B2Gold Reports Q1 2026 Results

Press Release

Strong operating performance across all operations led to higher than expected gold production, lower than expected costs, and robust free cash flow in the first quarter of 2026

VANCOUVER, British Columbia, May 06, 2026 — B2Gold Corp. (TSX: BTO, NYSE AMERICAN: BTG, NSX: B2G) (“B2Gold” or the “Company”) is pleased to announce its operational and financial results for the first quarter of 2026. All dollar figures are in United States dollars unless otherwise indicated.

2026 First Quarter Highlights

Gold production of 237,763 ounces: Total gold production in the first quarter of 2026 was 237,763 ounces. All operations exceeded expected production in the first quarter.
Consolidated cash operating costs of $1,005 per gold ounce produced: Consolidated cash operating costs (see “Non-IFRS Measures”) were $1,005 per gold ounce produced ($846 per gold ounce sold) during the first quarter of 2026. Cash operating costs per ounce produced for the first quarter of 2026 were better than expected mainly as a result of higher than expected gold production.
Consolidated all-in sustaining costs of $1,964 per gold ounce sold: Consolidated all-in sustaining costs (see “Non-IFRS Measures”) were $1,964 per gold ounce sold during the first quarter of 2026. Consolidated all-in sustaining costs for the first quarter of 2026 were better than expected as a result of lower than anticipated production costs, higher than planned gold ounces sold, and lower than expected sustaining capital expenditures.
Attributable net income of $0.15 per share; adjusted attributable net income of $0.19 per share: Net income attributable to the shareholders of the Company of $200 million, or $0.15 per share; adjusted net income (see “Non-IFRS Measures”) attributable to the shareholders of the Company of $260 million, or $0.19 per share.
Operating cash flow before working capital adjustments of $386 million and free cash flow of $362 million: Cash flow provided by operating activities before working capital adjustments of $386 million, and free cash flow (see “Non-IFRS Measures”) of $362 million in the first quarter of 2026.
Strong financial position and liquidity: At March 31, 2026, the Company had cash and cash equivalents of $479 million and working capital (defined as current assets less assets classified as held for sale and current liabilities) of $171 million. During the first quarter of 2026, the Company repaid a net $75 million on the Company’s $800 million revolving credit facility (“RCF”). Subsequent to quarter end, on April 24, 2026, the Company repaid the full outstanding $75 million balance on the RCF, leaving the full $800 million available for future draw downs.
Leadership transition: On February 23, 2026, the Company announced that, as part of the Company’s leadership succession planning, Mr. Clive Johnson has decided to retire from his role as President, Chief Executive Officer (“CEO”) and Director of the Company effective June 4, 2026. The Board of Directors named Mike Cinnamond, Senior Vice President, Finance and Chief Financial Officer of B2Gold, to succeed Mr. Johnson as President and CEO and replace Mr. Johnson on the Board of Directors. In recognition and appreciation of his unique and important role as a founder and his invaluable contributions to the Company, Mr. Johnson will be named Chair Emeritus of B2Gold.
Repurchased $80 million of shares under the Company’s normal course issuer bid (“NCIB”): During the first quarter of 2026, the Company repurchased 16 million shares for $80 million under the prior NCIB. Subsequent to quarter end, the Company repurchased and cancelled an additional 4 million shares for $18 million.
Renewed the Company’s NCIB for 10% of the public float: On April 1, 2026, the Toronto Stock Exchange accepted the notice of B2Gold’s intention to renew its NCIB. The renewed NCIB commenced on April 3, 2026 and will expire no later than April 2, 2027. The renewed TSX approval allows the Company to purchase up to 132,662,594 common shares of B2Gold representing 10% of the public float as of March 20, 2026.
Sold 70% interest in Fingold Ventures Ltd. (“Fingold”) to Agnico Eagle Mines Ltd. (“Agnico Eagle”) for $325 million: On April 23, 2026, B2Gold announced that it had closed the sale of its 70% interest in Fingold to Agnico Eagle for cash consideration of $325 million.
Agreed to Nunavut collaboration agreement with Agnico Eagle: On April 20, 2026, the Company announced that B2Gold and Agnico Eagle agreed to enter into a collaboration agreement focused on knowledge sharing and cooperation across their respective operations in Nunavut, Canada (the “Nunavut Collaboration Agreement”). The agreement is intended to leverage the complementary experience, best practices and expertise of both companies operating in northern arctic environments. The agreement will not involve any transfer of ownership interests or integration of activities and is non-exclusive in nature.
Q2 2026 dividend of $0.02 per share declared: On May 6, 2026, B2Gold’s Board of Directors declared a cash dividend for the second quarter of 2026 of $0.02 per common share (or an expected $0.08 per share on an annualized basis), payable on June 23, 2026, to shareholders of record as of June 10, 2026.