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The call conveyed a materially positive financial and operational picture: strong revenue, high operating and free cash flow, a stronger balance sheet, active share repurchases and a significant monetization (Fingold sale). These positives are tempered by a localized operational disruption at Goose (fire) causing a material Q2 production reduction and by short-term fuel/supply-chain and permit timing risks (Masbate fuel sensitivity and the pending Fekola Regional permit). Overall, management framed these as manageable, largely short-term issues against a strong cash and liquidity position.
Management reiterated operational and financial targets: Q1 production was ~238,000 ounces, GAAP EPS $0.15 and adjusted EPS $0.19, revenue nearly $1.2B, operating cash flow $539M and free cash flow $362M, with cash of $479M (up from $380M); the company delivered just over 66,000 ounces under prepayment obligations (to be completed by end‑June) and repurchased ~16M shares for $80M in Q1 plus 4M for $18M post‑quarter while selling a 70% stake in Fingold for $325M and repaying the remaining $75M on its revolver (leaving $800M available + $200M accordion). On production guidance, B2Gold reiterated Goose full‑year guidance of 170,000–230,000 oz (medium‑term ~300,000 oz/yr), but cut Goose Q2 to 18,000–20,000 oz (prior internal ~29,000 oz) due to a localized crushing‑circuit fire; management expects to ramp average daily crushing to ~3,200 tpd by end‑Q3 2026 (Phase 1 upgrades ~$11M, repairs ~$7M) and to ~4,000 tpd after Phase 2 in H1 2027 (Phase 2 cost $20–30M), while Fekola Complex guidance is maintained provided the regional exploitation permit is received by end‑June and Masbate has a rolling 90‑day guaranteed fuel supply.
Revenue of nearly $1.2 billion in Q1 2026; GAAP EPS of $0.15 per share and adjusted EPS of $0.19 per share. Operating cash flow of $539 million and free cash flow of $362 million, demonstrating strong cash generation from operations.
Cash and cash equivalents of $479 million at March 31, 2026, up from $380 million at year-end 2025 (+$99 million, +26.1%). Repaid the remaining $75 million outstanding on the revolving credit facility; full $800 million facility available plus a $200 million accordion feature.
Consolidated production of approximately 238,000 ounces in Q1, with Fekola, Goose, Masbate and Otjikoto all reported as outperforming expectations. Otjikoto successfully managing transition to underground; Masbate maintaining a strong safety record (7.5+ years LTI-free).
Share repurchases of ~16 million shares for $80 million in Q1 and a further 4 million shares for $18 million post-quarter (total ~20 million shares for ~$98 million) and management indicates continued opportunistic buybacks. Completed sale of 70% stake in Fingold Ventures to Agnico Eagle for $325 million in cash and entered a collaboration agreement for Nunavut operations.
Thank you for standing by. This is the conference operator. Welcome to B2Gold Corporation's First Quarter 2026 Financial Results Conference Call. [Operator Instructions] The conference is being recorded. [Operator Instructions] I would now like to turn the conference over to Clive Johnson, President and CEO of B2Gold. Please go ahead.
Thank you, operator. Good morning, everyone. Thank you for joining us today for our first quarter earnings call. This has been a period of solid operational performance and disciplined cost management against the backdrop of the ongoing volatility in global commodity markets. Our focus on safety, sustainability and operational excellence continues to drive reliable production and strong cash flow generation across our portfolio. Today, we'll review our financial results, highlight key developments across our assets and discuss our outlook for the remainder of 2026. In light of recent events in Mali involving the conflicts between government and certain groups, the company also wishes to report that its business operations in Mali continue in the normal course with such activities occurring at far distances from the company's operations. The company continues to closely monitor the situation and take precautions to ensure the safety and well-being of persons of our employees and contractors in Mali.
Next, I would like to acknowledge the important leadership transition we shared earlier this year, announcing my retirement as President and CEO effective June 4, 2026, and the appointment of Mike Cinnamond as B2Gold's next President and Chief Execu...
