Q4 2025 B2Gold Corp Earnings Call Transcript
Key Points
- B2Gold Corp (BTG) achieved record revenue of $3 billion in 2025, marking a significant financial milestone.
- The Fekola, Masbate, and Otjikoto mines continued to outperform, contributing to the strongest consolidated production quarter of the year.
- The company celebrated the first gold pour at Goose, marking the start of commercial production in collaboration with local partners.
- B2Gold Corp (BTG) announced an improved construction decision for the Antelope underground deposit, potentially increasing Otjikoto mine production and extending its life into the 2030s.
- The company maintained a strong financial position with $380 million in cash and cash equivalents and significant capacity on its revolver, ensuring financial flexibility.
- Production is expected to decrease in 2026 due to the planned step-down of Otjikoto and lower production at Fekola as stripping continues.
- The Goose mine's crushing circuit faced operational interruptions due to unseasonably low temperatures, impacting production.
- The company anticipates additional capital expenditures for crushing circuit improvements at Goose, which are not included in the 2026 budget.
- The timing of late shipments at Fekola affected the recording of revenues for 2025, impacting earnings.
- The approval process for the Fekola Regional exploitation permit has been slower than desired, although progress is being made.
Thank you for standing by. This is the conference operator. Welcome to B2Gold Corporation's fourth quarter and 2025 year-end financial results conference call. (Operator Instructions) The conference is being recorded. (Operator Instructions)
I would now like to turn the conference over to Clive Johnson, President and CEO of B2Gold. Please go ahead.
Welcome, everyone. As you heard from the operator, we're here to review B2Gold's financial results for 2025. The fourth quarter of 2025 brought a solid end to what was an exciting year for B2Gold. The Fekola, Masbate and Otjikoto mines continued outperformance, and the first ramp-up quarter at Goose resulted in the strongest consolidated production quarter of the year.
Across our portfolio, we celebrated many milestones during 2025. We achieved record revenue of $3 billion. In Mali, we produced 4 million ounce since the inception of the mine and received the Fekola underground exploitation approval, producing over 20,000
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