B2Gold (NYSEAMERICAN:BTG) executives highlighted record revenue, a strong fourth quarter driven by a new Canadian mine ramp-up, and several major permitting and development milestones during the company’s year-end 2025 financial results conference call.
Record revenue and fourth-quarter earnings
President and CEO Clive Johnson said the fourth quarter of 2025 provided a “solid end” to an “exciting year,” with the company’s operating mines—Fekola, Masbate, and Otjikoto—continuing to perform and the first ramp-up quarter at the Goose mine delivering the company’s strongest consolidated production quarter of the year.
Chief Financial Officer Mike Cinnamond reported GAAP earnings of $0.13 per share and adjusted earnings of $0.11 per share for the fourth quarter. He noted earnings and revenue would have been stronger absent the timing of shipments at Fekola, where a little more than 20,000 ounces were delivered just after Dec. 31 and therefore were recorded in early 2026 instead of 2025.
Cinnamond said fourth-quarter revenue was $1.05 billion, including delivery of just over 66,000 ounces under the company’s gold prepay obligations. He added the company has already delivered January’s tranche and is working on February’s delivery, with the prepay program expected to be fully wound up by the end of June 2026.
Cash flow, balance sheet flexibility, and capital returns
B2Gold reported operating cash flow of $896 million in 2025, including $286 million in the fourth quarter. Cinnamond said the results underscore the cash-generation potential of the company’s operating assets in a strong gold price environment.
On the balance sheet, Cinnamond said B2Gold ended 2025 with $380 million in cash and cash equivalents and had $150 million drawn on its revolver at year-end. He noted that subsequent to year-end, the company repaid another $100 million, leaving $750 million of revolver capacity plus an additional $200 million accordion feature.
Cinnamond said the company expects to maintain “excellent financial flexibility” to repay gold prepay obligations by the end of June 2026, fund sustaining and growth initiatives, and support exploration programs aimed at extending mine life while also returning capital to shareholders.
He said B2Gold repurchased 2 million shares for about $10 million in 2025 under its normal course issuer bid (NCIB). After year-end, it bought an additional 5 million shares for approximately $24 million. Cinnamond also pointed to the expected cash flow benefit after the gold prepays roll off, describing “close to an extra $110 million a month” coming in post-June, and said the company would evaluate additional buybacks as the year progresses.
2025 production and 2026 outlook
On operations, executive Bill (presented as “Bill” on the call) said B2Gold produced approximately 980,000 ounces in 2025, near the midpoint of guidance. For 2026, the company expects production of 820,000 to 970,000 ounces.
Bill said 2026 production is expected to be lower than 2025 primarily due to a planned step-down at Otjikoto following completion of open-pit mining in the fourth quarter of 2025, and lower expected production at Fekola as stripping of phase 8 continues. Those declines are expected to be partially offset by continued ramp-up at Goose. He added that early 2026 performance has been above expectations, though he emphasized the data set is still limited.
Mali permitting, Fekola underground progress, and “Regional” expectations
In Mali, Johnson noted the company produced its 4 millionth ounce since Fekola began operations and received approval for Fekola Underground exploitation, with more than 20,000 ounces produced from the underground operation in 2025.
Looking to 2026, Bill said the company expects to receive approval for the Fekola Regional exploitation permit in the first quarter of 2026, with production starting in the second half of the year. He said production at Fekola is expected to be relatively consistent through 2026, as ramp-up from Fekola Regional in the second half is expected to offset a decline as the open pit transitions from phase 7 to phase 8.
Bill said Fekola Regional is expected to contribute 60,000 to 80,000 ounces in 2026.
On the Q&A, an executive identified as Randall said the company’s confidence in first-quarter timing is tied to progress made during 2025 under Mali’s 2023 mining code. He said the permit has endorsements from the Minister of Mines and Minister of Finance, has completed technical review, and is now with the president and newly formed mining commissioner, Hilaire Diarra. Randall said the company is in regular dialogue with the government and cited broader movement on permits in the country as supporting context, while acknowledging the process has been slower than desired.
During Q&A, Bill also provided a production breakdown for 2026, stating he expected 71,000 ounces from the underground, and that the combination of Fekola and Cardinal would total 300,000 ounces (before adding regional ounces). He said underground mining is running at about 1,500 tons per day, while noting he did not have grades and tonnage details in front of him.
Goose ramp-up, crusher modifications, and Otjikoto’s transition
At Goose in Nunavut, Johnson said the company celebrated first gold pour and commercial production, emphasizing collaboration with the Kitikmeot Inuit Association and Kitikmeot communities. Bill said the operation is expected to ramp up through 2026, but the crushing circuit remains supplemented by a mobile crusher. He said fourth-quarter production was affected by unseasonably low temperatures that interrupted the mobile unit, which is not enclosed and is vulnerable to extreme cold.
Bill said initial crushing-circuit modifications—adding run-of-mine bins and apron feeders—were ordered in late 2025 and are scheduled to be implemented in the second half of 2026, at which point the mobile crusher would be discontinued. He said these changes are expected to allow consistent operation at about 3,200 tons per day, and that the initial phase capital is included in the 2026 operating budget.
Management said it is also studying a more comprehensive crushing upgrade to increase design capacity and enable average throughput of 4,000 tons per day. Bill said studies are expected to be finalized in the first half of 2026; additional capital for a second phase is not included in the 2026 budget. He characterized the expected cost as “in the $10s of millions” and not material to the scope of the operation.
In Q&A, management said a study completed by FLSmidth has been delivered to Lycopodium as engineer of record and is being reviewed, with “final answers” not expected until April. Management said phase one is $7 million (included in the budget) and indicated a second phase could be “tens of millions,” offering an example estimate of about CAD 50 million while stressing that final design and bids were still pending. Management also said there are two logistics options for equipment delivery—airlifting it in during the year or bringing it up the road the next year—depending on the final plan.
On costs at Goose, management said all-in sustaining costs are expected to step down from 2026 budget levels as the mine ramps toward steady-state, and said an updated Goose study is underway to incorporate planned crushing changes.
At Masbate, Bill said the operation continued to perform well, with “world-class” safety and throughput that significantly exceeded expectations in 2025, achieving a record for the second straight year. Johnson added Masbate reached seven years without a lost-time injury.
At Otjikoto, Bill said the mine delivered strong production in 2025 from the final phase of the open pit, reaching the upper end of guidance. He said production is expected to be lower in 2026 as the mine transitions to processing Wolfshag underground ore supplemented with low-grade stockpiles.
Johnson also highlighted the company’s approved construction decision on the Antelope underground deposit, which management said could extend Otjikoto’s mine life into the 2030s. Bill said development has begun and that Antelope has the potential to increase Otjikoto production to an average of about 110,000 ounces from 2029 through 2032. In Q&A, he cautioned that timing could shift because equipment has not yet been ordered, but referenced production figures of approximately 78 (thousand ounces) in 2027 and 64 (thousand ounces) in 2028 in his life-of-mine numbers as the operation continues to build toward Antelope’s contribution.
About B2Gold (NYSEAMERICAN:BTG)
B2Gold Corp. is a Canadian-based intermediate gold producer with a diversified portfolio of operating mines and advanced-stage development projects. Founded in 2007 through the merger of Bema Gold and CGA Mining, the company has grown to become one of the world’s largest new gold producers. Headquartered in Vancouver, British Columbia, B2Gold focuses on efficient, low-cost operations across several continents, combining exploration, development and production within a single strategic framework.
The company’s flagship assets include the Fekola mine in Mali, which commenced production in 2017, the Otjikoto mine in Namibia, and the Masbate mine in the Philippines.
