B2Gold Reports Q2 2025 Results Continued Strong Operating Performance Across All Three Operations Led to Higher Than Expected Gold Production and Lower than Expected Cash Costs in the Second Quarter of 2025
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News Release
B2Gold Reports Q2 2025 Results
Continued Strong Operating Performance Across All Three Operations Led to Higher Than Expected
Gold Production and Lower than Expected Cash Costs in the Second Quarter of 2025
Vancouver, BC, August 7, 2025 – B2Gold Corp. (TSX: BTO, NYSE AMERICAN: BTG, NSX: B2G)
(“B2Gold” or the “Company”) is pleased to announce its operational and financial results for the second
quarter of 2025. All dollar figures are in United States dollars unless otherwise indicated.
2025 Second Quarter Highlights
• Gold production of 229,454 ounces: Consolidated gold production in the second quarter of 2025,
including pre-commercial production from the Goose Mine, was 229,454 ounces, higher than
expected. The Fekola, Masbate and Otjikoto mines all exceeded expected production in the second
quarter, and the Company remains on track to meet its consolidated annual production guidance
range. All three operations continue to meet or ex ceed gold production expectations to start the
third quarter of 2025.
• Consolidated cash operating costs of $745 per gold ounce produced : Consolidated cash
operating costs (see “Non-IFRS Measures”), excluding pre-commercial production from the Goose
Mine, were $745 per gold ounce produced ($762 per gold ounce sold) during the second quarter of
2025. Cash operating costs per ounce produced fo r the second quarter of 2025 were better than
expected as a result of lower than expected fuel costs and higher than expected gold production.
• Consolidated all-in sustaining costs of $1,519 per gold ounce sold: Consolidated all-in sustaining
costs (see “Non-IFRS Measures”) were $1,519 per gold ounce sold during the second quarter of
2025. Consolidated all-in sustaining costs for the second quarter of 2025 were higher than expected
as lower production costs per gold ounce sold and lower sustaining capital expenditures were offset
by higher gold royalties resulting from a higher than expected average realized gold price and lower
than expected ounces sold. The lower sales ounces were a result of the timing of shipments from
the Company's Masbate and Fekola Mines, which were delivered and sold in July 2025.
• Attributable net income of $0.12 per share; ad justed attributable net income of $0.12 per
share: Net income attributable to the shareholders of the Company of $154 million, or $0.12 per
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share; adjusted net income (see “ Non-IFRS Measures ”) attributable to the shareholders of the
Company of $163 million, or $0.12 per share.
• Operating cash flow before working capital adjustments of $301 million : Cash flow provided
by operating activities before working capital and long-term value-added tax adjustments was $301
million in the second quarter of 2025.
• Strong financial position and liquidity : At June 30, 2025, the Company had cash and cash
equivalents of $308 million and working capital deficit (defined as cu rrent assets less assets
classified as held for sale and current liabilities) of $19 million. Working capital at June 30, 2025
reflects the classification of the Company’s gold pr epayment obligations as current liabilities. As
of June 30, 2025, the full amount of the Company's $800 million revolving credit facility (“RCF”)
was available for future draw downs.
• Inaugural gold pour achieved at the Goose Mine; ramp up to commercial production ongoing
and expected to be achieved in the third quarter of 2025; estimated gold production of 120,000
to 150,000 ounces in 2025: With first gold achieved, as announced on June 30, 2025, focus now
turns to continuing steady state operations and increasing throughput to full design capacity. The
Company continues to estimate that gold production in calendar year 2025 will be between 120,000
and 150,000 ounces and that averag e annual gold production for the six year period from 2026 to
2031 inclusive will be approximate ly 300,000 ounces per year, based only on existing Mineral
Reserves.
• Positive Feasibility Study on the Gramalote Pr oject in Colombia announced; after-tax NPV
(5%) of $941 Million with an after-tax IRR of 22.4% at a $2,500 per ounce gold price: On July
14, 2025, B2Gold announced positive Feasibility Study (“FS”) results on the Company’s 100%
owned Gramalote Project. The FS for the Gramalote project indicates an initial life of project of 13
years, with average annual production of 227,000 ounces over the first five years. Based on the
project economics, B2Gold has commenced the work of amendi ng the existing mine plan and
environmental permits which are currently in pl ace for a larger-scale project. B2Gold currently
anticipates the permit modification to the new me dium-scale project reflected in the current FS
could be completed over the next 12 to 18 months.
• Received approval to commence underground mining at Fekola: On July 30, 2025, the State of
Mali granted approval for the Company to commence underground mining at the Fekola Mine.
Subsequent to receipt of the approval, the Company commenced stope ore development and
production at the Fekola underground, and Fekola underground ore that was stockpiled during the
underground exploration development stage is currently being processed through the Fekola mill.
• Fekola Mine reaches production mileston e of four million ounces of gold produced:
Subsequent to June 30, 2025, the Fekola Mine achieved lifetime production of four million ounces
of gold, seven years and ten months from construction completion.
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• New Board of Director appointment: On August 6, 2025, Mary-Lynn Oke, CPA, was appointed
to B2Gold's Board of Directors (the “Board”) . Ms. Oke brings extensive corporate finance
experience, and currently serves on the Boards of Directors of NexGold Mining Corp. and Jaguar
Mining Inc.
• Q3 2025 dividend of $0.02 per share declared: On August 7, 2025, B2Gold's Board of Directors
declared a cash dividend for the third quarter of 2025 of $0.02 per common share (or an expected
$0.08 per share on an annualized basis), payable on September 23, 2025, to shareholders of record
as of September 10, 2025.
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Second Quarter 2025 Results
Three months ended Six months ended
June 30, June 30,
2025 2024 2025 2024
Gold revenue ($ in thousands) 692,206 492,569 1,224,313 954,013
Net income (loss) ($ in thousands) 160,753 (34,777) 223,317 13,704
Earnings (loss) per share – basic(1) ($/ share) 0.12 (0.02) 0.16 0.01
Earnings (loss) per share – diluted(1) ($/ share) 0.10 (0.02) 0.14 0.01
Cash provided by operating activities ($ thousands) 255,081 62,432 433,869 773,159
Average realized gold price ($/ ounce) 3,290 2,343 3,104 2,202
Adjusted net income(1)(2) ($ in thousands) 162,839 78,449 284,689 159,952
Adjusted earnings per share(1)(2) – basic ($) 0.12 0.06 0.22 0.12
Consolidated operations results:
Gold sold (ounces) 210,384 210,228 394,382 433,206
Gold produced including pre-commercial production from the
Goose Mine (ounces) 229,454 204,241 422,206 418,580
Gold produced excluding pre-commercial production from the
Goose Mine (ounces) 228,762 204,241 421,514 418,580
Production costs ($ in thousands) 160,363 151,299 322,357 308,044
Cash operating costs(2)(4) ($/ gold ounce sold) 762 720 817 711
Cash operating costs(2)(4) ($/ gold ounce produced) 745 808 785 762
Total cash costs(2)(4) ($/ gold ounce sold) 1,132 877 1,123 857
All-in sustaining costs(2)(4) ($/ gold ounce sold) 1,519 1,244 1,525 1,296
Operations results including equity investment in Calibre(3):
Gold sold (ounces) 210,384 218,495 394,382 452,850
Gold produced including pre-commercial production from the
Goose Mine (ounces) 229,454 212,508 422,206 438,224
Production costs ($ in thousands) 160,363 164,520 322,357 333,170
Cash operating costs(2)(4) ($/ gold ounce sold) 762 753 817 736
Cash operating costs(2)(4) ($/ gold ounce produced) 745 839 785 785
Total cash costs(2)(4) ($/ gold ounce sold) 1,132 908 1,123 879
All-in sustaining costs(2)(4) ($/ gold ounce sold) 1,519 1,267 1,525 1,308
(1) Attributable to the shareholders of the Company.
(2) Non-IFRS measure. For a description of how these measures are calculated and a reconciliation of these measures to the most directly comparable measures
specified, defined or determined under IFRS and presented in the Company’ s financial statements, refer to “Non-IFRS Measures”.
(3) Production from Calibre Mining Corp.'s ("Calibre") La Libertad, El Limon and Pan mines is presented on an approximate 24% b asis until January 24, 2024 and
14% subsequently until June 20, 2024 which represented the Company’ s indirect ownership interest in Calibre's operations through its equity investment in Calibre. On
June 20, 2024, the Company reduced its ownership interest to approximately 4% and determined that it no longer had significant influence over Calibre and as a result,
after June 20, 2024, no longer recorded attributable production representing its indirect ownership interest in Calibre's mines through an equity investment.
(4) Cash operating costs per gold ounce produced do not include the results of pre-commercial production from the Goose Mine. Pre-commercial production from the
Goose Mine in the second quarter of 2025 was not sold during the period. As a result, there is no impact to metrics on a per gold ounce sold basis.
Liquidity and Capital Resources
B2Gold continues to maintain a strong financial position and liquidity. At June 30, 2025, the Company had
cash and cash equivalents of $308 million (December 31, 2024 - $337 million) and working capital deficit
(defined as current assets less asset s classified as held for sale and current liabilities) of $19 million
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(December 31, 2024 – surplus of $321 million). Working capital at June 30, 2025, reflects the classification
of the Company’s gold prepayment obligations as cu rrent liabilities. During the first half of 2025 the
Company repaid $400 million on the Company's $800 million revolving credit facility, leaving $800 million
remaining available for future draw downs, plus a $200 million accordion feature. Subsequent to June 30,
2025, on July 18, 2025, the Company drew down $200 million under the RCF which will be used to manage
working capital requirements during the Company's delivery of ounces into its gold prepayment obligations
over the 12-month period from July 2025 to June 2026.
Third Quarter 2025 Dividend
On August 7, 2025, the Board declared a cash dividend for the third quarter of 2025 (the “Q3 2025
Dividend”) of $0.02 per common share (or an expected $0.08 per share on an annualized basis), payable
on September 23, 2025 to shareholders of record as of September 10, 2025.
The Company currently has a Dividend Reinvestment Plan (“DRIP”). For the purposes of the Q3 2025
Dividend, the Company has determined that no discount will be applied to calculate the Average Market
Price (as defined in the DRIP) of its common shares issued from treasury. Beneficial shareholders who wish
to participate in the DRIP should contact their financial advisor, broker, investment dealer, bank, financial
institution, or other intermediary through which they hold common shares for instructions on how to enroll
in the DRIP.
This dividend is designated as an "eli gible dividend" for the purposes of the Income Tax Act (Canada).
Dividends paid by B2Gold to shareholders outside Canada (non-resident investors) will be subject to
Canadian non-resident withholding taxes.
The declaration and payment of future dividends and th e amount of any such dividends will be subject to
the determination of the Board, in its sole and absolute discretion, taking into account, among other things,
economic conditions, business performance, financia l condition, growth plans, expected capital
requirements, compliance with B2Gold's constating documents, all applicable laws, including the rules and
policies of any applicable stock exchange, as well as any contractual restrictions on such dividends,
including any agreements entered into with lenders to the Company, and any other factors that the Board
deems appropriate at the relevant time. There can be no assurance that any dividends will be paid at the
intended rate or at all in the future.
For more information regarding the DRIP and enrollm ent in the DRIP, please refer to the Company's
website at https://www.b2gold.com/investors/stock_info/.
This news release does not constitute an offer to sell or the solicitation of an offer to buy securities in any
jurisdiction nor will there be any sale of these securities in any province, state or jurisdiction in which such
offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws
of any such province, state or jurisdiction.
The Company has filed a registration statement relating to the DRIP with the U.S. Securities and Exchange
Commission that may be obtained under the Company's profile on the U.S. Securities and Exchange
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Commission's website at http://www.sec.gov/EDGAR or by contacting the Company using the contact
information at the end of this news release.
Operations
Fekola Complex – Mali
Three months ended Six months ended
June 30, June 30,
2025 2024 2025 2024
Gold revenue ($ in thousands) 377,316 270,592 631,983 526,910
Gold sold (ounces) 115,184 115,288 202,992 239,116
Average realized gold price ($/ ounce) 3,276 2,347 3,113 2,204
Tonnes of ore milled 2,341,718 2,520,377 4,788,389 4,983,240
Grade (grams/ tonne) 1.84 1.51 1.57 1.57
Recovery (%) 91.2 92.8 91.1 92.7
Gold production (ounces) 126,361 111,583 220,166 230,724
Production costs ($ in thousands) 96,121 81,481 185,146 166,586
Cash operating costs(1) ($/ gold ounce sold) 834 707 912 697
Cash operating costs(1) ($/ gold ounce produced) 798 839 870 766
Total cash costs(1) ($/ gold ounce sold) 1,369 895 1,361 873
All-in sustaining costs(1) ($/ gold ounce sold) 1,721 1,258 1,815 1,351
Capital expenditures ($ in thousands) 53,379 53,179 117,382 133,741
Exploration ($ in thousands) — 838 — 2,140
(1) Non-IFRS measure. For a description of how these measures are calculated and a reconciliation of these measures to the most directly comparable measures
specified, defined or determined under IFRS and presented in the Company’ s financial statements, refer to “Non-IFRS Measures”.
The Fekola Mine in Mali (owned 80% by the Company and 20% by the State of Mali) produced 126,361
ounces of gold in the second quarter of 2025, above expectations. For the second quarter of 2025, mill feed
grade was 1.84 grams per tonne ("g/t") gold, mill th roughput was 2.34 million tonnes, and gold recovery
averaged 91.2%.
The Fekola Mine’s cash operating costs (refer to “Non-IFRS Measures” ) for the second quarter of 2025
were $798 per ounce produced ($834 per gold ounce sold). Cash operating costs per ounce produced for
the second quarter of 2025 were lower than expected as a result of lower fuel costs, lower fleet maintenance
costs and higher gold production due to above expected mill feed grades.
All-in sustaining costs (refer to “Non-IFRS Measures” ) for the second quarter of 2025 were $1,721 per
gold ounce sold, higher than expected. All-in sustai ning costs for the second quarter of 2025 were higher
than anticipated as lower than e xpected production costs per gold ounce sold and lower than expected
sustaining capital expenditures were offset by higher gold royalties resulting from a higher than expected
average realized gold price and lower than expect ed gold ounces sold. Gold royalties include higher
revenue-based production taxes based on a sliding scale and revenue-based State of Mali funds applicable
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for the Fekola Mine, which became effective for the first time in March 2025. The lower sustaining capital
expenditures for the second quarter of 2025 were mainly a result of timing of expenditures and are expected
to be incurred later in 2025. Lower than expected gold sales were a result of timing and these ounces were
shipped and sold in July 2025.
Capital expenditures in the second quarter of 2025 totalled $53 million primarily consisting of $22 million
for deferred stripping, $17 million for Fekola underground development, $10 million for mobile equipment
purchases and rebuilds and $4 million for the construction of a new tailings storage facility.
The Fekola Complex is comprised of the Fekola Mine (Medinandi permit hosting the Fekola and Cardinal
open pits and Fekola underground), owned 80% by B2 Gold and 20% by the State of Mali, and Fekola
Regional (Anaconda Area (formerly the three separ ate Bantako, Menankoto a nd Bakolobi permits, now
consolidated into one permit called Menankoto) an d the Dandoko permit), whic h will be owned 65% by
B2Gold and 35% by the State of Mali. Fekola Regiona l is located approximately 20 kilometers from the
Fekola Mine.
On July 30, 2025, the State of Mali granted a pproval for the Company to commence underground
operations, including stope ore production, at th e Fekola Mine ("Underground Mining Approval").
Throughout 2024 and 2025, the Company has been ca rrying out underground e xploration development
work at the Fekola Mine in anticipation of the receipt of Underground Mining Approval. This includes more
than 9,300 meters of development work plus th e installation of all required underground mining
infrastructure. Subsequent to receipt of the Underground Mining Approval, the Company commenced stope
ore production at Fekola underground, and Fekola underground ore that was stockpiled during the
underground exploration development stage is currently being processed through the Fekola mill. In 2025,
the Company anticipates Fekola underground to cont ribute between 25,000 to 35,000 ounces of gold
production, ramping up significantly in 2026 and subsequent years.
The development of Fekola Regional has the potential to enhance the Fekola Complex production profile
and extend the mine life. Fekola Regional is anticip ated to contribute approximately 180,000 ounces of
additional annual gold production in its first four fu ll years of production from 2026 through 2029, with a
mine life expected to extend well into the 2030’s. The Company and the State of Mali have committed to
work together to finalize the approval of the Fekola Regional exploitation permit in the near term, with
permit approval expected prior to the end of the th ird quarter of 2025. Importantly, the haul road from
Fekola Regional to the Fekola Mine is operational as construction of the haul roads and mining
infrastructure (warehouse, workshop, fuel depot and offices) was completed on schedule in 2023. Upon
issuance of the exploitation permits for Fekola Regi onal, mining pre-stripping activities will begin for a
period of three months, followed by initial gold production now expected to commence in late 2025.
Despite the delay in expected commencement of mini ng at Fekola Regional, the Company still expects to
meet its production guidance of between 515,000 an d 550,000 ounces from the Fekola Complex in 2025.
The Fekola Complex is projected to process 9.56 million tonnes of ore during 2025 at an average grade of
1.84 g/t gold with a process gold recovery of 93.4%. Gold production is expected to be weighted
approximately 40% to the first half of 2025 and 60% to the second half of 2025.
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The Company has updated its cash cost and all-in sustaining cost guidance ranges for the Fekola Complex
to reflect the expected impact of lower than estimated fuel costs in 2025, and an increase in realized and
expected gold prices for 2025 compared to a budgeted gold price of $2,250 per ounce, along with expected
changes in the timing of receipt of the exploita tion permit for Fekola Regiona l. Cash operating cost
guidance for the Fekola Complex is now forecast to be between $740 and $800 per gold ounce (original
guidance range of between $845 and $905 per ounce) and all-in sustaining cost guidance for the Fekola
Complex is now forecast to be between $1,595 and $1,655 per ounce (original guidance range of between
$1,550 and $1,610 per gold ounce).
Masbate Mine – The Philippines
Three months ended Six months ended
June 30, June 30,
2025 2024 2025 2024
Gold revenue ($ in thousands) 132,698 109,083 262,091 208,050
Gold sold (ounces) 39,900 46,600 84,350 94,300
Average realized gold price ($/ ounce) 3,326 2,341 3,107 2,206
Tonnes of ore milled 2,191,599 2,043,057 4,469,631 4,212,519
Grade (grams/ tonne) 0.93 0.94 0.88 0.96
Recovery (%) 77.8 72.4 77.1 72.4
Gold production (ounces) 50,738 44,515 97,107 94,297
Production costs ($ in thousands) 34,468 37,602 72,484 80,373
Cash operating costs(1) ($/ gold ounce sold) 864 807 859 852
Cash operating costs(1) ($/ gold ounce produced) 801 876 816 854
Total cash costs(1) ($/ gold ounce sold) 1,086 955 1,052 983
All-in sustaining costs(1) ($/ gold ounce sold) 1,497 1,135 1,344 1,177
Capital expenditures ($ in thousands) 17,499 6,507 25,232 15,037
Exploration ($ in thousands) 531 928 951 1,749
(1) Non-IFRS measure. For a description of how these measures are calculated and a reconciliation of these measures to the most directly comparable measures
specified, defined or determined under IFRS and presented in the Company’ s financial statements, refer to “Non-IFRS Measures”.
The Masbate Mine in the Philippines continued its strong performance with second quarter of 2025 gold
production of 50,738, above expectations. For the second quarter of 2025, mill feed grade was 0.93 g/t gold,
mill throughput was 2.19 million tonnes, and gold recovery averaged 77.8%.
The Masbate Mine's cash operating costs (see “Non-IFRS Measures”) for the second quarter of 2025 were
$801 per ounce produced ($864 per gold ounce sold). C ash operating costs per ounce produced for the
second quarter of 2025 were lower than expected as a result of higher than expected gold production as
well as lower operating costs primarily due to lower diesel and heavy fuel oil cost.
All-in sustaining costs (refer to “Non-IFRS Measures” ) for the second quarter of 2025 were $1,497 per
gold ounce sold. All-in sustaining costs for the second quarter of 2025 were higher than expected as lower
than expected production costs per gold ounce sold we re offset by lower than expected gold ounces sold
and higher gold royalties resulting from a higher than e xpected average realized gold price. Lower than
expected gold ounces sold during the second quarter of 2025 was due to the timing of shipments, which
were delivered and sold in July 2025.