B2Gold (TSX: BTO) posted gold revenue of $692.2 million in Q2 2025, a 41% jump from $492.6 million a year ago, as the average realized price leapt 40% to $3,290 per ounce.
Total cost of sales rose a slower 22% to $340.8 million, allowing gross profit to expand 65% to $351.4 million. Operating income ballooned to $329.5 million from just $30.8 million a year earlier, mainly because last year’s period was weighed down by a $215 million impairment.
After derivative losses of $21.2 million and a larger fair-value hit on the gold stream liability of $21.8 million, pre-tax income settled at $286.4 million.
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This then led for the net income to swing to $160.8 million from a $34.8 million loss in Q2 2024, while diluted EPS of $0.10 still trails the record pricing environment because of share dilution. Adjusted net income doubled to $162.8 million.
However, the AISC per ounce sold jumped 22% to $1,519, outpacing the 8% decline in cash operating cost per ounce produced at $745. Management blamed higher royalty charges tied to the lofty gold price and shipment timing.
Operating cash flow surged more than four-fold to $255.1 million. Heavy capex—led by the Goose and Fekola projects—drove Q2 investing outlays up 118% to $236.4 million, leaving free cash outflow and trimming the quarter-end cash balance to $308.5 million, down 34% from a year ago.
Inventories also ballooned 17% year-to-date to $561.1 million, while current prepaid gold liabilities more than doubled to $558.2 million. Those shifts flipped B2Gold from a December working capital surplus of $321 million to a $19 million deficit at quarter-end.
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B2Gold declared a Q3 dividend of $0.02 per share, maintaining a top-quartile yield even as cash declines.
Consolidated output climbed 12% to 229,454 ounces, yet ounces sold were flat at around 210,000 ounces because shipments from Fekola and Masbate slipped into July.
With the Goose mine now pouring gold—and slated for commercial production in Q3—management reaffirmed 2025 group output guidance of 970,000—1.08 million ounces but trimmed cash cost guidance to $795–$855 per ounce on cheaper fuel.
B2Gold last traded at $5.22 on the TSX.
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