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Jun 30
B2Gold Q2 2025 Earnings Report
Delivered higher-than-expected gold production with lower cash operating costs, strong revenue, and a return to solid profitability in Q2 2025.
Key Takeaways
B2Gold posted $692,206,000 in gold revenue, basic EPS of $0.12 (adjusted EPS $0.12), $329,516,000 operating income, and strong mine performance across Fekola, Masbate, and Otjikoto; consolidated cash operating costs were $762/oz sold and AISC $1,519/oz, with cash & equivalents of $308,491,000 at quarter-end.
Gold revenue reached $692,206,000 with 210,384 oz sold and 229,454 oz produced.
Basic EPS was $0.12; adjusted basic EPS was also $0.12.
Cash operating costs were $762/oz sold and AISC $1,519/oz sold.
Operating income hit $329,516,000; quarter-end cash stood at $308,491,000.
B2Gold
B2Gold
B2Gold Revenue by Segment
Revenue by Segment
Fekola Mine Revenue
CapyFin.comMasbate Mine Revenue
CapyFin.comOtjikoto Mine Revenue
CapyFin.com Forward Guidance
Management reaffirmed 2025 total gold production guidance of 970,000–1,075,000 oz, expects Goose Mine to reach commercial production in September 2025 (120,000–150,000 oz in 2025), and lowered consolidated cash operating cost guidance excluding Goose to $740–$800/oz; project milestones include Fekola underground start and positive Gramalote FS.
Positive Outlook
- Total 2025 production guidance maintained at 970,000–1,075,000 oz.
- Goose Mine targeted to achieve commercial production in September 2025; 120,000–150,000 oz contribution in 2025.
- Consolidated cash operating cost guidance (ex-Goose) lowered to $740–$800/oz.
- Fekola underground mining approved and initiated, boosting near-term throughput.
- Positive Gramalote feasibility study with strong economics at $2,500/oz gold.
Challenges Ahead
- Q2 AISC elevated by higher royalties tied to higher realized gold prices and timing-related lower ounces sold.
- Working capital deficit at quarter-end due to classification of gold prepayment obligations as current liabilities.
- Goose Mine 2025 post-commercial cash costs expected at $1,520–$1,580/oz and AISC $1,940–$2,000/oz before ramp benefits.
- Fekola Regional exploitation permit still pending, affecting timing of ounces.
- Ongoing obligation to deliver approximately 22,064 oz/month from Jul 2025–Jun 2026 under gold prepay.
Revenue & Expenses
Visualization of income flow from segment revenue to net income