New York, February 20, 2026, 07:25 EST — Premarket
- B2Gold shares slid roughly 5% in premarket trade Friday.
- Fresh 2026 output and cost targets landed alongside year-end results, giving investors new numbers to chew on.
- Attention shifts now to the Goose mine ramp-up, Mali’s permitting process, and wherever gold’s macro move heads next.
B2Gold Corp was off roughly 5% before the bell Friday, last trading at $5.12, with investors still picking through the miner’s fresh 2026 outlook.
This isn’t just about the price of bullion—cost management has been just as crucial for gold miners lately. For B2Gold, there’s now some uncertainty. Can a sharp increase in production this year, coupled with higher stripping expenses, still deliver those reliable cash returns?
We’re already seeing the strain in positioning. When a miner’s guidance comes in broad or a fresh project requires extra cash—beyond what the slide deck hinted—traders aren’t hesitating to fade the names.
B2Gold, based in Vancouver, turned in net income attributable to shareholders of $402 million for 2025, or $0.30 per share. Adjusted net income landed at $612 million. Gold revenue reached $3.06 billion, while the company’s average realized gold price clocked in at $3,299 an ounce. B2Gold wrapped up the year with $380 million in cash, and during the year it repurchased 7 million shares for $34 million through its normal course issuer bid. (B2Gold)
B2Gold is projecting gold output for 2026 between 820,000 and 970,000 ounces. The miner pegged its cash operating costs at $1,155 to $1,280 per ounce sold, with all-in sustaining costs (AISC) estimated in a higher band—$2,400 to $2,580 an ounce. That AISC figure, which folds in sustaining capital and overhead, marks a drop from 2025. The company attributed most of the decline to Otjikoto, where open-pit work wraps up, and to reduced output at Fekola as stripping operations drag on, though Goose’s ramp-up offers a partial cushion. Management noted all four mines outperformed targets in January. B2Gold said it’s expecting the Fekola Regional exploitation permit in the first quarter. The board also declared a $0.02 per share dividend for Q1, payable March 19 to holders of record on March 6. (GlobeNewswire)
Chief Executive Clive Johnson, speaking on the earnings call, credited the Goose mine’s initial output and told listeners, “We achieved record revenue of $3 billion.” (Seeking Alpha)
The pace at which costs stabilize remains a major question mark. Guidance tied to deferred stripping, early-phase expenses, and permitting schedules might look straightforward in documents, but can still spring quarter-to-quarter surprises.
Miners aren’t finding much cover from gold right now. Spot prices climbed 0.7% to $5,032.49 an ounce on Friday, according to Reuters, but the metal was still on track for a modest weekly drop. Next up: U.S. inflation data, a key piece for those watching the direction of rates. (Reuters)
B2Gold faces its share of wild cards—Mali’s permitting process, weather headaches, tricky logistics up in northern Canada. Goose hasn’t been running commercially for long; ramp-up years usually lay bare the trouble spots.
Here’s the risk: should gold retreat and costs come in at the high end of guidance, free cash flow narrows and the shares could stay under pressure. Delays with Fekola Regional permitting or mistakes during the Goose ramp-up would only make things worse.
