B2Gold (TSX: BTO) reported Q3 2025 gold revenue of $782.9 million, up 74.6% year over year from $448.2 million, as ounces sold rose 38.4% and the average realized price climbed 26% to $3,133 per ounce.
Total cost of sales increased 25.3% to $392.6 million on slightly higher production costs of $195.2 million, higher depreciation and depletion of $104.7 million, and sharply higher royalties and production taxes of $92.8 million, up 182% due to the higher realized gold price.
Still, gross profit expanded to $390.3 million from $134.8 million last year. This flowed to operating income, which landed at $332.9 million versus a $562.2 million operating loss a year ago that was driven by a $661.2 million impairment in Q3 2024.
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Below the line, losses on derivative instruments widened to $105.7 million from $6.4 million, and the change in fair value of a gold stream was a $28.1 million loss versus a $2.0 million loss last year. Current tax expense rose to $143.9 million from $74.8 million, and deferred tax expense was $30.7 million versus a $15.5 million recovery. Basic EPS attributable to shareholders was $0.01 versus a loss of $0.48.
Net income for the period was $23.1 million versus a loss of $631.0 million a year ago, translating to $0.01 per share compared to a loss of $0.48 per share.
Adjusted net income rose to $179.9 million from $29.2 million, with adjusted EPS of $0.14 versus $0.02.
Cash provided by operating activities was $171.4 million compared to a use of $16.1 million in Q3 2024. Cash and cash equivalents were $367.2 million, up 9.0% from December 31, 2024. Working capital was $35 million, down from $321 million at year end, driven by the reclassification of gold prepayment obligations and a jump in current derivative liabilities to $137.1 million from $1.6 million.
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Gold production for the quarter, including pre-commercial output from Goose, was 254,369 ounces, up 40.9% year over year, while gold sold was 249,925 ounces, up 38.4%. Excluding Goose, production was 240,507 ounces, up 33.2%.
Cash operating costs per ounce produced fell to $780 from $1,061. The company said Fekola, Masbate, and Otjikoto all exceeded expected production in the quarter and reiterated that Q4 2025 is expected to be the strongest production quarter of the year.
Cash operating costs per ounce sold declined to $768 from $1,066, a 27.9% improvement, while total cash costs per ounce sold decreased to $1,149 from $1,248. AISC fell to $1,479 per ounce from $1,650, down 10.4%.
Full-year consolidated production guidance from the Fekola Complex, Masbate, and Otjikoto remains at 890,000 to 965,000 ounces. Goose guidance was reduced to 50,000 to 80,000 ounces from 80,000 to 110,000 ounces due to crushing plant issues and delayed access to higher-grade Umwelt underground stopes in Q3 and early Q4. Mining and processing of higher-grade Umwelt ore began in late October. The company confirmed Fekola’s 2025 guidance of 515,000 to 550,000 ounces and said operations in Mali are running at full capacity with all permits in good standing.
The board declared a Q4 2025 dividend of $0.02 per share payable December 15 to shareholders of record on December 2.
B2Gold last traded at $5.70 on the TSX.
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