B2Gold’s third-quarter adjusted EPS was US$0.14, ahead of the US$0.12 estimate. Lower full-year cost guidance and progress at Goose and Fekola add to the picture, but lower production and higher per-ounce costs remain key concerns.
B2Gold Corp. (TSX: BTO) reported third-quarter 2026 results after markets closed on November 4. Adjusted earnings were US$0.14 per share, 16.7% above the US$0.12 estimate. Revenue rose 6.8% year over year to US$836 million as a higher realized gold price offset fewer ounces sold. For Canadian investors following BTO.TO, the results were mixed: production fell, but B2Gold lowered its 2026 all-in sustaining cost (AISC) guidance and said it remains on track to meet its production target.
Recent earnings trend
B2Gold Corp
BTO.TO
BTO.TO
B2Gold Corp
WealthAwesomeMarket cap
$9.72B
P/E
6.5x
Div. yield
1.06%
Div. / share
$0.08
52W high
$8.49
52W low
$5.00
1W change
+3.22%
Beta
1.36
Analyst Price Targets
Based on analyst covering BTO · as of Nov 12, 2026
Wall Street analysts forecast BTO stock price to rise 35.3% over the next 12 months.
Consensus
BullishBased on avg. target vs last close (formal rating unavailable for Canadian listings)
Avg. Target
C$9.98
+35.3% Upside
Previously C$9.94 on Nov 11, 2026
Current Price
C$7.38
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
60.2%
Annualized
90-Day Vol
59.9%
Annualized
Trend (90d)
+11.3%
Annualized drift
90d Mean
C$7.68
Expected price
| Horizon | Expected | 68% Range (1σ) |
|---|---|---|
| 30 trading days | C$7.48 | C$6.08 – C$9.21 |
| 60 trading days | C$7.58 | C$5.65 – C$10.17 |
| 90 trading days | C$7.68 | C$5.36 – C$11.01 |
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 | — | 0.1800 | — |
| 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 and lower AISC outlook support the view that B2Gold can generate cash while advancing its growth projects. But the quarter also benefited from a much higher realized gold price, while production fell 24% year over year. Investors should weigh cost control and project execution against production trends rather than treating one strong quarter as a change in the company’s longer-term outlook. See the B2Gold stock page for more company and share information.
US$0.14 adjusted EPS
Calendar data shows adjusted EPS of US$0.14, compared with the US$0.12 estimate—a 16.7% beat. B2Gold also reported EPS of US$0.31, including a US$253 million reversal of a Fekola impairment. Revenue was US$836 million, and consolidated AISC was US$2,602 per ounce sold.
Bull case
B2Gold lowered its 2026 consolidated AISC guidance to US$2,230–US$2,410 per ounce sold, from US$2,370–US$2,550. The company cited year-to-date results and its expectations for the fourth quarter. It generated US$239 million in operating cash flow in Q3 and returned US$59 million to shareholders through dividends and buybacks. At Goose, Phase 1 crusher upgrades are running at 3,200 tonnes per day. Fekola Regional pre-stripping has begun, with ore deliveries expected in Q1 2027, subject to a toll-milling agreement.
Bear case
Consolidated gold production fell 24% year over year to 193,321 ounces, while AISC rose to US$2,602 per ounce sold. Revenue growth relied on a realized gold price of US$4,289 per ounce, up from US$3,133 a year earlier, as ounces sold fell 22%. Planned production growth at Goose and Fekola Regional’s contribution depend on execution. Fekola Regional’s initial ore deliveries also depend on finalizing a toll-milling agreement.
Analysis
B2Gold’s adjusted EPS of US$0.14 beat the US$0.12 estimate by 16.7%. The company reported headline EPS of US$0.31, which included a US$253 million Fekola impairment reversal. 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, partly offsetting a 22% drop in ounces sold, to 195,018. The automatically inserted earnings trend table and chart show quarter-by-quarter results; B2Gold beat estimates in two of the last four comparable quarters.
Analysis
Consolidated production fell 24% year over year to 193,321 ounces. Fekola produced 78,119 ounces as operations shifted to Phase 8 waste stripping. Goose produced 39,973 ounces as crushing capacity improved. Q3 consolidated AISC was US$2,602 per ounce sold, but B2Gold lowered its 2026 guidance to US$2,230–US$2,410. It kept its production guidance at 820,000–920,000 ounces and said it remains on track to meet that range. The company reported Q3 operating cash flow of US$239 million and free cash flow of US$48 million.
Analysis
B2Gold completed Phase 1 upgrades to Goose’s fixed crushing circuit, which is running at about 3,200 tonnes per day. Phase 2 is expected by mid-2027. At Fekola Regional, pre-stripping began in October after the Menankoto permit was granted. Ore deliveries to the Fekola plant are expected in Q1 2027, subject to a toll-milling agreement.
The analyst targets section shows an average target of C$9.98, compared with the last close of C$7.38—a difference of 35.3%. The supplied bullish label reflects that price comparison, not a formal rating. The Wealth Awesome price forecast is based on a statistical model and is not investment advice. Its 90-day mean is C$7.68, with a 68% range of C$5.36–C$11.01 and a 95% range of C$3.74–C$15.79. These estimates are uncertain, especially given the model’s stated 60.2% 30-day volatility.
Best next step
Keep exploring this topic
If you want to go deeper, these are the most useful follow-up pages and tools for this topic.
Broker comparison
Best trading platforms in Canada
Compare $0-commission brokers before you act on a ticker story.
Safe cash
Best GIC rates in Canada
If the story makes you want to de-risk, compare guaranteed rates next.
HISA roundup
Best high-interest savings accounts
Keep dry powder in a no-fee savings account instead of chequing.
TFSA room
Check TFSA contribution room
Shelter the next contribution before you buy.
Wealth Awesome
Timely coverage of Canadian stocks, earnings, dividends, and market movers for DIY investors. Stories are checked against exchange data and public filings.
View Full Profile →✅ Reviewed by Certified Financial Professionals
This content has been reviewed by CFA® charterholders and Certified Financial Planners (CFP®) with over a decade of experience in Canadian financial markets. All information is fact-checked against official Canadian sources and regulations.
Why these credentials matter: CFA® charterholders complete 900+ hours of rigorous study in investment analysis and ethics. CFP® professionals are held to the highest standards of financial planning competency and fiduciary duty in Canada.
⚠️ Professional Disclaimer
This content is for educational purposes only and should not be considered personalized financial advice. While our team brings professional expertise, individual circumstances vary. For personalized guidance, consult with a qualified financial advisor, tax professional, or mortgage specialist.
