B2Gold Q4 Output Jumps 14% to 164,498 Ounces; AISC Drops to $1,012
B2Gold’s Q4 output reached 164,498 ounces, up 14% year-over-year, while all-in sustaining costs fell 8% to $1,012 per ounce. The company cut net debt by $65 million and reaffirmed 2026 production guidance of 888,000–933,000 ounces.
1. Q4 Operational Performance
B2Gold delivered 164,498 ounces of gold in Q4, marking a 14% increase compared to the prior year. Growth was driven by higher grades at Fekola and improved throughput at Otjikoto.
2. Cost Improvements
All-in sustaining costs for the quarter declined 8% to $1,012 per ounce, reflecting lower fuel prices and efficiency gains across mining operations. Cash operating costs similarly fell due to streamlined processing at Masbate.
3. Balance Sheet Strength
The company reduced net debt by $65 million during the quarter, lowering its leverage ratio. This followed proceeds from surplus cash flow and prioritized debt repayment over discretionary spending.
4. 2026 Production Guidance
Management reaffirmed full-year 2026 guidance of 888,000–933,000 ounces of gold production, citing strong operational momentum. Capital allocation will focus on sustaining projects and further debt reduction.