B2Gold Q3 adjusted net income misses estimates

Overview

• B2Gold Q3 2025 revenue and adjusted net income missed analyst expectations

• Gold production of 254,369 ounces in Q3 2025

• Company achieved commercial production at Goose Mine on October 2, 2025

Outlook

• B2Gold maintains 2025 production guidance for Fekola, Masbate, and Otjikoto mines

• Company lowers Goose Mine 2025 production guidance to 50,000-80,000 ounces

• B2Gold updates Fekola Complex all-in sustaining cost guidance to $1,670-$1,730 per ounce

Result Drivers

• HIGHER PRODUCTION - Fekola, Masbate, and Otjikoto mines exceeded expected production, contributing to higher overall gold output

• COST REDUCTION - Lower fuel costs and favorable foreign exchange rates reduced cash operating costs

• GUIDANCE REVISION - Goose Mine production guidance lowered due to crushing plant issues and ore access delays

Key Details

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 7 "strong buy" or "buy", 4 "hold" and 1 "sell" or "strong sell"

• The average consensus recommendation for the gold peer group is "buy"

• Wall Street's median 12-month price target for B2Gold Corp is C$8.00, about 28.7% above its November 5 closing price of C$5.70

• The stock recently traded at 6 times the next 12-month earnings vs. a P/E of 6 three months ago

Press Release: ID:nGNX31ygTn

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