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 ( BTG ) maintains 2025 production guidance for Fekola, Masbate, and Otjikoto mines

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

* B2Gold ( BTG ) 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

Metric Beat/Mis Actual Consensu

s s

Estimate

Q3 Miss $782.95 $876.80

Revenue mln mln (2

Analysts

)

Q3 EPS $0.01

Q3 Miss $179.91 $223.80

Adjusted mln mln (2

Net Analysts

Income )

Q3 Net $23.12

Income mln

Q3 Basic $0.01

EPS

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 ( BTG ) 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:

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)