B2Gold’s adjusted third-quarter earnings came in at C$0.14 per share, above the calendar estimate of C$0.12. Higher gold prices helped offset lower production and rising costs.
B2Gold Corp. (TSX: BTO) reported third-quarter 2026 results after the market closed on November 4. Calendar data shows adjusted EPS of US$0.14 against an estimate of US$0.12, a 16.7% beat. Revenue was US$836 million, and the company produced 193,321 ounces of gold. The results were mixed: realized gold prices rose, but production fell year over year and costs per ounce increased. See the B2Gold stock page for more company data.
Recent earnings trend
B2Gold Corp
BTO.TO
BTO.TO
B2Gold Corp
WealthAwesomeMarket cap
$10.60B
P/E
7.5x
Div. yield
1.05%
Div. / share
$0.08
52W high
$8.49
52W low
$5.00
1W change
+20.51%
Beta
1.36
Analyst Price Targets
Based on analyst covering BTO · as of Nov 10, 2026
Wall Street analysts forecast BTO stock price to rise 22.6% over the next 12 months.
Consensus
BullishBased on avg. target vs last close (formal rating unavailable for Canadian listings)
Avg. Target
C$9.87
+22.6% Upside
Previously C$9.63 on Nov 9, 2026
Current Price
C$8.05
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
57.8%
Annualized
90-Day Vol
59.1%
Annualized
Trend (90d)
+50.0%
Annualized drift
90d Mean
C$9.62
Expected price
| Horizon | Expected | 68% Range (1σ) |
|---|---|---|
| 30 trading days | C$8.54 | C$7.00 – C$10.43 |
| 60 trading days | C$9.07 | C$6.84 – C$12.02 |
| 90 trading days | C$9.62 | C$6.81 – C$13.60 |
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: B2Gold beat earnings expectations and lowered its full-year AISC guidance, but gold production fell 24% year over year and costs per ounce rose sharply. Investors will be watching whether Goose’s throughput upgrades and Fekola’s expected regional contribution can help lift production and lower costs. Gold prices and execution at each mine remain important factors.
US$4,289 per ounce
B2Gold’s average realized gold price rose from US$3,133 a year earlier. That helped lift third-quarter revenue 6.8% to US$836 million, even as ounces sold fell 22% to 195,018. Higher prices helped make up for lower sales volumes and rising costs per ounce.
Bull case
B2Gold kept its 2026 production guidance at 820,000–920,000 ounces and lowered its consolidated AISC guidance to US$2,230–US$2,410 per ounce sold, from US$2,370–US$2,550. Goose’s first-phase crusher upgrades are running at about 3,200 tonnes per day. The company aims to reach 4,000 tonnes per day after Phase 2 work, planned for completion by mid-2027. Higher realized gold prices also helped grow quarterly revenue despite lower sales volumes.
Bear case
Consolidated production fell 24% year over year to 193,321 ounces. Cash operating costs rose 71.2% to US$1,335 per ounce produced, while AISC increased 75.9% to US$2,602 per ounce sold. Fekola’s production fell 46.8% as the mine carried out Phase 8 waste stripping. Lower cost guidance does not eliminate the risk of higher operating costs, production setbacks or weaker gold prices. B2Gold ended the quarter with US$294 million in cash and equivalents, down from US$380 million at the end of 2025.
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