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Dec 31, 2025
B2Gold Q4 2025 Earnings Report
B2Gold Q4 2025 Earnings Report: The company achieved record annual revenue and strong Q4 production across its core mines, while successfully reaching commercial production at the Goose Mine.
Key Takeaways
B2Gold reported a strong finish to 2025, with Q4 consolidated gold production of 303,029 ounces exceeding expectations. The company achieved record annual revenue of over $3 billion. While Q4 AISC was higher than expected at $1,754 per ounce due to timing of shipments and higher royalties, the company maintained a robust liquidity position with $380 million in cash and declared a Q1 2026 dividend of $0.02 per share.
Achieved record annual revenue of $3.06 billion for the full year 2025.
Goose Mine reached commercial production on October 2, 2025, contributing 38,616 ounces in Q4.
Q4 consolidated gold production of 303,029 ounces exceeded internal expectations.
Maintained strong liquidity with $380 million in cash and $650 million available on the revolving credit facility at year-end.
Revenue by Segment
Forward Guidance
For 2026, B2Gold expects consolidated gold production between 820,000 and 970,000 ounces, with costs significantly impacted by a $5,000/oz gold price assumption for royalty calculations.
Positive Outlook
- Anticipated ramp up of Goose Mine to 3,200 tpd in the second half of 2026.
- Fekola Regional exploitation permit expected in Q1 2026.
- Exploration budget of $73 million to support organic growth.
- Antelope underground deposit development approved to extend Otjikoto life.
- Gramalote Project feasibility study shows positive economics.
Challenges Ahead
- Step down in production at Otjikoto following completion of open pit mining.
- Lower production at Fekola due to Phase 8 stripping.
- Consolidated AISC guidance high at $2,400 - $2,580 per ounce.
- Royalties and production taxes estimated at $525 per ounce sold.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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