B2Gold Q2 Earnings Call Highlights

Mali granted B2Gold the Menankoto Exploitation Permit, allowing pre-stripping to begin at Fekola Regional. The project is expected to ramp up through 2027 and produce more than 150,000 ounces of gold annually from 2028 into the mid-2030s.

B2Gold produced approximately 204,000 ounces of gold in the second quarter and reported adjusted net income of $41 million, or $0.03 per share. Free cash flow was negative $258 million, while the company returned $224 million to shareholders through share repurchases and dividends in the first half of 2026.

The company narrowed 2026 production guidance to 820,000–920,000 ounces because of the Menankoto permitting delay and the Goose crusher fire. Goose repairs remain on schedule, with throughput expected to exceed 3,000 tonnes per day by the fourth quarter.

B2Gold NYSEAMERICAN: BTG said the Government of Mali granted the Menankoto Exploitation Permit, clearing the company to begin mining-related activities within the permit area and advance the Fekola Regional deposit. The company requested a temporary trading halt before its second-quarter conference call to disseminate the material news.

President and Chief Executive Officer Mike Cinnamond said the permit was an important milestone for the Fekola complex. It allows B2Gold to begin pre-stripping activity at Fekola Regional, which is expected to ramp up through the end of 2027 and produce more than 150,000 ounces of gold annually from 2028 through the mid-2030s.

Chairman Kelvin Dushnisky opened the call by recognizing former CEO Clive Johnson, who has moved into the role of chair emeritus, and by expressing the board’s confidence in Cinnamond as CEO and Michael McDonald as chief financial officer. Dushnisky said the leadership changes represented continuity in B2Gold’s strategy, which remains focused on operational execution, reinvestment and shareholder returns.

On the permitting process in Mali, Cinnamond said the government had been implementing the country’s 2023 Mining Code and establishing new governance structures, including a mining commission and state mining company SOPAMIM. He characterized Menankoto as the first major new permit granted under the updated code. The company expects pre-stripping to begin shortly and continue through the end of 2026. While there could be limited Fekola Regional production late this year, management said it was more appropriate to assume stripping activity this year followed by a ramp-up during 2027.

Randall Chatwin, senior vice president of strategy and chief legal officer, said B2Gold will need to obtain a Dandoko exploitation permit, a process expected to begin later in 2027 for 2028. He said the company expects the permitting process to be smoother going forward under Mali’s newly established governance framework.

B2Gold reported consolidated gold production of about 204,000 ounces in the second quarter, with Fekola, Masbate and Otjikoto exceeding expectations. Those results offset a more difficult quarter at the Goose mine, where an April fire in areas of the crushing circuit disrupted production.

McDonald said net income attributable to shareholders was $417 million, or $0.31 per share, reflecting the gain on the sale of the company’s Finland Properties and unrealized derivative gains. Adjusted net income attributable to share...