B2Gold Reports Q3 2025 Results Continued strong performance across the Fekola, Otjikoto, and Masbate mines; Goose Mine has commenced high-grade underground ore production
1
News Release
B2Gold Reports Q3 2025 Results
Continued strong performance across the Fekola, Otjikoto, and Masbate mines; Goose Mine has
commenced high-grade underground ore production
Vancouver, BC, November 5, 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
third quarter of 2025. All dollar figures are in United States dollars unless otherwise indicated.
2025 Third Quarter Highlights
• Gold production of 254,369 ounces: Total gold production in the third quarter of 2025,
including pre -commercial production from the Goose Mine, was 254,369 ounces. The Fekola,
Masbate and Otjikoto mines all exceeded expected production in the third quarter. The Company
currently believes that it remains on track for the fourth quarter of 2025 to be the strongest quarter
of gold production in 2025.
• Consolidated cash operating costs of $780 per gold ounce produced : Consolidated cash
operating costs (see “Non-IFRS Measures” ), excluding pre -commercial production from the
Goose Mine, were $780 per gold ounce produced ( $768 per gold ounce sold) during the third
quarter of 2025. Cash operating costs per ounce produced for the third quarter of 2025 were better
than expected as a result of higher than expected production, lower than expected fuel costs, and a
weaker Namibian dollar foreign exchange rate.
• Consolidated all -in sustaining costs of $1,479 per gold ounce sold: Consolidated all -in
sustaining costs (see “Non -IFRS Measures”) were $1,479 per gold ounce sold during the third
quarter of 2025. Consolidated all -in sustaining costs for the third quarter of 2025 were in line
with expectations 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. The lower sustaining capital expenditures were mainly a result of timing, and
the majority are expected to be incurred in the fourth quarter 2025.
• Total production guidance from the Fekola, Masbate and Otjikoto mines remains
unchanged at 890,000 to 965,000 ounces of gold in 2025; Goose Mine production of between
50,000 to 80,000 ounces of gold in 2025: Consolidated production guidance for the Fekola
Complex, Masbate and Otjikoto mines remains unchanged and is expected to be between 890,000
and 965,000 ounces of gold. Due to the previously disclosed crushing plant issues and lower than
budgeted gold grades arising from temporary delays in accessing higher -grade ore from Umwelt
underground in the third and early fourth quarter of 2025, B2Gold is modifying its 2025 gold
production guidance for the Goose Mine to between 50,000 to 80,000 ounces (previous guidance
range of 80,000 to 110,000 ounces). Mining and processing of higher -grade ore from Umwelt
underground commenced in late October 2025.
2
• Attributable net income of $0.01 per share; adjusted attributable net income of $0.14 per
share in Q3 2025: Net income attributable to the shareholders of the Company of $19 million, or
$0.01 per share; adjusted net income (see “Non -IFRS Measures”) attributable to the shareholders
of the Company of $180 million, or $0.14 per share.
• Operating cash flow before working capital adjustments of $180 million: Cash flow provided
by operating activities before working capital adjustments was $180 million in the third quarter of
2025.
• Strong financial position and liquidity: At September 30, 2025, the Company had cash and cash
equivalents of $367 million and working capital (defined as current assets less assets classified as
held for sale and current liabilities) of $35 million . Working capital at September 30, 2025,
reflects the classification of the Company's gold prepayment obligations as current liabilities.
During the third quarter the Company drew $200 million under its revolving credit facility
("RCF"). Subsequent to quarter end, on October 3, 2025, the Company repaid $50 million of the
outstanding RCF balance, leaving $650 million available for future draw downs.
• Approved development decision on the Antelope underground deposit : On September 15,
2025, B2Gold announced an approved construction decision on the Antelope underground
deposit. Subsequent to the release of the Preliminary Economic Assessment ("PEA") results for
the Antelope deposit on February 4, 2025, the Company completed further optimization work on
a small-scale, low-cost, underground gold mine at Antelope, and believes that the estimated pre -
production capital cost can be reduced from $129 million to $105 million. Production from
Antelope has the potential to increase Otjikoto Mine gold production to approximately 110,000
ounces per year over the life of the Antelope underground mine.
• Commercial production achieved at the Goose Mine : The Company achieved commercial
production at the Goose Mine on October 2, 2025, based on an internal commercial production
measure of 30 consecutive days of average mill throughput at 65% or greater of the mill design
capacity of 4,000 tonnes per day ("tpd"). During the final 14 days of the period, from September
19, 2025, to October 2, 2025, the mill achieved an average throughput of 3,249 tpd, which
represents 81.2% of design capacity.
• Repurchased $10 million of shares under the Company's normal course issuer bid: On April
1, 2025, the Toronto Stock Exchange accepted the notice of B2Gold’s intention to implement a
normal course issuer bid ("NCIB"), which became effective on April 3, 2025 and will expire no
later than April 2, 2026. During the third quarter of 2025, the Company bought back 2 million
shares for $10 million under the NCIB.
• Operations at the Fekola Complex in Mali c ontinue unimpeded: Operations at the Fekola
Complex in Mali continue to operate uninterrupted with milling and mining activities operating at
full capacity. In addition, the Company confirms all exploration and exploitation permits are valid
and in good standing and have not been impacted by the recent permit revocations in Mali. The
Company reiterates its 2025 gold production guidance for the Fekola Complex of between
515,000 to 550,000 ounces.
• Q4 2025 dividend of $0.02 per share declared : On November 5, 2025, B2Gold's Board of
Directors declared a cash dividend for the fourth quarter of 2025 of $0.02 per common share (or
an expected $0.08 per share on an annualized basis), payable on December 15, 2025, to
shareholders of record as of December 2, 2025.
3
Third Quarter 2025 Results
Three months ended Nine months ended
September 30, September 30,
2025 2024 2025 2024
Gold revenue ($ in thousands) 782,948 448,229 2,007,261 1,402,242
Net income (loss) ($ in thousands) 23,123 (631,032) 246,440 (617,328)
Earnings (loss) per share – basic(1) ($/ share) 0.01 (0.48) 0.18 (0.47)
Earnings (loss) per share – diluted(1) ($/ share) 0.01 (0.48) 0.16 (0.47)
Cash provided (used) by operating activities ($ thousands) 171,390 (16,099) 605,259 757,060
Average realized gold price ($/ ounce) 3,133 2,483 3,115 2,285
Adjusted net income(1)(2) ($ in thousands) 179,913 29,157 464,602 189,109
Adjusted earnings per share(1)(2) – basic ($) 0.14 0.02 0.35 0.14
Consolidated operations results:
Gold sold including pre-commercial production from the Goose
Mine (ounces) 249,925 180,525 644,307 613,731
Gold sold excluding pre-commercial production from the Goose
Mine (ounces) 242,240 180,525 636,622 613,731
Gold produced including pre-commercial production from the
Goose Mine (ounces) 254,369 180,553 676,575 599,133
Gold produced excluding pre-commercial production from the
Goose Mine (ounces) 240,507 180,553 662,021 599,133
Production costs ($ in thousands) 195,154 192,408 517,511 500,452
Cash operating costs(2)(4) ($/ gold ounce sold) 768 1,066 799 815
Cash operating costs(2)(4) ($/ gold ounce produced) 780 1,061 783 852
Total cash costs(2)(4) ($/ gold ounce sold) 1,149 1,248 1,133 972
All-in sustaining costs(2)(4) ($/ gold ounce sold) 1,479 1,650 1,508 1,400
Operations results including equity investment in Calibre(3):
Gold sold including pre-commercial production from the Goose
Mine (ounces) 249,925 180,525 644,307 633,375
Gold produced excluding pre-commercial production from the
Goose Mine (ounces) 240,507 180,553 662,021 618,777
Production costs ($ in thousands) 195,154 192,408 517,511 525,578
Cash operating costs(2)(4) ($/ gold ounce sold) 768 1,066 799 830
Cash operating costs(2)(4) ($/ gold ounce produced) 780 1,061 783 865
Total cash costs(2)(4) ($/ gold ounce sold) 1,149 1,248 1,133 984
All-in sustaining costs(2)(4) ($/ gold ounce sold) 1,479 1,650 1,508 1,405
(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% basis 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 signifi cant 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 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.
4
Liquidity and Capital Resources
B2Gold continues to maintain a strong financial position and liquidity. At September 30, 2025, the
Company had cash and cash equivalents of $367 million (December 31, 2024 - $337 million) and
working capital (defined as current assets less assets classified as held for sale and current liabilities) of
$35 million (December 31, 2024 - $321 million). Working capital at September 30, 2025, reflects the
classification of the Company's gold prepayment obligations as current liabilities. During 2025 the
Company first repaid the outstanding balance of $400 million on the Company's $800 million RCF and
then drew down $200 million in the third quarter of 2025. Subsequent to quarter end, on October 3, 2025,
the Company repaid $50 million on the RCF leaving $650 million available for future draw downs.
Fourth Quarter 2025 Dividend
On November 5, 2025, B2Gold’s Board of Directors declared a cash dividend for the fourth quarter of
2025 (the “Q4 2025 Dividend”) of $0.02 per common share (or an expected $0.08 per share on an
annualized basis), payable on December 15, 2025, to shareholders of record as of December 2, 2025.
The Company currently has a Dividend Reinvestment Plan (“DRIP”). For the purposes of the Q4 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 "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.
5
Operations
Fekola Complex - Mali
Three months ended Nine months ended
September 30, September 30,
2025 2024 2025 2024
Gold revenue ($ in thousands) 472,582 194,988 1,104,565 721,898
Gold sold (ounces) 137,360 78,889 340,352 318,005
Average realized gold price ($/ ounce) 3,440 2,472 3,245 2,270
Tonnes of ore milled 2,572,818 2,466,087 7,361,207 7,449,327
Grade (grams/ tonne) 1.94 1.07 1.70 1.40
Recovery (%) 91.6 92.7 91.5 92.7
Gold production (ounces) 146,883 78,207 367,049 308,931
Production costs ($ in thousands) 104,448 109,857 289,594 276,443
Cash operating costs(1) ($/ gold ounce sold) 760 1,393 851 869
Cash operating costs(1) ($/ gold ounce produced) 772 1,434 830 935
Total cash costs(1) ($/ gold ounce sold) 1,319 1,653 1,344 1,066
All-in sustaining costs(1) ($/ gold ounce sold) 1,678 2,287 1,760 1,583
Capital expenditures ($ in thousands) 55,113 64,464 172,495 198,205
Exploration ($ in thousands) — 996 — 3,136
(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 146,883
ounces of gold in the third quarter of 2025, above expectations. For the third quarter of 2025, mill feed
grade was 1.94 grams per tonne ("g/t"), mill throughput was 2.57 million tonnes, and gold recovery
averaged 91.6%.
The Fekola Mine’s cash operating costs (refer to “Non-IFRS Measures”) for the third quarter of 2025
were $772 per ounce produced ( $760 per gold ounce sold). Cash operating costs per ounce produced for
the third quarter of 2025 were lower than expected as a result of lower underground mining costs due to
the timing of permit approval, lower site general costs and higher gold production due to higher
throughput.
All-in sustaining costs (refer to “Non-IFRS Measures”) for the third quarter of 2025 were $1,678 per gold
ounce sold, higher than expected. All -in sustaining costs for the third quarter of 2025 were higher than
anticipated as lower than expected production costs per gold ounce sold were offset by higher gold
royalties resulting from a higher than expected average realized gold price and lower than expected gold
ounces sold. Gold royalties include higher revenue -based production taxes based on a sliding scale and
revenue-based State of Mali funds for the Fekola Mine, which became effective for the first time in
March 2025. Lower than expected gold sales were a result of shipment timing and subsequent to quarter
end these ounces were shipped and sold in early October 2025.
Capital expenditures in the third quarter of 2025 totaled $55 million primarily consisting of $22 million
for deferred stripping, $16 million for Fekola underground development, $11 million for mobile
equipment purchases and rebuilds and $2 million for the construction of a new tailings storage facility
("TSF").
6
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 (the Menankoto and Dandoko permits), which will be owned 65% by B2Gold and 35% by the
State of Mali. Fekola Regional is located approximately 20 kilometers from the Fekola Mine.
On July 30, 2025, the State of Mali granted approval for the Company to commence underground
operations, including stope ore production, at the Fekola Mine ("Underground Mining Approval"). After
receipt of the Underground Mining Approval, the Company commenced stope ore production at Fekola
underground and production is expected to ramp up significantly in 2026 and subsequent years.
The Company reiterates its 2025 gold production guidance for the Fekola Complex of between 515,000
and 550,000 ounces. 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%.
The Company has updated its all-in sustaining cost guidance ranges for the Fekola Complex to include the
expected impact of higher royalties than previously forecast as a result of the current higher gold price
environment. Cash operating cost guidance for the Fekola Complex remains unchanged between $740
and $800 per gold ounce and all-in sustaining cost guidance for the Fekola Complex is now forecast to be
between $1,670 and $1,730 per ounce (previous guidance range of between $1,595 and $1,655 per gold
ounce).
B2Gold's operations at the Fekola Mine continue unimpeded, with milling and mining activities operating
at full capacity. In addition, the Company confirms all exploration and exploitation permits are valid and
in good standing and have not been impacted by the recent permit revocations in Mali, which were largely
a result of inactivity and failure to comply with the provisions of the 2023 Mali Mining Code.
B2Gold remains focused on ensuring the Fekola Complex continues its track record of safe and reliable
gold production, providing economic benefits and jobs to the surrounding communities and to the State of
Mali.
7
Masbate Mine – The Philippines
Three months ended Nine months ended
September 30, September 30,
2025 2024 2025 2024
Gold revenue ($ in thousands) 226,241 120,115 488,332 328,165
Gold sold (ounces) 64,043 47,960 148,393 142,260
Average realized gold price ($/ ounce) 3,533 2,504 3,291 2,307
Tonnes of ore milled 2,170,498 2,197,112 6,640,130 6,409,631
Grade (grams/ tonne) 0.88 0.98 0.88 0.97
Recovery (%) 80.0 72.4 77.9 72.4
Gold production (ounces) 49,519 50,215 146,626 144,512
Production costs ($ in thousands) 49,632 42,697 122,116 123,070
Cash operating costs(1) ($/ gold ounce sold) 775 890 823 865
Cash operating costs(1) ($/ gold ounce produced) 805 811 812 839
Total cash costs(1) ($/ gold ounce sold) 931 1,039 1,000 1,002
All-in sustaining costs(1) ($/ gold ounce sold) 1,108 1,167 1,242 1,174
Capital expenditures ($ in thousands) 9,916 5,192 35,148 20,229
Exploration ($ in thousands) 602 1,290 1,553 3,039
(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 Masbate Mine in the Philippines continued its strong performance with third quarter of 2025 gold
production of 49,519, above expectations. For the third quarter of 2025, mill feed grade was 0.88 g/t, mill
throughput was 2.17 million tonnes, and gold recovery averaged 80.0%.
The Masbate Mine's cash operating costs (see “Non -IFRS Measures”) for the third quarter of 2025 were
$805 per ounce produced ( $775 per gold ounce sold). Cash operating costs per ounce produced for the
third 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 HFO cost.
All-in sustaining costs (refer to “Non-IFRS Measures”) for the third quarter of 2025 were $1,108 per gold
ounce sold. All-in sustaining costs for the third quarter of 2025 were lower than expected as lower than
expected production costs per gold ounce sold and higher than expected gold ounces sold were partially
offset by higher gold royalties resulting from a higher than expected average realized gold price. Gold
ounces sold during the third quarter were higher than anticipated due to the timing of shipments as ounces
produced during the second quarter that were shipped and sold in early July 2025.
Capital expenditures in the third quarter of 2025 totaled $10 million, primarily consisting of $4 million
for mill maintenance, $2 million for deferred stripping, $2 million for mobile equipment purchases and
rebuilds and $1 million for a solar plant.
Production at the Masbate Mine in 2025 is expected to be between 190,000 and 210,000 ounces of gold.
The Masbate Mine outperformed expectations in the third quarter of 2025, a continuation of the
outperformance experienced in the first half of 2025. At the beginning of 2025, Masbate was projected to
process 8.0 million tonnes of ore at an average grade of 0.88 g/t gold with a process gold recovery of
79.9%. Throughout the first nine months of 2025, mill throughput exceeded expectations while mill feed
grade and gold recoveries have been in line with expectations.
8
Cash operating cost guidance for the Masbate Mine is forecast to be between $850 and $910 per gold
ounce. Higher royalties than previously forecast are expected as a result of the current higher gold price
environment. As a result, all-in sustaining costs for the Masbate Mine are now forecast to be at the upper
end of the Company's guidance range of between $1,245 and $1,305 per ounce sold.
Otjikoto Mine - Namibia
Three months ended Nine months ended
September 30, September 30,
2025 2024 2025 2024
Gold revenue ($ in thousands) 143,055 133,126 473,294 352,179
Gold sold (ounces) 40,837 53,676 147,877 153,466
Average realized gold price ($/ ounce) 3,503 2,480 3,201 2,295
Tonnes of ore milled 873,435 872,722 2,599,497 2,549,847
Grade (grams/ tonne) 1.59 1.88 1.80 1.80
Recovery (%) 98.6 98.8 98.7 98.6
Gold production (ounces) 44,105 52,131 148,346 145,690
Production costs ($ in thousands) 31,947 39,854 96,674 100,939
Cash operating costs(1) ($/ gold ounce sold) 782 742 654 658
Cash operating costs(1) ($/ gold ounce produced) 781 740 638 687
Total cash costs(1) ($/ gold ounce sold) 922 841 782 749
All-in sustaining costs(1) ($/ gold ounce sold) 1,089 896 930 963
Capital expenditures ($ in thousands) 4,391 609 12,707 26,128
Exploration ($ in thousands) 2,220 1,888 6,433 5,191
(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 Otjikoto Mine in Namibia, in which the Company holds a 90% interest, continued to outperform
during the third quarter of 2025, producing 44,105 ounces of gold, above expectations. For the third
quarter of 2025, mill feed grade was 1.59 g/t, mill throughput was 0.87 million tonnes, and gold recovery
averaged 98.6%.
Cash operating costs (refer to “Non -IFRS Measures”) for the third quarter of 2025 were $781 per gold
ounce produced ($782 per ounce gold sold). Cash operating costs per ounce produced for the third quarter
of 2025 were higher than expected as higher mill feed grade, gold recoveries and mill throughput were
offset by non-recurring expenses related to the conclusion of open pit mining activities.
All-in sustaining costs (refer to “Non-IFRS Measures”) for the third quarter of 2025 were $1,089 per gold
ounce sold. All-in sustaining costs for the third quarter of 2025 were higher than expected as lower than
anticipated sustaining capital expenditures were offset by higher than expected cash operating costs per
ounce sold and higher gold royalties resulting from higher than estimated average realized gold price. The
lower sustaining capital expenditures for the third quarter of 2025 were mainly a result of timing of
expenditures and are expected to be incurred later in 2025.
Capital expenditures for the third quarter of 2025 totaled $4 million, consisting mainly of $2 million for
Wolfshag underground development and $2 million of mobile equipment rebuild costs.
On September 15, 2025, the Company announced it had approved a development decision on the
Antelope underground deposit. Subsequent to the release of the PEA results for the Antelope deposit on
February 4, 2025, the Company has completed further optimization work on a small -scale, low -cost,