B2Gold’s adjusted third-quarter earnings beat estimates, but lower production and much higher costs temper the result.
B2Gold Corp. (TSX: BTO) reported adjusted earnings of US$0.14 per share for the quarter ended September 30, 2026, above the calendar estimate of US$0.12. Revenue rose 6.8% year over year to US$836 million as higher gold prices offset fewer ounces sold. Production fell 24%, and all-in sustaining costs (AISC) climbed to US$2,602 per ounce sold. The company kept its 2026 production guidance and lowered its full-year AISC range.
Recent earnings trend
B2Gold Corp
BTO.TO
BTO.TO
B2Gold Corp
WealthAwesomeMarket cap
$10.05B
P/E
6.9x
Div. yield
1.08%
Div. / share
$0.08
52W high
$8.49
52W low
$5.00
1W change
+19.03%
Beta
1.36
Analyst Price Targets
Based on analyst covering BTO · as of Nov 9, 2026
Wall Street analysts forecast BTO stock price to rise 26.2% over the next 12 months.
Consensus
BullishBased on avg. target vs last close (formal rating unavailable for Canadian listings)
Avg. Target
C$9.63
+26.2% Upside
Previously C$9.55 on Nov 6, 2026
Current Price
C$7.63
Last close
Targets are snapshotted when they change. Unchanged figures keep their original date. Not financial advice.
Wealth Awesome Price Forecast
WA ModelStatistical 90-day price range based on BTO's historical volatility
30-Day Vol
56.1%
Annualized
90-Day Vol
59.9%
Annualized
Trend (90d)
+23.0%
Annualized drift
90d Mean
C$8.28
Expected price
| Horizon | Expected | 68% Range (1σ) |
|---|---|---|
| 30 trading days | C$7.84 | C$6.46 – C$9.52 |
| 60 trading days | C$8.06 | C$6.13 – C$10.60 |
| 90 trading days | C$8.28 | C$5.92 – C$11.58 |
Methodology: Range is calculated using 30-day realized volatility via geometric Brownian motion (log-normal model). 68% band = ±1σ, 95% band = ±2σ. This is a statistical model, not a prediction. Past volatility does not guarantee future results. Not financial advice.
Analyst coverage: 6 analyst(s) cover this name; upcoming EPS consensus is available.
Beat estimates in 2 of the last 4 comparable quarter(s).
| Fiscal period | Report date | Actual EPS | Estimate | Surprise |
|---|---|---|---|---|
| 2026-12-31 | 2027-02-17 | — | 0.1500 | — |
| 2026-09-30 | 2026-11-04 | 0.1400 | 0.1200 | +16.7% |
| 2026-06-30 | 2026-08-06 | 0.0300 | 0.0700 | -57.1% |
| 2026-03-31 | 2026-05-07 | 0.1900 | 0.1100 | +72.7% |
| 2025-12-31 | 2026-02-18 | 0.1100 | 0.1800 | -38.9% |
| 2025-09-30 | 2025-11-05 | 0.1400 | 0.1300 | +7.7% |
Investor takeaway: The earnings beat reflects higher gold prices, but investors should also consider lower output and rising costs. B2Gold generated US$239 million in operating cash flow and returned US$59 million to shareholders during the quarter. It lowered its 2026 AISC guidance while keeping production guidance at 820,000–920,000 ounces. Results at Fekola and the Goose ramp-up will be important to watch, along with gold prices.
US$2,602
B2Gold’s third-quarter AISC rose 75.9% year over year to US$2,602 per ounce sold. The company lowered its 2026 AISC guidance, but the difference between quarterly costs and the revised annual range puts the focus on execution and the mix of production.
Bull case
B2Gold lowered its 2026 AISC guidance to US$2,230–US$2,410 per ounce sold. The company cited strong year-to-date results at Masbate and Otjikoto, as well as lower expected costs at Fekola. At Goose, the first phase of crusher upgrades is running at about 3,200 tonnes per day. A second phase aims to raise capacity to 4,000 tonnes per day by mid-2027. B2Gold also generated US$239 million in operating cash flow and continued to return money to shareholders.
Bear case
Consolidated gold production fell 24% year over year to 193,321 ounces. Cash operating costs rose 71.2% to US$1,335 per ounce produced, and AISC increased 75.9% to US$2,602 per ounce sold. Fekola’s production dropped during Phase 8 waste stripping, while Goose continues to ramp up. Reported net income also included a US$253 million impairment reversal, which is not a recurring contribution from operations.
Analysis
B2Gold reported adjusted earnings of US$0.14 per share for the quarter ended September 30, compared with the calendar estimate of US$0.12, a 16.7% beat. Including non-recurring items, earnings were US$0.31 per share. These items included a US$253 million impairment reversal at Fekola.
Revenue rose 6.8% year over year to US$836 million. The average realized gold price increased to US$4,289 per ounce from US$3,133, offsetting a 22% drop in ounces sold to 195,018. Consolidated production was 193,321 ounces, down 24% from a year earlier. The recent earnings trend table shows the latest result following a mixed run of beats and misses.
Analysis
Costs rose faster than revenue. Cash operating costs reached US$1,335 per ounce produced, up 71.2% year over year, while AISC climbed 75.9% to US$2,602 per ounce sold.
B2Gold generated US$239 million in operating cash flow and US$48 million in free cash flow. At the end of September, it had US$294 million in cash, US$497 million in working capital and US$705 million available through its revolving credit facility.
The company kept its full-year production guidance at 820,000–920,000 ounces and lowered its 2026 AISC guidance to US$2,230–US$2,410 per ounce sold, from US$2,370–US$2,550. It declared a fourth-quarter dividend of US$0.02 per share, payable December 15 to shareholders of record on December 2.
Analysis
Results differed across B2Gold’s operations. Fekola’s production fell 46.8% as open-pit operations shifted to Phase 8 waste stripping. Goose produced 39,973 ounces, up from 13,862 a year earlier, as crushing capacity improved.
B2Gold completed Phase 1 upgrades to Goose’s fixed crushing circuit in October, bringing throughput to about 3,200 tonnes per day. Phase 2 is expected by mid-2027 and aims to increase throughput to 4,000 tonnes per day. The company also began pre-stripping at the Menankoto permit area. Ore deliveries to Fekola are expected to start in the first quarter of 2027, subject to a toll-milling agreement. See the B2Gold stock page for more company data.
Analysis
The supplied analyst data show an average target of C$9.63, compared with the last close of C$7.63, implying 26.2% upside. The consensus label is bullish because the average target is above the last close. A formal rating is not available for this Canadian listing. See analyst targets for B2Gold.
Wealth Awesome’s statistical 90-day model gives a mean forecast of C$8.28. Its 68% range is C$5.92–C$11.58, and its 95% range is C$4.23–C$16.20. This is a statistical model, not financial advice or a price target. See the B2Gold forecast details and the B2Gold stock page for more information.
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