Canada's B2Gold lowers annual all-in sustaining cost guidance after strong gold production in Q3

B2Gold

04/11/2026 22:17

Overview
Canada gold miner's Q3 revenue rose, beating analyst expectations
Adjusted EPS for Q3 missed analyst expectations
Company returned $59 mln to shareholders via dividends and share buybacks

Outlook
B2Gold lowers 2026 all-in sustaining cost guidance to $2,230-$2,410/oz sold
Company maintains 2026 gold production guidance at 820,000-920,000 ounces
Ore from Menankoto expected at Fekola plant in Q1 2027, ramping up regional output

Result Drivers
MASBATE AND OTJIKOTO PRODUCTION - Co said strong gold production at Masbate and Otjikoto drove lower than expected operating and all-in sustaining costs
FEKOLA PERMIT - Co said receipt of Menankoto exploitation permit enabled start of mining pre-stripping activities, supporting growth at Fekola Complex
GOOSE CRUSHING UPGRADES - Co completed Phase 1 upgrades to Goose fixed crushing circuit, increasing throughput to 3,200 tpd

Company press release: ID:nGNX5v66QF

Key Details
Metric
Beat/Miss
Actual
Consensus Estimate
Q3 Revenue
Beat
$836 mln
$816.67 mln (3 Analysts)
Q3 Adjusted EPS
Miss
$0.14
$0.16 (9 Analysts)
Q3 EPS
 
$0.28
 
Q3 Adjusted Net Income
Beat
$183 mln
$151.06 mln (2 Analysts)
Q3 Net Income
 
$414 mln
 
Q3 Basic EPS
 
$0.31
 

Analyst Coverage
The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 10 "strong buy" or "buy", 1 "hold" and 1 "sell" or "strong sell"
The average consensus recommendation for the gold peer group is "buy"
Wall Street's median 12-month price target for B2Gold Corp. is C$9.75, about 48.4% above its November 3 closing price of C$6.57
The stock recently traded at 5 times the next 12-month earnings vs. a P/E of 4 three months ago

Reuters Recommended Reads
Nov 4 - Canada's Aris Mining YTD gold production rises 16%
Nov 4 - Royal Gold Q3 revenue rises 84% on higher metal prices
Nov 3 - Hecla Mining's Q3 revenue rises 18%, beats estimates

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)