Financial Data and Key Metrics Changes - The company reported third quarter revenue of $463 million, an increase from the prior year due to higher gold and copper prices and sales volumes [13] - Cash generated from operations before working capital adjustments was $296 million, or $0.37 per share, higher than the prior year period [13] - The company achieved record quarterly free cash flow of $205 million, driven by higher revenue [13] - Net earnings for the quarter were approximately $142 million, or $0.18 per share, primarily due to increased revenues [13][14] - All-in sustaining costs reduced from the second quarter by $425 to $966 per ounce, with an average realized gold price of $3,458 per ounce [5][14] Business Line Data and Key Metrics Changes - New Afton produced approximately 115,200 ounces of gold and 12 million lbs of copper in the quarter, with B3 cave overperforming [5][7] - Rainy River achieved record quarterly production of over 100,000 ounces of gold, a 63% increase over the second quarter, with all-in sustaining costs of $1,043 per ounce [4][10] - New Afton achieved an all-in sustaining cost of negative $595 per ounce after considering copper credits [7] Market Data and Key Metrics Changes - The average realized gold price was $3,458 per ounce, contributing to the increase in revenue [5][13] - The company expects all-in sustaining costs to reduce further through the fourth quarter [5] Company Strategy and Development Direction - The company is focused on increasing production and reducing costs, with a target of ramping up C-Zone to full processing capacity of approximately 16,000 tons per day by early 2026 [6][10] - Exploration initiatives are being advanced, with a significant increase in the exploration budget to $22 million for approximately 63,000 meters of drilling [15][18] - The company aims to generate approximately $1.8 billion of free cash flow over the next three years, with expectations of being at the high end of this projection for 2025 [19][20] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in continued significant growth in gold and copper production over the next two years, with expectations of decreasing unit costs per ounce of gold [19][20] - The company is committed to maintaining a strong balance sheet while investing in exploration and organic opportunities [29] - Management highlighted the importance of safety, with a low total recordable injury frequency rate of 0.61, down from 0.82 in the previous quarter [4][20] Other Important Information - The company repaid a total of $260 million in debt during the quarter, including the full repayment of a $150 million credit facility drawn earlier [6][14] - Significant safety milestones were achieved, with New Afton surpassing 1 million hours and Rainy River surpassing 1.5 million hours worked without a lost time injury [4] Q&A Session Summary Question: Can you provide a breakout of tonnage from the C-Zone and B-Zone? - The B-Zone contributed 4,300 tons per day, while the C-Zone contributed the remainder [24] Question: What are your plans for capital allocation with the free cash flow? - The company takes a disciplined approach to capital allocation, focusing on maintaining a strong balance sheet, investing in exploration, and evaluating capital returns to shareholders [29] Question: What is the expected grade for K-Zone? - The company is still in the drilling phase and will need to update models to determine the total size and grade of K-Zone [33] Question: Can you provide an update on tailings management at Rainy River? - The company is assessing the full potential of K-Zone and is not currently seeing a need for significant investment in the tailings management area [39] Question: What should we expect for Rainy River's performance in Q4? - The company expects continued positive performance in Rainy River, with no significant changes in trajectory [45] Question: How will the drilling results impact the resource update for K-Zone? - The company plans to include all drilling results in the resource update scheduled for January [49]

Core Viewpoint - B2Gold Corp. reported strong operational and financial results for Q2 2025, with higher than expected gold production and lower cash costs, positioning the company well for its annual production guidance. Group 1: Production and Costs - Consolidated gold production reached 229,454 ounces in Q2 2025, exceeding expectations, with all three mines (Fekola, Masbate, and Otjikoto) performing well [2][4] - Consolidated cash operating costs were $745 per gold ounce produced, better than anticipated due to lower fuel costs and higher production [2][4] - All-in sustaining costs were $1,519 per gold ounce sold, higher than expected due to increased gold royalties and lower sales ounces [2][4] Group 2: Financial Performance - Attributable net income was $154 million, or $0.12 per share, with adjusted net income also at $0.12 per share [2][4] - Operating cash flow before working capital adjustments was $301 million in Q2 2025 [2][4] - Gold revenue for Q2 2025 was $692.2 million, significantly up from $492.6 million in Q2 2024 [4] Group 3: Liquidity and Capital Resources - As of June 30, 2025, the company had cash and cash equivalents of $308 million and a working capital deficit of $19 million [5] - The company has $800 million available under its revolving credit facility for future drawdowns [5][7] Group 4: Project Developments - The Goose Mine achieved its inaugural gold pour and is expected to ramp up to commercial production in Q3 2025, with estimated production of 120,000 to 150,000 ounces in 2025 [2][44] - A positive feasibility study for the Gramalote Project indicated an after-tax NPV of $941 million and an IRR of 22.4% at a $2,500 per ounce gold price [2][56] - Approval for underground mining at the Fekola Mine was granted, with production expected to contribute between 25,000 to 35,000 ounces in 2025 [2][21] Group 5: Future Outlook - The company is on track to meet its total gold production guidance of 970,000 to 1,075,000 ounces for 2025 [60] - Consolidated cash operating cost guidance for 2025 is now forecasted to be between $795 and $855 per ounce, reflecting lower fuel costs and expected results from the Goose Mine [62]