BTG · B2Gold Corp.

B2Gold Corp. delivered exceptional Q1 2026 results with gold revenue surging 118% to $1.16 billion from $532 million in Q1 2025, fueled by sales of 276,346 ounces at an average realized price of $4,193 per ounce versus 183,998 ounces at $2,892. This reflected a 50% increase in ounces sold, including contributions from the Goose Mine and Fekola inventory drawdown, plus a 45% higher gold price. Production hit 237,763 ounces, 23% above prior year and 7% over budget across all four mines: Fekola, Goose, Masbate, and Otjikoto. Gross profit expanded to $610 million from $238 million, with operating income reaching $568 million versus $209 million, culminating in net income of $206 million ($0.15/share) up from $63 million ($0.04/share). Cash operating costs were $1,005/oz produced, 17% below budget but 21% above prior year due to scale; all-in sustaining costs fell to $1,964/oz sold from budget $2,728, aided by higher sales and deferred capex timing. Operating cash flow soared to $539 million from $179 million, yielding $362 million free cash flow versus negative $7 million prior year. Balance sheet strengthened with cash at $479 million (up from $380 million year-end) and working capital $171 million. Management guides 2026 production at 820k-970k oz, cash costs $1,155-1,280/oz, AISC $2,400-2,580/oz at $5,000/oz gold assumption. Fuel hedging covers 36% of needs; tax payments to rise in Q2. Leadership transition: Clive Johnson retires June 4, succeeded by CFO Mike Cinnamond as CEO, with Michael McDonald as new CFO. Share buyback of 16M shares ($80M) in Q1, renewed NCIB allows 10% repurchase. Goose Mine fire damaged crushing circuit (April 16); $7M repairs plus $11M upgrades target 3,200 tpd by Q3 end, with no mill impact.