TSX-listed and Africa-focused B2Gold generated revenue of $836-million for the third quarter ended September 30, from the sale of 195 018 oz of gold at an average realised price of $4 289/oz.

With production of 193 321 oz of gold, the company is on track to deliver full-year production guidance at all operations.

Cash flow provided by operating activities was $239-million, cash flow from operating activities before changes in working capital $387-million, and free cash flow $48-million, reflecting the first quarter post completion of the prepaid gold sales contracts in June.

Consolidated all-in sustaining costs (AISC) were $2 602/oz sold for the quarter.

B2Gold has lowered its AISC guidance range for the full year to between $2 230/oz and $2 410/oz sold, from the previously guided $2 370/oz and $2 550/oz sold on the back of a strong year-to-date operating performance.

Earnings per share (EPS) for the period were $0.31, while adjusted EPS were $0.14, with the former including an impairment reversal of $253-million for the Fekola mine.

B2Gold says it returned $59-million to shareholders in the quarter, comprising $26-million in dividends paid and $33-million of share buybacks under the company’s normal course issuer bid.

It highlights a strong financial position, including cash and cash equivalents of $294-million, working capital of $497-million and an undrawn balance of $705-million on the company’s revolving credit facility.

Phase 1 upgrades to the Goose fixed crushing circuit were completed, with the circuit now operating at 3 200 t/d following commissioning in mid-October.

The Menankoto exploitation permit was granted on August 7 by the State of Mali. B2Gold started mining pre-stripping activities on the Menankoto permit area in October.

“B2Gold delivered a strong third quarter, highlighted by continued outperformance from Masbate and Otjikoto and significant progress across several key strategic initiatives. During the quarter, we received the Menankoto exploitation permit, and waste stripping activities commenced in October.

“These are important milestones which support the continued growth and long-term value of the Fekola Complex,” CEO and president Mike Cinnamond says.

“At Goose, our team continued to execute on plans to improve crushing capacity at site, with the addition of a new mobile crusher in the third quarter, and completion of Phase 1 upgrades to the fixed crusher in October, delivering 3 200 t/d of crushed ore to the mill, in line with the plan,” he adds.

Cinnamond notes that the reduction in the company’s full-year AISC guidance reflects the leverage in its business, where strong production performance and consistent execution translate into lower costs on a per-ounce basis.

“As we enter the final months of the year, our teams remain focused on safe and disciplined execution, and we remain well positioned to achieve consolidated annual production guidance for 2026 and create long-term value for shareholders,” he says.