# B2Gold Reports Q2 2026 Results; Strong Operating Performance at the Fekola, Masbate, and Otjikoto Mines led to Higher than Expected Gold Production and Lower than Expected All-In Sustaining Costs; Menankoto Exploitation Permit Expected to be Issued in the Near-Term by the State of Mali Canonical Atlas analysis: https://atlas-extractions.minestarters.com/news/b2gold-reports-q2-2026-results-strong-operating-performance-at-the-fekola-masbat--c5ce8626-f232-4653-8f26-547743360531 Original source: https://www.globenewswire.com/news-release/2026/08/06/3340870/0/en/b2gold-reports-q2-2026-results-strong-operating-performance-at-the-fekola-masbate-and-otjikoto-mines-led-to-higher-than-expected-gold-production-and-lower-than-expected-all-in-sust.html Publisher: globenewswire Original announcement: 2026-08-06T00:00:00.000Z Analysis by Minestarters Atlas Atlas analysis published: Unknown date Atlas analysis updated: Unknown date - Company: B2Gold Corp. - Ticker: BTO - Exchange: Unavailable - Region: Unavailable - Primary commodity: Gold - Secondary commodities: None reported - Document categories: Production, Permitting, Metallurgy - Extracted: 2026-09-12 03:00:44 UTC Narrative sentiment: 0.80 · Bullish ## Minestarters Atlas summary B2Gold reported strong Q2 2026 results with consolidated gold production of 203,648 ounces and all-in sustaining costs of $2,356 per gold ounce sold, both better than anticipated due to strong performance at Fekola, Masbate, and Otjikoto. The company expects the Menankoto Exploitation Permit in Mali to be issued in the near future, which is a key growth driver. Consolidated 2026 gold production guidance was narrowed to 820,000-920,000 ounces, reflecting delays at Fekola Regional and a fire at the Goose Mine, though Masbate and Otjikoto guidance increased. Reasoning: B2Gold reported strong Q2 2026 operating performance with higher gold production and lower costs than anticipated at several key mines, and expects a crucial exploitation permit in Mali soon. While Goose production was impacted by a fire and consolidated guidance was slightly narrowed, the overall outlook remains positive with increased guidance for two mines and a strong financial position. - Positive factor: Higher than expected gold production at Fekola, Masbate, and Otjikoto mines - Positive factor: Lower than expected consolidated all-in sustaining costs - Positive factor: Key Menankoto Exploitation Permit expected to be issued in the near-term - Positive factor: Increased production guidance for Masbate and Otjikoto - Positive factor: Strong financial position and liquidity - Positive factor: Completion of Gold Prepay contracts - Positive factor: Sale of Fingold Ventures for $325 million - Positive factor: Share repurchases under NCIB - Negative factor: Lower than anticipated gold production at Goose due to crushing circuit fire - Negative factor: Consolidated gold production guidance narrowed due to Fekola Regional delays and Goose issues - Negative factor: Free cash outflow in Q2 2026 Low confidence — this extraction should be reviewed alongside the original source. Facts used in scoring: 20 ## Classification and evidence **High Production** Polarity: positive Story-specific tag Definition: No canonical definition is currently available. Why it applies: Consolidated gold production in Q2 2026 was 203,648 ounces, which was higher than anticipated. Evidence · text > Gold production of 203,648 ounces : Consolidated gold production in the second quarter of 2026 was 203,648 ounces, in line with expectations. Gold production at Fekola, Masbate and Otjikoto was higher than anticipated **Low Costs** Polarity: positive Story-specific tag Definition: No canonical definition is currently available. Why it applies: Consolidated cash operating costs of $1,201 per gold ounce produced were lower than anticipated. Evidence · text > Consolidated cash operating costs of $1,201 per gold ounce produced : Consolidated cash operating costs \(see “ Non-IFRS Measures ”\) were $1,201 per gold ounce produced \($1,127 per gold ounce sold\) during the second quarter of 2026. Cash operating costs per ounce produced for the second quarter of 2026 were lower than anticipated **Low Costs** Polarity: positive Story-specific tag Definition: No canonical definition is currently available. Why it applies: Consolidated all-in sustaining costs of $2,356 per gold ounce sold were lower than anticipated. Evidence · text > Consolidated all-in sustaining costs of $2,356 per gold ounce sold : Consolidated all-in sustaining costs \(see “ Non-IFRS Measures ”\) were $2,356 per gold ounce sold during the second quarter of 2026. Consolidated all-in sustaining costs for the second quarter of 2026 were lower than anticipated **Permit Expected** Polarity: positive Story-specific tag Definition: No canonical definition is currently available. Why it applies: The Menankoto Exploitation Permit is awaiting approval by the Council of Ministers of Mali, which B2Gold anticipates will occur in the near future. Evidence · text > The permit is now awaiting approval by the Council of Ministers of Mali, which B2Gold anticipates will occur in the near future. **Production Decline** Polarity: negative Story-specific tag Definition: No canonical definition is currently available. Why it applies: Gold production at Goose was lower than anticipated due to a fire in the crushing circuit. Evidence · text > offset by lower than anticipated gold production at Goose as a result of a previously reported fire in certain areas of the crushing circuit in April 2026. **Guidance Reduction** Polarity: negative Story-specific tag Definition: No canonical definition is currently available. Why it applies: Consolidated gold production guidance for 2026 was narrowed from 820,000-970,000 ounces to 820,000-920,000 ounces. Evidence · text > Consolidated gold production for 2026 is now expected to be between 820,000 and 920,000 ounces \(previously between 820,000 and 970,000 ounces\). **Guidance Reduction** Polarity: negative Story-specific tag Definition: No canonical definition is currently available. Why it applies: Fekola Complex gold production guidance for 2026 was reduced from 410,000-460,000 ounces to 390,000-420,000 ounces. Evidence · text > The Fekola Complex is now expected to produce between 390,000 and 420,000 ounces of gold in 2026 \(previously between 410,000 and 460,000 ounces\). **Guidance Reduction** Polarity: negative Story-specific tag Definition: No canonical definition is currently available. Why it applies: Goose Mine gold production guidance for 2026 was narrowed from 170,000-230,000 ounces to 170,000-200,000 ounces. Evidence · text > Goose is now expected to produce between 170,000 and 200,000 ounces of gold in 2026 \(previously between 170,000 and 230,000 ounces\). **Guidance Improvement** Polarity: positive Story-specific tag Definition: No canonical definition is currently available. Why it applies: Masbate Mine gold production guidance for 2026 was increased from 170,000-190,000 ounces to 180,000-200,000 ounces. Evidence · text > Masbate is now expected to produce between 180,000 and 200,000 ounces of gold in 2026 \(previously between 170,000 and 190,000 ounces\). **Guidance Improvement** Polarity: positive Story-specific tag Definition: No canonical definition is currently available. Why it applies: Otjikoto Mine gold production guidance for 2026 was increased from 70,000-90,000 ounces to 80,000-100,000 ounces. Evidence · text > Otjikoto is now expected to produce between 80,000 and 100,000 ounces of gold in 2026 \(previously between 70,000 and 90,000 ounces\). **Asset Sale** Polarity: positive Story-specific tag Definition: No canonical definition is currently available. Why it applies: The company completed the sale of its 70% interest in Fingold Ventures Ltd. for $325 million. Evidence · text > Sold 70% interest in Fingold Ventures Ltd. \(“Fingold”\) to Agnico Eagle Mines Ltd. \(“Agnico Eagle”\) for $325 million **Share Buyback** Polarity: positive Story-specific tag Definition: No canonical definition is currently available. Why it applies: The company repurchased $92 million of shares under its renewed normal course issuer bid. Evidence · text > Repurchased $92 million of shares under the Company's renewed normal course issuer bid **Free Cash Outflow** Polarity: negative Story-specific tag Definition: No canonical definition is currently available. Why it applies: The company reported a free cash outflow of $258 million in Q2 2026. Evidence · text > free cash outflow of $258 million : Cash flow provided by operating activities before working capital adjustments of $94 million, and free cash outflow \(see “ Non-IFRS Measures ”\) of $258 million in the second quarter of 2026. ## Extracted facts Stored fact records: 4. Some facts used in scoring do not have a stored record. ## Metallurgical Results (4) ### Fact 1 [Link to this fact](https://atlas-extractions.minestarters.com/news/b2gold-reports-q2-2026-results-strong-operating-performance-at-the-fekola-masbat--c5ce8626-f232-4653-8f26-547743360531#fact-metallurgical-facts-2) Fekola Mine · gold #### Identity - Project: Fekola Mine - Commodity: gold - Region: mali - Reported Region: Mali - Ticker: BTO #### Recovery - Recovery: 91.8 % #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-08-06T00:00:00.000Z Reasoning: Fekola Mine delivered higher than anticipated gold production in Q2 2026 due to improved throughput and grade, with costs generally in line or better than expected, despite some higher mining costs. - Positive factor: Higher than anticipated gold production - Positive factor: Higher mill throughput - Positive factor: Higher mill feed grade - Positive factor: Cash operating costs in line with expectations - Positive factor: All-in sustaining costs lower than anticipated - Negative factor: Higher than expected mining costs due to accelerated mining of Fekola open pit Evidence · table > 116,281 Context: Gold production \(ounces\) ### Fact 2 [Link to this fact](https://atlas-extractions.minestarters.com/news/b2gold-reports-q2-2026-results-strong-operating-performance-at-the-fekola-masbat--c5ce8626-f232-4653-8f26-547743360531#fact-metallurgical-facts-3) Goose Mine · gold #### Identity - Project: Goose Mine - Commodity: gold - Region: canada - Reported Region: Canada - Ticker: BTO #### Recovery - Recovery: 93.9 % #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-08-06T00:00:00.000Z Reasoning: Gold production at Goose Mine was significantly lower than anticipated in Q2 2026 due to a fire in the crushing circuit, leading to much higher all-in sustaining costs, despite a higher mill feed grade. - Positive factor: Higher than expected mill feed grade - Negative factor: Lower than anticipated gold production - Negative factor: Lower than expected mill throughput due to crushing circuit fire - Negative factor: All-in sustaining costs higher than anticipated Evidence · table > 12,890 Context: Gold production \(ounces\) ### Fact 3 [Link to this fact](https://atlas-extractions.minestarters.com/news/b2gold-reports-q2-2026-results-strong-operating-performance-at-the-fekola-masbat--c5ce8626-f232-4653-8f26-547743360531#fact-metallurgical-facts-4) Masbate Mine · gold #### Identity - Project: Masbate Mine - Commodity: gold - Region: philippines - Reported Region: Philippines - Ticker: BTO #### Recovery - Recovery: 78.2 % #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-08-06T00:00:00.000Z Reasoning: Masbate Mine continued its strong performance in Q2 2026 with higher than anticipated gold production and lower than anticipated cash operating and all-in sustaining costs, driven by improved throughput and recoveries. - Positive factor: Higher than anticipated gold production - Positive factor: Higher mill throughput - Positive factor: Higher gold recoveries - Positive factor: Cash operating costs lower than anticipated - Positive factor: Lower operating costs due to lower processing costs - Positive factor: All-in sustaining costs lower than anticipated Evidence · table > 51,039 Context: Gold production \(ounces\) #### Tags used in scoring **Low Recovery** Polarity: negative Definition: Recovery below the weak band for the commodity and processing route. Why it applies: 78.2% is below the weak band \(80%\) ### Fact 4 [Link to this fact](https://atlas-extractions.minestarters.com/news/b2gold-reports-q2-2026-results-strong-operating-performance-at-the-fekola-masbat--c5ce8626-f232-4653-8f26-547743360531#fact-metallurgical-facts-5) Otjikoto Mine · gold #### Identity - Project: Otjikoto Mine - Commodity: gold - Region: namibia - Reported Region: Namibia - Ticker: BTO #### Recovery - Recovery: 97.7 % #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-08-06T00:00:00.000Z Reasoning: Otjikoto Mine achieved higher than anticipated gold production in Q2 2026 due to better mill feed grade from underground sources, resulting in lower than expected costs despite some higher mining costs. - Positive factor: Higher than anticipated production - Positive factor: Higher than expected average mill feed grade - Positive factor: Greater ore volumes from higher grade underground sources - Positive factor: Cash operating costs lower than anticipated - Positive factor: All-in sustaining costs lower than anticipated - Negative factor: Higher than expected underground mining costs Evidence · table > 23,438 Context: Gold production \(ounces\) #### Tags used in scoring **High Recovery** Polarity: positive Definition: Recovery at or above the exceptional band for the commodity and processing route. Why it applies: 97.7% is at or above the exceptional band \(95%\) ## How Atlas produces this analysis Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.