Canada's B2Gold Q1 revenue more than doubles, profit jumps

Overview

• Canada gold miner's Q1 revenue more than doubled yr/yr to $1.16 bln

• Adjusted net income for Q1 rose to $260 mln, up from $122 mln a year ago

• Company repurchased $80 mln in shares and sold 70% stake in Fingold for $325 mln

Outlook

• B2Gold expects Fekola Complex 2026 gold production of 410,000-460,000 ounces

• Company forecasts Goose Mine Q2 2026 gold production of 18,000-20,000 ounces, down from prior estimate

• Masbate Mine expected to produce 170,000-190,000 ounces of gold in 2026

Result Drivers

• HIGHER GOLD PRODUCTION - All operations exceeded expected gold production, with outperformance attributed to higher throughput, ore grades, and recoveries at key mines

• LOWER OPERATING COSTS - Cash operating costs and all-in sustaining costs were lower than expected due to higher gold production, lower mining and processing costs, and lower sustaining capital expenditures

• FAVORABLE GOLD PRICES - Higher average realized gold price contributed to increased revenue and profitability

Company press release: ID:nGNX2f2n2Z

Key Details

Analyst Coverage

• The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 6 "strong buy" or "buy", 5 "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$9.25, about 60.6% above its May 5 closing price of C$5.76

• The stock recently traded at 4 times the next 12-month earnings vs. a P/E of 6 three months ago

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