B2Gold (TSX: BTO, NYSE-A: BTG) has reported higher than expected gold production and lower costs at key mines during the second quarter of 2026. The news comes as the company awaits its Menankoto exploitation permit from the Malian government.
In the quarter the company produced 203,648 ounces of gold, which it said is in line with its expectations. Production at its Fekola, Masbate and Otjikoto projects was higher than anticipated. The company said this offsets the lower-than-expected gold production at its Goose project following the fire in April.
“B2Gold delivered a solid second quarter,” said Mike Cinnamond, B2Gold’s president and CEO. “Following recent visits to Mali to discuss the status of issuance of the Menankoto exploitation permit, we believe that all necessary steps in the approval process have now been completed, and are confident that the permit will be approved by the Council of Ministers of Mali in the near future.”
The Menankoto permit, paired with the Dandoko permit, anchor the company’s Fekola regional growth plan. B2Gold and the State of Mali remain committed to the agreement entered into in Sept. 2024 related to the ongoing operation and governance of the Fekola complex.
Financial angle
B2Gold reported a net income of US$417 million, or US$0.31 per share. Adjusted earnings came to US$41 million or US$0.03, but excluded a gain on sale of mining interests of US$292 million and unrealized gains on derivative instruments of US$135 million.
The company also continued to streamline its portfolio and return cash to shareholders. It sold its 70% stake in Fingold for US$325 million, completed deliveries under its Gold Prepay and bought back US$92 million in shares. The company also absorbed higher tax and priority dividend payments to Mali, while maintaining its quarterly dividend at US$0.02 per common share.
B2Gold shares surged as much as 22% to C$7.00 apiece in Toronto, its highest since early May.
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