B2Gold Reports Q4 and Full Year 2025 Results & 2026 Guidance; Achieved 2025 Gold Production and Cost Guidance; Record Annual Revenue in 2025 of Over $3 Billion; Gold Production for 2026 Anticipated to be Between 820,000 and 970,000 oz; Q1 2026 Dividend of US$0.02 Per Share Declared

Press Release

February 18, 2026

VANCOUVER, British Columbia,  — B2Gold Corp. (TSX: BTO, NYSE AMERICAN: BTG, NSX: B2G) (“B2Gold” or the “Company”) announces its operational and financial results for the fourth quarter and full year 2025, together with 2026 operating and cost guidance. All dollar figures are in United States dollars unless otherwise indicated.

2025 Fourth Quarter and Full Year Highlights

• Consolidated gold production of 303,029 ounces in Q4 2025: The Fekola, Masbate and Otjikoto mines all exceeded gold production expectations for the fourth quarter, capping off strong operational years at all three sites. Commercial production at the Goose Mine was achieved on October 2, 2025, after which it produced 38,616 ounces in the fourth quarter.
• Consolidated cash operating costs of $736 per ounce produced in Q4 2025: Consolidated cash operating costs (see “Non-IFRS Measures”) were $736 per gold ounce produced during the fourth quarter of 2025, lower than expected as a result of higher than anticipated gold production in the quarter.
• Consolidated all-in sustaining costs of $1,754 per ounce sold in Q4 2025: Consolidated all-in sustaining costs (see “Non-IFRS Measures”) were $1,754 per gold ounce sold during the fourth quarter of 2025, higher than expected as a result of lower than anticipated gold ounces sold due to the timing of shipments at the Fekola Mine and higher than budgeted royalties resulting from a higher realized gold price than expected.
• Annual consolidated gold production of 979,604 ounces: Consolidated gold production for 2025 was 979,604 ounces, including 14,554 ounces of pre-commercial production from the Goose Mine, slightly below the mid-point of the Company’s guidance range of between 940,000 and 1,045,000 ounces. In 2025, the Fekola, Masbate and Otjikoto mines continued their strong performance producing 926,434 ounces of gold, at the mid-point of their guidance range of between 890,000 and 965,000 ounces. Commercial production at the Goose Mine was achieved on October 2, 2025, after which it produced 38,616 ounces, totaling 53,170 ounces for 2025, at the low end of its guidance range of between 50,000 and 80,000 ounces.
• Annual consolidated cash operating costs of $769 per gold ounce produced: Annual consolidated cash operating costs (see “Non-IFRS Measures”), excluding pre-commercial production from the Goose Mine, of $769 per gold ounce produced. Cash operating costs for the year ended December 31, 2025, were below the low end of the Company’s guidance range of $795 to $855 per ounce produced as a result of higher than expected gold production and lower fuel costs.
• Annual consolidated all-in sustaining costs of $1,584 per gold ounce sold: Annual consolidated all-in sustaining costs (see “Non-IFRS Measures”), excluding pre-commercial production from the Goose Mine, of $1,584 per gold ounce sold, at the low end of the Company’s guidance range of $1,575 to $1,635 per ounce sold. The increase in realized gold price compared to budget for the year resulted in additional royalties of $169 per gold ounce sold.
• Record annual revenue of $3.06 billion in 2025: Achieved record annual revenue of $3.06 billion on gold sales of 927,797 ounces at an average realized gold price of $3,299 per ounce sold.
• Attributable net income of $0.13 per share in Q4 2025; Adjusted attributable net income of $0.11 per share in Q4 2025: Net income attributable to the shareholders of the Company of $171 million ($0.13 per share) in the fourth quarter of 2025; adjusted net income (see “Non-IFRS Measures”) attributable to the shareholders of the Company of $147 million ($0.11 per share) in the fourth quarter of 2025. For the year ended December 31, 2025, net income attributable to the shareholders of the Company was $402 million ($0.30 per share), predominantly due to strong gold production and higher than expected realized gold prices, and adjusted net income (see “Non-IFRS Measures”) attributable to the shareholders of the Company was $612 million ($0.46 per share).
• Annual operating cash flow before working capital adjustments of $940 million, including $211 million in Q4 2025: Cash flow provided by operating activities before working capital adjustments was $211 million in the fourth quarter of 2025. Cash flow provided by operating activities before working capital adjustments for the year ended December 31, 2025, was $940 million.
• Strong financial position and liquidity: At December 31, 2025, the Company had cash and cash equivalents of $380 million and working capital (defined as current assets less current liabilities) of $68 million. Working capital at December 31, 2025, reflected the classification of the Company’s gold prepayment obligations as current liabilities. As of December 31, 2025, the Company had $650 million available under its revolving credit facility (“RCF”). Subsequent to year end, the Company repaid $100 million on the RCF leaving $750 million available for future draw downs.
• Repurchased 7 million shares for $34 million under the Company’s normal course issuer bid (“NCIB”): On April 1, 2025, the Toronto Stock Exchange accepted the notice of B2Gold’s intention to implement an NCIB, which became effective on April 3, 2025, and will expire no later than April 2, 2026. During the year ended December 31, 2025, the Company repurchased 2 million shares for $10 million. Subsequent to year end, the Company repurchased a further 5 million shares for $24 million.
• Q1 2026 dividend of $0.02 per share declared: On February 18, 2026, B2Gold’s Board of Directors declared a cash dividend for the first quarter of 2026 of $0.02 per common share (or an expected $0.08 per share on an annualized basis), payable on March 19, 2026, to shareholders of record as of March 6, 2026.

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