We use cookies to understand how you use our site and to improve your experience.
This includes personalizing content and advertising.
By pressing "Accept All" or closing out of this banner, you consent to the use of all cookies and similar technologies and the sharing of information they collect with third parties.
You can reject marketing cookies by pressing "Deny Optional," but we still use essential, performance, and functional cookies.
In addition, whether you "Accept All," Deny Optional," click the X or otherwise continue to use the site, you accept our Privacy Policy and Terms of Service, revised from time to time.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
B2Gold Q3 Earnings Beat Estimates on Strong Gold Prices
Read MoreHide Full Article
Key Takeaways
B2Gold reports adjusted Q3 EPS of 14 cents, beating estimates of 9 cents as revenues rise 6.8% y/y.
Higher gold prices offset lower sales volumes, while production falls 24% and operating costs surge.
B2Gold lowers 2026 AISC guidance and advances Goose and Fekola expansions to boost future output.
B2Gold Corp. (BTG - Free Report) reported adjusted earnings of 14 cents per share for the third quarter of 2026, beating the Zacks Consensus Estimate of 9 cents. The bottom line has been unchanged from the year-ago quarter.
Including one-time items, the company reported earnings of 31 cents per share compared with 1 cent in the prior-year quarter.
Packaging Corporation of America Price, Consensus and EPS Surprise
BTG generated revenues of $836 million in the third quarter of 2026, reflecting a year-over-year increase of 6.8%. The upside was supported by higher realized gold prices, with the average realized gold price rising to $4,289 per ounce from $3,133 in the prior-year quarter, partly offset by a decline in gold ounces sold to 195,018 from 249,925.
B2Gold recorded consolidated gold production of 193,321 ounces in the September-end quarter, down 24% year over year. Gold ounces sold declined 22% to 195,018 ounces.
Fekola generated revenues of $382 million compared with $473 million in the prior-year quarter. Production declined 46.8% to 78,119 ounces as open-pit operations transitioned to Phase 8 waste stripping. Goose generated revenues of $135 million compared with $29 million a year ago. Production increased to 39,973 ounces from 13,862 ounces, supported by improving crushing capacity. Masbate's revenues were nearly flat at $227 million, while production increased 7.8% to 53,363 ounces.
Otjikoto generated revenues of $92 million compared with $143 million a year ago, with production declining 50.4% to 21,866 ounces.
BTG’s Q3 Operating Costs Rise Y/Y
The company reported consolidated cash operating costs of $1,335 per ounce produced in the reported quarter, surging 71.2% year over year. Consolidated all-in sustaining costs of $2,602 per ounce sold increased 75.9% from the prior-year quarter.
For the July-September quarter, consolidated production costs were $263 million, up 34.9% year over year. The increase reflected higher costs at Fekola and Goose, partly offset by lower production costs at Masbate and Otjikoto.
Net income increased to $414 million from $23 million in the prior-year quarter, benefiting from a $253-million impairment reversal at Fekola.
B2Gold's Cash Flow & Balance Sheet Update
BTG’s cash and cash equivalents were $294 million at Sept. 30, 2026, compared with $380 million at the end of 2025. The company generated $699 million in cash from operating activities in the first nine months of 2026 compared with $609 million in the prior-year period. Its working capital was $497 million at Sept. 30, 2026, with $705 million available under its revolving credit facility.
BTG returned $59 million to shareholders during the quarter, comprising $26 million in dividends and $33 million in share repurchases. The company has repurchased 41 million shares for $205 million so far in 2026.
BTG Lowers 2026 Cost Guidance
B2Gold maintained its 2026 consolidated gold production guidance at 820,000-920,000 ounces. Cash operating cost guidance has been unchanged at $1,155-$1,280 per ounce produced.
However, the company lowered its consolidated AISC guidance to $2,230-$2,410 per ounce sold from the previous $2,370-$2,550, reflecting strong year-to-date performance at Masbate and Otjikoto, and lower expected costs at Fekola.
Fekola's revised AISC guidance is $2,350-$2,500 per ounce sold. Masbate's AISC outlook was lowered to $1,250-$1,400, while Otjikoto's was reduced to $1,630-$1,780. Goose's AISC guidance remained unchanged at $2,670-$2,970 per ounce sold.
B2Gold Advances Goose & Fekola Expansion Plans
B2Gold completed Phase 1 upgrades to Goose's fixed crushing circuit in October 2026, increasing throughput to approximately 3,200 tons per day. Phase 2 upgrades are expected by mid-2027, targeting average throughput of 4,000 tons per day.
The company continues to target annual gold production of 300,000 ounces at Goose over the medium term. Higher throughput is expected to support stronger production and lower unit costs as operations ramp up.
BTG also received the Menankoto exploitation permit in August and commenced pre-stripping activities in October. Ore deliveries to the Fekola processing plant are expected to begin in the first quarter of 2027, subject to finalization of the toll milling agreement.
Fekola Regional is expected to ramp up through 2027 and produce more than 150,000 ounces annually from 2028 through the mid-2030s. BTG expects improving production and cash flow as these projects progress and the remaining gold collar contracts expire.
BTG Stock’s Price Performance & Zacks Rank
The company’s shares have jumped 38.7% in the past year compared with the industry’s return of 17%.
Kinross Gold Corporation (KGC - Free Report) reported adjusted earnings of 50 cents per share for the third quarter of 2026, up 13.6% from 44 cents in the year-ago quarter. The bottom line beat the Zacks Consensus Estimate of 46 cents by 8.7%. Kinross Gold’s revenues declined 1.5% year over year to $1.77 billion, missing the consensus estimate of $2.08 billion.
Agnico Eagle Mines Limited (AEM - Free Report) registered adjusted earnings of $2.61 per share for the third quarter of 2026, surpassing the Zacks Consensus Estimate of $2.4. Agnico Eagle Mines’ revenues rose 17.1% year over year to $3.58 billion, beating the Zacks Consensus Estimate of $3.55 billion by 0.9%.
Newmont Corporation (NEM - Free Report) posted third-quarter 2026 adjusted earnings of $2.20 per share, up 28.7% from $1.71 in the year-ago quarter. The figure topped the Zacks Consensus Estimate of $1.94.Newmont’s revenues rose 15.2% year over year to $6.36 billion, beating the Zacks Consensus Estimate of $6.01 billion.
View the Zacks #1 Rank List
Image: Bigstock
B2Gold Q3 Earnings Beat Estimates on Strong Gold Prices
Key Takeaways
B2Gold Corp. (BTG - Free Report) reported adjusted earnings of 14 cents per share for the third quarter of 2026, beating the Zacks Consensus Estimate of 9 cents. The bottom line has been unchanged from the year-ago quarter.
Including one-time items, the company reported earnings of 31 cents per share compared with 1 cent in the prior-year quarter.
Packaging Corporation of America Price, Consensus and EPS Surprise
Packaging Corporation of America price-consensus-eps-surprise-chart | Packaging Corporation of America Quote
B2Gold’s Q3 Production Declines Y/Y
BTG generated revenues of $836 million in the third quarter of 2026, reflecting a year-over-year increase of 6.8%. The upside was supported by higher realized gold prices, with the average realized gold price rising to $4,289 per ounce from $3,133 in the prior-year quarter, partly offset by a decline in gold ounces sold to 195,018 from 249,925.
B2Gold recorded consolidated gold production of 193,321 ounces in the September-end quarter, down 24% year over year. Gold ounces sold declined 22% to 195,018 ounces.
Fekola generated revenues of $382 million compared with $473 million in the prior-year quarter. Production declined 46.8% to 78,119 ounces as open-pit operations transitioned to Phase 8 waste stripping. Goose generated revenues of $135 million compared with $29 million a year ago. Production increased to 39,973 ounces from 13,862 ounces, supported by improving crushing capacity. Masbate's revenues were nearly flat at $227 million, while production increased 7.8% to 53,363 ounces.
Otjikoto generated revenues of $92 million compared with $143 million a year ago, with production declining 50.4% to 21,866 ounces.
BTG’s Q3 Operating Costs Rise Y/Y
The company reported consolidated cash operating costs of $1,335 per ounce produced in the reported quarter, surging 71.2% year over year. Consolidated all-in sustaining costs of $2,602 per ounce sold increased 75.9% from the prior-year quarter.
For the July-September quarter, consolidated production costs were $263 million, up 34.9% year over year. The increase reflected higher costs at Fekola and Goose, partly offset by lower production costs at Masbate and Otjikoto.
Net income increased to $414 million from $23 million in the prior-year quarter, benefiting from a $253-million impairment reversal at Fekola.
B2Gold's Cash Flow & Balance Sheet Update
BTG’s cash and cash equivalents were $294 million at Sept. 30, 2026, compared with $380 million at the end of 2025. The company generated $699 million in cash from operating activities in the first nine months of 2026 compared with $609 million in the prior-year period. Its working capital was $497 million at Sept. 30, 2026, with $705 million available under its revolving credit facility.
BTG returned $59 million to shareholders during the quarter, comprising $26 million in dividends and $33 million in share repurchases. The company has repurchased 41 million shares for $205 million so far in 2026.
BTG Lowers 2026 Cost Guidance
B2Gold maintained its 2026 consolidated gold production guidance at 820,000-920,000 ounces. Cash operating cost guidance has been unchanged at $1,155-$1,280 per ounce produced.
However, the company lowered its consolidated AISC guidance to $2,230-$2,410 per ounce sold from the previous $2,370-$2,550, reflecting strong year-to-date performance at Masbate and Otjikoto, and lower expected costs at Fekola.
Fekola's revised AISC guidance is $2,350-$2,500 per ounce sold. Masbate's AISC outlook was lowered to $1,250-$1,400, while Otjikoto's was reduced to $1,630-$1,780. Goose's AISC guidance remained unchanged at $2,670-$2,970 per ounce sold.
B2Gold Advances Goose & Fekola Expansion Plans
B2Gold completed Phase 1 upgrades to Goose's fixed crushing circuit in October 2026, increasing throughput to approximately 3,200 tons per day. Phase 2 upgrades are expected by mid-2027, targeting average throughput of 4,000 tons per day.
The company continues to target annual gold production of 300,000 ounces at Goose over the medium term. Higher throughput is expected to support stronger production and lower unit costs as operations ramp up.
BTG also received the Menankoto exploitation permit in August and commenced pre-stripping activities in October. Ore deliveries to the Fekola processing plant are expected to begin in the first quarter of 2027, subject to finalization of the toll milling agreement.
Fekola Regional is expected to ramp up through 2027 and produce more than 150,000 ounces annually from 2028 through the mid-2030s. BTG expects improving production and cash flow as these projects progress and the remaining gold collar contracts expire.
BTG Stock’s Price Performance & Zacks Rank
The company’s shares have jumped 38.7% in the past year compared with the industry’s return of 17%.
B2Gold currently has a Zacks Rank #4 (Sell).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Performance of Mining-Gold Stocks in Q2
Kinross Gold Corporation (KGC - Free Report) reported adjusted earnings of 50 cents per share for the third quarter of 2026, up 13.6% from 44 cents in the year-ago quarter. The bottom line beat the Zacks Consensus Estimate of 46 cents by 8.7%. Kinross Gold’s revenues declined 1.5% year over year to $1.77 billion, missing the consensus estimate of $2.08 billion.
Agnico Eagle Mines Limited (AEM - Free Report) registered adjusted earnings of $2.61 per share for the third quarter of 2026, surpassing the Zacks Consensus Estimate of $2.4. Agnico Eagle Mines’ revenues rose 17.1% year over year to $3.58 billion, beating the Zacks Consensus Estimate of $3.55 billion by 0.9%.
Newmont Corporation (NEM - Free Report) posted third-quarter 2026 adjusted earnings of $2.20 per share, up 28.7% from $1.71 in the year-ago quarter. The figure topped the Zacks Consensus Estimate of $1.94.Newmont’s revenues rose 15.2% year over year to $6.36 billion, beating the Zacks Consensus Estimate of $6.01 billion.