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    B2Gold Q1 outperformance: production, costs and solar impacts for mine planners

    May 8, 2026|

    Reviewed by Tom Sullivan

    B2Gold Q1 outperformance: production, costs and solar impacts for mine planners

    First reported on MINING.com

    30 Second Briefing

    B2Gold produced 237,763 oz of gold in Q1 2026, beating both internal and Haywood Capital’s 210,000 oz forecast, with the Fekola mine in Mali delivering 117,450 oz on 2.55 Mt throughput at 1.56 g/t and 91.7% recovery, up 25% year-on-year. The Goose mine in Canada added 42,876 oz after ramp-up, while Masbate (Philippines) and Otjikoto (Namibia) also exceeded plan, supporting 2026 guidance of 820,000–970,000 oz. Lower-than-expected cash operating costs of US$1,005/oz and solar projects at Fekola, Masbate and Otjikoto reduced fuel exposure, driving net income to US$205.5 million and free cash flow to US$362 million.

    Technical Brief

    • Fekola is expanding on-site diesel storage by ~20% to buffer fuel supply disruptions.
    • Solar plants at Fekola, Masbate and Otjikoto are being advanced to decouple power costs from fuel prices.
    • Operations reported “normal” fuel supply levels despite global logistics constraints, indicating resilient inbound fuel chains.
    • Consolidated 2026 guidance allocates 410–460 koz to Fekola and 170–230 koz to Goose, defining mine-level planning envelopes.
    • Masbate and Otjikoto each carry 2026 guidance of 170–190 koz and 70–90 koz respectively, framing regional production profiles.
    • Net income reached US$205.5 million (US$0.15/share), with adjusted earnings of US$260 million (US$0.19/share).
    • Revenue exceeded US$1.1 billion, more than double year-on-year, driven by higher gold sales volumes.
    • Free cash flow swung from a US$7 million negative position to a positive US$362 million in one year.
    • Haywood Capital’s “buy” rating with a C$10.50 target (vs C$7.22 spot) signals confidence in sustaining current operating performance.

    Our Take

    The strong Q1 2026 cash generation from Fekola, Masbate and Otjikoto gives B2Gold more room to absorb the Goose mine outage reported on 20 April 2026, which temporarily cut Nunavut throughput and guidance.

    In our database, B2Gold appears both in high-grade exploration coverage at Back River (26 March 2026) and in M&A-related pieces such as Agnico Eagle’s move on the Fingold JV (20 April 2026), signalling that the company is simultaneously funding organic growth and rationalising its non-core positions.

    With uranium also tagged in this piece and in recent ESG-focused coverage that includes B2Gold alongside Lundin Mining and others, operators with any uranium exposure are likely to face closer scrutiny on greenhouse gas and energy strategies, particularly in jurisdictions like New South Wales that are revisiting historic nuclear and uranium bans.

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    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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