B2Gold Corp. reported fourth‑quarter 2025 revenue of $1.05 billion from 283,490 ounces sold at an average realized price of $3,718 per ounce, a 111% year‑over‑year increase from the $499.8 million earned in Q4 2024. Net income attributable to shareholders was $171 million, translating to earnings per share of $0.13, which fell short of the consensus estimate of $0.20. All‑in sustaining costs (AISC) were $1,754 per ounce, while cash operating costs were $736 per ounce, reflecting a cost advantage driven by higher production volumes in the quarter.
The full‑year 2025 results showed revenue of $3.06 billion from 927,797 ounces at an average price of $3,299 per ounce, up 61% from $1.90 billion in 2024. AISC for the year was $1,584 per ounce, and adjusted earnings per share reached $0.46, a 190% increase over the $0.16 adjusted EPS reported in 2024. Operating cash flow was $940 million, and the company closed the year with $380 million in cash and cash equivalents, providing a solid liquidity buffer for future investments.
B2Gold guided 2026 consolidated gold production at 820,000 to 970,000 ounces, a decline from the 979,604 ounces produced in 2025. All‑in sustaining costs are expected to rise to $2,400 to $2,580 per ounce, and cash operating costs to $1,155 to $1,280 per ounce, reflecting higher royalties and the cost of ramping up the Goose Mine and completing deferred stripping at Fekola. The board also declared a first‑quarter 2026 dividend of $0.02 per share.
The earnings miss can be attributed to the combination of higher AISC and increased royalties driven by the $5,000 per ounce gold price assumption used in the guidance. While revenue beat expectations thanks to strong demand and a favorable mix of high‑priced gold from Fekola, Masbate, and Otjikoto, the cost structure was pressured by the need to invest in the Goose Mine ramp‑up and to complete deferred stripping at Fekola, which pushed AISC above the $1,700 per ounce level seen in Q4 2024.
Operationally, the Goose Mine achieved commercial production on October 2, 2025, and the Fekola Regional expansion is slated to begin producing gold in early 2026, targeting 180,000 ounces per year over its first five years. The company’s production mix shifted toward higher‑priced gold, but the higher royalty burden and the capital intensity of the Goose ramp‑up contributed to the cost increase. Mali’s regulatory environment remains a risk, though a settlement was reached regarding the mining code, mitigating immediate operational disruptions.
From a strategic perspective, the guidance signals management’s confidence in sustaining revenue growth while acknowledging margin compression. The higher cost outlook and lower production guidance raise concerns about future profitability, yet the company’s strong cash position and disciplined cost management provide a cushion. Investors will likely weigh the headwinds of rising royalties and capital expenditures against the tailwinds of a high‑priced gold market and expanding mine output.
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