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What were the key takeaways from B2gold’s earnings call?

- **Goose Mine Milestone**: Commercial production achieved in Q3, with 2026+ production targets of 250,000+ oz annually despite Q3 2025 guidance revision to 50,000-80,000 oz.
- **Financial Strength**: $367M cash balance, $171M operating cash flow, and $0.14 adjusted EPS reflect strong gold pricing and operational efficiency.
- **Strategic Projects**: Antelope Underground approval with $105M cost reduction, Fekola Underground exceeding expectations, and Goose Mine permanent modifications to resolve throughput issues by 2026.
- **Political Resilience**: Mali operations unaffected by political instability, with strong government support and international collaboration.

**【CEO Remarks】**
- **Strong Operational Performance**: Q3 2025 saw record production at Fekola, Masbate, and Otjikoto mines, with all sites exceeding expectations. Goose Mine achieved commercial production in October 2025, though Q3 production was impacted by crushing capacity constraints and ore access delays.
- **Goose Mine Update**: Temporary mobile crushing capacity resolved throughput issues, with permanent modifications expected by end-2026. 2025 production guidance revised to 50,000-80,000 oz, but 2026+ outlook remains strong at 250,000+ oz annually.
- **Political Stability in Mali**: Despite media speculation, Fekola operations continue unaffected, with strong government support and international backing.

**【CFO Commentary】**
- **Financial Highlights**: Q3 2025 GAAP EPS of $0.01 (adjusted $0.14), revenue $783M (including $144M prepay deliveries). Operating cash flow $171M, cash balance $367M. $200M revolver drawdown to manage prepay timing, expected repayment by year-end.
- **Cost Management**: Despite one-time derivative losses, adjusted EPS reflects strong gold pricing and operational efficiency. Capital spending at Goose totaled $157M in Q3, with $60M budgeted for Q4.

**【COO Operational Update】**
- **Fekola Underground**: Exceeding grade and throughput targets, with 4.5g/t expected in 2026. Regional permit imminent, enabling pre-stripping and ore delivery.
- **Antelope Project**: $105M capital cost reduction approved, with potential to add 110,000 oz to Otjikoto's life-of-mine production.
- **Goose Mine**: Underground mining of Umwelt deposit commenced in Q4, setting up for 2026+ high-grade production ramp-up.

**【Q&A Highlights】**
- **Cost Trajectory**: Q4 2025 higher costs due to ramp-up, but 2026+ margins expected to normalize. Mobile crushing costs (~$0.5M/week) will decline with permanent fixes.
- **Permit Progress**: Fekola regional permit expected by year-end, with pre-stripping already underway.
- **Capital Allocation**: revolver used as temporary liquidity buffer, with no long-term debt impact. Antelope project capitalization expected in early 2026.

B2Gold Corp (BTG) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

BTG

BTG fundamentals

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