B2Gold Q1 2026 Earnings Report

B2Gold EPS Results

• Actual EPS: $0.19
• Consensus EPS: $0.11
• Beat/Miss: Beat by +$0.08
• One Year Ago EPS: $0.09

B2Gold Revenue Results

• Actual Revenue: $1.16 billion
• Expected Revenue: $893.41 million
• Beat/Miss: Beat by +$265.24 million
• YoY Revenue Growth: +117.70%

B2Gold Announcement Details

• Quarter: Q1 2026
• Date: 5/6/2026
• Time: After Market Closes
• Conference Call Date: Thursday, May 7, 2026
• Conference Call Time: 11:00AM ET

B2Gold (NYSEAMERICAN:BTG). is a Canadian-based intermediate gold producer with a diversified portfolio of operating mines and advanced-stage development projects. Founded in 2007 through the merger of Bema Gold and CGA Mining, the company has grown to become one of the world’s largest new gold producers. Headquartered in Vancouver, British Columbia, B2Gold focuses on efficient, low-cost operations across several continents, combining exploration, development and production within a single strategic framework.

The company’s flagship assets include the Fekola mine in Mali, which commenced production in 2017, the Otjikoto mine in Namibia, and the Masbate mine in the Philippines. In addition, B2Gold operates the Libertad gold mine in Nicaragua. These four mines collectively drive the bulk of the company’s output, with exploration and expansion programs underway to sustain and enhance production. B2Gold also maintains exploration projects in Colombia, Finland and Senegal, reinforcing its commitment to long-term growth.

Beyond gold production, B2Gold offers contract mining services, site reclamation, and community development initiatives designed to foster positive local engagement. The company’s integrated approach spans all phases of the mining lifecycle, from grassroots exploration through to mine closure planning. By leveraging modern mining techniques and continuously optimizing its operations, B2Gold seeks to deliver consistent, responsible production while managing environmental and social impacts.

Leadership at B2Gold is headed by President and Chief Executive Officer Clive Z. Johnson, who co-founded the company and has guided its strategic expansions since inception. Supporting him is a senior management team with decades of combined experience in geoscience, engineering and finance. Together, they pursue a vision of sustainable growth, underpinned by rigorous health, safety and environmental standards and a dedication to creating shared value for shareholders, employees and host communities.

B2Gold Q1 2026 Earnings Call Transcript

Key Takeaways

• Positive Sentiment: Strong Q1 financials and liquidity — GAAP EPS $0.15 (adjusted $0.19), revenue ~ $1.2B, operating cash flow $539M and free cash flow $362M, with cash up to $479M and a $325M sale to Agnico plus ongoing share repurchases supporting continued buybacks and capital flexibility.
• Negative Sentiment: Goose crushing-circuit fire reduced Q2 guidance to 18,000–20,000 oz (vs prior ~29,000), with repairs expected by Q3 at ~$7M and phase-1 upgrades ~$11M (phase-2 $20–30M planned for H1 2027), creating near-term production disruption.
• Neutral Sentiment: Leadership transition — Clive Johnson will retire as President & CEO on June 4, 2026 and become Chair Emeritus, with Mike Cinnamond appointed as the next President (COO) to lead operations and capital-allocation discipline.
• Negative Sentiment: Geopolitical and supply-chain risk — Mali operations continue but the Fekola Regional permit must be received by end of June to meet expectations, and Masbate remains sensitive to diesel price/supply despite a rolling 90‑day fuel arrangement and proactive supply‑chain measures.

Presentation

[Operator]

Thank you for standing by. This is the conference operator. Welcome to B2Gold Corporation's first quarter 2026 financial results conference call. As a reminder, all participants are in listen-only mode, and the conference is being recorded. After the presentation, there will be an opportunity for analysts to ask questions. To join the question queue, you may press star then 1 on your telephone keypad. You will hear a tone acknowledging your request. Should you need assistance during the conference call, you may reach an operator by pressing star then 0. I would now like to turn the conference over to Clive Johnson, President and CEO of B2Gold. Please go ahead.

[Clive Johnson, President and CEO at B2Gold]

Thank you, operator. Good morning, everyone. Thank you for joining us today for our first quarter earnings call. This has been a period of solid operational performance and disciplined cost management against a backdrop of ongoing volatility in global commodity markets. Our focus on safety, sustainability, and operational excellence continues to drive reliable production and strong cash flow generation across our portfolio. Today, we'll review our financial results, highlight key developments across our assets, and discuss our outlook for the remainder of 2026. In light of recent events in Mali involving the conflicts between government and insurgent groups, the company also wishes to report that its business operations in Mali continue with the normal course, with such activities occurring at far distances from the company's operations.

[Clive Johnson, President and CEO at B2Gold]

The company continues to closely monitor the situation and take precautions to ensure the safety and well-being of persons of our employee and contractors in Mali. I would like to announce the important leadership transition we shared earlier this year, announcing my retirement as President and CEO, effective June 4th, 2026, and the appointment of Mike Cinnamond as B2Gold's next President and Chief Operating Officer. It has been a great privilege to have led B2Gold since its formation in 2017 as a startup exploration, a junior exploration company. We've grown the business through timely and well-executed acquisitions to make the company what it is today.

[Clive Johnson, President and CEO at B2Gold]

I'm especially proud of the fact that we have lived up to our values of fairness, respect, and transparency, and our reputation as an efficient and transparent operator have enabled us to attract and retain some of the best people in the mining industry. In addition, I am proud of the contributions to the communities in which we operate around the world, where our goal is to leave them in a better place than when we arrived. Now is the right time to pass the torch. In making this decision, I have every confidence in Mike and our strong executive team to lead our next stage of growth. I'm proud of my contributions to B2Gold and look forward in my new role as Chair Emeritus to watching it create long-term sustainable value for our shareholders in the years to come.

[Clive Johnson, President and CEO at B2Gold]

After 19 years, this will be my last quarterly conference call with you. While I can't say it's always been a pleasure, I think we've overall had productive relationships. There's currently a good, strong group of professional analysts. We realize you have challenging jobs as you attempt to cover all of the companies in our sector. With that, I'll turn it over to Mike Cinnamond.

[Mike Cinnamond, SVP and CFO at B2Gold]

Well, thanks, Clive. I let you know, I'd like to say I've had the opportunity to work closely with you and the team, so for many years now, and I'm stepping into this role with a strong understanding of our business and I think confidence in the foundation that it's been built on. We've got great people. We've got great assets. As we move through this transition, my focus is gonna be on maintaining that foundation while continuing to strengthen in execution and deliver consistent results for our shareholders. I look forward to working, continuing to work with Clive during the transition period as well as Kelvin Dushnisky, our Executive Chair, our Board of Directors, the management team, and all of our great people at B2Gold sites around the world as we help this company achieve its full potential.

[Mike Cinnamond, SVP and CFO at B2Gold]

Also want to congratulate Clive Johnson in his role as Chairman Emeritus. I think that reflects its recognition of his lifetime's contribution to both our company and to our industry. Moving on to the results, the first quarter was a strong start to the year at all of our operations with the Fekola, Goose, Masbate, and Otjikoto mines all outperforming expectations. Financially, it was a strong quarter. GAAP earnings were $0.15 per share on an adjusted base, on adjusted base was $0.19 per share. The company recorded revenue of nearly $1.2 billion in the first quarter, and that included delivery of just over 66,000 ounces under our gold prepayment obligations. As of today, we're in our final 2 months of delivery, so we'll have delivered into the remaining prepaid ounces by the end of June.

[Mike Cinnamond, SVP and CFO at B2Gold]

Operating cash flows for the first quarter were $539 million, and free cash flow was $362 million. Another strong result highlighting the continuing cash generation potential, I think, of our operating assets in this gold price environment. We've been investing for the last two or three years as we build Goose and move things along at our other sites, and now we're starting to see that free cash flow flowing in. This performance, it highlights the strength of the business, and it provides us with significant financial flexibility. Looking at our balance sheet, we remain in a strong financial position with cash and cash equivalents of $479 million at March 31st, 2026, and that's up from $380 million at the end of 2025.

[Mike Cinnamond, SVP and CFO at B2Gold]

Subsequent to the quarter end, we paid the remaining $75 million outstanding balance on our revolving credit facility, which leaves the full amount of $800 million on the facility available for future draws, plus another $200 million accordion feature. Lots of financial strength and liquidity there. During the first quarter, we repurchased approximately 60 million shares for $80 million. Subsequent to the quarter end, we repurchased a further 4 million shares for $18 million. I think we expect to continue repurchasing shares as the year progresses. When we look at the value of our business and our share price, we don't believe that the value of our business is reflected in our share price. I think you'll continue to see us look at that repurchase as we go through the balance of the year, like I said.

[Mike Cinnamond, SVP and CFO at B2Gold]

Subsequent to the quarter end, we also completed the sale of our 70% stake in Fingold Ventures to Agnico Eagle for $325 million in cash. With that, we also have an agreement with Agnico to enter into a collaboration agreement related to our respective operations in Nunavut. I think this agreement creates a framework where we can share operational knowledge and best practices across mining, processing, and logistics in Arctic environments. We see Agnico Eagle as a strong long-term partner in the region. I think this is also consistent with our focus on disciplined capital allocation and strengthening the overall quality of our portfolio. Overall, we continue to maintain excellent financial flexibility to ability to repay our obligations, fund our growth initiatives, and very importantly, return capital to our shareholders, both through dividends and through buybacks.

[Mike Cinnamond, SVP and CFO at B2Gold]

My priority for sure will be to maintain a disciplined approach to capital allocation while preserving that flexibility and optionality as we go forward. With that, I'd like to turn the call over to Will for operational update.

[William Lytle, SVP and COO at B2Gold]

Yeah. Thanks, Mike. It's been a minute since I've been able to start out this way, but I'd say overall, we're very pleased with the operating performance during the first quarter, with our operations producing approximately 238,000 ounces, which is above expectations. In Mali, gold production at Fekola is expected to be relatively consistent throughout the year. The company expects to meet the Fekola Complex production guidance range for the year, provided the exploitation permit for the Fekola Regional is received by the end of June 2026. At Goose, we continue to expect the operations to ramp up throughout the year. As we reported in mid-April, we experienced a fire in certain areas of the crushing circuit. As noted, there were no injuries reported and no medical treatment was required related to the fire.

[William Lytle, SVP and COO at B2Gold]

The fire damage was localized to the crushing circuit. The company has developed a preliminary revised mill processing plan based on the use of mobile crushers to feed crushed ore directly to the fine ore stockpile while repairs to the crushing circuit are completed. The company has estimated the repairs will be completed in the third quarter of 2026 at a cost of approximately $7 million. These repairs will coincide with the first phase of the upgrades to the Goose Mine crushing circuit, comprised of the previously announced addition of the run of mine bin and apron feeder, plus a new larger jaw crusher and rock breaker. The total cost of the first phase of crushing circuit upgrades is expected to be approximately $11 million.

[William Lytle, SVP and COO at B2Gold]

B2Gold reiterates its previously disclosed estimate that the Goose Mine crushing circuit will be able to operate at an average daily capacity of approximately 3,200 tons per day by the end of Q3 2026. The company estimates the impact of the lower availability of the crushed ore as a result of the fire will be limited to the second quarter of 2026, and that the availability of crushed ore in the second half of 2026 will not change from previous estimates. The company now forecasts second quarter production of 18,000 ounces-20,000 ounces versus the prior internal forecast of 29,000 ounces.

[William Lytle, SVP and COO at B2Gold]

Additionally, based on studies conducted to date, B2Gold has identified a second phase of crushing circuit upgrades that are scheduled to be implemented in the first half of 2027 in order to increase the nameplate capacity of the crushing circuit, enable it to run at an average of 4,000 tons per day. The total cost of phase 2 is anticipated to be between $20 million-$30 million. The second phase of the crusher upgrades includes the installation of a larger cone crushers, additional surge bins and feeders to optimize crusher performance and upgraded conveyors to support the higher throughput. I just want to reiterate that we the company reiterates its full guidance for the Goose Mine of between 170,000 ounces-230,000 ounces in 2026.

[William Lytle, SVP and COO at B2Gold]

Over the medium term, B2Gold still expects gold production to average approximately 300,000 ounces per year at the Goose Mine. At Masbate, the operation continues to perform well with a world-class safety record. I think they're 7.5+ years now LTI free, knock on wood. The company has secured a guaranteed fuel supply contract for the next three months, and we anticipate another year of consistent operations in 2026. At Otjikoto, the operations had a solid first quarter and has admirably managed the transition from open pit mining to underground mining, processing low-grade stockpile supplemented by underground ore.

[William Lytle, SVP and COO at B2Gold]

The company is actively developing the Antelope underground, which is expected to provide higher-grade ore to supplement the low-grade stockpile production during the period of 2028 to 2032 and result in meaningful production profile for the Otjikoto mine well into the next decade. With that, I'll turn it back over to Clive.

[Clive Johnson, President and CEO at B2Gold]

Thanks, Will. We're opening up for questions now. Michael.

[Mike Cinnamond, SVP and CFO at B2Gold]

We're ready to take your questions now, operator.

[Operator]

Thank you. To join the question queue, you may press star then 1 on your telephone keypad. You'll hear a tone acknowledging your request. If you're using a speakerphone, please pick up your handset before pressing any keys. To withdraw your question, please press star then 2. The first question comes from Wayne Lam with TD Securities. Please go ahead.

[Wayne Lam, Analyst at TD Securities]

Thanks. Morning, guys. Just wondering as we, at Fekola, maybe as we look out to 2027, production is expected to improve next year in the mine plan as you kind of get through the stripping phase. Just wondering what percentage of that production is expected from Fekola Regional in 27. Just assuming you get the permit in June, I guess would there still be a large portion of stripping that's been deferred into next year just given the delayed access?

[William Lytle, SVP and COO at B2Gold]

Maybe I'll answer them in reverse order, if you don't mind. We've already started pre-stripping at the regional project. Remember, not only did we only start pre-stripping, all the infrastructure's in place. All is required there is the permit for us to go. It's not like this delay is causing us to delay stuff into 2027. As long as we can get our permit by Q2, we're reiterating our regional guidance for the Fekola Complex. The first part related to 2027, I don't think we've actually put out at this time, 2027 guidance anywhere. Clearly it's gonna depend on what happens over the next little bit with the permit and how it all, what the percentages are. You are correct.

[William Lytle, SVP and COO at B2Gold]

There is a large portion of ounces that do come from the regional permit in 2027.

[Wayne Lam, Analyst at TD Securities]

Okay, great. No, yeah, I know. I was just talking about the prior mine plan. Maybe just at Goose, I just want to also understand a bit more in terms of the ramp up of the capacity at the mill. If I, if I take the Q1 grade and recoveries, I think the 20,000 ounce guidance implies around a 1,000 ton per day run rate. Just wondering, as we look kind of ahead to Q3, is that a progressive increase in tonnage through the quarter to get from 1,000 tons to the 3,200 tons , or is it a step change based on the first phase of the crusher install? Just similarly, to get to 4,000 tons, again, is that a gradual increase or is that another step change?

[Wayne Lam, Analyst at TD Securities]

Just trying to understand the quarterly cadence in production profile over the coming year.

[William Lytle, SVP and COO at B2Gold]

Yeah. You got the first part absolutely correct. In kind of Q2, as we move forward, you're right, we're kind of sub 2,000 tons for sure as we get going. We will be ramping up. It will be a ramp up to the 3,200 tons. That's primarily because in Q3, in September, that's when a lot of the big change-out happens. There is kind of that ramp up between September and October. The answer is yes, it's a ramp up to 3,200 tons. Then as we get into kind of 2027, you're looking at Q1, Q2 running at that 3,200 tons per day rate.

[William Lytle, SVP and COO at B2Gold]

That we definitely will see as we get towards the end of Q2, that 4,000 ounces. I don't I wouldn't say it's a very linear ramp up. I think you're gonna see there'll be days that we're not installing stuff. You're gonna see 4,000 tons, and then you're gonna see days where we're putting stuff in. On average, you're gonna see 3,200 tons.

[Wayne Lam, Analyst at TD Securities]

Okay, great. That's really helpful detail. Then maybe just last one, just on the fuel situation at Masbate. Does that 3-month supply take you out to the end of June? Then just wondering what the impact on costs there is at the mine, ex the hedging, that you have in place?

[William Lytle, SVP and COO at B2Gold]

Ex the hedge. I don't know. I don't wanna talk about the cost. The answer is it does take us through Like what has happened is we have a supplier that has kind of guaranteed a 90-day, kind of a running supply. When you say through the end of June, the answer is yes. We could Ask me again next week, I'd say it'd be end of June plus one week, right? Right now we have a rolling 90-day supply. The cost itself, I'll let Mike comment on versus the hedges.

[Mike Cinnamond, SVP and CFO at B2Gold]

Yeah, I think it's fair to say Masbate is the most sensitive of our operations to price increases. I think that's the way to look at it. We obviously look at it on a consolidated basis and are pretty comfortable with the overall cost profile because we've got solar in our operations, 3 of our operations. We've got that hedging program. As you know, at Goose, we already bought the fuel that we're gonna use this year. Masbate is the one operation that probably is seeing the most direct fuel impacts.

[Wayne Lam, Analyst at TD Securities]

Okay, great. Thanks for taking my questions.

[William Lytle, SVP and COO at B2Gold]

Thanks, Wayne.

[Operator]

The next question comes from Ovais Habib with Scotiabank. Please go ahead.

[Ovais Habib, Analyst at Scotiabank]

Thanks, operator. Hi, Clive and B2Gold team. Great congrats on a solid quarter and free cash flow that was generated. Before I jump onto my questions, I just wanted to say thanks to Clive, to all the color and the guidance that you have provided on the conference calls, as well as all the investor dinners, over the past, I would say decade and a half. Just wanted to say congrats on the retirement to you as well, and please stay in touch. Just moving on to my questions. Sorry, Clive?

[Clive Johnson, President and CEO at B2Gold]

Thanks, Ovais. Appreciate it.

[Ovais Habib, Analyst at Scotiabank]

Okay. Yeah, just wanted to move on to the questions then. Again, just moving on to the situation in Mali, really great to hear operations are not being impacted. Are you having any sort of discussions with the regulators right now in terms of the regional permit, or are they all kind of distracted with the situation in Mali?

[Mike Cinnamond, SVP and CFO at B2Gold]

Yeah. Ovais, we are continuing to have discussions. In fact, there was some Q&A that was completed on Monday with the Mining Ministry. No, there still is ongoing discussions, but there is, you know, there is no further process in this. It is really just now a decision of the Ministry to put it forward to the Council of Ministers. As you say, there has been obviously some significant distractions over the last couple of weeks. We do understand that there has been delay, but there certainly has been an ongoing dialogue.

[Ovais Habib, Analyst at Scotiabank]

Okay, that's great to hear. Just, you know, in terms of, you know, a question asked by Wayne regarding, you know, obviously the diesel exposure across the group. Obviously we're seeing, you know, pressures on the cost side on diesel. In terms of any supply stress issues that you see on any of your sites in terms of reagents or explosives that you're witnessing, any sort of color there?

[William Lytle, SVP and COO at B2Gold]

Yeah. We already talked a little bit about Masbate, right? Masbate, you know, we historically have gone shorter term and barged fuel in. That's actually been a change on our side that we've tried to lock into a little longer term contract. At Fekola, yes, we certainly have seen some changes in the way we operate. We have a preferred contractor that we use that has basically been working through all the issues. He's actually gone out and got additional help. We don't see it on our end. We still continue to get fuel and there is no restriction on us, and we're operating as designed. I think some of the vendors have they've changed their modus operandi.

[Ovais Habib, Analyst at Scotiabank]

Thanks for that, Will. Any sort of, you know, color on the reagent side or kind of explosive side? Like a fuel, like kind of, I'm kind of okay with, it's more on the supplies of the fuel and reagents. Any color there?

[William Lytle, SVP and COO at B2Gold]

Well, this actually goes back to. Remember when we went through COVID, we operated unhindered. One of the ways we did that is we opened up our supply chain and looked at the various different ways that we could get materials to site and really kind of put plan A, B, C, and D in place. Some of those have certainly come into play in reagents, whether it be that we're changing locations to make sure that we don't have to ship stuff from that goes past the Middle East or what, you know. All of that stuff is in play. The answer is we're not seeing an impact, but we certainly are, it's something that we are watching and it is an active discussion inside our supply chain.

[Ovais Habib, Analyst at Scotiabank]

Excellent. Thanks, Will, for that. Maybe this question is for Mike. Again, big free cash flow quarter. You've received the $325 million payment from Agnico as well for the sale of the Fingold. The prepays are falling off in June, which should improve your free cash flow profile heading into the second half. You know, are you looking to get more aggressive on the buybacks, dividends? Any sort of color that you can provide there, that'd be great.

[Mike Cinnamond, SVP and CFO at B2Gold]

Yeah. I think, I think you've seen us ramp up there probably already from last year, what we did in Q1. I think the answer is yes. You know, we wanna use our cash expeditiously. I think if we continue to see a share price where it is now and the kind of assets, the value that we see in our assets, then I think you will see us aggressively pursue that. It'll be opportunistic, right? There's no fixed formula to do it. We jump in when we see what we think is weakness in the price and you'll see us continue to pursue that. We've budgeted to do that internally through the rest of the year.

[Ovais Habib, Analyst at Scotiabank]

Thanks for that, Mike. Maybe I'll stop here and jump back in the queue. Thanks for taking my questions.

[Mike Cinnamond, SVP and CFO at B2Gold]

Thanks, Ovais.

[Operator]

The next question comes from Carey MacRury with Canaccord Genuity. Please go ahead.

[Carey MacRury, Analyst at Canaccord Genuity]

Yeah. Hi, good morning, guys. Maybe a follow-up on Goose. I'm just wondering how the underground mining is progressing versus your target. I assume you're still building stockpiles ahead of the mill kind of coming back later this summer.

[William Lytle, SVP and COO at B2Gold]

Yeah. Q1, we were down just a little bit, but I would say within what I would call kind of a normal range. Q2, we're expecting to be fully online, the stockpile does continue to build up. That's really what Q2's about.

[Carey MacRury, Analyst at Canaccord Genuity]

What's the underground mining rate again, if you can just remind us?

[William Lytle, SVP and COO at B2Gold]

Oh, what are they doing right now? I can't remember, if I'm being honest. Carey, let me look that up real quick and get back to you.

[Carey MacRury, Analyst at Canaccord Genuity]

Okay. That's great. That's the end of question. I'm drawing a blank now. I'll go back in the queue and come back.

[Operator]

The next question comes from Don DeMarco with National Bank. Please go ahead.

[Don DeMarco, Analyst at National Bank]

Thank you, operator. Congratulations, Clive, and best wishes on next steps. Certainly it's been a privilege working with you over the years. First question. At Goose, you know, the fire damage focused on the crushing circuit. I see a crush is being brought in. What's the timeline risk to the repair? Taking a step back, did you have adequate spares on site to the extent that's practical? Does this make you relook at your annual supply stocking and maybe potentially extend the inventory of other items?

[William Lytle, SVP and COO at B2Gold]

Okay. Start with the first one. It doesn't impact the schedule. You know, it basically kind of fits right in line, so much so that we're now looking at where do we have overlap in labor, right? It doesn't impact the schedule for the upgrades. We did not have some of the key stuff on site. You wouldn't expect that you would have fully replaced a lot of the screens and everything on site, in particular, as much as the fact that we can Herc stuff in Canada. We are looking at it for sure. Remember, we just came into operation just a little bit ago, so all that's in play.

[William Lytle, SVP and COO at B2Gold]

You know, some stuff we think we may have a little bit too much or of inventory because we ordered for the sealift, and we brought it in on Herc. Some stuff we're seeing now that we need additional based on the hardness of the ore or the way we're operating. All that stuff's in play right now. The answer is yes, we're looking at inventory very closely.

[Don DeMarco, Analyst at National Bank]

Okay. Then over to the sale of Fingold and this, the collaboration agreement you have with Agnico in the north. To what extent do you already collaborate with Agnico? Looking ahead, by sharing best practices, would this involve sharing labor, maybe cross-appointments, cross-operations? Just trying to understand, you know, what the scope of this agreement might entail.

[Mike Cinnamond, SVP and CFO at B2Gold]

Sure, yeah. Well, you know, in terms of what we already do, we already liaise with Agnico a fair amount. Like, we see them periodically and we do talk. This agreement, I think, really just put a bit more structure around that. We definitely wanna focus on things like best practices, you know. How you order goods in, how you get them in, 'cause we all have the same logistics issues. You know, the mining function. Labor, I wouldn't say it's sharing labor per se, but certainly labor best practices and where we're sourcing our labor workforce from and how we bring them in and out. Overall, it's just a how can we both benefit by saying this is, this is what's worked for us and maybe this is what hasn't.

[Mike Cinnamond, SVP and CFO at B2Gold]

Also I think you'll see us probably look at collaborating on what can we do in terms of community relations and working with the territory as we go forward. It's really a holistic sharing exercise, I'd say.

[Don DeMarco, Analyst at National Bank]

Okay.

[William Lytle, SVP and COO at B2Gold]

Yeah. Can I just jump in?

[Don DeMarco, Analyst at National Bank]

Sure

[William Lytle, SVP and COO at B2Gold]

on the underground development. 10m is, I couldn't remember if it was 10 m or 12 m for Q2, but it's 10 m for Q2 per day, ramping up to 12 m in Q3.

[Don DeMarco, Analyst at National Bank]

Okay. Mike, maybe just as a follow-up to that. I mean, we see the Government of Canada has these initiatives to expand the development of the North. They're building new airports and runways and things like that. Does this potentially put any pressure on the labor availability for the mine?

[Mike Cinnamond, SVP and CFO at B2Gold]

I mean, ultimately, if they develop, like, significant infrastructure activities, you know, there probably will be more competition for labor up there. That's a ways away right now. I think for now we watch the situation and see what unfolds, but it's gonna take a while for them to build some of that infrastructure. I think we're, we'll remain flexible as we go forward. I think we also think there are significant labor pools out there, and we're certainly something we're focused on as well, where do we bring people in from?

[Don DeMarco, Analyst at National Bank]

Okay, great. Thanks. It's very helpful. Good luck with the rest of the quarter.

[Mike Cinnamond, SVP and CFO at B2Gold]

Sure.

[Operator]

Once again, if you have a question, please press star then one. The next question comes from Anita Soni with CIBC World Markets. Please go ahead.

[Anita Soni, Analyst at CIBC World Markets]

Hi. Good morning, everyone. Firstly, I just wanted to say, echoing Ovais's and Don's comments, congratulations, Clive, on a long career in mining, which we know is not easy. I've known you for, I think, 20 years now. I covered Bema in 2006. That's when I first met you. I know you've had a lot of success along the way and, you know, best wishes on your next steps here. The first question on grades at Goose. You had some pretty good positive grade reconciliation this quarter. Can you just talk about, like, was it, you know, areas of the pit or specific areas in the underground mine where you were seeing that grade reconciliation? Could we expect maybe budgeted grades for the rest of the year to also follow suit?

[Anita Soni, Analyst at CIBC World Markets]

Is there something that we should be thinking about, you know, in different areas that you'll be mining in for the rest of the year?

[William Lytle, SVP and COO at B2Gold]

Yeah. You're correct. Both open pit and underground to date have been reconciling very well, and we don't see that changing. You know, through Omwell, the open pit and the underground, all of our preliminary testing and everything shows that the grade is gonna hold as designed.

[Anita Soni, Analyst at CIBC World Markets]

Secondly, just a question on the tonnage in Q2. I just wanna get an idea of what kinds of tonnage that you're expecting for the second quarter and what you would expect to exit the second quarter at, just so I can kinda figure out the evolution over the next four or five months before you get the remediation measures in place in September, October.

[William Lytle, SVP and COO at B2Gold]

You're talking, I assume you're talking about at Goose?

[Anita Soni, Analyst at CIBC World Markets]

Yes, at Goose.

[William Lytle, SVP and COO at B2Gold]

Okay. Yeah. Well, we talked about at Fekola where we're gonna be kind of sub 2,000 tons for Q2. The mobile crushers are working right now. We are in fact running them, like, on a 4-day cycle where we're running the mill. The mill still runs at 4,000 tons a day without a problem. We're basically building up the stockpile in the dome, mining it, and then doing the same thing. In Q3, we're gonna be ramping up as we get the second mobile crusher, which will help us ramp up to that kind of 3,000 tons per day, ultimately in 3,200 tons.

[William Lytle, SVP and COO at B2Gold]

That was gonna come online kind of in June, July. We see that through Q3, that kind of 3,000 tons-3,200 tons.

[Anita Soni, Analyst at CIBC World Markets]

3,000 tons-3,200 tons in June and July. Okay. Just lastly on Fekola, just a point of clarification. From my understanding, I know you haven't given any guidance for 2027, the latest technical report shows, I think, two years of a stripping campaign. Is that not correct?

[William Lytle, SVP and COO at B2Gold]

But we need three months really to get going, and we'll start pushing ore through the mill after three months. Yeah, we will be stripping while we're mining.

[Anita Soni, Analyst at CIBC World Markets]

Yeah. I thought the idea was, I think that the latest technical report had production relatively similar to 2026. Is that not correct?

[William Lytle, SVP and COO at B2Gold]

No, I think 2027 is a pretty good year.

[Anita Soni, Analyst at CIBC World Markets]

Okay. All right. I'll double-check. Thanks.

[William Lytle, SVP and COO at B2Gold]

Yeah. I, when I say pretty good, as in kind of maybe it is when I think 60-80, it's probably in that range.

[Anita Soni, Analyst at CIBC World Markets]

All right. Thank you.

[William Lytle, SVP and COO at B2Gold]

Cheers.

[Operator]

We have a follow-up question from Carey MacRury from Canaccord Genuity. Please go ahead.

[Carey MacRury, Analyst at Canaccord Genuity]

I just want to ask about the outperformance on production in Q1. Is there any of the assets we should expect lower in Q2 outside of Goose?

[William Lytle, SVP and COO at B2Gold]

I think we saw, like, outperformance across all of them. I think we'll hold on to it, right? I don't think we're gonna see, like, a step down in Q2 from any of the assets other than what we mentioned for Goose, just because of, like, reacting to some of the fire damage and keeping Goose, bringing it back up again. I think the other assets, they continue to perform well. I don't think we expect we'll give back any of the gains that we've had.

[Mike Cinnamond, SVP and CFO at B2Gold]

Yeah. I just It's Michael. I would just elaborate that Masbate, if you look at the guidance for the year, the midpoint was around 180,000 ounces. We think 45,000 ounces per quarter is still a good estimate. It obviously has outperformed in Q1 as it has in certain years. I think, you know, we're not sure that's gonna continue on through the year. Masbate could give back a little bit, but it's relatively small.

[Carey MacRury, Analyst at Canaccord Genuity]

Okay. That's great. Also, Clive, I just wanted to say congrats and all the best in your retirement as well.

[Clive Johnson, President and CEO at B2Gold]

Thanks, Carey.

[Operator]

This concludes the question and answer session. I would like to turn the conference back over to Clive Johnson for any closing remarks. Please go ahead.

[Clive Johnson, President and CEO at B2Gold]

Okay. Thank you all for your good questions. That's it.

[Operator]

This brings to a close today's conference call. You may disconnect your lines. Thank you for participating, and have a pleasant day.

Participants

Executives

• Clive Johnson, President and CEO
• Mike Cinnamond, SVP and CFO
• William Lytle, SVP and COO

Analysts

• Anita Soni, Analyst at CIBC World Markets
• Carey MacRury, Analyst at Canaccord Genuity
• Don DeMarco, Analyst at National Bank
• Ovais Habib, Analyst at Scotiabank
• Wayne Lam, Analyst at TD Securities