NEW YORK — Shares of B2Gold Corp., a Canadian gold mining company, took a sharp downturn in after-hours trading on Wednesday, dropping 8.92% to $4.90 following the release of its fourth-quarter and full-year 2025 financial results. The Vancouver-based firm, listed on the New York Stock Exchange under the ticker BTG, had closed the regular trading session up 2.48% at $5.38, but the earnings announcement appeared to weigh heavily on investor sentiment.
According to the company's report, B2Gold generated gold revenue of $1.05 billion for the quarter ended December 31, 2025, driven by sales of 283,490 ounces at an average realized price of $3,718 per ounce. This performance contributed to a net income attributable to shareholders of $171 million, or $0.13 per share. The company highlighted its cost management, noting all-in sustaining costs of $1,754 per ounce and cash operating costs of $736 per ounce produced during the period.
Looking at the full year, B2Gold achieved record annual revenue of $3.06 billion after selling 927,797 ounces of gold at an average realized price of $3,299 per ounce. Adjusted earnings per share for 2025 came in at $0.46, with operating cash flow reaching $940 million. As of December 31, 2025, the company reported cash and cash equivalents of $380 million, bolstered by $650 million available under its revolving credit facility.
B2Gold, which operates mines in Mali, Namibia, the Philippines, and Canada, has positioned itself as a mid-tier gold producer amid fluctuating global gold prices. The company's results come at a time when gold has been a safe-haven asset, with spot prices hovering around $2,000 per ounce in recent months, though the realized prices in the report reflect premiums from earlier sales. Industry analysts have noted that B2Gold's focus on low-cost operations has helped it navigate challenges like geopolitical risks in its operating regions.
However, the forward-looking guidance issued by B2Gold signaled potential headwinds for 2026, contributing to the post-earnings sell-off. The company projected consolidated gold production of between 820,000 and 970,000 ounces for the year, a dip from the 2025 output. All-in sustaining costs are expected to rise to $2,400 to $2,580 per ounce, calculated based on a $5,000-per-ounce gold price assumption, while cash operating costs are forecasted at $1,155 to $1,280 per ounce.
"We remain committed to delivering value to our shareholders through prudent capital allocation and operational excellence," the company stated in its earnings release, though specific executive quotes were not immediately available. The guidance reflects anticipated increases in costs due to inflation and mine development activities, including expansions at its Fekola mine in Mali and Otjikoto mine in Namibia.
In a move to reward investors, B2Gold's board announced a first-quarter 2026 dividend of $0.02 per share, payable on March 19 to shareholders of record as of March 5. This quarterly payout aligns with the company's progressive dividend policy, which has seen distributions increase over the past several years as production ramped up.
From a trading perspective, B2Gold's market capitalization stands at $7.18 billion. The stock has shown significant volatility, with a 52-week high of $5.94 and a low of $2.53. Over the past 12 months, shares have surged 104.56%, positioning the stock 83.6% above its annual low. Technical indicators, such as a Relative Strength Index of 55.04, suggest the shares are neither overbought nor oversold at current levels.
Benzinga's Edge Stock Rankings assigned BTG a Value score of 78.15, indicating strong fundamentals relative to peers in the gold mining sector. The company's performance contrasts with broader market trends, where gold miners have benefited from rising metal prices amid economic uncertainty, including interest rate hikes by central banks and ongoing conflicts in Europe and the Middle East.
B2Gold's operations span multiple continents, with key assets including the Fekola complex in Mali, which produced a significant portion of the 2025 output, and the Masbate mine in the Philippines. The company has invested heavily in exploration and development, aiming to extend mine lives and boost reserves. In 2025, these efforts supported the record revenue, but the 2026 guidance accounts for planned maintenance and higher energy costs in remote locations.
Investors reacted swiftly to the guidance, with the after-hours decline erasing much of the day's gains. Trading volume during regular hours was robust, reflecting interest from both retail and institutional players. Some market observers pointed to the higher cost projections as a concern, especially if gold prices do not reach the $5,000 level assumed in the AISC calculations—a scenario that seems optimistic given current forecasts hovering below $2,500.
The earnings release also provided insights into B2Gold's balance sheet strength, with total debt managed effectively alongside the substantial cash position. This liquidity gives the company flexibility for growth initiatives, such as the Gramalote project in Colombia, which is in early development stages. However, regulatory hurdles in host countries remain a risk factor for the sector.
As B2Gold navigates 2026, the focus will be on executing its production targets while controlling costs. The dividend announcement offers some reassurance to income-focused investors, but the stock's trajectory will likely hinge on global gold demand, influenced by factors like U.S. Federal Reserve policies and currency fluctuations. Shares are expected to open lower on Thursday, with analysts watching for any follow-up commentary from management.
In the broader context of the gold industry, B2Gold's results underscore the resilience of producers with diversified portfolios. Competitors like Newmont and Barrick Gold have reported similar pressures on costs, but B2Gold's lower AISC in 2025 positioned it favorably. The company's commitment to sustainability, including water management and community programs at its mines, also plays into investor considerations amid growing ESG scrutiny.
Looking ahead, B2Gold plans to provide quarterly updates on its progress toward 2026 goals. For now, the market's response highlights the sensitivity of mining stocks to guidance, even as the company's full-year achievements mark a milestone in its growth story.