B2Gold secures fuel supply for all mines, posts higher-than-expected Q1 output

The higher-than-expected production helped ensure lower consolidated cash operating costs of $1005/oz and all-in sustaining costs of $1964/oz, says incoming president and CEO Mike Cinnamond.

He succeeds Clive Johnson who will be retiring on June 4. Cinnamond previously worked as B2Gold’s finance senior VP and CFO.

B2Gold’s net income attributable to shareholders totalled $200-million, or $0.15 apiece, in the quarter, while adjusted net attributable income came to $260-million, or $0.19 apiece.

The company generated an operating cash flow of $386-million and free cash flow of $362-million in the reporting quarter.

The board declared a cash dividend of $0.02 apiece for the second quarter, to be paid in June.

B2Gold had cash and cash equivalents of $479-million on hand at the end of March, as well as working capital of $171-million – the latter of which being defined as current assets minus assets classified as held for sale or current liabilities.

The group maintains its full-year consolidated gold production guidance of between 820000 oz and 970000 oz.

FUEL IMPACTS

B2Gold advises that its operations continue to maintain normal levels of fuel supplies despite global challenges. Fuel supply at the Fekola Complex in Mali has been uninterrupted and remains at normal levels.

The company is in the process of expanding the Fekola mine's diesel storage capabilities by about 20%. In turn, the fuel supply at the Goose mine, in Canada, for 2026 and the first quarter of 2027, was purchased during the third quarter of 2025 and delivery was completed in April.

For the Masbate mine in the Philippines, the company has been able to secure a guaranteed supply contract for the next three months.

The Otjikoto mine in Namibia draws power from the national grid and has significantly decreased its diesel consumption with the move to underground mining in the fourth quarter of 2025.

The company's solar projects at the Fekola, Masbate and Otjikoto mines provide these operations with a source of power that is not impacted by changes in fuel prices.

OUTLOOK

The execution of the company’s operating plan for 2026 includes completing Phase 1 of the planned Goose mine crusher upgrades as well as start of mining at Fekola Regional upon receipt of an exploitation permit.

In tandem with delivery of these planned objectives, the company expects 2026 to be a significant year for free cash flow growth, including $362-million of free cash flow generated in the reporting quarter.

On April 23, the company completed the sale of its 70% interest in Fingold, which holds several claims in Northern Finland, in exchange for $325-million in cash, further strengthening the company's financial position.

B2Gold is well placed to complete its budgeted capital and exploration activities for 2026, manage its financial commitments and continue to return capital to its shareholders.

In addition to paying a dividend at a yield consistent with its peer group, the company has continued to repurchase shares, having repurchased 20-million shares in the year-to-date.

B2Gold has about 36% of its remaining 2026 fuel needs hedged at or below budget prices.