BTG Q2 Earnings Miss Estimates, Revenues Rise Y/Y on Metal Prices

B2Gold’s Q2 Production Dip Y/Y 

B2Gold generated revenues of $789 million in the second quarter of 2026, reflecting a year-over-year increase of 14%. The upside was supported by higher realized gold prices, with the average realized gold price rising to $3,767 per ounce from $3,290 in the prior-year quarter, partly offset by a slight decline in gold ounces sold to 209,537 from 210,384.

In the June-end quarter, B2Gold recorded consolidated gold production of 203,648 ounces, down 11.2% year over year.

Fekola produced 116,281 ounces, down 8% year over year, but exceeded the company’s expectations on higher mill throughput and feed grade. Masbate produced 51,039 ounces, up 0.6%, helped by higher-than-expected throughput and recoveries. Otjikoto produced 23,438 ounces, down 54.6% year over year but above expectations on stronger underground ore grades. Goose produced 12,890 ounces as the April crushing-circuit fire constrained mill throughput.

BTG’s Q2 Gross Margin Contracts Y/Y

The company reported consolidated cash operating costs of $1,201 per ounce produced in the reported quarter, surging 61.2% year over year. Consolidated all-in sustaining costs of $2,356 per ounce sold increased 55.1% from the prior-year quarter.

For the April-June quarter, total cost of sales was $481 million, up 41.2% year over year. Gross profit declined 12.3% year over year to $308 million. The gross margin contracted to 39.1% in the reported quarter from the prior-year quarter’s 50.8%.

Operating income in the reported quarter was $521.5 million compared with $329.5 million in the prior-year quarter.

B2Gold’s Q4 Cash Flow & Balance Sheet Update

BTG’s cash and cash equivalents were $287 million at June 30, 2026, compared with $380 million at the end of 2025. The company generated $461 million in cash from operating activities in the first six months of 2026 compared with $434 million in the prior-year period. Its long-term debt was $423 million at June 30, 2026, down from $564 million at the end of 2025.

The company repurchased 19 million shares for $92 million during the quarter and completed the $325-million cash sale of its 70% interest in Fingold Ventures.

BTG also completed delivery of all 264,768 ounces under its Gold Prepay contracts. The company expects future gold sales at spot prices and anticipates improved free cash flow in the second half of 2026.

B2Gold Narrows 2026 Production Guidance

The company expects 2026 consolidated gold production of 820,000-920,000 ounces, narrowing from the prior mentioned 820,000-970,000 ounces. Cash operating cost guidance remains $1,155-$1,280 per ounce produced, while all-in sustaining cost guidance improved to $2,370-$2,550 per ounce sold from $2,400-$2,580.

The Fekola Complex guidance was reduced to 390,000-420,000 ounces from 410,000-460,000 because of delays in the Menankoto exploitation permit. The Masbate guidance increased to 180,000-200,000 ounces from the prior 170,000-190,000 ounces, and the Otjikoto guidance rose to 80,000-100,000 from the previously announced 70,000-190,000 ounces. The Goose guidance was narrowed to 170,000-200,000 ounces from the prior 170,000-230,000 ounces.

BTG Advances Menankoto & Goose Plans

B2Gold announced that all required steps to finalize approval of the Menankoto exploitation permit have been completed, with the permit awaiting approval by Mali’s Council of Ministers. Once received, mining pre-stripping can begin, and Fekola Regional is expected to ramp through 2027 and produce more than 150,000 ounces annually from 2028 through the mid-2030s.

At the Goose mine, crushing-circuit repairs remain on track for completion in the third quarter of 2026. Phase-one upgrades are expected to support average crushing capacity of about 3,200 tonnes per day by the quarter-end, with phase two targeted to lift capacity to 4,000 tonnes per day by the end of the first half of 2027.

B2Gold Stock’s Price Performance & Zacks Rank

The company’s shares have jumped 8.8% in the past year compared with the industry’s return of 42.7%.

Image Source: Zacks Investment Research

BTG currently has a Zacks Rank #4 (Sell).

You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Performance of Mining-Gold Stocks in Q2

Kinross Gold Corporation KGC reported adjusted earnings of 71 cents per share for the second quarter of 2026, up 61.4% from 44 cents in the year-ago quarter. The bottom line beat the Zacks Consensus Estimate of 66 cents by 7.6%.

Kinross Gold’s revenues increased 29.5% year over year to $2.2 billion but missed the consensus estimate of $2.3 billion by 2%.

Agnico Eagle Mines Limited AEM reported second quarter 2026 earnings were $3.05 per share, up 57.2% from $1.94 a year ago. The figure surpassed the Zacks Consensus Estimate of $2.89.

Agnico Eagle Mines generated revenues of $3,802.8 million, up 35% year over year. The top line missed the Zacks Consensus Estimate of $3,863.2 million.

Newmont Corporation NEM reported second-quarter 2026 adjusted earnings of $2.10 per share, up 46.9% from $1.43 in the prior-year quarter. The figure topped the Zacks Consensus Estimate of $2.05.  

Newmont’s revenues for the second quarter were $6.12 billion, up 15.1% from the prior-year quarter. The figure missed the Zacks Consensus Estimate of $6.35 billion. 

Zacks' Research Chief Names "Stock Most Likely to Double"

Our team of experts has just released the 5 stocks with the greatest probability of gaining +100% or more in the coming months. Of those 5, Director of Research Sheraz Mian highlights the one stock set to climb highest.

This top pick is a little-known satellite-based communications firm. Space is projected to become a trillion dollar industry, and this company's customer base is growing fast. Analysts have forecasted a major revenue breakout in 2025. Of course, all our elite picks aren't winners but this one could far surpass earlier Zacks' Stocks Set to Double like Hims & Hers Health, which shot up +209%.

Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report

This article originally published on Zacks Investment Research (zacks.com).

Zacks Investment Research