B2Gold Reports Record 2025 Revenue, Outlines 2026 Guidance Amid Shifting Production Dynamics
VANCOUVER, British Columbia – B2Gold Corp. (TSX: BTO, NYSE AMERICAN: BTG, NSX: B2G) has announced its financial and operational results for the fourth quarter and full year 2025, alongside its operating and cost guidance for 2026. The company achieved a notable milestone with record annual revenue of $3.06 billion in 2025, buoyed by strong gold sales and a significantly higher average realized gold price.
For the full year 2025, B2Gold reported consolidated gold production of 979,604 ounces. This figure includes 14,554 ounces from the Goose Mine, which achieved commercial production on October 2, 2025, marking a significant operational achievement for the company. The Fekola Complex in Mali, alongside the Masbate and Otjikoto mines, continued to deliver robust production, collectively contributing 926,434 ounces. The Goose Mine added 53,170 ounces to the total for 2025, falling within its initial guidance range.
Revenue from gold sales reached $3.06 billion on 927,797 ounces sold. The average realized gold price for the year was an impressive $3,299 per ounce, a substantial increase from previous years, which directly impacted the company’s profitability and royalty income.
Operationally, B2Gold achieved adjusted net income of $612 million ($0.46 adjusted EPS) for 2025. This financial strength allowed the company to declare a first-quarter 2026 dividend of $0.02 per share.
Looking ahead to 2026, B2Gold has provided guidance anticipating consolidated gold production in the range of 820,000 to 970,000 ounces. This projected decrease from 2025 levels is attributed to a planned reduction in output at the Otjikoto Mine as open-pit mining concludes, and a recalibration at the Fekola Complex due to ongoing waste stripping. The ramp-up of the Goose Mine is expected to partially offset these reductions, with consolidated production projected to return to 2025 levels in 2027.
Cost forecasts for 2026 indicate higher all-in sustaining costs (AISC), with guidance set between $2,400–$2,580 per ounce sold. This increase is largely influenced by investments in deferred stripping at the Fekola Mine and the ongoing ramp-up phase at the Goose Mine. Cash operating cost guidance for 2026 is projected at $1,155–$1,280 per ounce produced. These higher cost estimates reflect a strategic approach to managing operational transitions and investing in future production capacity.
The company’s financial position remains solid, with cash and cash equivalents totaling $380 million as of December 31, 2025. B2Gold also maintained access to significant liquidity through its revolving credit facility.
Exploration remains a key strategic focus for B2Gold, with a $73 million budget allocated for 2026. This investment will support organic growth initiatives, including advancing the pipeline of development, brownfield, and greenfield exploration projects. A substantial portion is earmarked for continued exploration at the Back River Gold District, underscoring its potential to contribute significantly to B2Gold’s long-term resource base.
The company’s operational update detailed performance across its key assets:
* **Fekola Complex (Mali):** Demonstrated strong production, exceeding quarterly expectations and contributing significantly to annual targets. The mine achieved a milestone of four million ounces of gold produced since its inception.
* **Masbate Mine (Philippines):** Delivered robust annual production within guidance, driven by improved mill productivity. The mine set a record for tonnes of ore milled in 2025.
* **Otjikoto Mine (Namibia):** Surpassed production expectations, particularly in the fourth quarter, by processing high-grade open-pit ore stockpiles. The company also advanced development decisions for the Antelope underground deposit.
* **Goose Mine (Canada):** Achieved commercial production in October 2025. While facing some initial operational challenges related to crushing capacity and cold weather, the mine is on track for its ramp-up, with significant production expected in the second half of 2026.
B2Gold’s strategic outlook for 2026 emphasizes navigating production shifts at established mines while capitalizing on growth opportunities through exploration and development projects. The company’s ability to generate strong cash flow, maintain its dividend, and strategically invest in its future resource pipeline positions it to address the evolving landscape of the global gold market.
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