Earnings: Mali
Key Facts
- Profit. B2Gold, a Vancouver gold miner, posted US$414 million net income in Q3, against US$23 million a year earlier.
- Catch. About US$253 million is a non-cash accounting gain tied to Fekola, its gold mine in Mali.
- Core. Adjusted profit was US$183 million, or US$0.14 a share, flat on the year, as costs per ounce rose 76%.
- Next. Mali’s August permit for Menankoto, a new gold deposit near Fekola, started pre-stripping (waste-rock removal) in October.
- Prediction markets. Polymarket, a real-money betting platform, gives gold a 76.5% chance of touching US$4,200 in November (as of 3:21 a.m. ET, 5 November 2026).
B2Gold’s headline profit jumped to US$414 million, but most of the lift came from an accounting reversal after Mali approved a new mine permit, not from extra gold sales.
B2Gold, a gold miner based in Vancouver, published its third-quarter results on 4 November 2026, after North American markets closed. The company reported net income of US$414 million for the three months to 30 September, of which US$409 million (US$0.31 a share) belongs to shareholders.
A year earlier net income was US$23 million, and US$19 million (US$0.01 a share) for shareholders. For investors in the United States who hold gold miners, the jump looks large, so the detail behind it matters.
Where the US$414 Million Came From
The biggest piece is a US$253 million reversal of an earlier write-down on the Fekola Complex, B2Gold’s gold mining hub in Mali. A write-down, or impairment, is a charge a company takes when it decides an asset is worth less than the books say.
B2Gold said the reversal followed Mali’s grant of the Menankoto exploitation permit on 7 August 2026. In the company’s words, significant uncertainty had been removed over when production would start.
Two smaller items helped. Unrealised gains on derivative contracts added US$40 million, and insurance claim recoveries added US$14 million.
None of these three items brings cash into the company. Together they account for about US$307 million of the US$414 million.
The Cleaner Number Is Flat
Strip out one-off items and the picture is steadier. Adjusted net income attributable to shareholders was US$183 million, or US$0.14 a share, compared with US$180 million, also US$0.14 a share, in the third quarter of 2025.
Revenue was US$836 million on 195,018 ounces of gold sold. The average realised price was US$4,289 an ounce.
Production fell 24% to 193,321 ounces, about 61,000 fewer than a year earlier. All-in sustaining costs (AISC), the full cost of producing and selling an ounce, rose to US$2,602 from US$1,479, an increase of 76%.
It was also the first full quarter after B2Gold finished delivering gold under its prepaid sales contracts in June 2026. Under such contracts a miner takes cash first and ships the metal later, so the deliveries brought in little new money.
The company ended September with US$294 million in cash. It also had US$705 million available on its revolving credit facility, a standing bank loan line it can draw on.
In Plain English
—Impairment reversal. Reversing an earlier write-down. It lifts profit on paper but brings in no cash.
—Adjusted profit. Profit after removing one-off items, so quarters compare fairly.
—Exploitation permit. The state licence that lets a company mine a deposit commercially.
What the Mali Permit Unlocks
The Menankoto permit covers Fekola Regional, a gold deposit about 20 kilometres from the Fekola mine. B2Gold will own 65% of it, and the Malian state 35%.
The company says pre-stripping, which means removing waste rock to reach the ore, began in October 2026. It must still finalise a tolling agreement, under which the ore is processed at an existing plant for a fee.
B2Gold expects Fekola Regional to ramp up through 2027 and to produce more than 150,000 ounces of gold a year from 2028. The permit was issued under Mali’s 2023 Mining Code, while the Fekola mine itself stays under the older 2012 mining law.
What It Means for You
For a US investor, the quarter shows a business whose cash earnings are steady while its headline profit swings on accounting and on politics in Mali. A realised gold price of US$4,289 an ounce is doing most of the work.
The permit also shows how much a single government decision can move a miner’s value. A reversal can be booked when risk falls, and a write-down can follow if it rises again.
What Prediction Markets Say
On Polymarket, a platform where traders bet real money on outcomes, the “What will Gold (XAUUSD) hit in November 2026?” market had US$74,541 traded at 3:21 a.m. ET on 5 November 2026. It priced a touch of US$4,200 at 76.5% and a touch of US$4,400 at 27%.
Why we show this: prediction markets turn real-money bets into a live probability that moves within minutes of the news, which is why investors, campaigns and newsrooms in the United States now follow them closely. We show them next to polls and official results, never instead of them.
What Is Not Yet Clear
The filing we reviewed does not give the pre-stripping budget or the cost of building Fekola Regional. Those numbers will decide how much cash the permit adds.
The tolling agreement for Fekola Regional is not yet signed, and we could not confirm a start date for first ore. Readers should watch the 5 November conference call and later filings for both.
For more, see our Mali coverage, our gold and silver report and our story on Ghana chiefs and the Gold Fields lease.
Frequently Asked Questions
Why did B2Gold’s profit jump to US$414 million?
About US$253 million came from reversing an earlier write-down on the Fekola Complex in Mali after the Menankoto permit was granted. Another US$40 million came from unrealised derivative gains and US$14 million from insurance recoveries.
What was B2Gold’s adjusted profit?
Adjusted net income attributable to shareholders was US$183 million, or US$0.14 a share. That compares with US$180 million, also US$0.14 a share, in the third quarter of 2025.
What is the Menankoto permit?
It is an exploitation permit that Mali granted on 7 August 2026 for Fekola Regional, about 20 kilometres from the Fekola mine. B2Gold will own 65% and the State of Mali 35%.
How much gold will Fekola Regional produce?
B2Gold expects it to produce more than 150,000 ounces a year from 2028. Ramp-up is planned through 2027, after pre-stripping and a tolling agreement.
Sources
B2Gold Q3 2026 financial statements (SEC filing) · B2Gold, Fekola Regional permit release, 7 August 2026 · Polymarket
This article was produced by The Rio Times’ automated newsroom system. How we use AI · Report an error · Editorial responsibility: Matthias Camenzind, Editor-in-Chief