New York, Feb 19, 2026, 06:27 AM EST — Premarket.
- BTG finished Wednesday at $5.38, then dropped roughly 8% in after-hours trading following B2Gold’s release of its 2026 guidance.
- The miner is projecting gold production for 2026 in the range of 820,000 to 970,000 ounces, with all-in sustaining costs pegged between $2,400 and $2,580 an ounce.
- Investors are set to tune in during Thursday’s results call, looking for updates on the Goose mine ramp-up and progress with Fekola stripping plans.
B2Gold Corp shares slid roughly 8% in after-hours trading Wednesday, after the Canadian gold miner projected higher costs for 2026, despite posting record annual revenue. The stock was recently quoted at $4.94 following the bell, down from its $5.38 regular session finish, per MarketWatch. (MarketWatch)
This kind of cost guidance is significant, since it often shapes sentiment around gold miners, especially with bullion still shouldering much of the performance this year. When the gap between what miners pay and what they fetch for gold widens, cash flow can jump in a hurry. If that margin narrows, the reverse happens—and it can happen just as fast.
B2Gold turned out 303,029 ounces of gold in the fourth quarter, reporting cash operating costs at $736 per ounce produced, and all-in sustaining costs reached $1,754 per ounce sold. Record revenue for 2025 came in at $3.06 billion. For 2026, the miner is aiming to produce between 820,000 and 970,000 ounces, projecting all-in sustaining costs of $2,400 to $2,580 per ounce sold—those figures based on a realized gold price of $5,000 per ounce, with every $100 swing in gold shifting the cost by roughly $12 per ounce. The company also announced a $0.02 per share dividend for the first quarter, payable March 19 to holders on record as of March 6, and scheduled a results call for Thursday at 11:00 a.m. ET. (B2Gold)
B2Gold missed the Street’s fourth-quarter expectations, with adjusted EPS coming in at $0.110—well under the $0.207 analysts had called for, according to Investing.com. Revenue also fell short, landing at roughly $1.05 billion against the $1.24 billion consensus. (Investing.com Canada)
All-in sustaining costs, or AISC, matters to gold miners since it wraps together cash costs, sustaining capital, royalties, and whatever else it takes to keep mines operational. B2Gold’s 2026 AISC guidance suggests investors will be pressing for details on how quickly costs pull back after Fekola’s strip phase and Goose’s commissioning pass.
Gold kept the spotlight going into Thursday. Spot prices climbed 0.7% to $5,012.83 an ounce in early trading, Reuters said, as traders sized up the latest U.S.-Iran strains alongside the Federal Reserve’s policy signals. “Geopolitical concerns are front and centre,” said Jamie Dutta, market analyst at Nemo.money. (Reuters)
The surge in bullion prices is once again fueling questions over how much profit miners actually keep, as governments eye a larger share. On Thursday, Gold Fields raised payouts to shareholders after posting more than double the profit. Even so, CEO Mike Fraser warned to Reuters that governments ought to “be really measured” to avoid setting up “structural, uncompetitive situations”—remarks coming as royalty negotiations continue in Ghana. (Reuters)
B2Gold pointed to the winding down of open-pit mining at Otjikoto as the main reason for its weaker 2026 production forecast. Fekola’s numbers will also be lighter, with stripping seen dragging on output, though the Goose project coming online should help cushion the hit. All of this shifts the focus squarely onto execution, not simply where the metal trades.
The risks aren’t hard to spot. Should gold retreat from its recent peaks, or if ramping up Goose hits more snags, the costlier year could sting more than bulls anticipate. And with royalties and production taxes tied to stronger gold prices, that bite could get worse.
Attention turns to Thursday’s conference call, with investors eyeing updates on the cost curve post-heavy stripping, specifics on Goose throughput and sales timing, plus any hints from management about further buybacks or a more consistent dividend. Key dates on the calendar: March 6 for the dividend record, March 19 for payment.
