B2Gold Corp. BTG has been witnessing cost inflation pressure across all sites for the past few quarters. In the first six months of 2026, the company’s all-in sustaining costs were up 55% year over year to $2,356 per ounce sold, while cash operating costs rose 61% to $1,201 per ounce produced.
Despite the year-over-year increase, the figures came in below the company’s expected cash operating costs and all-in sustaining costs for the second quarter, driven by higher-than-expected first-half production results.
For 2026, cash operating costs are projected between $1,155 and $1,280 per ounce. This indicates an upside of 58% year over year at the midpoint. However, the company has lowered its all-in sustaining costs guidance for 2026 to $2,370-$2,550, from the prior stated $2,400-$2,580 per ounce. Even though this remains significantly higher than the 2025 reported all-in sustaining costs of $1,584, the company expects the figure to come in at or below the low end of its updated guidance range.
B2Gold will benefit from its ongoing strategy of maximizing profitable mine production, moving forward with its remaining development and exploration projects and evaluating additional exploration, development and production prospects. Post the Menankoto Exploitation Permit in August 2026, the company expects Fekola Regional to ramp up through the end of 2027 and produce more than 150,000 ounces annually from 2028 through the mid-2030s.
B2Gold also reaffirms its confidence that the Goose mine will be able to produce an average of 300,000 ounces of gold per year over the medium-term. Steady production levels are likely to offset the company's elevated costs.
Cost Performance of Other Gold Miners
Agnico Eagle Mines Limited AEM also remains exposed to higher production costs. Its all-in-sustaining costs were $1,459 per ounce in the second quarter of 2026, marking a roughly 14% year-over-year rise. AEM’s total cash costs per ounce for gold were $1,054, 14% higher than $925 a year ago.
Agnico Eagle Mines forecasts total cash costs per ounce in the range of $1,020 to $1,120 and AISC per ounce between $1,400 and $1,550 for 2026, suggesting a year-over-year increase at the midpoint of the respective ranges.
Newmont Corporation’s NEM all-in-sustaining costs for gold on a co-product basis increased around 21.7% year over year to $1,938 per ounce. NEM’s costs applicable to sales for gold on a co-product basis were $1,463 per ounce, up 20.4% year over year. Newmont projects gold by-product costs applicable to sales of $1,055 per ounce and gold by-product all-in-sustaining costs of $1,680 per ounce.
BTG’s Price Performance, Valuations & Estimates
B2Gold stock has gained 25.1% in a year’s time compared with the Zacks Mining – Gold industry’s 42.6% growth. During this time, the Basic Materials sector has risen 27.8% and the S&P 500 has gained 17.7%.
BTG is currently trading at a forward 12-month earnings multiple of 7.00X, at a discount to the industry average of 13.80X.
The Zacks Consensus Estimate for B2Gold’s 2026 sales is pegged at $3.57 billion, indicating 16.7% year-over-year growth. The consensus mark for the year’s earnings is pinned at 49 cents per share, indicating year-over-year growth of 6.5%.
The Zacks Consensus Estimate for 2027 sales implies 25.9% year-over-year growth. The same for earnings indicates year-over-year growth of 89.1%.
EPS estimates for 2025 and 2026 have been trending south over the past 60 days, as seen in the chart below.
BTG currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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