B2Gold Reports Q2 2026 Results; Strong Operating Performance at the Fekola, Masbate, and Otjikoto Mines led to Higher than Expected Gold Production and Lower than Expected All-In Sustaining Costs; Menankoto Exploitation Permit Expected to be Issued in the Near-Term by the
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News Release
B2Gold Reports Q2 2026 Results; Strong Operating Performance at the Fekola, Masbate, and
Otjikoto Mines led to Higher than Expected Gold Production and Lower than Expected All-In
Sustaining Costs; Menankoto Exploitation Permit Expected to be Issued in the Near-Term by the
State of Mali
Vancouver, BC, August 6, 2026 – 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 2026. All dollar figures are in United States dollars unless otherwise indicated.
2026 Second Quarter Highlights
• Gold production of 203,648 ounces: Consolidated gold production in the second quarter of 2026
was 203,648 ounces, in line with expectations. Gold production at Fekola, Masbate and Otjikoto
was higher than anticipated, offset by lower than anticipated gold production at Goose as a result
of a previously reported fire in certain areas of the crushing circuit in April 2026.
• Consolidated cash operating costs of $1,201 per gold ounce produced : Consolidated cash
operating costs (see “ Non-IFRS Measures”) were $1,201 per gold ounce produced ( $1,127 per
gold ounce sold) during the second quarter of 2026. Cash operating costs per ounce produced for
the second quarter of 2026 were lower than anticipated mainly as a result of lower than expected
processing costs at Masbate, with Fekola, Otjikoto and Goose relatively in-line with expectations.
• Consolidated all -in sustaining costs of $2,356 per gold ounce sold: Consolidated all -in
sustaining costs (see “Non -IFRS Measures”) were $2,356 per gold ounce sold during the second
quarter of 2026. Consolidated all -in sustaining costs for the second quarter of 2026 were lower
than anticipated as a result of lower than expected production costs, and lower than expected
sustaining capital expenditures.
• Attributable net income of $0.31 per share; adjusted attributable net income of $0.03 per
share: Net income attributable to the shareholders of the Company of $417 million, or $0.31 per
share; adjusted net income (see “Non -IFRS Measures”) attributable to the shareholders of the
Company of $41 million, or $0.03 per share. Adjusted net income in the second quarter of 2026
excluded a gain on sale of mining interests of $292 million and unrealized gains on derivative
instruments of $135 million, amongst other items. Included in adjusted net income for the second
quarter of 2026 is $71 million of realized losses on the Company's gold collars. Final settlement
of the gold collar contracts will be completed in January 2027.
• Operating cash flow before working capital adjustments of $94 million and free cash
outflow of $258 million : Cash flow provided by operating activities before working capital
adjustments of $94 million, and free cash outflow (see “Non-IFRS Measures”) of $258 million in
the second quarter of 2026. Free cash outflow during the second quarter was mainly the result of
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higher cash tax payments (including a higher priority dividend paid to the State of Mali), the
impact of the prepaid gold sales (the “Gold Prepay”), and higher production costs, which more
than offset higher gold revenues. Free cash flow for the second quarter of 2026 does not include
the $325 million of cash proceeds on sale of the Finland properties.
• Repurchased $92 million of shares under the Company's renewed normal course issuer bid:
On April 1, 2026, the Toronto Stock Exchange accepted the notice of B2Gold's intention to renew
its normal course issuer bid (“NCIB”). The renewed NCIB commenced on April 3, 2026 and will
expire no later than April 2, 2027. Under the NCIB, the Company may purchase up to
132,662,594 common shares, representing 10% of the public float as of March 20, 2026. During
the second quarter of 2026, the Company repurchased a total of 19 million shares for $92 million.
• Menankoto Exploitation Permit Status: During the week of July 27, 2026, B2Gold senior
executives completed productive meetings with key government officials of the State of Mali,
who have confirmed all the required steps to finalize approval of the Menankoto exploitation
permit (the “Menankoto Exploitation Permit”) have been completed. The permit is now awaiting
approval by the Council of Ministers of Mali, which B2Gold anticipates will occur in the near
future. The Menankoto Exploitation Permit together with the Dandoko exploration permit, make
up Fekola Regional, a key near-term production growth driver for B2Gold. B2Gold and the State
of Mali remain committed to the agreement entered into in September 2024 related to the ongoing
operation and governance of the Fekola Mine and Fekola Regional (together “Fekola Complex”).
• Sold 70% interest in Fingold Ventures Ltd. (“Fingold”) to Agnico Eagle Mines Ltd.
(“Agnico Eagle”) for $325 million: On April 23, 2026, B2Gold announced that it had completed
the sale of its 70% interest in Fingold to Agnico Eagle for cash consideration of $325 million.
• Completed final delivery of ounces into the Gold Prepay contracts: As of June 30, 2026, the
Company had delivered all 264,768 ounces into the Gold Prepay contracts. With all future gold
sales expected at spot prices, free cash flow is anticipated to improve in the second half of 2026
relative to the second quarter of 2026.
• Strong financial position and liquidity : At June 30, 2026, the Company had cash and cash
equivalents of $287 million and working capital (defined as current assets less assets classified as
held for sale and current liabilities) of $405 million . During the second quarter of 2026, the
Company repaid $75 million on the Company's $800 million revolving credit facility (“RCF”),
leaving the full $800 million available for future drawdowns as of June 30, 2026.
• Consolidated gold production guidance range narrowed to between 820,000 and 920,000
ounces: The Company is modifying the gold production guidance ranges for each of Fekola,
Masbate, Otjikoto, and Goose to reflect year -to-date operating performance and expected results
in the second half of 2026. The largest change relates to Fekola Regional, based on delays in
issuance of the Menankoto Exploitation Permit. Consolidated gold production for 2026 is now
expected to be between 820,000 and 920,000 ounces (previously between 820,000 and 970,000
ounces). Based on the mine -by-mine production guidance changes, consolidated cash operating
costs guidance remains unchanged between $1,155 and $1,280 per gold ounce produced, while
consolidated all-in sustaining costs guidance for 2026 is now forecast to be between $2,370 and
$2,550 per gold ounce sold (previously between $2,400 and $2,580 per gold ounce sold). The
Company believes consolidated all-in sustaining costs for 2026 will be at or below the low-end of
this updated guidance range.
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• Q3 2026 dividend of $0.02 per share declared : On August 6, 2026, B2Gold's Board of
Directors declared a cash dividend for the third quarter of 2026 of $0.02 per common share (or an
expected $0.08 per share on an annualized basis), payable on September 23, 2026, to shareholders
of record as of September 10, 2026.
Mike Cinnamond, President and CEO of B2Gold, said “B2Gold delivered a solid second quarter, with
production across our operating portfolio largely in line with expectations, highlighted by stronger -than-
anticipated performance from Fekola, Masbate and Otjikoto. Following recent visits to Mali to discuss the
status of issuance of the Menankoto Exploitation Permit, we believe that all necessary steps in the
approval process have now been completed, and are confident that the permit will be approved by the
Council of Ministers of Mali in the near future . Receipt of the Menankoto Exploitation Permit will be an
important milestone that allows B2Gold to commence mining within Fekola Regional and supports the
continued long- term growth of the Fekola Complex. At Goose, while the previously reported fire in
certain areas of the crushing circuit temporarily impacted production during the second quarter, the quick
and well-executed response of our team safely contained the incident, limiting the damage and resulting
in no injuries to employees. Repair of the crushing circuit is progressing as planned and is on track for
completion in the third quarter. During the second quarter, we further strengthened our balance sheet
through the sale of our interest in Fingold for $325 million in cash, unlocking significant value for our
shareholders. Other highlights from the second quarter included repurchasing $92 million of shares under
our NCIB and completing the final deliveries into our Gold Prepay contracts. As we look forward to the
second half of 2026 and into 2027, B2Gold expects to generate significant free cash flow at prevailing
metal prices, enabling us to reinvest in our business, fund our prospective exploration projects, and
increase capital returns to shareholders.”
2026 Guidance
2026 Guidance (100% Basis)(1) Fekola
Complex(2) Masbate Otjikoto Goose
Operations
and Projects
Total
Gold Production (koz) 390 - 420 180 - 200 80 - 100 170 - 200 820 - 920
Cash Operating Costs ($/oz produced)(3) 1,060 - 1,160 900 - 1,000 1,200 - 1,300 1,610 - 1,810 1,155 - 1,280
All-In Sustaining Costs ($/oz sold)(3) 2,670 - 2,820 1,430 - 1,580 1,830 - 1,980 2,670 - 2,970 2,370 - 2,550
(1) Totals may not add due to rounding. Estimates are based on a $5,000 per oz gold price assumption for 2026.
(2) The Fekola Complex is comprised of the Fekola Mine (Medinandi permit hosting the Fekola and Cardinal open pits and Fekola underground), and Fekola Regional (comprised of the
consolidated Menankoto permit, and the Dandoko permit).
(3) Non-IFRS measure. For a description of how these measures are calculated and a reconciliation of these measures to the most direc tly comparable measures specified, defined or
determined under IFRS and presented in the Company's financial statements, refer to "Non-IFRS Measures".
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Second Quarter 2026 Results
Three months ended Six months ended
June 30, June 30,
2026 2025 2026 2025
Gold revenue ($ in thousands) 789,354 692,206 1,948,009 1,224,313
Net income ($ in thousands) 419,620 160,753 625,170 223,317
Earnings per share – basic(1) ($/ share) 0.31 0.12 0.46 0.16
Earnings per share – diluted(1) ($/ share) 0.29 0.10 0.42 0.14
Cash (used) provided by operating activities ($ thousands) (78,755) 255,081 460,726 433,869
Average realized gold price ($/ ounce) 3,767 3,290 4,009 3,104
Adjusted net income(1)(2) ($ in thousands) 40,881 162,839 300,758 284,689
Adjusted earnings per share(1)(2) – basic ($) 0.03 0.12 0.23 0.22
Free cash flow(2) ($ in thousands) (257,516) 11,977 104,284 5,052
Consolidated operations results:
Gold sold (ounces) 209,537 210,384 485,883 394,382
Gold produced including pre-commercial production from Goose
(ounces) 203,648 229,454 441,411 422,206
Gold produced excluding pre-commercial production from Goose
(ounces) 203,648 228,762 441,411 421,514
Production costs ($ in thousands) 236,211 160,363 470,049 322,357
Cash operating costs(2) ($/ gold ounce sold) 1,127 762 967 817
Cash operating costs(2) ($/ gold ounce produced) 1,201 745 1,096 785
Total cash costs(2) ($/ gold ounce sold) 1,642 1,132 1,506 1,123
All-in sustaining costs(2) ($/ gold ounce sold) 2,356 1,519 2,133 1,525
(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) Cash operating costs per gold ounce sold, cash operating costs per gold ounce produced, total cash costs per gold ounce s old and all-in sustaining costs per gold
ounce sold do not include the results of pre-commercial production from the Goose Mine.
Liquidity and Capital Resources
B2Gold continues to maintain a strong financial position and liquidity. At June 30, 2026, the Company
had cash and cash equivalents of $287 million and working capital (defined as current assets less assets
classified as held for sale and current liabilities) of $405 million. During the first half of 2026, the
Company repaid a net $150 million on the Company's RCF, leaving the full $800 million available for
future drawdowns. Subsequent to June 30, 2026, the Company drew down $95 million under the RCF to
fund working capital initiatives, predominantly the purchase of annual fuel requirements for Goose that
will be transported to site in early 2027.
Third Quarter 2026 Dividend
On August 6, 2026, B2Gold’s Board of Directors declared a cash dividend for the third quarter of 2026
(the “Q3 2026 Dividend”) of $0.02 per common share (or an expected $0.08 per share on an annualized
basis), payable on September 23, 2026, to shareholders of record as of September 10, 2026.
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The Company currently has a Dividend Reinvestment Plan (“DRIP”). For the purposes of the Q3 2026
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 “eligible 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 the 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, financial 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 enrollment 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 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.
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Operations
Fekola Complex - Mali
Three months ended Six months ended
June 30, June 30,
2026 2025 2026 2025
Gold revenue ($ in thousands) 518,048 377,316 1,252,898 631,983
Gold sold (ounces) 114,384 115,184 266,740 202,992
Average realized gold price ($/ ounce) 4,529 3,276 4,697 3,113
Tonnes of ore milled 2,362,456 2,341,718 4,909,404 4,788,389
Grade (grams/ tonne) 1.67 1.84 1.62 1.57
Recovery (%) 91.8 91.2 91.7 91.1
Gold production (ounces) 116,281 126,361 233,731 220,166
Production costs ($ in thousands) 129,212 96,121 240,215 185,146
Cash operating costs(1) ($/ gold ounce sold) 1,130 834 901 912
Cash operating costs(1) ($/ gold ounce produced) 1,185 798 1,066 870
Total cash costs(1) ($/ gold ounce sold) 1,920 1,369 1,731 1,361
All-in sustaining costs(1) ($/ gold ounce sold) 2,289 1,721 2,098 1,815
Capital expenditures ($ in thousands) 39,567 53,379 86,652 117,382
Exploration ($ in thousands) — — — —
(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 Complex is comprised of the Fekola Mine (Medinandi permit hosting the Fekola and Cardinal
open pits and Fekola underground), owned 80% by B2Gold and 20% by the State of Mali, and Fekola
Regional (comprised of the consolidated Menankoto permit and the Dandoko permit), which will be
owned 65% by B2Gold and 35% by the State of Mali. Fekola Regional is located approximately 20
kilometers (“km”) from the Fekola Mine.
During the week of July 27, 2026, B2Gold senior executives completed productive meetings with key
government officials of the State of Mali, who have confirmed all the required steps to finalize approval
of the Menankoto Exploitation Permit have been completed. The permit is now awaiting approval by the
Council of Ministers of Mali, which B2Gold anticipates will occur in the near future . Upon issuance of
the Menankoto Exploitation Permit, mining pre -stripping activities will commence. Fekola Regional is
expected to ramp up operations through the end of 2027, and produce in excess of 150,000 ounces of gold
per year from 2028 through the mid-2030’s.
For the second quarter of 2026, production from Fekola was 116,281 ounces of gold. Gold production in
the second quarter of 2026 was higher than anticipated due to higher mill throughput and higher mill feed
grade.
Cash operating costs (refer to “Non -IFRS Measures”) for the second quarter of 2026 were $1,185 per
ounce produced ( $1,130 per gold ounce sold). Cash operating costs per ounce produced for the second
quarter of 2026 were in line with expectations as higher than expected gold production was offset by
higher than expected mining costs due to accelerated mining of the Fekola open pit as a result of delays in
receiving the Menankoto exploitation permit.
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All-in sustaining costs (refer to “ Non-IFRS Measures”) for the second quarter of 2026 were $2,289 per
gold ounce sold. All-in sustaining costs for the second quarter of 2026 were lower than anticipated due to
higher than expected gold ounces sold, lower than expected sustaining capital expenditures, and a slightly
lower than expected royalties expense per ounce sold.
Capital expenditures for the Fekola Mine in the second quarter of 2026 totalled $40 million primarily
consisting of $19 million for deferred stripping, $12 million for major rebuilds of mobile equipment, $3
million for Fekola underground development, and $3 million for general site projects. Capital
expenditures for Fekola Regional in the second quarter of 2026 totalled $28 million, primarily related to
$17 million of mobile equipment purchases and $11 million of other site preparation projects.
The Fekola Complex is now expected to produce between 390,000 and 420,000 ounces of gold in 2026
(previously between 410,000 and 460,000 ounces). The reduction in gold production guidance for Fekola
reflects better than anticipated gold production in the first half of 2026, which was offset by lower
anticipated gold production from Fekola Regional in the second half of 2026.
Cash operating costs guidance of between $1,060 and $1,160 per gold ounce produced and all -in
sustaining costs guidance of between $2,670 and $2,820 per gold ounce sold remain unchanged for 2026.
The Company expects to be at or below the low end of the all -in sustaining costs guidance range for
Fekola.
Goose Mine - Canada
Three months ended Six months ended
June 30, June 30,
2026 2025 2026 2025
Gold revenue ($ in thousands) 77,696 — 297,223 —
Gold sold (ounces) 17,426 — 61,871 —
Average realized gold price ($/ ounce) 4,459 — 4,804 —
Tonnes of ore milled 72,334 9,206 252,518 9,206
Grade (grams/ tonne) 5.87 2.74 7.33 2.74
Recovery (%) 93.9 85.3 93.6 85.3
Gold production (ounces) 12,890 692 55,766 692
Production costs ($ in thousands) 38,107 — 102,385 —
Cash operating costs(1) ($/ gold ounce sold) 2,187 — 1,655 —
Cash operating costs(1) ($/ gold ounce produced) 2,935 — 1,949 —
Total cash costs(1) ($/ gold ounce sold) 2,287 — 1,750 —
All-in sustaining costs(1) ($/ gold ounce sold) 6,390 — 3,815 —
Capital expenditures ($ in thousands) 67,604 — 138,279 —
Exploration ($ in thousands) 3,345 — 9,763 —
(1) Non-IFRS measure. For a description of how these measures are calculated and a reconciliation of these measures to the most direc tly comparable measures
specified, defined or determined under IFRS and presented in the Company’ s financial statements, refer to “Non-IFRS Measures”.
The Back River Gold District in Canada consists of several mineral claims blocks along an 80 km belt
and contains the most advanced project in the district, the 100% owned Goose Mine.
B2Gold acknowledges our partner the Kitikmeot Inuit Association (“KIA”), who has played a critical role
for many years to ensure the development of a successful gold mining operation at the Goose Mine.
Respect and collaboration with the KIA is central to the license to operate in the Back River Gold District
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and the Company will continue to prioritize developing the district in a manner that recognizes Inuit
priorities, addresses concerns and brings long- term socio -economic benefits to the Kitikmeot Region.
B2Gold looks forward to continuing to build on its strong collaboration with the KIA and Kitikmeot
communities. With its significant gold resource endowment, the Back River Gold District is expected to
be a large, long life mining complex.
On April 17, 2026, the Company announced that a fire had occurred in certain areas of the crushing
circuit at Goose. No injuries were reported and no medical treatment was required related to the fire. The
fire damage was localized to the crushing circuit area. There was no damage or impact to the mill or
power facility. A revised processing plan was developed for the second and third quarters of 2026 based
on the use of the existing mobile crushers to feed crushed ore directly to the fine ore stockpile while
repairs to the crushing circuit related to the fire are completed. An additional mobile crusher and
supporting equipment was purchased and transported to site, at an expected final cost of $16 million, to
supplement the existing mobile crushers. The Company estimates that repairs will be completed in the
third quarter of 2026 at a cost of approximately $13 million, excluding the purchase of the additional
mobile crusher.
These repairs will coincide with the first phase of the upgrades to Goose crushing circuit comprised of the
previously announced addition of a run- of-mine bin and apron feeder, plus a new larger jaw crusher and
rock breaker. The total cost of the first phase of crushing circuit upgrades is expected to be approximately
$11 million. B2Gold reiterates its estimate that Goose crushing circuit will be able to operate at an
average daily capacity of approximately 3,200 tonnes per day by the end of the third quarter of 2026, as a
result of the first phase of upgrades. Additionally, the Company is pursuing a second phase of crushing
circuit upgrades that are scheduled to be implemented by the end of the first half of 2027 in order to
increase the name- plate capacity of the crushing circuit. The total cost of the second phase of crushing
circuit upgrades is expected to be $25 million, within the previously announced estimate of $20 to $30
million. The second phase of crusher upgrades include the installation of larger cone crushers, additional
surge bins and feeders to optimize crusher performance, and upgraded conveyors to support higher
throughput. Upon completion of the first and second phases of the crusher upgrades noted above, the
Company expects crushing capacity will be increased to an average of 4,000 tonnes per day by the end of
the first half of 2027.
The additional mobile crusher that was transported to site in July 2026, as described above, is anticipated
to be operational in early August 2026. Based on anticipated design rates of the new mobile crusher,
combined with the existing mobile crushers currently in operation at site, B2Gold believes mobile
crushing capacity will be in excess of 3,000 tonnes per day beginning in early August 2026.
For the second quarter of 2026, production from Goose was 12,890 ounces of gold. Gold production in
the second quarter was lower than anticipated due to lower than expected mill throughput as a result of
the previously announced fire in the crushing circuit, partially offset by higher than expected mill feed
grade.
Cash operating costs (refer to “Non -IFRS Measures”) for the second quarter of 2026 were $2,935 per
gold ounce produced ( $2,187 per gold ounce sold). Cash operating costs per ounce produced for the
second quarter of 2026 were approximately in line with expectations.
All-in sustaining costs (refer to “Non -IFRS Measures”) for the second quarter of 2026 were $6,390 per
gold ounce sold. All-in sustaining costs for the second quarter of 2026 were higher than anticipated as a
result of lower than expected gold ounces sold and higher than expected sustaining capital expenditures.
Sustaining capital expenditures were higher than anticipated as a result of expected catch- up on costs not
incurred in the first quarter.