B2Gold Corp
BTG · NYSE-A · producer · market cap $7.6B as of 24 Aug 2026
What B2Gold Corp's own filings say about its costs, margins and results, every figure cited.
B2Gold Corp share price
- Latest AISC$2,356/ozRank 29 of 35release
- Margin at today's spot
- Gold produced, attributable203,648source
- Next report4 Novprior report
Today's spot price minus the latest reported mining cost. Reporting periods vary. This is an illustrative spread, not reported profit. Methodology
Company-reported data · Fixed cohorts · No estimated costs
How to read these figures
- Primary sources: every figure is the company's own, cited to the release or filing it came from.
- Fixed cohorts: the companies in each median are set for the calendar year, so a median never moves because membership moved.
- No modelled costs: no cost or margin here is estimated by us; where a company states no figure, the page says so.
About B2Gold Corp
B2Gold Corp describes itself as a responsible international gold producer with four operating mines, one in each of Mali, Canada, the Philippines and Namibia. The company is headquartered in Vancouver, British Columbia. Its principal product is gold, and it conducts gold mining operations and exploration and drilling campaigns on its properties. Its operating mines are the Fekola Complex, the Goose Mine, the Masbate Gold Project and the Otjikoto Mine. The State of Mali holds a 20% interest in Fekola S.A., and B2Gold holds the remaining 80% interest. B2Gold has a 40% interest in Filminera, which owns the Masbate Gold Project's mineral tenements; the remaining 60% is owned by Zoom Mineral Holdings Inc. Through the Sabina Transaction, B2Gold acquired the 100% owned Back River Gold District in southwestern Nunavut, Canada. The Goose Mine, B2Gold's first Canadian operating asset, achieved first gold pour on June 30, 2025, and commercial production on October 2, 2025. B2Gold owns 100% of the Gramalote Project in the Department of Antioquia, Colombia, having acquired the remaining 50% from AngloGold Ashanti Limited on October 5, 2023. B2Gold held approximately 29% of Versamet Royalties Corporation at the filing date. As at December 31, 2025, B2Gold, including its subsidiaries, employed 4,920 permanent employees and 1,407 fixed-term (temporary) employees, for a total of 6,327 employees.
Costs and margins
- Price, quarter average
- $4,512/toz
- AISC
- $2,356/oz
- Margin
- $2,156/oz
- Margin, % of price
- 47.8%
Latest AISC $2,356 per troy ounce. Gold miners: median AISC $1,926 per troy ounce, Q2 2026, 35 reporters. 29 lowest of 35 gold miners reporting Q2 2026.
| Category | Gold price (quarterly average) | All-in sustaining cost (AISC) |
|---|---|---|
| Q3 2025 | $3,459 | $1,479 |
| Q4 2025 | $4,152 | $1,754 |
| Q1 2026 | $4,876 | $1,964 |
| Q2 2026 | $4,512 | $2,356 |
| Category | Gold price (quarterly average) | All-in sustaining cost (AISC) |
|---|---|---|
| Q3 2023 | $1,929 | $1,273 |
| $1,976 | $1,264 | |
| Q1 2024 | $2,072 | $1,346 |
| $2,336 | $1,244 | |
| Q3 2024 | $2,480 | $1,650 |
| $2,663 | $1,668 | |
| Q1 2025 | $2,863 | $1,533 |
| $3,293 | $1,519 | |
| Q3 2025 | $3,459 | $1,479 |
| $4,152 | $1,754 | |
| $4,876 | $1,964 | |
| Q2 2026 | $4,512 | $2,356 |
| Category | Gold price (quarterly average) | All-in sustaining cost (AISC) |
|---|---|---|
| Q2 2021 | $1,815 | $1,011 |
| $1,789 | $777 | |
| $1,796 | $844 | |
| Q1 2022 | $1,873 | $1,028 |
| $1,874 | $1,109 | |
| $1,729 | $876 | |
| Q1 2023 | $1,888 | $1,049 |
| $1,978 | $1,210 | |
| $1,929 | $1,273 | |
| Q4 2023 | $1,976 | $1,264 |
| $2,072 | $1,346 | |
| $2,336 | $1,244 | |
| Q3 2024 | $2,480 | $1,650 |
| $2,663 | $1,668 | |
| $2,863 | $1,533 | |
| Q2 2025 | $3,293 | $1,519 |
| $3,459 | $1,479 | |
| $4,152 | $1,754 | |
| $4,876 | $1,964 | |
| Q2 2026 | $4,512 | $2,356 |
| Category | Gold price (quarterly average) | All-in sustaining cost (AISC) |
|---|---|---|
| Q3 2019 | $1,475 | $807 |
| $1,482 | $877 | |
| $1,583 | $695 | |
| $1,710 | $714 | |
| Q3 2020 | $1,912 | $766 |
| $1,875 | $917 | |
| $1,798 | $919 | |
| $1,815 | $1,011 | |
| Q3 2021 | $1,789 | $777 |
| $1,796 | $844 | |
| $1,873 | $1,028 | |
| $1,874 | $1,109 | |
| Q4 2022 | $1,729 | $876 |
| $1,888 | $1,049 | |
| $1,978 | $1,210 | |
| $1,929 | $1,273 | |
| Q4 2023 | $1,976 | $1,264 |
| $2,072 | $1,346 | |
| $2,336 | $1,244 | |
| $2,480 | $1,650 | |
| Q4 2024 | $2,663 | $1,668 |
| $2,863 | $1,533 | |
| $3,293 | $1,519 | |
| $3,459 | $1,479 | |
| $4,152 | $1,754 | |
| $4,876 | $1,964 | |
| Q2 2026 | $4,512 | $2,356 |
All-in sustaining cost (AISC) and the average gold price by quarter, newest first, US$ per ounce; every row cites the company's own release.
| Quarter | Price avg | AISC | Margin | Margin % | Source |
|---|---|---|---|---|---|
| Q2 2026 | $4,512 | $2,356 | $2,156 | 47.8% | release |
| Q1 2026 | $4,876 | $1,964 | $2,912 | 59.7% | release |
| Q4 2025 | $4,152 | $1,754 | $2,398 | 57.8% | release |
| Q3 2025 | $3,459 | $1,479 | $1,980 | 57.2% | release |
| Q2 2025 | $3,293 | $1,519 | $1,774 | 53.9% | release |
| Q1 2025 | $2,863 | $1,533 | $1,330 | 46.4% | release |
| Q4 2024 | $2,663 | $1,668 | $995 | 37.4% | release |
| Q3 2024 | $2,480 | $1,650 | $830 | 33.5% | release |
| Q2 2024 | $2,336 | $1,244 | $1,092 | 46.8% | release |
| Q1 2024 | $2,072 | $1,346 | $726 | 35.0% | release |
| Q4 2023 | $1,976 | $1,264 | $712 | 36.0% | release |
| Q3 2023 | $1,929 | $1,273 | $656 | 34.0% | release |
| Q2 2023 | $1,978 | $1,210 | $768 | 38.8% | release |
| Q1 2023 | $1,888 | $1,049 | $839 | 44.4% | release |
| Q4 2022 | $1,729 | $876 | $853 | 49.3% | release |
| Q2 2022 | $1,874 | $1,109 | $765 | 40.8% | release |
| Q1 2022 | $1,873 | $1,028 | $845 | 45.1% | release |
| Q4 2021 | $1,796 | $844 | $952 | 53.0% | release |
| Q3 2021 | $1,789 | $777 | $1,012 | 56.6% | release |
| Q2 2021 | $1,815 | $1,011 | $804 | 44.3% | release |
| Q1 2021 | $1,798 | $919 | $879 | 48.9% | release |
| Q4 2020 | $1,875 | $917 | $958 | 51.1% | release |
| Q3 2020 | $1,912 | $766 | $1,146 | 59.9% | release |
| Q2 2020 | $1,710 | $714 | $996 | 58.2% | release |
| Q1 2020 | $1,583 | $695 | $888 | 56.1% | release |
| Q4 2019 | $1,482 | $877 | $605 | 40.8% | release |
| Q3 2019 | $1,475 | $807 | $668 | 45.3% | release |
Its panel on the Miner Margins page carries the cohort it sits in and the basis notes.
Production and guidance
Q2 2026, as reported
- Gold produced, attributable
- 203,648 oz
- Prior-quarter gold production
- 237,763 oz
- Year-ago gold production
- 229,454 oz
More ways to compare B2Gold Corp
- Reported AISC
- Rank 29 of 35View comparable rankings
B2Gold's mines and operations
| Ownership | Jurisdiction | Status | Source | |
|---|---|---|---|---|
| Fekola Mine | 80% | Mali | Operating and producing | 40-F (filed 11 Mar 2026); fiscal year 2025 |
| Fekola Mine: Fekola Open Pit | 80% | Mali | Currently in operation | 40-F (filed 11 Mar 2026); fiscal year 2025 |
| Fekola Mine: Fekola Underground | 80% | Mali | Supplementing production | 40-F (filed 11 Mar 2026); fiscal year 2025 |
| Cardinal Zone | 80% | Mali | Operations are underway | 40-F (filed 11 Mar 2026); fiscal year 2025 |
| FNE Zone | 80% | Mali | Not available | 40-F (filed 11 Mar 2026); fiscal year 2025 |
| Anaconda Area | Not available | Not available | Not available | 40-F (filed 11 Mar 2026); fiscal year 2025 |
| Dandoko Area | Not available | Not available | Not available | 40-F (filed 11 Mar 2026); fiscal year 2025 |
| Goose Project | Not available | Nunavut | Not available | 40-F (filed 11 Mar 2026); fiscal year 2025 |
| Masbate Gold Project | 40% | Republic of the Philippines | Operating mine | 40-F (filed 11 Mar 2026); fiscal year 2025 |
| Otjikoto Mine | 90% | Republic of Namibia | Not available | 40-F (filed 11 Mar 2026); fiscal year 2025 |
| Gramalote Project | 100% | Department of Antioquia | Not available | 40-F (filed 11 Mar 2026); fiscal year 2025 |
Financials, as filed
Key financials
- Net income
- $401.9M
- Operating cash flow
- $895.8M
- Cash and equivalents
- $380.4M
- Debt
- $598.3M
- EPS (diluted)
- $0.28
Rounded from the figures as filed; the exact figures, concepts and filings are below.
Figures as filed, with concept, provenance and filing
| Measure | Period | Value | Provenance | Filing |
|---|---|---|---|---|
| Net income ifrs-full:ProfitLossAttributableToOwnersOfParent | FY 2025 | $401,908,000 | SEC XBRL, as filed | 40-F · 11 Mar 2026 |
| EPS (basic) ifrs-full:BasicEarningsLossPerShare | FY 2025 | $0.30 | SEC XBRL, as filed | 40-F · 11 Mar 2026 |
| EPS (diluted) ifrs-full:DilutedEarningsLossPerShare | FY 2025 | $0.28 | SEC XBRL, as filed | 40-F · 11 Mar 2026 |
| Operating cash flow ifrs-full:CashFlowsFromUsedInOperatingActivities | FY 2025 | $895,836,000 | SEC XBRL, as filed | 40-F · 11 Mar 2026 |
| Cash and equivalents ifrs-full:CashAndCashEquivalents | FY 2025 | $380,424,000 | SEC XBRL, as filed | 40-F · 11 Mar 2026 |
| Debt ifrs-full:Borrowings | FY 2025 | $598,310,000 | SEC XBRL, as filed | 40-F · 11 Mar 2026 |
| Shares outstanding dei:EntityCommonStockSharesOutstanding | FY 2025 | 1,340,621,856 | SEC XBRL, as filed | 40-F · 11 Mar 2026 |
| Dividends paid ifrs-full:DividendsPaid | FY 2025 | $103,651,000 | SEC XBRL, as filed | 40-F · 11 Mar 2026 |
| Dividend per share ifrs-full:DividendsPaidOrdinarySharesPerShare | FY 2025 | $0.02 | SEC XBRL, as filed | 40-F · 11 Mar 2026 |
Annual figures only: this company files no quarterly XBRL with the SEC.
Seven-year statement history
Each fiscal year as the company first filed it with the SEC, in the currency it filed, never converted.
| Statement line | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
|---|---|---|---|---|---|---|---|
| Revenue | not available | not available | not available | not available | not available | not available | not available |
| Operating income | not available | not available | not available | not available | not available | not available | not available |
| Net income | not available | -$629,891,000 | $10,097,000 | $252,873,000 | $420,065,000 | $628,063,000 | $293,382,000 |
| Operating cash flow | not available | $877,604,000 | $714,453,000 | $595,798,000 | $724,113,000 | $950,645,000 | $491,973,000 |
| Capital expenditure | not available | not available | not available | not available | not available | not available | not available |
| Cash and equivalents | not available | $336,971,000 | $306,895,000 | $651,946,000 | $672,999,000 | $479,685,000 | $140,596,000 |
| Debt | not available | $437,883,000 | $192,125,000 | $57,228,000 | $75,134,000 | $110,022,000 | $261,851,000 |
| Dividend per share | not available | $0.04 | $0.04 | $0.04 | $0.04 | not available | not available |
| Source | not available | 40-F · 28 Mar 2025 | 40-F · 15 Mar 2024 | 40-F · 16 Mar 2023 | 40-F · 30 Mar 2022 | 40-F · 30 Mar 2021 | 40-F · 20 Mar 2020 |
- A dash means the SEC filings carry no figure for that year. It is never zero.
Filings
| Date | Source |
|---|---|
| 7 Aug 2026 | 6-K(7 Aug 2026) |
| 7 Aug 2026 | 6-K(7 Aug 2026) |
| 7 Aug 2026 | 6-K(7 Aug 2026) |
| 13 Jul 2026 | 6-K(13 Jul 2026) |
| 8 Jun 2026 | 6-K(8 Jun 2026) |
| 8 Jun 2026 | 6-K(8 Jun 2026) |
How to read this page
Costs are the company's own consolidated all-in sustaining cost (gold, silver) or C1 cash cost (copper), as stated, on the basis the company states; the reference price is the quarter's average from World Bank Commodity Price Data (CC BY 4.0); the margin is that price less the stated cost, a production-cost spread and not company net profit; financials are as filed in the filing currency, never converted; report dates are confirmed from the company's notice or estimated from its own past pattern and say which. The full methodology is on the Miner Margins page.