B2Gold Corp.

Second quarter consolidated gold production was approximately 204,000 ounces, in line with expectations. Net income attributable to shareholders was $417 million, or $0.31 per share; adjusted net income attributable to shareholders was $41 million, or $0.03 per share. Adjusted net income included about $71 million of realized losses from gold collar contracts, and without that impact adjusted EPS would have been just over $0.08. Operating cash flow before working capital adjustments was $94 million, and free cash flow was negative $258 million. Year-end cash and cash equivalents were $287 million, with working capital of $405 million. For 2026, management narrowed consolidated gold production guidance to 820,000 to 920,000 ounces, kept cash operating cost guidance unchanged at $1,155 to $1,280 per ounce produced, and lowered AISC guidance to $2,370 to $2,550 per ounce sold, with full-year results expected at or below the low end of that range.

Mike Cinnamond emphasized that the quarter’s biggest development was the Menankoto permit approval in Mali, calling it a major milestone that removes a key obstacle for Fekola Regional. He framed the company’s priorities as executing on two items: advancing Fekola Regional and completing remediation and crusher upgrades at Goose to restore steady-state output. His tone was upbeat and execution-focused, and he repeatedly stressed that the company is now positioned to move from planning to action.

Michael McDonald said the quarter was financially in line with expectations, though free cash flow was depressed by elevated cash taxes, gold prepay deliveries, and higher costs. He highlighted $417 million of net income, $41 million of adjusted net income, $94 million of operating cash flow before working capital, and negative $258 million of free cash flow, while noting that the sale of the Finland properties brought in $325 million of cash proceeds that were not reflected in free cash flow. He also said B2Gold ended the quarter with $287 million in cash, $405 million in working capital, had repurchased about 35 million shares year-to-date for $172 million, and paid $52 million in dividends in the first half, with management expecting free cash flow and shareholder returns to improve as gold prepay and collar contracts roll off.

Analysts focused heavily on what changed in Mali to get the Menankoto permit approved, and management said the government had been harmonizing the 2023 mining code and governance structure, including the mining commission and state mining company SOPAMIM. Questions also centered on the timing and scale of Fekola Regional, with management saying 2026 guidance already assumes the complex stays within the 390,000 to 420,000 ounce range and that any late-2026 production would not be material. At Goose, analysts pressed on crusher recovery, throughput, grades, and 2027 implications; management said the new mobile crusher is being commissioned, Q3 throughput is around 2,500 tonnes per day rising to more than 3,000 tonnes per day in Q4, and the mine should reach 4,000 tonnes per day in H2 2027. Questions on taxes, sustaining capex, and share repurchases drew responses that regional will have a higher tax burden than Fekola, some sustaining capital may come in below plan outside Goose, and buybacks remain a tool management expects to use if the stock continues to look undervalued.