B2GOLD (BTG) Company Report

B2Gold holds an indirect 40% interest in Filminera Resources Corporation and an indirect 100% interest in Phil. Gold Processing & Refining Corp. (PGPRC) for the Masbate Gold Project in the Philippines.
As of September 30, 2025, the Masbate Gold Project has Indicated Mineral Resources of 149,767 thousand tonnes at 0.69 g/t Au (containing 3,308 thousand ounces of gold) and Inferred Mineral Resources of 51,704 thousand tonnes at 0.69 g/t Au (containing 1,148 thousand ounces of gold).
The project's Probable Mineral Reserves are 66,590 thousand tonnes at 0.73 g/t Au, containing 1,560 thousand ounces of gold, effective September 30, 2025.
Mining operations are projected to conclude in 2028, with stockpile processing extending until 2034, and a forecast Life of Mine (LOM) gold production of 1,187 thousand ounces.

Nov 7, 2025, 6:54 PM

6-K

B2Gold Reports Q3 2025 Results, Updates Goose Mine Guidance, and Declares Dividend

BTG

Earnings

Guidance Update

Dividends

B2Gold reported Q3 2025 gold production of 254,369 ounces and adjusted attributable net income of $0.14 per share.
Consolidated cash operating costs for Q3 2025 were $780 per gold ounce produced and all-in sustaining costs were $1,479 per gold ounce sold.
The company declared a Q4 2025 dividend of $0.02 per common share, payable on December 15, 2025.
2025 gold production guidance for the Goose Mine was modified to between 50,000 to 80,000 ounces (from a previous range of 80,000 to 110,000 ounces) due to crushing plant issues and delays in accessing higher-grade ore.
Post-commercial production cash operating costs for the Goose Mine in 2025 are now forecast between $2,300 and $2,360 per gold ounce produced, and all-in sustaining costs are forecast between $3,290 and $3,350 per ounce sold.

Nov 5, 2025, 11:33 PM

6-K

B2Gold Announces Q3 2025 Results, Goose Mine Commercial Production, and Positive Outlook

BTG

Earnings

Guidance Update

New Projects/Investments

B2Gold reported net income of $23 million for Q3 2025, a significant improvement from a net loss of $(631) million in Q3 2024, with gold revenue increasing to $782.9 million from $448.2 million in the prior year period.
For the first nine months of 2025, consolidated gold revenue reached $2,007 million on sales of 644,307 ounces, a 43% increase primarily due to a 36% rise in the average realized gold price.
The company achieved commercial production at its Goose Mine on October 2, 2025, which is expected to contribute between 50,000 and 80,000 ounces of gold in 2025 and an average of approximately 300,000 ounces annually from 2026 to 2031.
B2Gold maintains a strong financial position with $367 million in cash and cash equivalents as of September 30, 2025, and issued $460 million in convertible senior unsecured notes on January 28, 2025.
Total gold production for 2025 is estimated to be between 890,000 and 965,000 ounces, with the Fekola underground mine now anticipated to contribute 30,000 to 40,000 ounces this year.

Nov 5, 2025, 10:42 PM

6-K

B2Gold confirms unimpeded operations and reiterates 2025 production guidance for Fekola Complex

BTG

Guidance Update

New Projects/Investments

Operations at B2Gold's Fekola Complex in Mali continue uninterrupted, with all permits and licenses remaining in good standing with the State of Mali as of November 3, 2025.
Milling and mining activities at the Fekola Mine are operating at full capacity.
B2Gold reiterates its 2025 gold production guidance for the Fekola Complex, expecting 515,000 to 550,000 ounces.
The issuance of the Fekola Regional exploitation permit is in the final stages of approval and is anticipated shortly.

Nov 3, 2025, 6:03 PM

6-K

B2Gold Reaffirms 2025 Fekola Gold Production Guidance Amid Uninterrupted Mali Operations

BTG

Guidance Update

New Projects/Investments

B2Gold's Fekola Complex operations in Mali continue uninterrupted, with all permits and licenses remaining in good standing with the State of Mali.
Milling and mining activities at the Fekola Mine are operating at full capacity.
The company reiterates its 2025 gold production guidance for the Fekola Complex, projecting 515,000 to 550,000 ounces.
The Fekola Regional exploitation permit is in the final stages of approval and is anticipated to be received shortly.

Nov 3, 2025, 5:00 PM

Press Release

Barrick Mining Corp. Resumes Loulo-Gounkoto Gold Mine Operations

BTG

Legal Proceedings

Management Change

Barrick Mining Corp. has resumed operations at its Loulo-Gounkoto gold mine in Mali after a nine-month shutdown caused by a dispute with Mali's military-led government.
The dispute began in January 2025 when the government seized control, blocking exports and confiscating gold, over allegations of unpaid taxes and new mining legislation, which Barrick denies.
The mine, a key asset that produced 723,000 ounces of gold in 2024, is now operating under the oversight of a provisional manager, Soumana Makadji, appointed in June 2025.
This situation highlights increasing resource nationalism in West Africa, raising concerns among international investors about production stability and foreign investment risk in the region.

Oct 21, 2025, 5:51 PM

Bloomberg

B2Gold Achieves Commercial Production at Goose Mine

BTG

Guidance Update

New Projects/Investments

B2Gold Corp. announced that its Goose Mine achieved commercial production on October 2, 2025, based on achieving 66% of its 4,000 tonnes per day (tpd) design capacity over a 30-day period.
The company expects the Goose mill to operate near its 4,000 tpd design capacity through the fourth quarter of 2025, with mill feed averaging between 6.5 and 7.0 grams per tonne gold and gold recoveries expected to average higher than 90%.
The Goose Mine is projected to produce 80,000 to 110,000 ounces of gold in 2025, approximately 250,000 ounces in 2026, and about 330,000 ounces in 2027.
B2Gold forecasts total consolidated gold production of between 970,000 and 1,075,000 ounces in 2025.

Oct 6, 2025, 5:29 PM

6-K

B2Gold Achieves Commercial Production at Goose Mine

BTG

New Projects/Investments

Guidance Update

B2Gold Corp. announced that its Goose Mine achieved commercial production on October 2, 2025, after the mill maintained an average throughput of 66% of its 4,000 tonnes per day (tpd) design capacity for 30 consecutive days.
Following the integration of a supplemental mobile crusher, the mill achieved an average throughput of 3,249 tpd, representing 81.2% of design capacity, from September 19 to October 2, 2025, and is expected to operate near its design capacity through the fourth quarter of 2025.
The Goose Mine is projected to produce 80,000 to 110,000 ounces of gold in 2025, approximately 250,000 ounces in 2026, and approximately 330,000 ounces in 2027, with an average annual production of approximately 300,000 ounces for the initial six years (2026-2031).
B2Gold forecasts total consolidated gold production of between 970,000 and 1,075,000 ounces in 2025.

Oct 6, 2025, 12:00 PM

Press Release

B2Gold Provides Operational Updates and Revises 2025 Guidance

BTG

Guidance Update

New Projects/Investments

B2Gold reiterated its consolidated 2025 production guidance range of 970,000 to 1,075,000 ounces.
The Goose Mine achieved its first gold pour on June 30, 2025, and is on track for commercial production in the coming weeks.
The company modified its 2025 gold production guidance for the Goose Mine to 80,000-110,000 ounces due to a crushing plant capacity shortfall in Q3 2025, down from the original 120,000-150,000 ounces.
Guidance for the Otjikoto Mine was increased to 185,000-205,000 ounces and for the Masbate Mine to 190,000-210,000 ounces based on outperformance.
B2Gold approved the development of the Antelope underground deposit at Otjikoto, with estimated pre-production capital of $105 million, potentially increasing mine production to approximately 110,000 ounces per year over its mine life.

Sep 24, 2025, 1:46 PM

Press Release

B2Gold Confirms 2025 Production Guidance and Updates Mine Operations

BTG

Guidance Update

New Projects/Investments

B2Gold Corp. confirmed its 2025 total annual gold production guidance of between 970,000 and 1,075,000 ounces.
The Goose Mine achieved its first gold pour on June 30, 2025, and is nearing commercial production, though its 2025 production guidance was modified to 80,000 to 110,000 ounces due to Q3 crushing plant capacity limitations.
The Fekola Complex reiterated its 2025 gold production guidance of 515,000 to 550,000 ounces, with Fekola underground operations now anticipated to contribute 30,000 to 40,000 ounces.
Both the Otjikoto Mine and Masbate Mine saw their 2025 gold production guidance increased to 185,000 to 205,000 ounces and 190,000 to 210,000 ounces, respectively, due to outperformance. Additionally, B2Gold approved the development of the Antelope underground deposit at the Otjikoto Mine, with an estimated pre-production capital cost of $105 million.