BTG · B2Gold Corp.

B2Gold's Q1 2026 results showcased exceptional operational execution, with total gold production of 237,763 ounces surpassing expectations due to outperformance at all sites, including 117,450 ounces from Fekola Mine driven by higher throughput and 42,876 ounces from Goose Mine. This led to consolidated cash operating costs of $1,005 per ounce produced, better than planned due to scale efficiencies, and all-in sustaining costs of $1,964 per ounce sold, aided by lower sustaining capex and higher sales volume. Financially, gold revenue reached $1.16 billion at an average realized price of $4,193 per ounce, driving adjusted net income of $260 million or $0.19 per share. Operating cash flow before working capital changes was robust at $386 million, generating $362 million in free cash flow, which supported $80 million in share repurchases under the NCIB and full repayment of the $75 million RCF drawdown. Balance sheet strength is evident with $479 million in cash and $171 million working capital as of March 31, 2026. Strategically, the leadership transition from founder Clive Johnson to CFO Mike Cinnamond ensures continuity, while the $325 million sale of 70% Fingold stake to Agnico Eagle bolsters liquidity without core asset dilution. Fekola Complex guidance of 410,000-460,000 ounces for 2026 hinges on timely Fekola Regional permit, with AISC sensitive to gold price via royalties. Q2 dividend declaration signals confidence in cash generation amid renewed NCIB for up to 132.6 million shares.