VANCOUVER, British Columbia, Aug. 6, 2026 (GLOBE NEWSWIRE) -- B2Gold Corp. (TSX: BTO, NYSE American: BTG, NSX: B2G) said it has reported operational and financial results for the second quarter of 2026. All dollar figures are in U.S. dollars unless otherwise noted.

2026 Second-Quarter Highlights

B2Gold said consolidated gold production in the second quarter of 2026 was 203,648 ounces, in line with expectations. Output at Fekola, Masbate and Otjikoto came in above forecast, offset by lower-than-expected production at Goose after a previously reported fire in parts of the crushing circuit in April 2026.

Consolidated cash operating costs were $1,201 per gold ounce produced, or $1,127 per gold ounce sold. The company said lower-than-expected processing costs at Masbate were the main reason costs came in below forecast, while Fekola, Otjikoto and Goose were generally in line with expectations.

Consolidated all-in sustaining costs were $2,356 per gold ounce sold. B2Gold said the figure was lower than anticipated because of lower production costs and lower sustaining capital expenditures.

Net income attributable to shareholders was $417 million, or $0.31 per share. Adjusted net income attributable to shareholders was $41 million, or $0.03 per share. Adjusted net income excluded a $292 million gain on the sale of mining interests and $135 million of unrealized gains on derivative instruments, among other items. It also included $71 million of realized losses on the company's gold collars. Final settlement of the gold collar contracts is expected in January 2027.

Cash flow from operating activities before working capital adjustments was $94 million, while free cash outflow was $258 million in the quarter. B2Gold said the free cash outflow was mainly driven by higher cash tax payments, including a higher priority dividend paid to the State of Mali, the effect of prepaid gold sales, and higher production costs, which more than offset stronger gold revenues. The company said the second-quarter free cash flow figure does not include the $325 million in cash proceeds from the sale of its Finland properties.

B2Gold also said it repurchased 19 million shares for $92 million during the quarter under its renewed normal course issuer bid. The renewed NCIB began on April 3, 2026, after the Toronto Stock Exchange accepted the company's notice on April 1, 2026, and is scheduled to expire no later than April 2, 2027. Under the program, B2Gold may buy up to 132,662,594 common shares, equal to 10% of the public float as of March 20, 2026.

The company said senior executives met with officials of the State of Mali during the week of July 27, 2026, and were told that all required steps to finalize approval of the Menankoto exploitation permit have been completed. The permit is now awaiting approval by the Council of Ministers of Mali, which B2Gold expects in the near term. The Menankoto permit, together with the Dandoko exploration permit, makes up Fekola Regional, which B2Gold described as a key near-term growth driver. Mali revised its mining code in 2023, increasing state participation in mining projects and triggering renegotiations with existing producers; the ownership structure of Fekola Regional, under which the State of Mali will hold 35%, reflects that revised framework. B2Gold and the State of Mali said they remain committed to the September 2024 agreement covering the ongoing operation and governance of the Fekola Mine and Fekola Regional, collectively the Fekola Complex.

B2Gold said it completed the sale of its 70% interest in Fingold Ventures Ltd. to Agnico Eagle Mines Ltd. for $325 million in cash on April 23, 2026. It also said it completed delivery of all 264,768 ounces into the Gold Prepay contracts as of June 30, 2026, and expects free cash flow to improve in the second half of 2026 as future gold sales are priced at spot levels. Gold prepay contracts are financing arrangements in which producers receive upfront cash in exchange for committing to deliver specified gold volumes over time; completing these deliveries means B2Gold's future production is no longer committed to these pre-sold ounces.

At June 30, 2026, B2Gold had cash and cash equivalents of $287 million and working capital of $405 million. During the second quarter, the company repaid $75 million on its $800 million revolving credit facility, leaving the full facility available as of June 30, 2026. After quarter end, B2Gold drew down $95 million under the facility to fund working capital initiatives, mainly the purchase of annual fuel requirements for Goose that will be transported to site in early 2027.

B2Gold's board declared a third-quarter 2026 dividend of $0.02 per common share, or an expected $0.08 per share on an annualized basis. The dividend is payable on September 23, 2026, to shareholders of record as of September 10, 2026. The company said it has a Dividend Reinvestment Plan, and no discount will be applied to the Average Market Price for common shares issued from treasury in connection with the Q3 2026 dividend. The dividend is designated an eligible dividend for Canadian tax purposes.

Updated 2026 Guidance

B2Gold narrowed its full-year 2026 consolidated gold production guidance to 820,000 to 920,000 ounces, from 820,000 to 970,000 ounces previously. The company kept its consolidated cash operating costs guidance unchanged at $1,155 to $1,280 per gold ounce produced, and lowered its all-in sustaining costs guidance to $2,370 to $2,550 per gold ounce sold from $2,400 to $2,580 per ounce sold.

The company said the guidance changes reflect year-to-date operating performance and expected second-half results across Fekola, Masbate, Otjikoto and Goose. The largest revision relates to Fekola Regional because of delays in issuing the Menankoto Exploitation Permit. B2Gold said it believes consolidated all-in sustaining costs for 2026 will be at or below the low end of the updated range.

Fekola Complex, Mali

B2Gold said the Fekola Complex consists of the Fekola Mine, which is owned 80% by B2Gold and 20% by the State of Mali, and Fekola Regional, which will be owned 65% by B2Gold and 35% by the State of Mali. Fekola Regional, made up of the consolidated Menankoto permit and the Dandoko permit, is located about 20 kilometers from the Fekola Mine.

For the second quarter, Fekola produced 116,281 ounces of gold, above expectations because of higher mill throughput and a higher mill feed grade. Cash operating costs were $1,185 per ounce produced, or $1,130 per ounce sold, while all-in sustaining costs were $2,289 per ounce sold. The company said cash operating costs were in line with expectations, as stronger production was offset by higher mining costs linked to accelerated mining of the Fekola open pit because of delays in receiving the Menankoto exploitation permit. All-in sustaining costs were lower than expected due to higher ounces sold, lower sustaining capital expenditures and slightly lower royalties expense per ounce sold.

Capital expenditures at Fekola in the quarter totaled $40 million, including $19 million for deferred stripping, $12 million for major rebuilds of mobile equipment, $3 million for Fekola underground development and $3 million for general site projects. Capital expenditures at Fekola Regional were $28 million, mainly for $17 million of mobile equipment purchases and $11 million of other site preparation work.

B2Gold now expects Fekola Complex to produce between 390,000 and 420,000 ounces of gold in 2026, down from 410,000 to 460,000 ounces previously. The company said the reduction reflects stronger-than-expected first-half production at Fekola, offset by lower expected production from Fekola Regional in the second half of the year. Cash operating costs guidance remains $1,060 to $1,160 per ounce produced, and all-in sustaining costs guidance remains $2,670 to $2,820 per ounce sold. B2Gold said it expects Fekola to be at or below the low end of the AISC range.

Goose Mine, Canada

B2Gold said the Back River Gold District in Canada includes several mineral claims blocks along an 80-kilometer belt and is anchored by the 100% owned Goose Mine, which began commercial production in 2025. The company said it recognizes the role of the Kitikmeot Inuit Association, or KIA, in supporting the development of the project and said collaboration with the KIA remains central to its license to operate in the district.

On April 17, 2026, B2Gold said a fire occurred in parts of the crushing circuit at Goose. No injuries were reported and no medical treatment was required. The damage was localized to the crushing circuit, with no impact to the mill or power facility. B2Gold developed a revised processing plan for the second and third quarters of 2026 using existing mobile crushers to feed crushed ore directly to the fine ore stockpile while repairs continue. The company also purchased and transported an additional mobile crusher and supporting equipment to site at an expected final cost of $16 million.

B2Gold said it expects repairs to be completed in the third quarter of 2026 at a cost of about $13 million, excluding the cost of the additional mobile crusher. The repair work will coincide with the first phase of planned crushing circuit upgrades, which includes a run-of-mine bin and apron feeder, plus a new larger jaw crusher and rock breaker. The first phase is expected to cost about $11 million. B2Gold reiterated that the crushing circuit should be able to operate at an average daily capacity of about 3,200 tonnes per day by the end of the third quarter of 2026 after the first phase is completed.

The company is also pursuing a second phase of upgrades, scheduled for completion by the end of the first half of 2027, to raise the name-plate capacity of the crushing circuit. That phase is expected to cost $25 million, within the previously announced estimate of $20 million to $30 million. The second phase includes larger cone crushers, additional surge bins and feeders, and upgraded conveyors. After both phases are completed, B2Gold expects crushing capacity to rise to an average of 4,000 tonnes per day by the end of the first half of 2027.

The additional mobile crusher transported to site in July 2026 is expected to be operational in early August 2026. Based on its design rate and the existing crushers already in operation, B2Gold said mobile crushing capacity should exceed 3,000 tonnes per day beginning in early August 2026.

Goose produced 12,890 ounces of gold in the second quarter, below expectations because of lower mill throughput caused by the fire, partially offset by a higher mill feed grade. Cash operating costs were $2,935 per ounce produced, or $2,187 per ounce sold, which B2Gold said was approximately in line with expectations. All-in sustaining costs were $6,390 per ounce sold, above expectations because of lower ounces sold and higher sustaining capital expenditures related to catch-up spending not incurred in the first quarter.

Capital expenditures at Goose totaled $68 million in the second quarter, including $26 million for site infrastructure and civil projects, $18 million for deferred stripping, $9 million for Umwelt underground development and $9 million for mobile equipment purchases.

B2Gold narrowed Goose's 2026 production guidance to 170,000 to 200,000 ounces from 170,000 to 230,000 ounces previously. Cash operating costs guidance remains $1,610 to $1,810 per ounce produced, and all-in sustaining costs guidance remains $2,670 to $2,970 per ounce sold.

Masbate Mine, Philippines

Masbate continued to perform strongly in the second quarter, producing 51,039 ounces of gold. B2Gold said production exceeded expectations because of higher mill throughput and improved gold recoveries.

Cash operating costs were $804 per ounce produced, or $810 per ounce sold, below expectations due to stronger production and lower operating costs, mainly from lower processing costs. All-in sustaining costs were $1,236 per ounce sold, also below expectations because of lower production costs.

Capital expenditures in the quarter totaled $15 million, including $3 million for the solar plant, $3 million for major mill overhauls, $2 million for mobile equipment purchases and major rebuilds, $2 million for mine development and $2 million for tailings storage facility construction projects.

B2Gold increased Masbate's 2026 production guidance to 180,000 to 200,000 ounces from 170,000 to 190,000 ounces previously. The company said the increase reflects better-than-expected first-half output, with strong operating performance expected to continue through year-end. Cash operating costs guidance remains $900 to $1,000 per ounce produced, and all-in sustaining costs guidance remains $1,430 to $1,580 per ounce sold. B2Gold said it expects Masbate to be at or below the low end of the AISC range.

Otjikoto Mine, Namibia

Otjikoto, in which B2Gold holds a 90% interest, produced 23,438 ounces of gold in the second quarter of 2026. The company said production was above expectations because of a higher average mill feed grade, driven by greater ore volumes from higher-grade underground sources.

Cash operating costs were $1,190 per ounce produced, or $1,080 per ounce sold, below expectations because stronger production was partly offset by higher underground mining costs. All-in sustaining costs were $1,480 per ounce sold, lower than expected because of lower cash operating costs and lower sustaining capital expenditures.

Capital expenditures in the quarter totaled $8 million, mainly for $5 million in Antelope development and $2 million in Wolfshag underground development.

B2Gold raised Otjikoto's 2026 production guidance to 80,000 to 100,000 ounces from 70,000 to 90,000 ounces previously. Cash operating costs guidance remains $1,200 to $1,300 per ounce produced, and all-in sustaining costs guidance remains $1,830 to $1,980 per ounce sold. The company said it expects Otjikoto to be at or below the low end of the AISC range.

Outlook

B2Gold said consolidated gold production of 441,411 ounces in the first half of 2026 exceeded corporate expectations and helped drive lower-than-expected consolidated cash operating costs and all-in sustaining costs.

At Fekola, the company said it remains focused on efficient operations at the Fekola and Cardinal open pits and Fekola underground. B2Gold said the anticipated near-term issuance of the Menankoto Exploitation Permit is one of its most important growth opportunities. Once issued, pre-stripping can begin, and Fekola Regional is expected to ramp up through the end of 2027 before producing more than 150,000 ounces of gold per year from 2028 through the mid-2030s.

At Goose, remediation work following the fire continues alongside phase one of the planned crushing circuit upgrades. B2Gold said it expects mill throughput to continue increasing through the rest of 2026 and into 2027. Phase two of the upgrades is planned for completion in the first half of 2027, at which point the Goose mill is expected to operate at an average of 4,000 tonnes per day. The company said it remains confident Goose can produce an average of 300,000 ounces of gold per year over the medium term.

At Masbate and Otjikoto, B2Gold said first-half production strength is expected to continue through the rest of the year, and both mines are now expected to operate at or below the low end of their AISC guidance ranges.

The company said it remains positioned to complete its 2026 capital and exploration programs, meet its financial commitments and continue returning capital to shareholders. In addition to dividends, B2Gold said it repurchased 35 million shares for $172 million year to date in 2026 and expects to buy back more shares as the year progresses.

Exploration remains a core priority, including efforts to expand reserves and resources at existing operations and to pursue greenfield opportunities, including strategic investments in prospective junior exploration companies.

B2Gold said its strategy is to maximize responsible and profitable production from existing mines, maintain a strong financial position, realize the potential increase in production from development projects, continue exploration across its land package, evaluate new opportunities and return capital to shareholders.

Conference Call Details

B2Gold executives will host a conference call to discuss the results on Friday, Aug. 7, 2026, at 8:00 a.m. PT / 11:00 a.m. ET.

Participants may register here:

After registering, participants will receive an email invitation with dial-in details and a unique PIN. Registration will remain open until the end of the call.

Dial-in numbers:

• Toll-free in the U.S. and Canada: +1 (833) 821-2803
• International: +1 (647) 846-2419
• Web Phone:

The replay will be available for two weeks by calling +1 (855) 669-9658 in the U.S. and Canada, replay access code 2939801, or +1 (412) 317-0088 for all other callers, replay access code 2939801.

About B2Gold

B2Gold is a responsible international gold producer headquartered in Vancouver, Canada. Founded in 2007, the company operates gold mines in Canada, Mali, Namibia and the Philippines, and has development and exploration projects in several countries.

Qualified Persons

Bill Lytle, Senior Vice President and Chief Operating Officer, a qualified person under NI 43-101, approved the scientific and technical information related to operations matters in this release. Andrew Brown, P. Geo., Vice President, Exploration, a qualified person under NI 43-101, approved the scientific and technical information related to exploration and mineral resource matters.

ON BEHALF OF B2GOLD CORP.

“Mike Cinnamond”
President and Chief Executive Officer

Source: B2Gold Corp.

The Toronto Stock Exchange and NYSE American LLC neither approve nor disapprove the information contained in this news release.