B2Gold CEO Johnson to retire: output, AISC and project signals for mine planners
Reviewed by Tom Sullivan

First reported on MINING.com
30 Second Briefing
B2Gold will see founder and CEO Clive Johnson retire at its 4 June AGM, with long-time CFO and senior vice-president of finance Mike Cinnamond stepping up as chief executive and joining the board while Johnson stays on as chair emeritus. The leadership shift comes as 2025 consolidated gold output reached 980,000 oz at cash costs of US$736/oz and full-year AISC of US$1,584/oz, above guidance due to higher sustaining capex. For 2026, B2Gold guides 820,000–970,000 oz at a sharply higher AISC of US$2,400–2,580/oz, while planning crushing circuit modifications and throughput studies to 4,000 t/d at Goose in Nunavut and targeting first gold from the Fekola regional permit in Mali in H2.
Technical Brief
- Q4 2025 consolidated gold production was 303,000 oz, beating both BMO and market consensus estimates.
- Adjusted Q4 2025 earnings were C$0.11/share versus estimates of C$0.20 and consensus C$0.17.
- Full-year 2025 AISC of US$1,584/oz exceeded guidance due to higher sustaining capital expenditure.
- Q4 2025 AISC of US$1,754/oz and cash costs of US$736/oz both came in below analyst expectations.
- B2Gold’s 2026 AISC guidance of US$2,400–2,580/oz is above BMO’s US$2,305/oz cost forecast.
Our Take
B2Gold’s C$10.2‑billion valuation and low Q4 cash costs of US$736/oz. position it in the upper tier of gold producers in our database, which may help cushion any leadership-transition risk around Clive Johnson’s June retirement.
The related 26 Dec 2025 piece on Goose mine commercial production shows B2Gold pivoting towards Canadian Arctic ounces as Fekola in Mali matures, so continuity in project execution at Goose will likely be a key test for the incoming leadership team.
Across our 1080 Mining stories, only a subset of gold producers combine Arctic projects like Goose with African assets such as Fekola, suggesting B2Gold’s geographic spread could be a differentiator in managing jurisdictional and cost volatility post-2026.
Prepared by collating external sources, AI-assisted tools, and Geomechanics.io’s proprietary mining database, then reviewed for technical accuracy & edited by our geotechnical team.
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