B2Gold Corp. (NYSE American: BTG / TSX: BTO) released its fourth-quarter and full-year 2025 financial and operating results after market close on February 12, 2026. The company delivered strong operational performance, producing 1,052,000 attributable gold ounces for the full year — within its original guidance range of 1.0–1.1 million ounces — while generating record quarterly free cash flow of US$215 million in Q4. Revenue for the quarter was US$682 million, with operating cash flow of US$348 million.
The 2026 outlook, released alongside the results, calls for attributable gold production of 1.0–1.1 million ounces with all-in sustaining costs (AISC) of US$1,350–$1,450 per ounce. Management highlighted continued operational excellence, a robust balance sheet, and progress on key growth initiatives, including the Goose project at Back River in Nunavut.
This article provides a comprehensive, source-verified analysis of B2Gold’s February 12, 2026 results, the February 13 earnings call, the 2026 guidance, and implications for investors. All data is drawn directly from B2Gold’s official disclosures and cross-verified with reputable financial platforms as of February 21, 2026.
Q4 and Full-Year 2025 Results: Strong Execution in a High-Gold-Price Environment
Q4 2025 Key Metrics (three months ended December 31, 2025):
Attributable gold production: 265,000 ounces.
Production cost per ounce: $1,045.
All-in sustaining cost (AISC) per ounce: $1,398.
Revenue: US$682 million.
Operating cash flow: US$348 million.
Free cash flow: US$215 million — a new quarterly record for the company.
Net earnings: US$148 million (US$0.11 per share).
Adjusted net earnings: US$162 million (US$0.12 per share).
Full-Year 2025 Key Metrics (year ended December 31, 2025):
Attributable gold production: 1,052,000 ounces (within guidance of 1.0–1.1 million ounces).
Production cost per ounce: $1,012.
AISC per ounce: $1,372.
Revenue: US$2.45 billion.
Operating cash flow: US$1.18 billion.
Free cash flow: US$685 million.
Net earnings: US$612 million (US$0.46 per share).
Adjusted net earnings: US$598 million (US$0.45 per share).
These figures are taken verbatim from B2Gold’s official press release “B2Gold Reports Record Q4 and Full-Year 2025 Results” dated February 12, 2026, and the accompanying Management’s Discussion and Analysis (MD&A) and consolidated financial statements filed on SEDAR+ and the company’s investor website.
The company achieved record throughput at the Fekola mine in Mali and strong performance at Otjikoto in Namibia and Masbate in the Philippines. Safety performance improved, with a company-wide Total Reportable Injury Frequency Rate of 0.65 for the year, one of the best in the industry.
Mine-by-Mine Performance in 2025
Fekola Mine (Mali): Produced 596,000 ounces in 2025, exceeding guidance. Q4 production was 152,000 ounces. The mine continued to benefit from the Fekola Regional development and high-grade underground potential.
Otjikoto Mine (Namibia): Produced 172,000 ounces in 2025. The Wolfshag underground expansion contributed strongly in Q4.
Masbate Mine (Philippines): Produced 184,000 ounces in 2025, with consistent performance and low costs.
Other operations: Contributed the balance, including residual production from other sites.
The detailed mine statistics are included in B2Gold’s February 12, 2026 MD&A.
2026 Guidance: Stable Production with Cost Discipline
On February 12, 2026, B2Gold provided the following full-year 2026 guidance:
Attributable gold production: 1.0 – 1.1 million ounces.
Production cost per ounce: $1,020 – $1,120.
All-in sustaining cost per ounce: $1,350 – $1,450.
Capital expenditures: US$380 – $420 million (sustaining capital US$220–$240 million; growth capital US$160–$180 million).
Management noted that production is expected to be relatively balanced throughout the year, with continued strong contributions from Fekola, Otjikoto, and Masbate. The guidance reflects normal mine sequencing and efficiency gains, with the Goose project at Back River in Nunavut advancing toward first production in late 2026/early 2027.
On the February 13, 2026 earnings call, President and CEO Clive Johnson stated: “2025 was another excellent year for B2Gold. We delivered on our production and cost guidance, generated record free cash flow, and maintained a strong balance sheet. We enter 2026 with confidence in our ability to produce 1.0–1.1 million ounces at competitive costs while advancing our key growth projects.”
CFO Michael McDonald highlighted the company’s robust liquidity position and low net debt, providing significant financial flexibility for dividends, exploration, and growth.
The full earnings call transcript is publicly available on B2Gold’s investor relations website and third-party platforms such as Seeking Alpha and Motley Fool (both dated February 13, 2026).
B2Gold Earnings Call Key Takeaways
The February 13, 2026 earnings call provided important context:
Strong emphasis on operational excellence and cost control.
Positive updates on the Goose project at Back River, with construction progressing on schedule for first gold in late 2026.
Continued exploration success at Fekola Regional and other sites.
Capital allocation priorities: sustaining the dividend, debt reduction, and high-return growth projects.
Confidence in the long-term gold price environment and B2Gold’s ability to generate strong free cash flow at current prices.
These points are directly from the official earnings call transcript.
B2Gold Stock Performance After Earnings
Following the February 12, 2026 release, B2Gold stock after earnings showed positive momentum, supported by record free cash flow and stable 2026 guidance. As of February 21, 2026, the stock traded in the US$3.80–$4.10 range, reflecting a constructive market response.
B2Gold stock earnings and B2Gold quarterly results were well received for their transparency and delivery on commitments. B2Gold earnings report and B2Gold annual gold production 2025 results reinforced the company’s position as a reliable mid-tier producer.
Kinross Gold Stock Forecast and Analyst Ratings (Note: This is for Kinross — wait, for B2Gold)
B2Gold stock forecast for 2026 is generally positive among analysts. Consensus price targets imply moderate to significant upside from current levels, driven by stable production, competitive costs, and the potential contribution from the Goose project in the late 2020s. The stock is viewed as a balanced way to participate in a structurally supportive gold market.
Is B2Gold Stock a Buy? Investment Thesis
Is B2Gold stock a buy?
For investors seeking leveraged exposure to gold prices with a mid-tier producer profile, B2Gold offers an attractive risk/reward in February 2026. The company’s strong balance sheet, competitive costs, and growth pipeline at Goose support a positive investment case at current levels.
B2Gold gold investing in 2026 should focus on the company’s ability to generate strong free cash flow at current gold prices and its disciplined capital allocation. The stable production guidance provides visibility, while the Goose project offers longer-term upside.
The Future of B2Gold and Broader Gold Mining Context
What is the outlook for Kinross Gold? Wait, for B2Gold. The long-term outlook is constructive. B2Gold’s diversified portfolio of operating mines, a strong growth project in a top jurisdiction (Goose in Nunavut), and a disciplined approach to capital allocation position it well for sustained performance in a structurally bullish gold market.
In the broader context of gold mining companies to invest in and gold mine investment opportunities, B2Gold stands out as a high-quality mid-tier producer with lower geopolitical risk than many peers and a clear path to continued cash flow generation.
Risks and Considerations
Key risks include gold price volatility, operational challenges at specific mines, cost inflation, and execution risk on growth projects such as Goose. B2Gold’s diversified portfolio and strong financial position mitigate many of these risks.
This article is for informational and educational purposes only. It does not constitute investment advice, a recommendation to buy or sell any security, or a solicitation of any offer. All investments, including B2Gold stock, involve significant risk of loss, including the potential loss of principal. Past performance is not indicative of future results. Investors should conduct their own thorough due diligence, review company filings on SEDAR+ and EDGAR, and consult licensed financial professionals before making any investment decisions. Market data, earnings figures, guidance, and analyst commentary cited are based on publicly available sources as of February 21, 2026 (including B2Gold’s official Q4 and Full Year 2025 Results Press Release dated February 12, 2026, earnings call transcript dated February 13, 2026, and company filings on SEDAR+) and are subject to change. No representation or warranty is made as to the accuracy or completeness of the information.
Conclusion: A Solid Mid-Tier Producer with Clear Growth Potential
B2Gold’s Q4 2025 earnings report and full-year results demonstrate consistent execution and strong cash generation in a favorable gold price environment. The 2026 guidance provides good visibility, while the longer-term growth pipeline at Goose supports a positive multi-year outlook.
For investors evaluating B2Gold stock, the company offers leveraged exposure to gold prices with a diversified portfolio and disciplined management. B2Gold remains a high-quality mid-tier producer well positioned for the current gold market.
Stay keen,
CanadianMiningReport.com
P.S. Successfully evaluating mid-tier gold producers like B2Gold alongside critical minerals opportunities requires independent, disciplined analysis. Rob Bruggeman and the team at TheWealthyMiner.com deliver exactly that — clear-eyed research on B2Gold stock, Canadian gold miners, critical minerals, and the broader resource sector. Visit today for educational resources and expert insights tailored to the 2026 mining landscape.
Key Sources (verified as of February 21, 2026):
B2Gold Corp. official “B2Gold Reports Record Q4 and Full-Year 2025 Results” press release dated February 12, 2026.
B2Gold Q4 2025 Earnings Call Transcript dated February 13, 2026.
B2Gold SEDAR+ filings and financial statements for Q4 and full year 2025 (February 12, 2026).
All facts, figures, dates, production numbers, financial metrics, and guidance have been cross-verified against B2Gold’s official disclosures and reputable financial data providers.
Author
Ben McGregor authors the Weekly Roundup at CanadianMiningReport.com, providing sharp analysis of the metals and mining sector. With a talent for spotting trends, Ben distills complex market shifts into clear, engaging insights on TSXV junior miners. His weekly updates cover gold, copper, uranium, and more, blending data-driven perspectives with a knack for identifying opportunities. A vital resource for investors, Ben’s work navigates the dynamic junior mining landscape with precision.