By Adriano Marchese

B2Gold shares climbed Thursday after the company beat expectations on the back of new output from its Canadian mine, stronger revenue from Mali and the Philippines, and higher gold prices.

Shares surged 17% higher in Toronto, trading at 7.10 Canadian dollars ($5.21).

The Vancouver, British Columbia-based gold miner late Wednesday reported revenue of $1.16 billion, up more than double from $532.1 million a year earlier.

The cost of gold has surged throughout the year, making gold mining more lucrative. The company was able to sell its gold at an average price of $4,193 an ounce in the quarter, up from $2,892 an ounce a year ago.

One of the largest contributors to revenue was the company's majority-owned Fekola Complex in Mali, from which it sold 152,356 ounces of gold, up from 87,808 ounces a year earlier. This generated $734.9 million in revenue, up from $254.7 million in the previous year's first quarter.

In Canada, the company sold 44,445 ounces of gold from the Goose Mine, generating $219.5 million in revenue. B2Gold acquired the mine in April  2023, and the mine achieved first gold production in June  of last year before reaching commercial operation in October .

From the company's Masbate Mine in the Philippines, gold revenue rose $100 million to $229.4 million, though gold sold only rose 5.6% to 46,926 ounces. The increase in revenue was largely due to the higher average gold price it was able to sell the gold at, which was $4,887 an ounce, compared with $2,911 an ounce a year earlier.

The Otjikoto Mine in Namibia saw revenue rise 4.8% to $155.1 million, but gold sold from its operations there fell to 32,619 ounces from 51,740 ounces.

Net income rose to $205.6 million from $62.6 million, which on a per-share basis was a rise to 14 cents from four cents.

Write to Adriano Marchese at adriano.marchese@wsj.com

(END) Dow Jones Newswires

May 07, 2026 10:21 ET (14:21 GMT)

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