to be Between 820,000 and 970,000 oz; Q1 2026 Dividend of
B2Gold Hits Record Revenue as Goose Mine Shifts to Production, but Soaring Cost Guidance for 2026 Signals Margin Pressure
The most recent news release on February 18, 2026, details B2Gold’s fourth quarter and full-year 2025 results and its outlook for 2026. Key highlights include: - FY 2025 record revenue of $3.06 billion, driven by an average realized gold price of $3,299 per ounce. - FY 2025 consolidated gold production of 979,604 ounces, hitting the high end of the 970,000 to 1,075,000-ounce guidance range. - The Goose Mine in Nunavut achieved commercial production on October 2, 2025, contributing 38,616 ounces post-commercialization. - 2026 Production Guidance: Estimated between 820,000 and 970,000 ounces. - 2026 Cost Guidance: All-In Sustaining Costs (AISC) are projected to jump significantly to a range of $2,400 to $2,580 per ounce. - Dividend: A first-quarter 2026 dividend of $0.02 per share was declared. - Liquidity: The company ended 2025 with $380 million in cash and $750 million available under its revolving credit facility.
The 2025 results are a material positive, confirming that B2Gold successfully navigated a high-capital expenditure year to bring the Goose Mine online while maximizing revenue from existing operations in Mali, Namibia, and the Philippines. - Positive Execution: Achieving commercial production at Goose within three months of the first pour demonstrates strong technical capability, despite earlier crushing plant setbacks mentioned in late 2025. - Warning Sign on Costs: The 2026 AISC guidance of $2,400 - $2,580 is a massive increase from 2025’s $1,584. While the company attributes this to a gold price assumption of $5,000/oz (which inflates royalties and production taxes), it represents a high cost-base that could squeeze margins if gold prices retreat significantly from current levels. - Production Dip: The 2026 guidance range (820k - 970k oz) suggests production may actually decline year-over-year from 2025 levels (979k oz), indicating that the ramp-up at Goose is not yet fully offsetting the natural declines or grade variations at older assets like Fekola.
B2Gold is a senior gold producer with operations in Mali (Fekola), the Philippines (Masbate), Namibia (Otjikoto), and Canada (Goose). - Flagship Project (Current): The Fekola Complex in Mali remains the largest producer, but the Goose Mine (Back River Gold District) in Nunavut is the new cornerstone asset. - Development Goal: Transitioning to a production profile where Canada-based production de-risks the portfolio's geographical exposure to West Africa.