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]