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 US$0.02 Per Share Declared
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News Release
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 US$0.02 Per Share Declared
Vancouver, BC, February 18, 2026 – B2Gold Corp. (TSX: BTO, NYSE AMERICAN: BTG, NSX: B2G)
(“B2Gold” or the “Company”) announces its operational and financial results for the fourth quarter and full
year 2025, together with 2026 operating and cost guida nce. All dollar figures are in United States dollars
unless otherwise indicated.
2025 Fourth Quarter and Full Year Highlights
• Consolidated gold production of 303,029 ounces in Q4 2025: The Fekola, Masbate and Otjikoto
mines all exceeded gold production expectations for the fourth quarter, capping off strong operational
years at all three sites. Commercial production at the Goose Mine was achieved on October 2, 2025,
after which it produced 38,616 ounces in the fourth quarter.
• Consolidated cash operating costs of $736 per ounce produced in Q4 2025 : Consolidated cash
operating costs (see “Non-IFRS Measures” ) were $736 per gold ounce produced during the fourth
quarter of 2025, lower than expected as a result of higher than anticipated gold production in the quarter.
• Consolidated all-in sustaining costs of $1,754 per ounce sold in Q4 2025 : Consolidated all-in
sustaining costs (see “Non-IFRS Measures”) were $1,754 per gold ounce sold during the fourth quarter
of 2025, higher than expected as a result of lower than anticipated gold ounces sold due to the timing
of shipments at the Fekola Mine and higher than budgeted royalties resulting from a higher realized
gold price than expected.
• Annual consolidated gold production of 979,604 ounces: Consolidated gold production for 2025 was
979,604 ounces, including 14,554 ounces of pre-commercial production from the Goose Mine, slightly
below the mid-point of the Company's guidance ra nge of between 940,000 a nd 1,045,000 ounces. In
2025, the Fekola, Masbate and Otjikoto mines c ontinued their strong performance producing 926,434
ounces of gold, at the mid-point of their guidan ce range of between 890,000 and 965,000 ounces.
Commercial production at the Goose Mine was achie ved on October 2, 2025, after which it produced
38,616 ounces, totaling 53,170 ounces for 2025, at the low end of its guidance range of between 50,000
and 80,000 ounces.
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• Annual consolidated cash operating costs of $769 per gold ounce produced : Annual consolidated
cash operating costs (see “Non-IFRS Measures” ), excluding pre-commercial production from the
Goose Mine, of $769 per gold ounce produced. Cash operating costs for the year ended December 31,
2025, were below the low end of the Company's guidance range of $795 to $855 per ounce produced
as a result of higher than expected gold production and lower fuel costs.
• Annual consolidated all-in sustaining costs of $1,584 per gold ounce sold: Annual consolidated all-
in sustaining costs (see “Non-IFRS Measures”), excluding pre-commercial production from the Goose
Mine, of $1,584 per gold ounce sold, at the low e nd of the Company's guidance range of $1,575 to
$1,635 per ounce sold. The increase in realized gold price compared to budget for the year resulted in
additional royalties of $169 per gold ounce sold.
• Record annual revenue of $3.06 billion in 2025: Achieved record annual revenue of $3.06 billion on
gold sales of 927,797 ounces at an average realized gold price of $3,299 per ounce sold.
• Attributable net income of $0.13 per share in Q4 2025; Adjusted attributable net income of $0.11
per share in Q4 2025 : Net income attributable to the shar eholders of the Co mpany of $171 million
($0.13 per share) in the fourth quarter of 2025; adjusted net income (see “ Non-IFRS Measures ”)
attributable to the shareholders of the Company of $147 million ($0.11 per share) in the fourth quarter
of 2025. For the year ended December 31, 2025, net income attributable to the shareholders of the
Company was $402 million ($0.30 per share), predominantly due to strong gold production and higher
than expected realized gold prices, and adjusted net income (see “Non-IFRS Measures”) attributable to
the shareholders of the Company was $612 million ($0.46 per share).
• Annual operating cash flow before working capi tal adjustments of $940 million, including $211
million in Q4 2025 : Cash flow provided by operating activities before working capital adjustments
was $211 million in the fourth quarter of 2025. C ash flow provided by operating activities before
working capital adjustments for the year ended December 31, 2025, was $940 million.
• Strong financial position and liquidity : At December 31, 2025, the Company had cash and cash
equivalents of $380 million and working capital (defined as current assets less current liabilities) of $68
million. Working capital at December 31, 2025, re flected the classification of the Company's gold
prepayment obligations as current liabilities. As of December 31, 2025, the Company had $650 million
available under its revolving credit facility ("RCF"). Subsequent to year end, the Company repaid $100
million on the RCF leaving $750 million available for future draw downs.
• Repurchased 7 million shares for $34 million unde r the Company’s normal course issuer bid
(“NCIB”): On April 1, 2025, the Toronto Stock Exchange accepted the notice of B2Gold’s intention to
implement an NCIB, which became effective on April 3, 2025, and will expire no later than April 2,
2026. During the year ended December 31, 2025, the Company repurchased 2 million shares for $10
million. Subsequent to year end, the Company repurchased a further 5 million shares for $24 million.
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• Q1 2026 dividend of $0.02 per share declared: On February 18, 2026, B2Gold's Board of Directors
declared a cash dividend for the first quarter of 2026 of $0.02 per common share (or an expected $0.08
per share on an annualized basis), payable on March 19, 2026, to shareholders of record as of March 6,
2026.
Fourth Quarter and Full Year 2025 Results
Three months ended Year ended
December 31 December 31
2025 2024 2025 2024 2023
Gold revenue ($ in thousands) 1,053,977 499,788 3,061,238 1,902,030 1,934,272
Net income (loss) ($ in thousands) 180,259 (9,325) 426,699 (626,653) 41,588
Earnings (loss) per share – basic (1) ($/share) 0.13 (0.01) 0.30 (0.48) 0.01
Earnings (loss) per share – diluted (1) ($/share) 0.11 (0.01) 0.28 (0.48) 0.01
Cash provided by operating activities ($ in thousands) 286,364 120,544 895,836 877,604 714,453
Total assets ($ in thousands) 5,879,316 4,813,998 5,879,316 4,813,998 4,874,619
Non-current liabilities ($ in thousands) 1,176,544 1,197,614 1,176,544 1,197,614 651,173
Average realized gold price ($/ounce) 3,718 2,661 3,299 2,373 1,946
Adjusted net income(1)(2) ($ in thousands) 147,251 17,433 611,853 206,542 347,203
Adjusted earnings per share (1)(2) - basic ($) 0.11 0.01 0.46 0.16 0.28
Consolidated operations results:
Gold sold including pre-commercial ounces sold from the
Goose Mine (ounces)
283,490 187,793 927,797 801,524 994,060
Gold sold excluding pre-commercial ounces sold from the
Goose Mine (ounces)
283,490 187,793 920,112 801,524 994,060
Gold produced including pre-commercial production from
the Goose Mine (ounces)
303,029 186,001 979,604 785,134 992,343
Gold produced excluding pre-commercial production from
the Goose Mine (ounces)
303,029 186,001 965,050 785,134 992,343
Production costs ($ in thousands) 227,935 181,376 745,446 681,828 616,197
Cash operating costs(2)(3) ($/gold ounce sold) 804 966 800 851 620
Cash operating costs(2)(3) ($/gold ounce produced) 736 968 769 879 631
Total cash costs(2)(3) ($/gold ounce sold) 1,266 1,235 1,174 1,034 756
All-in sustaining costs(2)(3) ($/gold ounce sold) 1,754 1,668 1,584 1,463 1,199
Operations results including equity investment in Calibre:
Gold sold (ounces) 283,490 187,793 927,797 821,168 1,062,785
Gold produced (ounces) 303,029 186,001 979,604 804,778 1,061,060
Production costs ($ in thousands) 227,935 181,376 745,446 706,954 683,963
Cash operating costs(2) ($/gold ounce sold) 804 966 800 861 644
Cash operating costs(2) ($/gold ounce produced) 736 968 769 889 654
Total cash costs(2) ($/gold ounce sold) 1,266 1,235 1,174 1,041 776
All-in sustaining costs(2) ($/ounce gold sold) 1,754 1,668 1,584 1,465 1,201
(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 sold and all-in sustaining costs per gold ounce sold do not include
the results of pre-commercial production or sales from the Goose Mine.
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2026 Guidance Highlights
• Consolidated gold production in 2026 is antici pated to be between 820,000 and 970,000 ounces:
Consolidated gold production for 2026 is expected to be between 820,000 and 970,000 ounces. The
expected decrease in 2026 production relative to 2025 is predominantly due to a step down in
production at the Otjikoto Mine following the comple tion of open pit mining in the Otjikoto Pit and
expected lower production at the Fekola Complex (F ekola Mine and Fekola Regional) as stripping of
Phase 8 of the Fekola Pit continues, partially off set by the continued ramp up of the Goose Mine.
Consolidated production in 2027 is expected to increase back to 2025 levels including expected steady
state production for the Goose Mine for the full year . To date in 2026, the operations have been
performing well, with all four mines outperforming expectations in January 2026.
• Consolidated cash operating costs guidance in 2026 of between $1,155 and $1,280 per gold ounce
produced: Consolidated cash operating cost (see “Non-IFRS Measures” ) guidance for 2026 of
between $1,155 and $1,280 per gold ounce.
• Consolidated all-in sustaining cost guidance of between $2,400 and $2,580 per gold ounce sold:
Consolidated all-in sustaining cost per gold ounce sold (see “Non-IFRS Measures” ) for 2026 of
between $2,400 and $2,580 per ounce, reflecting an investment in deferred stripping at the Fekola Mine
and a partial ramp up year at the Goose Mine. Cons olidated all-in sustaining cost guidance assumes a
realized gold price of $5,000 per ounce for 2026, resulting in total budgeted royalties and production
taxes of approximately $485 million or approxi mately $525 per ounce sold. Each $100 per ounce
change in the gold price is expected to impact c onsolidated all-in sustaining costs per ounce sold by
approximately $12 per ounce.
• Continued focus on exploration investment across B2Gold’s prospective land packages: $73
million is budgeted for expl oration in 2026 to support organic growth by advancing the Company’s
pipeline of development, brownfield and greenfield exploration projects, with a considerable portion
allocated to continue the significant exploration campaign at the Back River Gold District.
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2026 Production and Cost Guidance
2026 Guidance (100% Basis)(1) Fekola
Complex(2) Masbate Otjikoto Goose Other
Operations
and
Projects
Total
Gold Production (koz) 410 - 460 170 - 190 70 - 90 170 - 230 — 820 - 970
Cash Operating Costs ($/oz produced)(3) 1,060 -
1,160
900 -
1,000
1,200 -
1,300
1,610 -
1,810 — 1,155 -
1,280
Royalties and Production Taxes ($/oz sold) 910 240 200 75 — 525
Sustaining Capital Expenditures ($M) 122 38 13 103 — 276
Deferred Stripping / Underground Development ($M) 156 11 13 85 — 265
Sustaining Mine Exploration Expenditures ($M) 3 — — 24 — 27
General & Administrative (incl. Stock Based
Compensation) ($M) 14 8 3 — 63 88
All-In Sustaining Costs ($/oz sold)(3) 2,670 -
2,820
1,430 -
1,580
1,830 -
1,980
2,670 -
2,970 — 2,400 -
2,580
Growth / Construction Capital Expenditures ($M) 2 12 31 14 61 120
Growth Exploration Expenditures ($M) 1 3 6 — 36 46
Total Growth / Non-Sustaining Capital Expenditures
($M) 3 15 37 14 97 166
(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 Feko la and Cardinal open pits and Fekola under ground), and Fekola Regional (Anaconda Area,
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 directly comparable measures specified, defined or determined
under IFRS and presented in the Company's financial statements, refer to "Non-IFRS Measures".
Liquidity and Capital Resources
B2Gold continues to maintain a strong financial position and liquidity. At December 31, 2025, the Company
had cash and cash equivalents of $380 million (Dec ember 31, 2024 - $337 million). Working capital at
December 31, 2025, was $68 million (December 31, 2024 - $321 million). Working capital at December
31, 2025, reflects the fair value of the current portion of the Company's derivative portfolio and higher
income taxes payable, both driven by higher gold prices, partially offset by higher supplies inventory levels
primarily related to ramp up at the Goose Mine . At December 31, 2025, the Company had $150 million
drawn on the Company's $800 million RCF with $650 million remaining available for future draw downs.
Subsequent to December 31, 2025, the Company repa id $100 million of the outstanding RCF balance
leaving $750 million available for future draw downs.
First Quarter 2026 Dividend
On February 18, 2026, B2Gold's Board of Directors declared a cash dividend for the first quarter of 2026
(the “Q1 2026 Dividend”) of $0.02 per common share (or an expected $0.08 per share on an annualized
basis), payable on March 19, 2026, to shareholders of record as of March 6, 2026.
The Company currently has a Dividend Reinvestment Plan (“DRIP”). For the purposes of the Q1 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
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institution, or other intermediary through which th ey hold common shares well in advance of the above
date 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
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 Year ended
December 31 December 31
2025 2024 2025 2024
Gold revenue ($ in thousands) 639,133 229,779 1,743,698 951,676
Gold sold (ounces) 153,407 86,453 493,759 404,458
Average realized gold price ($/ounce) 4,166 2,658 3,531 2,353
Tonnes of ore milled 2,402,312 2,442,390 9,763,519 9,891,717
Grade (grams/tonne) 2.29 1.17 1.84 1.34
Recovery (%) 92.4 91.9 91.8 92.6
Gold production (ounces) 163,720 84,015 530,769 392,946
Production costs ($ in thousands) 118,511 107,778 408,105 384,221
Cash operating costs(1) ($/gold ounce sold) 773 1,247 827 950
Cash operating costs(1) ($/gold ounce produced) 642 1,192 772 990
Total cash costs(1) ($/gold ounce sold) 1,490 1,684 1,389 1,198
All-in sustaining costs(1) ($/gold ounce sold) 1,903 2,237 1,804 1,723
Capital expenditures ($ in thousands) 50,175 59,571 222,670 257,776
Exploration ($ in thousands) 609 1,292 609 4,428
(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 B2 Gold and 20% by the State of Mali, and Fekola
Regional (Anaconda Area, comprised of the conso lidated Menankoto permit, and the Dandoko permit),
which will be owned 65% by B2Gold and 35% by th e State of Mali. Fekola Regional is located
approximately 20 kilometers (“km”) from the Fekola Mi ne. Delays in the receipt of the Fekola Regional
exploitation permit resulted in no mining activity from Fekola Regional in 2025.
The Fekola Mine produced 530,769 ounces of gold for the full year 2025, still within the overall annual
guidance range for the Fekola Complex of between 515,000 and 550,000 ounces. For the year ended
December 31, 2025, mill feed grade was 1.84 grams per tonne ("g/t"), mill throughput was 9.76 million
tonnes, and gold recovery averaged 91.8%. In the fourth quarter of 2025, the Fekola Mine produced 163,720
ounces of gold, higher than expected. For the fourth quarter of 2025, mill feed grade was 2.29 g/t, mill
throughput was 2.40 million tonnes, a nd gold recovery averaged 92.4%. Du ring the third quarter of 2025,
the Fekola Complex celebrated the significant milest one of four million ounces of gold produced since
inception of the mine. On February 3, 2026, th e Fekola Complex also achieved a significant safety
milestone, celebrating two years of operating without a lost-time injury incident.
For the year ended December 31, 2025, the Fe kola Mine's cash operating costs (refer to “ Non-IFRS
Measures”) of $772 per ounce produced ($827 per gold ounce sold), within the Fekola Complex's guidance
range of between $740 to $800 per ounce. Cash opera ting costs per ounce produced for the full year were
lower than expected as a result of higher than anticipated gold production, lower operating costs including
lower fuel prices for diesel and heavy fuel oil, lower site general costs, and lower underground mining costs
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due to the timing of receipt of the underground permit approval. Cash operating costs for the fourth quarter
of 2025 were $642 per gold ounce produced ($773 per gold ounce sold), lower than expected for the same
reasons above.
All-in sustaining costs (refer to “ Non-IFRS Measures”) for the Fekola Mine for the year ended December
31, 2025, were $1,804 per gold ounce sold, higher th an the Fekola Complex’s guidance range of between
$1,670 and $1,730 per ounce. All-in sustaining costs for the year ended December 31, 2025, were above
the guidance range as a result of lower than anticipated gold ounces sold and higher than expected royalties
resulting from a higher than expected gold price. The increase in realized gold price compared with budget
for the year resulted in additional royalties of $272 pe r ounce sold. Gold sales we re lower than expected
due to the timing of shipments. The Fekola Mine shipped approximately 20,500 ounces close to the end of
the year that were subsequently sold shortly after December 31, 2025. All-in sustaining costs for the fourth
quarter of 2025 were $1,903 per gold ounce sold. As with the full year 2025, all-in sustaining costs per
ounce sold for the fourth quarter of 2025 were higher than expected due to the lower than anticipated gold
ounces sold and higher than expected royalties resulting from a higher gold price when compared to budget.
Capital expenditures for the year ended December 31, 2025, totalled $223 million, primarily consisting of
$84 million for deferred stripping, $57 million for Fekola underground development, $55 million for mobile
equipment purchases and rebuilds, $10 million for th e construction of a new tailings storage facility
("TSF"), $4 million for power plant rebuilds and $3 million for solar plant expansion. Capital expenditures
in the fourth quarter of 2025 totalled $50 million, primarily consisting of $20 million for deferred stripping,
$6 million for Fekola underground development, $19 million for mobile equipment purchases and rebuilds,
$2 million for power plant rebuilds and $1 million for the construction of a new TSF.
During the year ended December 31, 2025, the Company received refunds of approximately $65 million in
value-added tax receivables from the Government of Mali by way of offsets against income tax installments.
The development of Fekola Regional has the potential to enhance the Fekola Complex production profile
and extend the life of the Complex. The Company now expects to receive the Fekola Regional exploitation
permit during the first quarter of 2026. Upon receipt of the exploitation permit, mining pre-stripping
activities will commence immediately for a period of th ree months, followed by initial gold production,
which is expected to commence in the second half of 2026. 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. Fekola Regional gold production is
expected to ramp up to an average of approximately 180,000 ounces per year over its first five years of full
production from 2027 through 2031, with a mine life expected to extend well into the 2030’s.
The Fekola Complex in Mali is expected to produce between 410,000 and 460,000 ounces of gold in 2026
at cash operating costs of between $1,060 and $1,160 per ounce produced and all-in sustaining costs of
between $2,670 and $2,820 per ounce sold. Fekola Re gional is anticipated to contribute between 60,000
and 80,000 ounces of additional gold production in 2026 through the trucking of open pit ore to the Fekola
mill once the exploitation permit has been received. Gold production at the Fekola Complex is expected to
be relatively consistent throughout the year as production from Fekola Regional is expected to ramp up in
the second half of the year and will offset decre ased production from Fekola Phase 7 as the Fekola pit