VANCOUVER, British Columbia, Nov. 05, 2025 (GLOBE NEWSWIRE) -- 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.
- 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 continue 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 $0.08 per share on an annualized basis), payable on December 15, 2025, to shareholders of record as of December 2, 2025.
Third Quarter 2025 Results
| Three months ended | Nine months ended | ||||||
| September 30, | September 30, | ||||||
| 2025 | 2024 | 2025 | 2024 | ||||
| Gold revenue ($ 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 | 231,324 | (618,010 | ) | ||||
| Adjustments for non-recurring and significant recurring non-cash items: | |||||||
| Unrealized losses on derivative instruments | 101,715 | 6,270 | 172,370 | 6,269 | |||
| Change in fair value of gold stream | 28,100 | 1,957 | 80,406 | 21,196 | |||
| Realized gain on total return swap | - | - | (7,731 | ) | - | ||
| Write-down of mining interests | - | - | 5,118 | 636 | |||
| Impairment of long-lived assets | - | 661,160 | - | 858,301 | |||
| Gain on sale of mining interests | - | (7,453 | ) | - | (56,115 | ) | |
| Gain on sale of shares in associate | - | - | - | (16,822 | ) | ||
| Regulatory dispute settlement | - | 15,089 | - | 15,089 | |||
| Loss on dilution of associate | - | - | - | 8,984 | |||
| Deferred income tax expense (recovery) | 30,785 | (14,109 | ) | (16,885 | ) | (30,419 | ) |
| Adjusted net income attributable to shareholders of the Company for the period | 179,913 | 29,157 | 464,602 | 189,109 | |||
| Basic weighted average number of common shares outstanding (in thousands) | 1,324,279 | 1,310,994 | 1,321,491 | 1,307,134 | |||
| Adjusted net earnings attributable to shareholders of the Company per share-basic ($/share) | 0.14 | 0.02 | 0.35 | 0.14 | |||
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