B2Gold Corp. has secured the Menankoto exploitation permit from the State of Mali, a critical regulatory milestone that unlocks the Fekola Regional project and extends the company’s gold production life into the late 2030s. Issued on August 7, 2026, the permit enables B2Gold to begin mining pre-stripping activities and finalize a tolling agreement for the site, which is located approximately 20 kilometers from the existing Fekola Mine. This development solidifies B2Gold’s position as a major gold producer in Mali, supporting its strategy to ramp up operations through the end of 2027 and deliver sustained output growth.

The issuance follows productive dialogue between B2Gold and the State of Mali that commenced in late July 2025. These discussions previously resulted in the approval to commence underground mining operations at the Fekola Mine in July 2025. Both parties remain committed to the agreement entered into in September 2024 regarding the ongoing operation and governance of the Fekola Mine and Fekola Regional, collectively referred to as the Fekola Complex.

Under the terms of the September 2024 agreement, the Menankoto Exploitation Permit was issued under the 2023 Mining Code, while the existing Fekola Mine remains subject to the 2012 Mining Code. This dual-code structure reflects the negotiated framework governing the complex’s operations and regulatory compliance moving forward.

Ownership Structure

The Fekola Complex comprises two distinct assets with different ownership stakes held by B2Gold and the State of Mali:

Production Outlook

Fekola Regional is positioned as a key near-term production growth driver for B2Gold. The company expects the project to ramp up operations through the end of 2027. From 2028 through the mid-2030s, Fekola Regional is projected to produce in excess of 150,000 ounces of gold per year. This output will complement the robust annual production base of the broader Fekola Complex, which currently stands as the largest producing gold mine in Mali.

Mike Cinnamond, President and CEO of B2Gold, stated that the permit issuance secures the future of the operation well into the late 2030s. He emphasized the company’s commitment to transparent partnership with the State of Mali, noting that B2Gold’s total investment in Mali since 2014 has reached over $2.0 billion. The company employs more than 3,300 workers, approximately 98% of whom are Malian nationals, contributing to job creation, training, and community investments.

B2Gold Corp. reported second quarter 2026 adjusted earnings per share (EPS) of $0.03, missing the updated analyst consensus estimate of $0.09 by 66.67 percent. The company’s quarterly sales reached $789.354 million, a 14.03 percent increase from $692.206 million in the same period last year, but this figure missed the analyst consensus estimate of $879.441 million by 10.24 percent. While consolidated gold production of 203,648 ounces remained in line with expectations, the shortfall in earnings and revenue against market forecasts highlights pressure from higher costs and lower-than-expected throughput at key sites.

Financial Performance vs. Estimates

The divergence between reported results and analyst expectations was driven primarily by operational variances and cost inflation. Adjusted net income attributable to shareholders stood at $40,881 thousand, or $0.03 per share, down significantly from $0.12 per share in Q2 2025. This decline reflects a 75 percent drop in adjusted earnings year-over-year.

Revenue growth of 14.03 percent was supported by a higher average realized gold price of $3,767 per ounce compared to $3,290 in Q2 2025. However, the total revenue of $789,354 thousand failed to meet the $879.441 million target set by analysts. The gap suggests that volume shortfalls and cost pressures outweighed the benefit of higher gold prices.

Operational Drivers

Consolidated all-in sustaining costs (AISC) were $2,356 per ounce sold, below the updated full-year guidance range of $2,370 to $2,550. However, cash operating costs rose sharply to $1,201 per ounce produced from $745 in Q2 2025.

The Fekola Complex in Mali produced 116,281 ounces, benefiting from higher mill feed grades. Conversely, the Goose Mine in Canada produced only 12,890 ounces due to a fire in the crushing circuit that reduced mill throughput. Repairs are on track for completion in Q3 2026 at an estimated cost of $13 million, with further upgrades scheduled for early 2027.

What the Numbers Show

The significant miss on both EPS and revenue estimates indicates that market participants had priced in higher production volumes or lower cost structures than what materialized. The 66.67 percent EPS miss is particularly notable given the strong underlying gold price environment. Investors should monitor the progress of repairs at the Goose Mine and the finalization of the Menankoto Exploitation Permit in Mali, as these factors will determine whether B2Gold can narrow its guidance range for the remainder of 2026.

Corporate Actions

B2Gold completed the sale of its 70% interest in Fingold Ventures Ltd. for $325 million in April 2026, generating a gain of $292 million. The company also repurchased 19 million shares for $92 million under its normal course issuer bid and repaid $75 million on its revolving credit facility. A third-quarter dividend of $0.02 per share was declared, payable on September 23, 2026.