Market Signal Briefing

Community Health Systems (CYH - Free Report) reported break-even quarterly earnings per share versus the Zacks Consensus Estimate of a loss of $0.32. This compares to a loss of $0.42 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of +100.00%. A quarter ago, it was expected that this operator of accute care hospitals would post a loss of $0.32 per share when it actually produced earnings of $1.27, delivering a surprise of +496.88%.

Over the last four quarters, the company has surpassed consensus EPS estimates three times.

Community Health Systems, which belongs to the Zacks Medical - Hospital industry, posted revenues of $3.11 billion for the quarter ended December 2025, missing the Zacks Consensus Estimate by 1.18%. This compares to year-ago revenues of $3.27 billion. The company has topped consensus revenue estimates three times over the last four quarters.

The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.

Community Health Systems shares have added about 10.3% since the beginning of the year versus the S&P 500's zero return.

What's Next for Community Health Systems?While Community Health Systems has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?

There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.

Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.

Ahead of this earnings release, the estimate revisions trend for Community Health Systems was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is -$0.19 on $3.16 billion in revenues for the coming quarter and -$0.51 on $12.73 billion in revenues for the current fiscal year.

Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Medical - Hospital is currently in the bottom 28% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.

Universal Health Services (UHS - Free Report) , another stock in the same industry, has yet to report results for the quarter ended December 2025. The results are expected to be released on February 25.

This hospital and health facility operator is expected to post quarterly earnings of $5.91 per share in its upcoming report, which represents a year-over-year change of +20.1%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.

Universal Health Services' revenues are expected to be $4.48 billion, up 9% from the year-ago quarter.

, /PRNewswire/ --

Why: Rosen Law Firm, a global investor rights law firm, reminds purchasers of securities of Ramaco Resources, Inc. (NASDAQ: METC) between July 31, 2025 and October 23, 2025, both dates inclusive (the "Class Period"), of the important March 31, 2026 lead plaintiff deadline.

So What: If you purchased Ramaco securities during the Class Period you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement.

What to do Next: To join the Ramaco class action, go to https://rosenlegal.com/submit-form/?case_id=52081 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] for information on the class action. A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than March 31, 2026. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.

Why Rosen Law: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience, resources, or any meaningful peer recognition. Many of these firms do not actually litigate securities class actions, but are merely middlemen that refer clients or partner with law firms that actually litigate the cases. Be wise in selecting counsel. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm has achieved, at that time, the largest ever securities class action settlement against a Chinese Company. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered hundreds of millions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs' Bar. Many of the firm's attorneys have been recognized by Lawdragon and Super Lawyers.

Details of the Case: According to the lawsuit, throughout the Class Period, defendants made materially false and/or misleading statements and/or failed to disclose that: (1) defendants had not commenced any significant mining activity at the Brook Mine after groundbreaking; (2) no active work was taking place at the Brook Mine; (3) as a result, Ramaco overstated development progress at the Brook Mine; and (4) as a result of the foregoing, defendants' positive statements about Ramaco's business, operations, and prospects were materially misleading and/or lacked a reasonable basis. When the true details entered the market, the lawsuit claims that investors suffered damages.

To join the Ramaco class action, go to https://rosenlegal.com/submit-form/?case_id=52081 https://rosenlegal.com/submit-form/?case_id=50622 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] for information on the class action.

No Class Has Been Certified. Until a class is certified, you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. An investor's ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.

Follow us for updates on LinkedIn: https://www.linkedin.com/company/the-rosen-law-firm, on Twitter: https://twitter.com/rosen_firm or on Facebook: https://www.facebook.com/rosenlawfirm/.

Attorney Advertising. Prior results do not guarantee a similar outcome.

Contact Information:

      Laurence Rosen, Esq.
      Phillip Kim, Esq.
      The Rosen Law Firm, P.A.
      275 Madison Avenue, 40th Floor
      New York, NY 10016
      Tel: (212) 686-1060
      Toll Free: (866) 767-3653
      Fax: (212) 202-3827
      [email protected]
      www.rosenlegal.com

SOURCE THE ROSEN LAW FIRM, P. A.

Tutor Perini (TPC - Free Report) closed at $81.10 in the latest trading session, marking a -1.39% move from the prior day. The stock fell short of the S&P 500, which registered a gain of 0.56% for the day. At the same time, the Dow added 0.26%, and the tech-heavy Nasdaq gained 0.78%.

Shares of the construction company witnessed a gain of 10.94% over the previous month, beating the performance of the Construction sector with its gain of 6.35%, and the S&P 500's loss of 1.27%.

Investors will be eagerly watching for the performance of Tutor Perini in its upcoming earnings disclosure. The company's earnings per share (EPS) are projected to be $0.92, reflecting a 160.93% increase from the same quarter last year. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $1.28 billion, up 19.85% from the year-ago period.

In terms of the entire fiscal year, the Zacks Consensus Estimates predict earnings of $4.01 per share and a revenue of $5.32 billion, indicating changes of +228.12% and +22.84%, respectively, from the former year.

Investors should also pay attention to any latest changes in analyst estimates for Tutor Perini. These recent revisions tend to reflect the evolving nature of short-term business trends. Consequently, upward revisions in estimates express analysts' positivity towards the business operations and its ability to generate profits.

Research indicates that these estimate revisions are directly correlated with near-term share price momentum. To take advantage of this, we've established the Zacks Rank, an exclusive model that considers these estimated changes and delivers an operational rating system.

The Zacks Rank system, running from #1 (Strong Buy) to #5 (Strong Sell), holds an admirable track record of superior performance, independently audited, with #1 stocks contributing an average annual return of +25% since 1988. Within the past 30 days, our consensus EPS projection remained stagnant. Right now, Tutor Perini possesses a Zacks Rank of #3 (Hold).

In the context of valuation, Tutor Perini is at present trading with a Forward P/E ratio of 17.42. This indicates a discount in contrast to its industry's Forward P/E of 27.62.

The Building Products - Heavy Construction industry is part of the Construction sector. At present, this industry carries a Zacks Industry Rank of 149, placing it within the bottom 40% of over 250 industries.

The Zacks Industry Rank evaluates the power of our distinct industry groups by determining the average Zacks Rank of the individual stocks forming the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Ensure to harness Zacks.com to stay updated with all these stock-shifting metrics, among others, in the next trading sessions.

Recursion Pharmaceuticals (RXRX - Free Report) ended the recent trading session at $3.53, demonstrating a +2.02% change from the preceding day's closing price. This move outpaced the S&P 500's daily gain of 0.56%. Elsewhere, the Dow gained 0.26%, while the tech-heavy Nasdaq added 0.78%.

Shares of the biotechnology company witnessed a loss of 21.36% over the previous month, trailing the performance of the Medical sector with its gain of 0.65%, and the S&P 500's loss of 1.27%.

Market participants will be closely following the financial results of Recursion Pharmaceuticals in its upcoming release. The company is expected to report EPS of -$0.28, up 47.17% from the prior-year quarter. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $25.5 million, up 460.44% from the year-ago period.

Regarding the entire year, the Zacks Consensus Estimates forecast earnings of -$1.59 per share and revenue of $64.62 million, indicating changes of +5.92% and +9.83%, respectively, compared to the previous year.

Additionally, investors should keep an eye on any recent revisions to analyst forecasts for Recursion Pharmaceuticals. These latest adjustments often mirror the shifting dynamics of short-term business patterns. Consequently, upward revisions in estimates express analysts' positivity towards the business operations and its ability to generate profits.

Our research demonstrates that these adjustments in estimates directly associate with imminent stock price performance. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.

Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Over the past month, the Zacks Consensus EPS estimate has remained steady. At present, Recursion Pharmaceuticals boasts a Zacks Rank of #2 (Buy).

The Medical - Biomedical and Genetics industry is part of the Medical sector. At present, this industry carries a Zacks Industry Rank of 87, placing it within the top 36% of over 250 industries.

The Zacks Industry Rank gauges the strength of our industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Ensure to harness Zacks.com to stay updated with all these stock-shifting metrics, among others, in the next trading sessions.

In the latest close session, On Holding (ONON - Free Report) was up +1.44% at $47.33. The stock outpaced the S&P 500's daily gain of 0.56%. Meanwhile, the Dow experienced a rise of 0.26%, and the technology-dominated Nasdaq saw an increase of 0.78%.

Shares of the running-shoe and apparel company have appreciated by 5.76% over the course of the past month, outperforming the Retail-Wholesale sector's loss of 5.72%, and the S&P 500's loss of 1.27%.

The investment community will be paying close attention to the earnings performance of On Holding in its upcoming release. The company is slated to reveal its earnings on March 3, 2026. The company's upcoming EPS is projected at $0.26, signifying a 31.58% drop compared to the same quarter of the previous year. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $896.42 million, up 29.68% from the year-ago period.

Looking at the full year, the Zacks Consensus Estimates suggest analysts are expecting earnings of $0.94 per share and revenue of $3.73 billion. These totals would mark changes of -14.55% and +41.37%, respectively, from last year.

Additionally, investors should keep an eye on any recent revisions to analyst forecasts for On Holding. These revisions typically reflect the latest short-term business trends, which can change frequently. With this in mind, we can consider positive estimate revisions a sign of optimism about the business outlook.

Empirical research indicates that these revisions in estimates have a direct correlation with impending stock price performance. To capitalize on this, we've crafted the Zacks Rank, a unique model that incorporates these estimate changes and offers a practical rating system.

Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. The Zacks Consensus EPS estimate has moved 0.02% higher within the past month. Currently, On Holding is carrying a Zacks Rank of #1 (Strong Buy).

With respect to valuation, On Holding is currently being traded at a Forward P/E ratio of 27.22. This denotes a premium relative to the industry average Forward P/E of 17.25.

It's also important to note that ONON currently trades at a PEG ratio of 1.16. The PEG ratio is akin to the commonly utilized P/E ratio, but this measure also incorporates the company's anticipated earnings growth rate. As of the close of trade yesterday, the Retail - Apparel and Shoes industry held an average PEG ratio of 1.89.

The Retail - Apparel and Shoes industry is part of the Retail-Wholesale sector. This industry currently has a Zacks Industry Rank of 41, which puts it in the top 17% of all 250+ industries.

The Zacks Industry Rank gauges the strength of our individual industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Make sure to utilize Zacks.com to follow all of these stock-moving metrics, and more, in the coming trading sessions.

Norwegian Cruise Line (NCLH - Free Report) closed the most recent trading day at $24.35, moving +1.04% from the previous trading session. The stock's change was more than the S&P 500's daily gain of 0.56%. Elsewhere, the Dow gained 0.26%, while the tech-heavy Nasdaq added 0.78%.

Shares of the cruise operator have appreciated by 18.31% over the course of the past month, outperforming the Consumer Discretionary sector's loss of 2.26%, and the S&P 500's loss of 1.27%.

The investment community will be closely monitoring the performance of Norwegian Cruise Line in its forthcoming earnings report. The company is scheduled to release its earnings on March 2, 2026. The company is expected to report EPS of $0.28, up 7.69% from the prior-year quarter. Our most recent consensus estimate is calling for quarterly revenue of $2.35 billion, up 11.49% from the year-ago period.

For the full year, the Zacks Consensus Estimates are projecting earnings of $2.12 per share and revenue of $9.94 billion, which would represent changes of +16.48% and +4.87%, respectively, from the prior year.

It's also important for investors to be aware of any recent modifications to analyst estimates for Norwegian Cruise Line. These revisions help to show the ever-changing nature of near-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the business outlook.

Our research demonstrates that these adjustments in estimates directly associate with imminent stock price performance. To capitalize on this, we've crafted the Zacks Rank, a unique model that incorporates these estimate changes and offers a practical rating system.

The Zacks Rank system ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has witnessed a 3.76% decrease. Norwegian Cruise Line currently has a Zacks Rank of #3 (Hold).

From a valuation perspective, Norwegian Cruise Line is currently exchanging hands at a Forward P/E ratio of 9.41. This valuation marks a discount compared to its industry average Forward P/E of 19.1.

Meanwhile, NCLH's PEG ratio is currently 0.55. The PEG ratio is similar to the widely-used P/E ratio, but this metric also takes the company's expected earnings growth rate into account. Leisure and Recreation Services stocks are, on average, holding a PEG ratio of 1.43 based on yesterday's closing prices.

The Leisure and Recreation Services industry is part of the Consumer Discretionary sector. This group has a Zacks Industry Rank of 194, putting it in the bottom 21% of all 250+ industries.

The strength of our individual industry groups is measured by the Zacks Industry Rank, which is calculated based on the average Zacks Rank of the individual stocks within these groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Ensure to harness Zacks.com to stay updated with all these stock-shifting metrics, among others, in the next trading sessions.

Armour Residential REIT (ARR - Free Report) came out with quarterly earnings of $0.71 per share, missing the Zacks Consensus Estimate of $0.74 per share. This compares to earnings of $0.78 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of -4.05%. A quarter ago, it was expected that this real estate investment trust would post earnings of $0.75 per share when it actually produced earnings of $0.72, delivering a surprise of -4%.

Over the last four quarters, the company has not been able to surpass consensus EPS estimates.

Armour Residential REIT, which belongs to the Zacks REIT and Equity Trust industry, posted revenues of $50.38 million for the quarter ended December 2025, surpassing the Zacks Consensus Estimate by 18.25%. This compares to year-ago revenues of $12.66 million. The company has topped consensus revenue estimates two times over the last four quarters.

The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.

Armour Residential REIT shares have added about 0.5% since the beginning of the year versus the S&P 500's zero return.

What's Next for Armour Residential REIT?While Armour Residential REIT has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?

There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.

Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.

Ahead of this earnings release, the estimate revisions trend for Armour Residential REIT was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.73 on $72.4 million in revenues for the coming quarter and $3.02 on $307.7 million in revenues for the current fiscal year.

Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, REIT and Equity Trust is currently in the bottom 24% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.

One other stock from the same industry, Arbor Realty Trust (ABR - Free Report) , is yet to report results for the quarter ended December 2025. The results are expected to be released on February 27.

This real estate investment trust is expected to post quarterly earnings of $0.21 per share in its upcoming report, which represents a year-over-year change of -47.5%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.

Arbor Realty Trust's revenues are expected to be $221.71 million, down 15.7% from the year-ago quarter.

ONE Gas (OGS - Free Report) came out with quarterly earnings of $1.48 per share, beating the Zacks Consensus Estimate of $1.42 per share. This compares to earnings of $1.34 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of +4.04%. A quarter ago, it was expected that this natural gas distribution would post earnings of $0.44 per share when it actually produced earnings of $0.44, delivering no surprise.

Over the last four quarters, the company has surpassed consensus EPS estimates two times.

ONE Gas, which belongs to the Zacks Utility - Gas Distribution industry, posted revenues of $689.37 million for the quarter ended December 2025, surpassing the Zacks Consensus Estimate by 2.10%. This compares to year-ago revenues of $630.7 million. The company has topped consensus revenue estimates three times over the last four quarters.

The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.

ONE Gas shares have added about 11% since the beginning of the year versus the S&P 500's zero return.

What's Next for ONE Gas?While ONE Gas has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?

There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.

Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.

Ahead of this earnings release, the estimate revisions trend for ONE Gas was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $2.14 on $957.86 million in revenues for the coming quarter and $4.71 on $2.54 billion in revenues for the current fiscal year.

Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Utility - Gas Distribution is currently in the bottom 45% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.

Another stock from the same industry, Clean Energy Fuels (CLNE - Free Report) , has yet to report results for the quarter ended December 2025. The results are expected to be released on February 24.

This provider of natural gas as an alternative fuel for vehicle fleets is expected to post quarterly loss of $0.03 per share in its upcoming report, which represents a year-over-year change of -250%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.

Clean Energy Fuels' revenues are expected to be $92.38 million, down 15.5% from the year-ago quarter.

PHILADELPHIA and VANCOUVER, British Columbia, Feb. 18, 2026 (GLOBE NEWSWIRE) -- BriaCell Therapeutics Corp. (Nasdaq: BCTX, BCTXW, BCTXZ, BCTXL) (TSX: BCT) (“BriaCell”), a clinical-stage biotechnology company that develops novel immunotherapies to transform cancer care, and its majority-owned subsidiary, BriaPro Therapeutics Corp. (“BriaPro”), are pleased to announce that they have entered into a definitive purchase agreement (the “Purchase Agreement”) pursuant to which BriaPro has agreed to purchase BriaCell’s exclusive license to develop and commercialize Soluble CD80 (“sCD80”) as a biologic agent for the treatment of cancer and other associated assets (the “Transaction”).

Background

BriaCell originally secured the exclusive license from the University of Maryland, Baltimore County (“UMBC”) on August 2, 2022. The novel technology, originally developed by Suzanne Ostrand-Rosenberg, Ph.D., Emeritus Faculty at UMBC, and member of BriaCell’s scientific advisory board, is titled “Soluble CD80 as a Therapeutic to Reverse Immune Suppression in Cancer Patients” and is covered under USPN 8,956,619 B2, USPN 9,650,429 B2, and USPN 10,377,810 B2. In animal models, sCD80 was well-tolerated and stopped tumor growth by potentially restoring natural anti-tumor immunity (see Lucas A Horn, et al. and Samuel T Haile et al. in collaboration with Dr. Ostrand-Rosenberg). Additionally, strong anti-tumor activity of sCD80 has been reported in multiple tumor types (see Lucas A Horn, et al.). Importantly, as demonstrated in the same studies, sCD80’s unique actions may involve both awakening and boosting the immune system to recognize and destroy tumor cells.

The Transaction

Under the terms of the Purchase Agreement, BriaPro gains the worldwide rights to develop and commercialize sCD80 as a therapeutic agent for the treatment of cancer, while UMBC holds all rights, title and interest in the inventions and the patent, except for certain rights retained by the United States Government. BriaPro will pay 2% royalties to UMBC upon the commercialization of the product plus other development costs.

As part of the Transaction, BriaCell will make available to BriaPro up to $3 million to fund research and development efforts (the “Credit Facility”). Each drawdown under the Credit Facility will be subject to BriaCell’s approval regarding the use of funds.

As consideration for the transfer of the exclusive license and the Credit Facility, BriaPro will issue to BriaCell 23,972,589 Common Shares at an aggregate value of approximately C$1.18M, increasing BriaCell’s interest in BriaPro to approximately 78% post-transaction. The Transaction is expected to close on or around March 12, 2026, subject to certain conditions including (i) approval of the disinterested shareholders of BriaPro, and (ii) receipt of a third-party valuation confirming that the Transaction is occurring at fair market value.

Shareholder Approval

In accordance with Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101”), the resolution approving the Purchase Agreement must be approved by a simple majority of votes cast by shareholders, present in person or represented by proxy and entitled to vote at the Meeting, excluding the votes cast by any “interested party” (as defined in MI 61-101). As a 10% shareholder with an interest in the Transaction, BriaCell's shareholdings in BriaPro will be excluded from voting.

Formal Valuation Requirements

In respect of the formal valuation requirement of MI 61-101, BriaPro intends to rely on the specified markets exemptions set forth in subsection 5.5(b) of MI 61-101, as none of its securities are listed or quoted on a specified senior exchange.

Though a formal valuation is not required under applicable securities laws, as a matter of good governance and best corporate practice, BriaPro intends to obtain a valuation from an independent third-party valuator as a condition to closing, verifying and validating that Transaction is occurring at fair market value.

“Our mission has been to develop safe and effective treatments for cancer patients who do not respond to existing treatments, and a transformational anti-cancer agent such as sCD80 may provide us with such an additional opportunity,” stated Dr. Bill Williams, BriaCell and BriaPro's President and CEO. “Based on the promising data in animal studies, we plan to explore the potential use of sCD80 technology as a therapeutic agent in combination with our other immunotherapies or on its own. We look forward to accelerating the development of this novel anti-cancer agent to bring hope to patients who need it the most.”

About BriaCell Therapeutics Corp.

BriaCell is a clinical-stage biotechnology company that develops novel immunotherapies to transform cancer care. More information is available at https://briacell.com/.

About BriaPro Therapeutics Corp.

BriaPro is a pre-clinical stage immunotherapy company developing binding agents and proteins with the intention to boost the ability of the body’s own cancer-fighting cells to destroy cancerous tumors.

Safe Harbor

This press release contains “forward-looking statements” that are subject to substantial risks and uncertainties. All statements, other than statements of historical fact, contained in this press release are forward-looking statements. Forward-looking statements contained in this press release may be identified by the use of words such as “anticipate,” “believe,” “contemplate,” “could,” “estimate,” “expect,” “intend,” “seek,” “may,” “might,” “plan,” “potential,” “predict,” “project,” “target,” “aim,” “should,” “will,” “would,” or the negative of these words or other similar expressions, although not all forward-looking statements contain these words. Examples of forward-looking statements in this news release include, among others, statements that BriaCell and BriaPro make regarding the potential for development and commercialization of sCD80 as a biologic agent for the treatment of cancer, and the possibility that sCD80 may awaken and boost the immune system to recognize and destroy tumor cells. Forward-looking statements are based on BriaCell and BriaPro’s current expectations and are subject to inherent uncertainties, risks and assumptions that are difficult to predict. Further, certain forward-looking statements are based on assumptions as to future events that may not prove to be accurate. These and other risks and uncertainties are described more fully under the heading “Risks and Uncertainties” in BriaCell and BriaPro’s most recent Management’s Discussion and Analysis, under the heading “Risk Factors” in BriaCell’s most recent Annual Information Form, and under “Risks and Uncertainties” in: (i) BriaCell’s other filings with the Canadian securities regulatory authorities and the U.S. Securities and Exchange Commission, and (ii) BriaPro’s other filings with the Canadian securities regulatory authorities, all of which are available under BriaCell and BriaPro’s profiles on SEDAR+ at www.sedarplus.ca and on BriaCell’s profile on EDGAR at www.sec.gov. Forward-looking statements contained in this announcement are made as of this date. BriaCell Therapeutics Corp. and BriaPro Therapeutics Corp. undertake no duty to update such information except as required under applicable law.

Neither the Toronto Stock Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Toronto Stock Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

BriaCell and BriaPro Contact:
William V. Williams, MD
President & CEO, BriaCell and BriaPro
1-888-485-6340
[email protected]

Investor Relations Contact:
[email protected]

NEW YORK, Feb. 18, 2026 (GLOBE NEWSWIRE) -- The Gross Law Firm issues the following notice to shareholders of Ultragenyx Pharmaceutical Inc. (NASDAQ: RARE).

Shareholders who purchased shares of RARE during the class period listed are encouraged to contact the firm regarding possible lead plaintiff appointment. Appointment as lead plaintiff is not required to partake in any recovery.

CONTACT US HERE:

https://securitiesclasslaw.com/securities/ultragenyx-pharmaceutical-inc-loss-submission-form-2/?id=183592&from=3 

CLASS PERIOD: August 3, 2023 to December 26, 2025

ALLEGATIONS: According to the complaint, defendants provided overwhelmingly positive statements to investors while, at the same time, disseminating materially false and misleading statements and/or concealing material adverse facts concerning the true state of setrusumab’s potential and the true risk inherent in the study protocols put forth; notably, that, while setrusumab does increase material bone density, this increase does not correlate to a decrease in annualized fracture rates or otherwise the Phase III Orbit and Cosmic studies were much less likely to be able to demonstrate such a link than management claimed. On December 29, 2025, Ultragenyx announced that both its Phase III Orbit and Cosmic Studies had not “achieved statistical significance against the primary endpoints of reduction in annualized clinical fracture rate compared to placebo or bisphosphonates, respectively.” The Company attributed the study failure to a “low fracture rate in the placebo group” of Orbit and a trend that fell shy of statistical significance in Cosmic. Following this news, the price of Ultragenyx’s common stock declined dramatically. From a closing market price of $34.19 per share on December 26, 2025, Ultragenyx’s stock price fell to $19.72 per share on December 29, 2025, a decline of about 42.32% in the span of just a single day.

DEADLINE: April 6, 2026 Shareholders should not delay in registering for this class action. Register your information here: https://securitiesclasslaw.com/securities/ultragenyx-pharmaceutical-inc-loss-submission-form-2/?id=183592&from=3 

NEXT STEPS FOR SHAREHOLDERS: Once you register as a shareholder who purchased shares of RARE during the timeframe listed above, you will be enrolled in a portfolio monitoring software to provide you with status updates throughout the lifecycle of the case. The deadline to seek to be a lead plaintiff is April 6, 2026. There is no cost or obligation to you to participate in this case.

WHY GROSS LAW FIRM? The Gross Law Firm is a nationally recognized class action law firm, and our mission is to protect the rights of all investors who have suffered as a result of deceit, fraud, and illegal business practices. The Gross Law Firm is committed to ensuring that companies adhere to responsible business practices and engage in good corporate citizenship. The firm seeks recovery on behalf of investors who incurred losses when false and/or misleading statements or the omission of material information by a company lead to artificial inflation of the company's stock. Attorney advertising. Prior results do not guarantee similar outcomes.

CONTACT:
The Gross Law Firm
15 West 38th Street, 12th floor
New York, NY, 10018
Email: [email protected] 
Phone: (646) 453-8903

Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

NEW YORK, Feb. 18, 2026 (GLOBE NEWSWIRE) -- The Gross Law Firm issues the following notice to shareholders of Mereo BioPharma Group plc (NASDAQ: MREO).

Shareholders who purchased shares of MREO during the class period listed are encouraged to contact the firm regarding possible lead plaintiff appointment. Appointment as lead plaintiff is not required to partake in any recovery.

CONTACT US HERE:

https://securitiesclasslaw.com/securities/mereo-biopharma-group-plc-loss-submission-form-5/?id=183591&from=3

CLASS PERIOD: June 5, 2023 to December 26, 2025

ALLEGATIONS: According to the complaint, defendants provided overwhelmingly positive statements to investors while, at the same time, disseminating materially false and misleading statements and/or concealing material adverse facts concerning the true state of the Phase 3 ORBIT and COSMIC programs; neither of which hit its primary endpoints of reducing annualized clinical fracture rate compared to the placebo or bisphosphonate control groups, respectively. On December 29, 2025, Mereo issued a press release announcing that neither the ORBIT nor the COSMIC Phase 3 studies achieved statistical significance. The press release indicated that neither study met its primary endpoint of reduction in annualized clinical fracture rate compared to placebo or bisphosphonates, respectively, despite improved bone mineral density. Following this news, the price of Mereo’s ADS declined dramatically. From a closing market price of $2.31 per share on December 26, 2025, Mereo’s ADS price fell to $0.29 per share on December 29, 2025, a decline of more than 87.7%.

DEADLINE: April 6, 2026 Shareholders should not delay in registering for this class action. Register your information here: https://securitiesclasslaw.com/securities/mereo-biopharma-group-plc-loss-submission-form-5/?id=183591&from=3

NEXT STEPS FOR SHAREHOLDERS: Once you register as a shareholder who purchased shares of MREO during the timeframe listed above, you will be enrolled in a portfolio monitoring software to provide you with status updates throughout the lifecycle of the case. The deadline to seek to be a lead plaintiff is April 6, 2026. There is no cost or obligation to you to participate in this case.

WHY GROSS LAW FIRM? The Gross Law Firm is a nationally recognized class action law firm, and our mission is to protect the rights of all investors who have suffered as a result of deceit, fraud, and illegal business practices. The Gross Law Firm is committed to ensuring that companies adhere to responsible business practices and engage in good corporate citizenship. The firm seeks recovery on behalf of investors who incurred losses when false and/or misleading statements or the omission of material information by a company lead to artificial inflation of the company's stock. Attorney advertising. Prior results do not guarantee similar outcomes.

CONTACT:
The Gross Law Firm
15 West 38th Street, 12th floor
New York, NY, 10018
Email: [email protected]
Phone: (646) 453-8903

New York, New York--(Newsfile Corp. - February 18, 2026) - WHY: Rosen Law Firm, a global investor rights law firm, reminds purchasers of securities of Paysafe Limited (NYSE: PSFE) between March 4, 2025 and November 12, 2025, inclusive (the "Class Period"), of the important April 7, 2026 lead plaintiff deadline.

SO WHAT: If you purchased Paysafe securities during the Class Period you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement.

WHAT TO DO NEXT: To join the Paysafe class action, go to https://rosenlegal.com/submit-form/?case_id=2745 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] for information on the class action. A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than April 7, 2026. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.

WHY ROSEN LAW: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience, resources, or any meaningful peer recognition. Many of these firms do not actually handle securities class actions, but are merely middlemen that refer clients or partner with law firms that actually litigate the cases. Be wise in selecting counsel. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm has achieved, at that time, the largest ever securities class action settlement against a Chinese Company. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered hundreds of millions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs' Bar. Many of the firm's attorneys have been recognized by Lawdragon and Super Lawyers.

DETAILS OF THE CASE: According to the lawsuit, defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (1) Paysafe's ecommerce business had significant exposure to a single high risk client; (2) as a result, Paysafe's credit loss reserves and/or write-offs were understated; (3) Paysafe had an undisclosed issue with higher risk Merchant Category Codes, making its client services difficult to bank; (4) the foregoing issues were likely to have a material negative impact on Paysafe's revenue growth and overall revenue mix; (5) as a result, Paysafe was unlikely to meet its own previously issued financial guidance for fiscal year 2025; and (6) as a result of the foregoing, defendants' positive statements about Paysafe's business, operations, and prospects were materially misleading and/or lacked a reasonable basis. When the true details entered the market, the lawsuit claims that investors suffered damages.

To join the Paysafe class action, go to https://rosenlegal.com/submit-form/?case_id=2745 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] for information on the class action.

No Class Has Been Certified. Until a class is certified, you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. An investor's ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.

Follow us for updates on LinkedIn: https://www.linkedin.com/company/the-rosen-law-firm, on Twitter: https://twitter.com/rosen_firm or on Facebook: https://www.facebook.com/rosenlawfirm/.

Attorney Advertising. Prior results do not guarantee a similar outcome.

-------------------------------

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/284419

Source: The Rosen Law Firm PA

Ready to Announce with Confidence? Send us a message and a member of our TMX Newsfile team will contact you to discuss your needs.

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WASHINGTON--(BUSINESS WIRE)--Easterly Government Properties, Inc. (NYSE: DEA), a fully integrated real estate investment trust focused primarily on the acquisition, development and management of Class A commercial properties leased to U.S. Government agencies, announced today that its Board of Directors has approved a quarterly cash dividend of $0.45 per common share. The dividend will be payable on March 19, 2026 to shareholders of record on March 5, 2026.

About Easterly Government Properties, Inc.

Easterly Government Properties, Inc. (NYSE: DEA) is based in Washington, D.C., and focuses primarily on the acquisition, development and management of Class A commercial properties that are leased to the U.S. Government. Easterly’s experienced management team brings specialized insight into the strategy and needs of mission-critical U.S. Government agencies for properties leased to such agencies either directly or through the U.S. General Services Administration (GSA). For further information on the company and its properties, please visit www.easterlyreit.com.

More News From Easterly Government Properties, Inc.

Back to Newsroom

Miller Lite beer bottles are seen for sale at a store in Manhattan, New York, U.S., April 29, 2016. REUTERS/Shannon Stapleton/File Photo Purchase Licensing Rights, opens new tab

Feb 18 (Reuters) - Beer maker Molson Coors (TAP.N), opens new tab forecast a sharp drop in annual profit on Wednesday, hurt by higher aluminum tariffs and weak spending among price-sensitive consumers.

Shares of the brewer fell about 6% in trading after the bell as the company also missed fourth-quarter revenue estimates.

The Week in Breakingviews newsletter offers insights and ideas from Reuters' global financial commentary team. Sign up here.

The company behind its namesake beers, as well as Miller Lite, expects 2026 adjusted earnings per share to fall between 11% and 15%, compared with estimates of a 1.9% rise to $5.48, according to data compiled by LSEG.

The downbeat forecast comes as recently appointed CEO Rahul Goyal attempts to turn around the business by focusing on cost control after a difficult 2025 marked by weak beer demand, falling volumes and persistent inflation.

"We made the necessary difficult decisions in our business to course correct and set ourselves up for the future," Goyal said.

Alcohol demand has softened as health‑conscious consumers shift toward non-alcoholic drinks and energy beverages, a trend compounded by the rapid adoption of GLP‑1 weight‑loss drugs. Younger drinkers, particularly Gen Z, are also pulling back from beer and spirits.

A spike in the U.S. Midwest aluminum premium led to an 8.1% jump in cost of goods sold per hectoliter for Molson Coors, which relies heavily on aluminum cans for packaging.

Molson Coors CFO Tracey Joubert warned that commodity inflation would remain as a major drag on the company's profitability in 2026 even as she expects revenue trends to improve. The company's executives at an industry conference on Wednesday also said aluminum costs are expected to weigh on profit by roughly $125 million.

Net sales in 2026 are projected in the range of down 1% to up 1% from last year, compared with analysts' expectations of a 0.1% drop.

The company's net sales for the quarter ended December 31 came in at $2.66 billion, below analysts' estimates of $2.71 billion. It posted underlying earnings of $1.21 per share, beating estimates of $1.16 per share.

Reporting by Koyena Das and Savyata Mishra in Bengaluru; Editing by Leroy Leo and Maju Samuel

Our Standards: The Thomson Reuters Trust Principles., opens new tab

, /PRNewswire/ --

Why: Rosen Law Firm, a global investor rights law firm, reminds purchasers of securities of Richtech Robotics Inc. (NASDAQ: RR) between January 27, 2026 and 12:00 PM ET on January 29, 2026, both dates inclusive (the "Class Period"), of the important April 3, 2026 lead plaintiff deadline in the securities class action first filed by the Firm.

So what: If you purchased Richtech Robotics securities during the Class Period you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement.

What to do next: To join the Richtech Robotics class action, go to https://rosenlegal.com/submit-form/?case_id=51742 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] for information on the class action. A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than April 3, 2026. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.

Why Rosen Law: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience, resources, or any meaningful peer recognition. Many of these firms do not actually litigate securities class actions, but are merely middlemen that refer clients or partner with law firms that actually litigate the cases. Be wise in selecting counsel. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm has achieved, at that time, the largest ever securities class action settlement against a Chinese Company. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered hundreds of millions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs' Bar. Many of the firm's attorneys have been recognized by Lawdragon and Super Lawyers.

Details of the case: According to the lawsuit, defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (1) Richtech claimed that it had a collaborative and commercial relationship with Microsoft when it did not; and (2) as a result, defendants' statements about Richtech's business, operations, and prospects were materially false and misleading and/or lacked a reasonable basis at all times. When the true details entered the market, the lawsuit claims that investors suffered damages. 

To join the Richtech Robotics class action, go to https://rosenlegal.com/submit-form/?case_id=51742 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] for information on the class action.

No Class Has Been Certified. Until a class is certified, you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. An investor's ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.

Follow us for updates on LinkedIn: https://www.linkedin.com/company/the-rosen-law-firm or on Twitter: https://twitter.com/rosen_firm or on Facebook: https://www.facebook.com/rosenlawfirm.

Attorney Advertising. Prior results do not guarantee a similar outcome.

Contact Information:

Laurence Rosen, Esq.
Phillip Kim, Esq.
The Rosen Law Firm, P.A.
275 Madison Avenue, 40th Floor
New York, NY 10016
Tel: (212) 686-1060
Toll Free: (866) 767-3653
Fax: (212) 202-3827
[email protected]
www.rosenlegal.com

SOURCE THE ROSEN LAW FIRM, P. A.

Philip Morris International Inc. (PM) Presents at Consumer Analyst Group of New York Conference 2026 Transcript

Werner Enterprises, Inc. (WERN) Presents at Barclays 43rd Annual Industrial Select Conference Transcript

Parsons Corporation (PSN) Presents at Barclays 43rd Annual Industrial Select Conference Transcript

VANCOUVER, British Columbia, Feb. 18, 2026 (GLOBE NEWSWIRE) -- B2Gold Corp. (TSX: BTO, NYSE AMERICAN: BTG, NSX: B2G) (“B2Gold” or the “Company”) announces its operational and financial results for the fourth quarter and full year 2025, together with 2026 operating and cost guidance. All dollar figures are in United States dollars unless otherwise indicated.

2025 Fourth Quarter and Full Year Highlights

Consolidated gold production of 303,029 ounces in Q4 2025: The Fekola, Masbate and Otjikoto mines all exceeded gold production expectations for the fourth quarter, capping off strong operational years at all three sites. Commercial production at the Goose Mine was achieved on October 2, 2025, after which it produced 38,616 ounces in the fourth quarter. Consolidated cash operating costs of $736 per ounce produced in Q4 2025: Consolidated cash operating costs (see “Non-IFRS Measures”) were $736 per gold ounce produced during the fourth quarter of 2025, lower than expected as a result of higher than anticipated gold production in the quarter.Consolidated all-in sustaining costs of $1,754 per ounce sold in Q4 2025: Consolidated all-in sustaining costs (see “Non-IFRS Measures”) were $1,754 per gold ounce sold during the fourth quarter of 2025, higher than expected as a result of lower than anticipated gold ounces sold due to the timing of shipments at the Fekola Mine and higher than budgeted royalties resulting from a higher realized gold price than expected.

Annual consolidated gold production of 979,604 ounces: Consolidated gold production for 2025 was 979,604 ounces, including 14,554 ounces of pre-commercial production from the Goose Mine, slightly below the mid-point of the Company's guidance range of between 940,000 and 1,045,000 ounces. In 2025, the Fekola, Masbate and Otjikoto mines continued their strong performance producing 926,434 ounces of gold, at the mid-point of their guidance range of between 890,000 and 965,000 ounces. Commercial production at the Goose Mine was achieved on October 2, 2025, after which it produced 38,616 ounces, totaling 53,170 ounces for 2025, at the low end of its guidance range of between 50,000 and 80,000 ounces.Annual consolidated cash operating costs of $769 per gold ounce produced: Annual consolidated cash operating costs (see “Non-IFRS Measures”), excluding pre-commercial production from the Goose Mine, of $769 per gold ounce produced. Cash operating costs for the year ended December 31, 2025, were below the low end of the Company's guidance range of $795 to $855 per ounce produced as a result of higher than expected gold production and lower fuel costs.Annual consolidated all-in sustaining costs of $1,584 per gold ounce sold: Annual consolidated all-in sustaining costs (see “Non-IFRS Measures”), excluding pre-commercial production from the Goose Mine, of $1,584 per gold ounce sold, at the low end of the Company's guidance range of $1,575 to $1,635 per ounce sold. The increase in realized gold price compared to budget for the year resulted in additional royalties of $169 per gold ounce sold.Record annual revenue of $3.06 billion in 2025: Achieved record annual revenue of $3.06 billion on gold sales of 927,797 ounces at an average realized gold price of $3,299 per ounce sold.Attributable net income of $0.13 per share in Q4 2025; Adjusted attributable net income of $0.11 per share in Q4 2025: Net income attributable to the shareholders of the Company of $171 million ($0.13 per share) in the fourth quarter of 2025; adjusted net income (see “Non-IFRS Measures”) attributable to the shareholders of the Company of $147 million ($0.11 per share) in the fourth quarter of 2025. For the year ended December 31, 2025, net income attributable to the shareholders of the Company was $402 million ($0.30 per share), predominantly due to strong gold production and higher than expected realized gold prices, and adjusted net income (see “Non-IFRS Measures”) attributable to the shareholders of the Company was $612 million ($0.46 per share).Annual operating cash flow before working capital adjustments of $940 million, including $211 million in Q4 2025: Cash flow provided by operating activities before working capital adjustments was $211 million in the fourth quarter of 2025. Cash flow provided by operating activities before working capital adjustments for the year ended December 31, 2025, was $940 million.Strong financial position and liquidity: At December 31, 2025, the Company had cash and cash equivalents of $380 million and working capital (defined as current assets less current liabilities) of $68 million. Working capital at December 31, 2025, reflected the classification of the Company's gold prepayment obligations as current liabilities. As of December 31, 2025, the Company had $650 million available under its revolving credit facility ("RCF"). Subsequent to year end, the Company repaid $100 million on the RCF leaving $750 million available for future draw downs.Repurchased 7 million shares for $34 million under the Company’s normal course issuer bid (“NCIB”): On April 1, 2025, the Toronto Stock Exchange accepted the notice of B2Gold’s intention to implement an NCIB, which became effective on April 3, 2025, and will expire no later than April 2, 2026. During the year ended December 31, 2025, the Company repurchased 2 million shares for $10 million. Subsequent to year end, the Company repurchased a further 5 million shares for $24 million.Q1 2026 dividend of $0.02 per share declared: On February 18, 2026, B2Gold's Board of Directors declared a cash dividend for the first quarter of 2026 of $0.02 per common share (or an expected $0.08 per share on an annualized basis), payable on March 19, 2026, to shareholders of record as of March 6, 2026.
Fourth Quarter and Full Year 2025 Results

 Three months endedYear ended December 31December 31 20252024202520242023      Gold revenue ($ in thousands)1,053,977499,7883,061,2381,902,0301,934,272Net income (loss) ($ in thousands)180,259(9,325)426,699(626,653)41,588Earnings (loss) per share – basic(1) ($/share)0.13(0.01)0.30(0.48)0.01Earnings (loss) per share – diluted(1) ($/share)0.11(0.01)0.28(0.48)0.01Cash provided by operating activities ($ in thousands)286,364120,544895,836877,604714,453Total assets ($ in thousands)5,879,3164,813,9985,879,3164,813,9984,874,619Non-current liabilities ($ in thousands)1,176,5441,197,6141,176,5441,197,614651,173Average realized gold price ($/ounce)3,7182,6613,2992,3731,946Adjusted net income(1)(2) ($ in thousands)147,25117,433611,853206,542347,203Adjusted earnings per share(1)(2) - basic ($)0.110.010.460.160.28Consolidated operations results:     Gold sold including pre-commercial ounces sold from the Goose Mine (ounces)283,490187,793927,797801,524994,060Gold sold excluding pre-commercial ounces sold from the Goose Mine (ounces)283,490187,793920,112801,524994,060Gold produced including pre-commercial production from the Goose Mine (ounces)303,029186,001979,604785,134992,343Gold produced excluding pre-commercial production from the Goose Mine (ounces)303,029186,001965,050785,134992,343Production costs ($ in thousands)227,935181,376745,446681,828616,197Cash operating costs(2)(3) ($/gold ounce sold)804966800851620Cash operating costs(2)(3) ($/gold ounce produced)736968769879631Total cash costs(2)(3) ($/gold ounce sold)1,2661,2351,1741,034756All-in sustaining costs(2)(3) ($/gold ounce sold)1,7541,6681,5841,4631,199Operations results including equity investment in Calibre:     Gold sold (ounces)283,490187,793927,797821,1681,062,785Gold produced (ounces)303,029186,001979,604804,7781,061,060Production costs ($ in thousands)227,935181,376745,446706,954683,963Cash operating costs(2) ($/gold ounce sold)804966800861644Cash operating costs(2) ($/gold ounce produced)736968769889654Total cash costs(2) ($/gold ounce sold)1,2661,2351,1741,041776All-in sustaining costs(2) ($/ounce gold sold)1,7541,6681,5841,4651,201       (1)  Attributable to the shareholders of the Company.
(2)  Non-IFRS measure. For a description of how these measures are calculated and a reconciliation of these measures to the most directly comparable measures specified, defined or determined under IFRS and presented in the Company’s financial statements, refer to “Non-IFRS Measures”.
(3)  Cash operating costs per gold ounce sold, cash operating costs per gold ounce produced, total cash costs per gold ounce sold and all-in sustaining costs per gold ounce sold do not include the results of pre-commercial production or sales from the Goose Mine.

2026 Guidance Highlights

Consolidated gold production in 2026 is anticipated to be between 820,000 and 970,000 ounces: Consolidated gold production for 2026 is expected to be between 820,000 and 970,000 ounces. The expected decrease in 2026 production relative to 2025 is predominantly due to a step down in production at the Otjikoto Mine following the completion of open pit mining in the Otjikoto Pit and expected lower production at the Fekola Complex (Fekola Mine and Fekola Regional) as stripping of Phase 8 of the Fekola Pit continues, partially offset by the continued ramp up of the Goose Mine. Consolidated production in 2027 is expected to increase back to 2025 levels including expected steady state production for the Goose Mine for the full year. To date in 2026, the operations have been performing well, with all four mines outperforming expectations in January 2026. Consolidated cash operating costs guidance in 2026 of between $1,155 and $1,280 per gold ounce produced: Consolidated cash operating cost (see “Non-IFRS Measures”) guidance for 2026 of between $1,155 and $1,280 per gold ounce.Consolidated all-in sustaining cost guidance of between $2,400 and $2,580 per gold ounce sold: Consolidated all-in sustaining cost per gold ounce sold (see “Non-IFRS Measures”) for 2026 of between $2,400 and $2,580 per ounce, reflecting an investment in deferred stripping at the Fekola Mine and a partial ramp up year at the Goose Mine. Consolidated all-in sustaining cost guidance assumes a realized gold price of $5,000 per ounce for 2026, resulting in total budgeted royalties and production taxes of approximately $485 million or approximately $525 per ounce sold. Each $100 per ounce change in the gold price is expected to impact consolidated all-in sustaining costs per ounce sold by approximately $12 per ounce. Continued focus on exploration investment across B2Gold’s prospective land packages: $73 million is budgeted for exploration in 2026 to support organic growth by advancing the Company’s pipeline of development, brownfield and greenfield exploration projects, with a considerable portion allocated to continue the significant exploration campaign at the Back River Gold District.
2026 Production and Cost Guidance

2026 Guidance (100% Basis)(1)Fekola Complex(2)MasbateOtjikotoGooseOtherOperations and Projects TotalGold Production (koz)410 - 460170 - 19070 - 90170 - 230—820 - 970Cash Operating Costs ($/oz produced)(3)1,060 - 1,160900 -
1,0001,200 -
1,3001,610 - 1,810—1,155 - 1,280Royalties and Production Taxes ($/oz sold)91024020075—525Sustaining Capital Expenditures ($M)1223813103—276Deferred Stripping / Underground Development ($M)156111385—265Sustaining Mine Exploration Expenditures ($M)3——24—27General & Administrative (incl. Stock Based Compensation) ($M)1483—6388All-In Sustaining Costs ($/oz sold)(3)2,670 - 2,8201,430 - 1,5801,830 - 1,9802,670 - 2,970—2,400 - 2,580Growth / Construction Capital Expenditures ($M)212311461120Growth Exploration Expenditures ($M)136—3646Total Growth / Non-Sustaining Capital Expenditures ($M)315371497166        (1)  Totals may not add due to rounding. Estimates are based on a $5,000 per oz gold price assumption for 2026.
(2)  The Fekola Complex is comprised of the Fekola Mine (Medinandi permit hosting the Fekola and Cardinal open pits and Fekola underground), and Fekola Regional (Anaconda Area, comprised of the consolidated Menankoto permit, and the Dandoko permit.
(3)  Non-IFRS measure. For a description of how these measures are calculated and a reconciliation of these measures to the most directly comparable measures specified, defined or determined under IFRS and presented in the Company's financial statements, refer to "Non-IFRS Measures".

Liquidity and Capital Resources

B2Gold continues to maintain a strong financial position and liquidity. At December 31, 2025, the Company had cash and cash equivalents of $380 million (December 31, 2024 - $337 million). Working capital at December 31, 2025, was $68 million (December 31, 2024 - $321 million). Working capital at December 31, 2025, reflects the fair value of the current portion of the Company's derivative portfolio and higher income taxes payable, both driven by higher gold prices, partially offset by higher supplies inventory levels primarily related to ramp up at the Goose Mine. At December 31, 2025, the Company had $150 million drawn on the Company's $800 million RCF with $650 million remaining available for future draw downs. Subsequent to December 31, 2025, the Company repaid $100 million of the outstanding RCF balance leaving $750 million available for future draw downs.

First Quarter 2026 Dividend

On February 18, 2026, B2Gold's Board of Directors declared a cash dividend for the first quarter of 2026 (the “Q1 2026 Dividend”) of $0.02 per common share (or an expected $0.08 per share on an annualized basis), payable on March 19, 2026, to shareholders of record as of March 6, 2026.

The Company currently has a Dividend Reinvestment Plan (“DRIP”). For the purposes of the Q1 2026 Dividend, the Company has determined that no discount will be applied to calculate the Average Market Price (as defined in the DRIP) of its common shares issued from treasury. Beneficial shareholders who wish to participate in the DRIP should contact their financial advisor, broker, investment dealer, bank, financial institution, or other intermediary through which they hold common shares well in advance of the above date for instructions on how to enroll in the DRIP.

This dividend is designated as an “eligible dividend” for the purposes of the Income Tax Act (Canada). Dividends paid by B2Gold to shareholders outside Canada (non-resident investors) will be subject to Canadian non-resident withholding taxes.

The declaration and payment of future dividends and the amount of any such dividends will be subject to the determination of the Board, in its sole and absolute discretion, taking into account, among other things, economic conditions, business performance, financial condition, growth plans, expected capital requirements, compliance with B2Gold's constating documents, all applicable laws, including the rules and policies of any applicable stock exchange, as well as any contractual restrictions on such dividends, including any agreements entered into with lenders to the Company, and any other factors that the Board deems appropriate at the relevant time. There can be no assurance that any dividends will be paid at the intended rate or at all in the future.

For more information regarding the DRIP and enrollment in the DRIP, please refer to the Company's website at https://www.b2gold.com/investors/stock_info/.

This news release does not constitute an offer to sell or the solicitation of an offer to buy securities in any jurisdiction nor will there be any sale of these securities in any province, state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such province, state or jurisdiction.

The Company has filed a registration statement relating to the DRIP with the U.S. Securities and Exchange Commission that may be obtained under the Company's profile on the U.S. Securities and Exchange Commission's website at http://www.sec.gov/EDGAR or by contacting the Company using the contact information at the end of this news release.

Operations

Fekola Complex - Mali

 Three months endedYear ended December 31December 31 2025202420252024     Gold revenue ($ in thousands)639,133229,7791,743,698951,676Gold sold (ounces)153,40786,453493,759404,458Average realized gold price ($/ounce)4,1662,6583,5312,353Tonnes of ore milled2,402,3122,442,3909,763,5199,891,717Grade (grams/tonne)2.291.171.841.34Recovery (%)92.491.991.892.6Gold production (ounces)163,72084,015530,769392,946Production costs ($ in thousands)118,511107,778408,105384,221Cash operating costs(1) ($/gold ounce sold)7731,247827950Cash operating costs(1) ($/gold ounce produced)6421,192772990Total cash costs(1) ($/gold ounce sold)1,4901,6841,3891,198All-in sustaining costs(1) ($/gold ounce sold)1,9032,2371,8041,723Capital expenditures ($ in thousands)50,17559,571222,670257,776Exploration ($ in thousands)6091,2926094,428      (1)  Non-IFRS measure. For a description of how these measures are calculated and a reconciliation of these measures to the most directly comparable measures specified, defined or determined under IFRS and presented in the Company’s financial statements, refer to “Non-IFRS Measures”.

The Fekola Complex is comprised of the Fekola Mine (Medinandi permit hosting the Fekola and Cardinal open pits and Fekola underground), owned 80% by B2Gold and 20% by the State of Mali, and Fekola Regional (Anaconda Area, comprised of the consolidated Menankoto permit, and the Dandoko permit), which will be owned 65% by B2Gold and 35% by the State of Mali. Fekola Regional is located approximately 20 kilometers (“km”) from the Fekola Mine. Delays in the receipt of the Fekola Regional exploitation permit resulted in no mining activity from Fekola Regional in 2025.

The Fekola Mine produced 530,769 ounces of gold for the full year 2025, still within the overall annual guidance range for the Fekola Complex of between 515,000 and 550,000 ounces. For the year ended December 31, 2025, mill feed grade was 1.84 grams per tonne ("g/t"), mill throughput was 9.76 million tonnes, and gold recovery averaged 91.8%. In the fourth quarter of 2025, the Fekola Mine produced 163,720 ounces of gold, higher than expected. For the fourth quarter of 2025, mill feed grade was 2.29 g/t, mill throughput was 2.40 million tonnes, and gold recovery averaged 92.4%. During the third quarter of 2025, the Fekola Complex celebrated the significant milestone of four million ounces of gold produced since inception of the mine. On February 3, 2026, the Fekola Complex also achieved a significant safety milestone, celebrating two years of operating without a lost-time injury incident.

For the year ended December 31, 2025, the Fekola Mine's cash operating costs (refer to “Non-IFRS Measures”) of $772 per ounce produced ($827 per gold ounce sold), within the Fekola Complex's guidance range of between $740 to $800 per ounce. Cash operating costs per ounce produced for the full year were lower than expected as a result of higher than anticipated gold production, lower operating costs including lower fuel prices for diesel and heavy fuel oil, lower site general costs, and lower underground mining costs due to the timing of receipt of the underground permit approval. Cash operating costs for the fourth quarter of 2025 were $642 per gold ounce produced ($773 per gold ounce sold), lower than expected for the same reasons above.

All-in sustaining costs (refer to “Non-IFRS Measures”) for the Fekola Mine for the year ended December 31, 2025, were $1,804 per gold ounce sold, higher than the Fekola Complex’s guidance range of between $1,670 and $1,730 per ounce. All-in sustaining costs for the year ended December 31, 2025, were above the guidance range as a result of lower than anticipated gold ounces sold and higher than expected royalties resulting from a higher than expected gold price. The increase in realized gold price compared with budget for the year resulted in additional royalties of $272 per ounce sold. Gold sales were lower than expected due to the timing of shipments. The Fekola Mine shipped approximately 20,500 ounces close to the end of the year that were subsequently sold shortly after December 31, 2025. All-in sustaining costs for the fourth quarter of 2025 were $1,903 per gold ounce sold. As with the full year 2025, all-in sustaining costs per ounce sold for the fourth quarter of 2025 were higher than expected due to the lower than anticipated gold ounces sold and higher than expected royalties resulting from a higher gold price when compared to budget.

Capital expenditures for the year ended December 31, 2025, totalled $223 million, primarily consisting of $84 million for deferred stripping, $57 million for Fekola underground development, $55 million for mobile equipment purchases and rebuilds, $10 million for the construction of a new tailings storage facility ("TSF"), $4 million for power plant rebuilds and $3 million for solar plant expansion. Capital expenditures in the fourth quarter of 2025 totalled $50 million, primarily consisting of $20 million for deferred stripping, $6 million for Fekola underground development, $19 million for mobile equipment purchases and rebuilds, $2 million for power plant rebuilds and $1 million for the construction of a new TSF.

During the year ended December 31, 2025, the Company received refunds of approximately $65 million in value-added tax receivables from the Government of Mali by way of offsets against income tax installments.

The development of Fekola Regional has the potential to enhance the Fekola Complex production profile and extend the life of the Complex. The Company now expects to receive the Fekola Regional exploitation permit during the first quarter of 2026. Upon receipt of the exploitation permit, mining pre-stripping activities will commence immediately for a period of three months, followed by initial gold production, which is expected to commence in the second half of 2026. Importantly, the haul road from Fekola Regional to the Fekola Mine is operational as construction of the haul roads and mining infrastructure (warehouse, workshop, fuel depot and offices) was completed on schedule in 2023. Fekola Regional gold production is expected to ramp up to an average of approximately 180,000 ounces per year over its first five years of full production from 2027 through 2031, with a mine life expected to extend well into the 2030’s.

The Fekola Complex in Mali is expected to produce between 410,000 and 460,000 ounces of gold in 2026 at cash operating costs of between $1,060 and $1,160 per ounce produced and all-in sustaining costs of between $2,670 and $2,820 per ounce sold. Fekola Regional is anticipated to contribute between 60,000 and 80,000 ounces of additional gold production in 2026 through the trucking of open pit ore to the Fekola mill once the exploitation permit has been received. Gold production at the Fekola Complex is expected to be relatively consistent throughout the year as production from Fekola Regional is expected to ramp up in the second half of the year and will offset decreased production from Fekola Phase 7 as the Fekola pit begins to transition to Phase 8. All-in sustaining cost guidance for the Fekola Complex is based on an assumed realized gold price of $5,000 per ounce for 2026, resulting in total budgeted royalties and production taxes of approximately $410 million or approximately $910 per ounce sold. Each $100 per ounce change in the gold price is expected to impact the Fekola Complex's all-in sustaining costs by approximately $23 per ounce.

The Fekola Complex is projected to process 9.57 million tonnes of ore during 2026 at an average grade of 1.57 g/t gold with a process gold recovery of 92.4%.

Capital expenditures in 2026 for the Fekola Complex are expected to total approximately $280 million. Approximately $278 million is expected to be classified as sustaining capital expenditures and $2 million is expected to be classified as non-sustaining. Sustaining capital expenditures are expected to include approximately: $137 million for deferred stripping, $41 million for mobile equipment rebuilds, $33 million for mining equipment, $19 million for underground development, $17 million for TSF construction, $5 million for power plant rebuilds, $11 million for other mining costs, and $12 million for general site expenses. Non-sustaining capital expenditures are expected to include $2 million for relocation projects at Fekola Regional.

Masbate Mine – The Philippines

 Three months endedYear ended December 31December 31 2025202420252024     Gold revenue ($ in thousands)198,919135,976687,251464,141Gold sold (ounces)47,42051,010195,813193,270Average realized gold price ($/ounce)4,1952,6663,5102,402Tonnes of ore milled2,190,8662,190,6108,830,9958,600,241Grade (grams/tonne)0.910.950.890.96Recovery (%)78.074.178.072.8Gold production (ounces)49,90049,534196,526194,046Production costs ($ in thousands)40,36838,392162,484161,462Cash operating costs(1) ($/gold ounce sold)851753830835Cash operating costs(1) ($/gold ounce produced)813835813838Total cash costs(1) ($/gold ounce sold)1,0788971,018974All-in sustaining costs(1) ($/gold ounce sold)1,2301,1021,2391,155Capital expenditures ($ in thousands)6,1099,53441,25729,763Exploration ($ in thousands)1,0866102,6393,649      (1)  Non-IFRS measure. For a description of how these measures are calculated and a reconciliation of these measures to the most directly comparable measures specified, defined or determined under IFRS and presented in the Company’s financial statements, refer to “Non-IFRS Measures”.

The Masbate Mine in the Philippines continued its strong operational performance in 2025, producing 196,526 ounces of gold, within its guidance range of 190,000 to 210,000 ounces. The better than expected gold production was due to better mill productivity, partially offset by lower than expected recoveries, due to a change in mining sequences. For the year ended December 31, 2025, mill feed grade was 0.89 g/t, mill throughput was a record 8.83 million tonnes, and gold recovery averaged 78.0%. In the fourth quarter of 2025, Masbate produced 49,900 ounces of gold, higher than expected, due to higher mill throughput.

The Masbate Mine’s cash operating costs (refer to “Non-IFRS Measures”) for the year ended December 31, 2025, were $813 per ounce produced ($830 per gold ounce sold), below the guidance range of between $850 and $910 per ounce produced, primarily due to higher than expected gold production, lower than anticipated mining and processing costs including the impact of lower fuel costs. The Masbate Mine's cash operating costs for the fourth quarter of 2025 were $813 per gold ounce produced ($851 per gold ounce sold).

All-in sustaining costs (refer to “Non-IFRS Measures”) for the Masbate Mine for the year ended December 31, 2025, were $1,239 per gold ounce sold, below the guidance range of between $1,245 and $1,305 per ounce sold. All-in sustaining costs for the year ended December 31, 2025, were lower than expected as a result of higher than anticipated gold ounces sold and lower than budgeted cash operating costs described above, partially offset by higher gold royalties resulting from a higher than budgeted average realized gold price. All-in sustaining costs for the fourth quarter of 2025 were $1,230 per gold ounce sold.

Capital expenditures totalled $41 million in 2025, primarily consisting of $10 million for deferred stripping, $7 million for a solar plant, $5 million for process plant rebuilds, $7 million for mobile equipment purchases and rebuilds, $4 million for land acquisitions and $3 million for expansion of the existing TSF. Capital expenditures for the fourth quarter of 2025 totalled $6 million, primarily consisting of $1 million for process plant rebuilds, $1 million for land acquisitions, and $2 million for mobile equipment purchases and rebuilds.

The Masbate Mine in the Philippines is expected to produce between 170,000 and 190,000 ounces of gold in 2026 at cash operating costs of between $900 and $1,000 per ounce produced and all-in sustaining costs of between $1,430 and $1,580 per ounce sold. Gold production at Masbate is expected to be relatively consistent throughout 2026. Masbate is projected to process 8.2 million tonnes of ore at an average grade of 0.93 g/t gold with a process gold recovery of 74.9%. Mill feed will be a blend of mined fresh, transitional and ore from the Main Vein, Blue Quartz and Old Lady pits, as well as low-grade ore from stockpiles.

Capital expenditures in 2026 for the Masbate Mine are expected to total $61 million. Approximately $49 million are expected to be classified as sustaining capital expenditures and $12 million are expected to be classified as non-sustaining capital expenditures. Sustaining capital expenditures are expected to include $11 million for deferred stripping, $17 million for mobile equipment rebuilds and replacements, $8 million for continued construction of the solar plant, $7 million for tailings storage facility construction, $3 million for land acquisitions, $3 million for process plant rebuilds, and $1 million for general site capital projects. Non-sustaining capital expenditures are comprise of $9 million of land acquisition costs and $3 million of development costs for the Pajo project.

Otjikoto Mine - Namibia

 Three months endedYear ended December 31December 31 2025202420252024     Gold revenue ($ in thousands)211,775134,034685,069486,213Gold sold (ounces)50,72550,330198,602203,796Average realized gold price ($/ounce)4,1752,6633,4492,386Tonnes of ore milled836,850788,5363,436,3473,338,384Grade (grams/tonne)1.912.101.831.87Recovery (%)98.798.698.798.6Gold production (ounces)50,79352,452199,139198,142Production costs ($ in thousands)33,65335,206130,327136,145Cash operating costs(1) ($/gold ounce sold)663700656668Cash operating costs(1) ($/gold ounce produced)716733658699Total cash costs(1) ($/gold ounce sold)831806794763All-in sustaining costs(1) ($/gold ounce sold)1,085913969951Capital expenditures ($ in thousands)11,2982,71424,00528,842Exploration ($ in thousands)1,7002,6348,1337,825      (1)  Non-IFRS measure. For a description of how these measures are calculated and a reconciliation of these measures to the most directly comparable measures specified, defined or determined under IFRS and presented in the Company’s financial statements, refer to “Non-IFRS Measures”.

The Otjikoto Mine in Namibia, in which the Company holds a 90% interest, produced 199,139 ounces of gold in 2025, near the high end of its guidance range of between 185,000 and 205,000 ounces. For the year ended December 31, 2025, mill feed grade was 1.83 g/t, mill throughput was 3.44 million tonnes, and gold recovery averaged 98.7%. In the fourth quarter of 2025, the Otjikoto Mine produced 50,793 ounces of gold, significantly higher than expected, primarily due to the continued processing of high-grade open pit ore stockpiles after the end of open pit mining at the beginning of the fourth quarter of 2025. For the fourth quarter of 2025, mill feed grade was 1.91 g/t, mill throughput was 0.84 million tonnes, and gold recovery averaged 98.7%.

The Otjikoto Mine's cash operating costs (refer to “Non-IFRS Measures”) for the year ended December 31, 2025, were $658 per gold ounce produced ($656 per gold ounce sold), below the mid-point of the guidance range of between $635 and $695 per gold ounce produced. For the fourth quarter of 2025, the Otjikoto Mine's cash operating costs were $716 per gold ounce produced ($663 per ounce gold sold). Lower than anticipated cash operating costs per ounce produced for the fourth quarter and year ended December 31, 2025, were driven by higher than budgeted gold ounces produced as noted above.

All-in sustaining costs (refer to “Non-IFRS Measures”) for the Otjikoto Mine for the year ended December 31, 2025, were $969 per gold ounce sold, at the low end of its guidance range of $965 to $1,025 per gold ounce sold. All-in sustaining costs for the year ended December 31, 2025, were at the low-end of the guidance range as a result of higher than expected gold ounces sold and lower than anticipated sustaining capital expenditures, partially offset by higher gold royalties resulting from a higher than budgeted average realized gold price. The lower sustaining capital expenditures for 2025 were $8 million below budget mainly a result of lower than planned underground development. All-in sustaining costs for the fourth quarter of 2025 were $1,085 per gold ounce sold.

Capital expenditures totalled $24 million in 2025, consisting mainly of $11 million for Wolfshag underground development, $5 million for a TSF expansion, $4 million of Antelope development costs and $3 million of mobile equipment rebuild costs. Capital expenditures for the fourth quarter of 2025 totalled $11 million, primarily consisting of $4 million for Wolfshag underground development, $4 million for a TSF expansion and $3 million for Antelope development.

On September 15, 2025, the Company announced it had approved a development decision on the Antelope underground deposit. Subsequent to the release of the Preliminary Economic Assessment (“PEA”) results for the Antelope deposit on February 4, 2025, the Company completed further optimization work on a small-scale, low-cost, underground gold mine at Antelope, and believes that the estimated pre-production capital cost can be reduced from $129 million to $105 million. The majority of pre-production capital is expected to be spent in 2026 and 2027. The PEA indicates an initial mine life of 5 years and total production of 327,000 ounces averaging approximately 65,000 ounce per year over the life-of-mine. In combination with the processing of existing low-grade stockpiles, production from Antelope has the potential to increase Otjikoto Mine production to approximately 110,000 ounces per year from 2029 through 2032. The PEA is preliminary in nature and is based on Inferred Mineral Resources that are considered too speculative geologically to have the engineering and economic considerations applied to them that would enable them to be categorized as Mineral Reserves, and there is no certainty that the PEA based on these Mineral Resources will be realized. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.

The Otjikoto Mine in Namibia is expected to produce between 70,000 and 90,000 ounces of gold in 2026 at cash operating costs of between $1,200 and $1,300 per ounce produced and all-in sustaining costs of between $1,830 and $1,980 per ounce sold. Gold production at Otjikoto is anticipated to be lower than 2025 due to the completion of open pit mining activities in the fourth quarter of 2025. For the full year 2026, Otjikoto is projected to process a total of 3.4 million tonnes of ore at an average grade of 0.80 g/t gold with a process gold recovery of 97.4%. Processed ore will be sourced from the Wolfshag underground mine, supplemented by existing low-grade ore stockpiles.

Capital expenditures in 2026 for the Otjikoto Mine are expected to total $57 million. Approximately $26 million are expected to be classified as sustaining capital expenditures and $31 million are expected to be classified as non-sustaining capital expenditures. Sustaining capital expenditures are expected to include $13 million for underground development and $13 million for a TSF expansion. Non-sustaining capital expenditures relate to Antelope deposit development.

Goose Mine - Canada

 Three months endedYear ended December 31December 31 2025202420252024     Gold revenue ($ in thousands)136,758—165,651—Gold sold including pre-commercial sales (ounces)31,938—39,623—Gold sold excluding pre-commercial sales (ounces)31,938—31,938—Average realized gold price ($/ounce)4,282—4,181—Tonnes of ore milled210,317—355,835—Grade (grams/tonne)6.22—5.16—Recovery (%)91.7—90.1—Gold production including pre-commercial production (ounces)38,616—53,170—Gold production excluding pre-commercial production (ounces)38,616—38,616—Production costs ($ in thousands)35,403—44,530—Cash operating costs post-commercial production(1) ($/gold ounce sold)1,108—1,108—Cash operating costs post-commercial production(1) ($/gold ounce produced)1,066—1,066—Total cash costs(1) ($/gold ounce sold)1,156—1,156—All-in sustaining costs(1) ($/gold ounce sold)2,249—2,249—Capital expenditures ($ in thousands)76,089149,262471,453515,391Exploration ($ in thousands)8,6946,33524,63528,864      (1)  Non-IFRS measure. For a description of how these measures are calculated and a reconciliation of these measures to the most directly comparable measures specified, defined or determined under IFRS and presented in the Company’s financial statements, refer to “Non-IFRS Measures”.

The Back River Gold District in Canada consists of eleven mineral claims blocks along an 80 km belt and contains the most advanced project in the district, the 100% owned Goose Mine.

B2Gold acknowledges our partner the Kitikmeot Inuit Association (“KIA”), who has played a critical role for many years to ensure the development of a successful gold mining operation at the Goose Mine. Respect and collaboration with the KIA is central to the license to operate in the Back River Gold District and the Company will continue to prioritize developing the District in a manner that recognizes Inuit priorities, addresses concerns and brings long-term socio-economic benefits to the Kitikmeot Region. B2Gold looks forward to continuing to build on its strong collaboration with the KIA and Kitikmeot communities. With its significant gold resource endowment, the Back River Gold District is expected to be a large, long life mining complex.

The Goose Mine achieved commercial production on October 2, 2025. During the year ended December 31, 2025, the Goose Mine produced 53,170 ounces of gold, at the low end of its guidance range of between 50,000 and 80,000 ounces. For the year ended December 31, 2025, mill feed grade was 5.16 g/t, mill throughput was 0.36 million tonnes, and gold recovery averaged 90.1%. In the fourth quarter of 2025, the Goose Mine produced 38,616 ounces of gold. For the fourth quarter of 2025, mill feed grade was 6.22 g/t, mill throughput was 0.21 million tonnes, and gold recovery averaged 91.7%. For the fourth quarter of 2025, mill feed predominantly came from the Umwelt deposit. Production for the Goose Mine in 2025 was impacted by crushing plant capacity shortfalls in the third quarter of 2025 and temporary delays in accessing higher grade ore from the Umwelt underground in the third quarter and early fourth quarter of 2025.

The Goose Mine crushing circuit is currently being supplemented with a mobile crusher. Production during the fourth quarter of 2025 was impacted by unseasonably low temperatures, which impacted the performance of the mobile crushing unit. The mobile crushing unit is not enclosed and is susceptible to operational interruptions in extreme cold. Initial modifications to improve performance of the crushing circuit in the near-term, including the addition of a run-of-mine bin and apron feeder which were ordered in late 2025, are scheduled to be implemented in the second half of 2026, at which point use of the mobile crusher will cease to be necessary full time. The Company estimates that the Goose Mine crushing circuit will be able to operate at an average daily capacity of approximately 3,200 tonnes per day (“tpd”) once these initial modifications are implemented. Additionally, the Company is studying more comprehensive crushing circuit improvements to increase design capacity of the existing crushing circuit to enable it to run at an average rate of 4,000 tpd. These studies will be finalized in the first half of 2026, at which point the Company will determine the optimal scope and timing of additional crushing circuit improvements.

The Goose Mine's cash operating costs (refer to “Non-IFRS Measures”) post-commercial production were $1,066 per gold ounce produced ($1,108 per gold ounce sold), well below the guidance range of between $2,300 and $2,360 per gold ounce produced mainly due to capitalization of a greater portion of site general and camp costs as construction costs than originally anticipated, as they related to ongoing construction activities. All-in sustaining costs (refer to “Non-IFRS Measures”) post-commercial production were $2,249 per gold ounce sold, well below the guidance range of between $3,290 and $3,350 per ounce sold due to lower cash costs per ounce as noted above, partially offset by lower gold ounces sold.

Capital expenditures in the year ended December 31, 2025, totalled $471 million and included $167 million of plant construction and mill optimization costs, $19 million of deferred stripping, $22 million for the power plant and $35 million of underground development costs. Costs for the year ended December 31, 2025, also included $11 million of commissioning costs and $119 million of site general and camp costs capitalized during the construction and ramp up from first pour to commercial production. Capital expenditures in the fourth quarter of 2025 totalled $77 million primarily consisting of $42 million of plant construction and mill optimization costs, $4 million of deferred stripping, $1 million for the power plant and $16 million of underground development costs. Costs in the fourth quarter of 2025 also included $1 million of commissioning costs and $19 million of site general and camp costs related to ongoing construction activities.

The Goose Mine in Canada is expected to produce between 170,000 and 230,000 ounces of gold in 2026 at cash operating costs of between $1,610 and $1,810 per ounce produced and all-in sustaining costs of between $2,670 and $2,970 per ounce sold. For the full year 2026, Goose is projected to process a total of 1.04 million tonnes of ore at an average grade of 6.83 g/t gold with a process gold recovery of 92.5%. Mining and processing of higher-grade ore from the Umwelt underground commenced in late October 2025 and processed ore will continue to be sourced from the Umwelt surface and underground mining operations in 2026. Throughput for 2026 is expected to ramp up through the year as the weather warms, which will increase the availability of the mobile crushing unit. Use of the mobile crushing unit is expected to continue during 2026 until the installation of the run-of-mine bin and apron feeder is completed, at which point the Goose Mine is expected to operate in the near-term at an average daily capacity of approximately 3,200 tpd. Based on the factors described above, combined with the mill feed grade profile, the Company anticipates annual gold production will be heavily weighted to the second half of 2026, with approximately 65% of estimated annual gold production to be achieved during the third and fourth quarters. The Company expects crushing capacity will be able to be increased up to 4,000 tpd in the first half of 2027, upon which annual gold production is expected to exceed 300,000 ounces per year and continuing over the medium-term. Cash operating costs and all-in sustaining costs are forecast to drop significantly once the operation is ramped up to full production capacity.

Capital expenditures in 2026 at Goose are expected to total $202 million. Approximately $188 million are expected to be classified as sustaining capital expenditures and $14 million are expected to be classified as non-sustaining capital expenditures. Sustaining capital expenditures are expected to include $47 million of deferred stripping, $41 million for site infrastructure and civil projects, $38 million for underground development, $22 million for mobile equipment purchases, $13 million for underground infrastructure, $7 million for projects at the marine laydown area, $6 million for TSF construction, $6 million for powerhouse rebuilds, and $5 million for mobile equipment rebuilds. Non-sustaining capital expenditures relate to completion of ongoing site construction activities, but do not include capital expenditures related to the more comprehensive crushing circuit optimizations being evaluated. Estimated capital expenditures for any additional crushing circuit optimization changes will be released once the studies are completed in the first half of 2026 and the Company has determined which improvements to pursue.

Goose Mine Opportunities

Significant exploration potential remains across the Back River Gold District, with a total of $46 million budgeted for exploration in 2026. The Company's exploration programs have historically been successful in upgrading Inferred Mineral Resources to Indicated Mineral Resources, and the Company is optimistic that it can successfully upgrade a significant portion of the Inferred Mineral Resources in 2026.

In addition, work continues on the optimization study for the Goose Mine as previously announced in March 2025, including the potential installation of a SAG mill to be paired in conjunction with the existing 4,000 tpd ball mill, which could expand mill throughput capacity up to 6,000 tpd. The results of the studies are expected to be finalized in the first half of 2026, and are also expected to reflect two additional value drivers for the Goose Mine related to the potential reduction in carbon taxes paid over the life of the mine, and a reduction in the annual amount of fuel consumed as a result of equipment optimizations.

Once these studies are completed the Company will assess the economics of each option and pursue the desired choice. This assessment is expected to include consideration of whether the Company should postpone any expenditures to increase Goose Mine milling capacity in favor of potential future capital development at George and other Back River Gold District regional targets.

In connection with these studies, B2Gold will also be reviewing any regulatory requirements and engaging with the KIA and local communities to ensure any proposed optimization of the Goose Mine provides benefits to all stakeholders.

Gramalote Project - Colombia

The Gramalote Project is located in central Colombia, approximately 230 km northwest of Bogota and 100 km northeast of Medellin, in the Province of Antioquia, which has expressed a positive attitude towards the development of responsible mining projects in the region. Following consolidation of the ownership, B2Gold completed a detailed review of the Gramalote Project, including the higher-grade core of the resource, facility size and location, power supply, mining and processing options, tailings design, resettlement, potential construction sequencing and camp design to identify potential cost savings to develop a medium-scale project. The results of the review allowed the Company to determine the optimal parameters and assumptions for the Gramalote PEA, the results of which were announced on June 18, 2024.

On July 14, 2025, the Company announced the results of a 2025 Gramalote Feasibility study which demonstrated that the Gramalote Project has a meaningful production profile, favorable metallurgical characteristics and positive project economics. The study assumes a mill with an annual processing rate of 6.0 million tonnes per annum, an initial open pit mine life of 11 years, and a processing life of 13 years. The study shows average annual grade processed over the first five years of 1.23 g/t, with a life-of-mine grade of 0.96 g/t and average annual gold production over the first five years of 227,000 ounces of gold per year, with life-of-mine average annual gold production of 177,000 ounces per year. Financial results include all-in sustaining costs of $985 per ounce over the life of the project, with an after-tax net present value of $941 million and an internal rate of return of 22.4% assuming a $2,500 per ounce gold price.

Due to the desired modifications to the processing plant and infrastructure locations, a Modified Work Plan and Modified Environment Impact Study are required. The Modified Work Plan was submitted in December 2025, and the Modified Environmental Impact Study is expected to be submitted later in the first quarter of 2026, with completion of the modification process expected to take approximately twelve months. In conjunction with these permit modifications, the Company also intends to complete a significant portion of its resettlement objectives by the end of 2026, in accordance with its existing resettlement plan. Assessment of the Gramalote Project remains ongoing. If B2Gold makes the decision to develop the Gramalote Project as an open pit gold mine, B2Gold would utilize its proven internal mine construction team to build the mine and mill facilities.

The Gramalote Project has a budget of $61 million for 2026, to continue to de-risk the project, including $35 million to advance resettlement programs, establish coexistence programs for small miners, work on health, safety and environmental projects and continue to work with the government and local communities on social programs.

Exploration

B2Gold executed another year of aggressive exploration in 2025 incurring $61 million (including $10 million of target generation costs included in other operating expenses in the Consolidated Statement of Operations), in line with expectations. Exploration in 2025 was focused predominantly on the Back River Gold District, with the goal of enhancing and growing the significant resource base at the Goose Mine and surrounding regional targets. In Namibia, the exploration program at the Otjikoto Mine focused on drilling the Antelope deposit. In Mali, the exploration program at the Fekola Complex was directed at a more strategic search for near-mine, near-surface sources of additional sulphide-related gold mineralization. In the Philippines, the exploration program at the Masbate Mine focused on extending the Pajo deposit drilling targets immediately south of mine infrastructure.

B2Gold is planning another year of extensive exploration in 2026 with a budget of approximately $73 million. A significant focus will be on exploration at the Back River Gold District, with the continued goal of enhancing and growing the significant resource base at the Goose Mine and surrounding regional targets. In Namibia, the exploration program at the Otjikoto Mine will be focused on enhancing and increasing the resources at the Antelope deposit. In Mali, an ongoing focus will be on discovery of additional high-grade, sulphide mineralization across the Fekola Complex. In the Philippines, the exploration program at the Masbate Mine will continue to focus on new targets located south of the existing infrastructure as well as commencing exploration on the newly permitted Uson Project. Early-stage exploration programs will continue in the Philippines and Kazakhstan in 2026. Finally, the search for new joint ventures and strategic investment opportunities will continue, building on existing equity investments in Snowline Gold Corp., Founders Metals Inc., AuMEGA Metals Ltd., and Prospector Metals Corp.

Back River Gold District Exploration

A total of $32 million was budgeted for exploration at the Back River Gold District in 2025 to complete approximately 25,000 meters (“m”) of drilling, including confirmation drilling at the Umwelt deposit, as well as exploration drilling at several Goose Mine regional targets that were developed based on structural modelling and geophysical re-processing. For the year ended December 31, 2025, the Company ultimately incurred $35 million on Back River Gold District exploration and completed 19,735 m of drilling over 87 drill holes at the Goose Mine. This included 14,480 m over 39 drill holes at the Umwelt deposit, 4,231 m over 15 drill holes at the Llama deposit area, 7,361 m over 14 exploration target drill holes, and 137 m over one metallurgical hole at the Goose Main deposit.

In addition, 8,863 m over 57 holes were drilled on the Back River Gold District regional projects, including George, Boot, Del, Needle and Boulder.

2026 Guidance for Back River Gold District Exploration

A total of $46 million is budgeted for exploration at the Back River Gold District in 2026, of which $24 million is planned for the Goose Mine. A total of 12,000 m of drilling will target extensions of the Llama and Umwelt deposits, the largest and highest-grade resources at the Goose Mine. In addition, follow up drilling of significant results returned at the Nuvuyak, Mammoth and Hook targets is planned.

Regional exploration including geophysics, mapping, prospecting and till sampling will be undertaken on the George, Boot, Boulder, Del, Beech and Needle projects. This regional work will also include an estimated 13,000 m of diamond drilling to follow up drill ready targets defined during the 2025 summer regional exploration program. A significantly increased budget of $22 million is being allocated for the Back River regional projects.

Mali Exploration

A total of $9 million was budgeted for exploration in Mali in 2025 with an ongoing focus on discovery of additional high-grade, sulphide mineralization across the Fekola Complex to supplement feed to the Fekola mill. In addition, the FNE target immediately north of the main Fekola open pit was drilled, adding easily accessible resources close to Fekola infrastructure. A total of 20,000 m of diamond and reverse circulation drilling was planned for 2025. A total of 7,277 m over 62 holes of diamond and reverse circulation drilling was completed. For the year ended December 31, 2025, the Company ultimately incurred $7 million on Mali exploration.

In addition, the Mali exploration team assisted operations in completing 37,181 m over 934 holes to complete the first phase of grade control drilling on the Menankoto permit and the drilling of grade control, infill and extension drilling at the Fekola underground, completing 31,196 m over 277 holes.

2026 Guidance for Mali Exploration

A total of $5 million is budgeted for exploration in Mali in 2026 with an ongoing focus on discovery of additional high-grade, sulphide mineralization across the Fekola Complex to supplement feed to the Fekola mill. A total of 16,000 m of diamond and reverse circulation drilling is planned for the Fekola Complex in 2026.

The Philippines Exploration

The total budget for the Philippines in 2025 was $5 million, of which the Masbate exploration budget was $3 million, including approximately 4,200 m of drilling. The 2025 exploration program focused on drilling several greenfield targets between 3 km and 12 km south of the Masbate Mine infrastructure. For the year ended December 31, 2025, the Company incurred $3 million for Masbate Mine exploration, which was in-line with the budget (included approximately 4,867 m of diamond drilling in 32 holes).

In addition, $2 million was allocated to targeting new regional projects in highly prospective areas in the Philippines, leveraging off B2Gold’s presence and operational experience in the country. For the year ended December 31, 2025, the Company incurred $2 million on targeting new regional projects.

2026 Guidance for The Philippines Exploration

The total budget for the Philippines in 2026 is $5 million, of which the Masbate exploration budget is $3 million, including approximately 4,200 m of drilling. The 2026 exploration program will continue to focus on exploration of new regional targets located south of the main mine infrastructure at Masbate.

An additional $2 million will be allocated to targeting new regional projects in highly prospective areas in the Philippines, leveraging off B2Gold’s presence and operational experience in the country. A total of 2,000 m is allocated to testing new projects.

Namibia Exploration

A total of $7 million was budgeted for exploration at Otjikoto in 2025. The focus of the exploration program was drilling the Antelope deposit, located approximately 3 km south of Phase 5 of the Otjikoto open pit, with a total of 39,000 m of drilling planned. The Antelope deposit, comprised of the Springbok Zone, the Oryx Zone, and a possible third structure, Impala, subject to confirmatory drilling, was discovered in 2022 following deep drill testing by B2Gold exploration personnel on three-dimensional models of airborne magnetic data. For the year ended December 31, 2025, the Company incurred $8 million, which included 35,924 m of diamond and reverse circulation drilling at the Otjikoto mine area.

2026 Guidance for Namibia Exploration

A total of $6 million is budgeted for exploration at Otjikoto in 2026. The focus of the exploration program will be drilling to expand and refine the Antelope deposit with a total of 44,000 m of drilling planned.

Greenfield Exploration

B2Gold allocated approximately $9 million in 2025 for its grassroots exploration programs, including Finland and Cote d’Ivoire. The spend ultimately incurred on greenfield exploration for the year ended December 31, 2025, was approximately $5 million.

In addition to the defined programs noted above, the Company allocated approximately $8 million for the generation and evaluation of new greenfield targets of which $3 million was spent during the year ended December 31, 2025.

2026 Guidance for Greenfield Exploration

B2Gold has allocated approximately $9 million to other grassroots exploration projects in 2026. This includes $2 million (7,200 m) in Kazakhstan and $2 million in Finland. In addition to the defined programs noted above, the Company has allocated approximately $4 million for the generation and evaluation of new greenfield targets.

Fourth Quarter and Full Year 2025 Financial Results - Conference Call Details

B2Gold executives will host a conference call to discuss the results on Thursday, February 19, 2026, at 8:00 am PT / 11:00 am ET.

Participants may register for the conference call here: registration link. Upon registering, participants will receive a calendar invitation by email with dial in details and a unique PIN. This will allow participants to bypass the operator queue and connect directly to the conference. Registration will remain open until the end of the conference call. Participants may also dial in using the numbers below:

Toll-free in U.S. and Canada: +1 (833) 821-2803All other callers: +1 (647) 846-2419 The conference call will be available to playback for two weeks by dialing toll-free in the U.S. and Canada: +1 (855) 669-9658, replay access code 8916212. All other callers: +1 (412) 317-0088, replay access code 8916212.

About B2Gold

B2Gold is a responsible international senior gold producer headquartered in Vancouver, Canada. Founded in 2007, today, B2Gold has operating gold mines in Canada, Mali, Namibia and the Philippines, and numerous development and exploration projects in various countries.

Qualified Persons

Bill Lytle, Senior Vice President and Chief Operating Officer, a qualified person under NI 43-101, has approved the scientific and technical information related to operations matters contained in this news release.

Andrew Brown, P. Geo., Vice President, Exploration, a qualified person under NI 43-101, has approved the scientific and technical information related to exploration and mineral resource matters contained in this news release.

ON BEHALF OF B2GOLD CORP.

“Clive T. Johnson”                                        
President and Chief Executive Officer

Source: B2Gold Corp.

The Toronto Stock Exchange and NYSE American LLC neither approve nor disapprove the information contained in this news release.  

Production results and production guidance presented in this news release reflect total production at the mines B2Gold operates on a 100% project basis. Please see our most recent Annual Information Form for a discussion of our ownership interest in the mines B2Gold operates.

This news release includes certain “forward-looking information” and “forward-looking statements” (collectively “forward-looking statements”) within the meaning of applicable Canadian and United States securities legislation, including: projections; outlook; guidance; forecasts; estimates; and other statements regarding future or estimated financial and operational performance, gold production and sales, revenues and cash flows, and capital costs (sustaining and non-sustaining) and operating costs, including projected cash operating costs and all-in sustaining costs, and budgets on a consolidated and mine by mine basis, which if they occur, would have on our business, our planned capital and exploration expenditures; future or estimated mine life, metal price assumptions, ore grades or sources, gold recovery rates, stripping ratios, throughput, ore processing; statements regarding anticipated exploration, drilling, development, construction, permitting and other activities or achievements of B2Gold; and including, without limitation: remaining well positioned for continued strong operational and financial performance in 2026; projected gold production, cash operating costs and all-in sustaining costs (on a consolidated and mine by mine basis in 2026 for the Fekola Complex, the Otjikoto Mine, the Masbate Gold Project and the Goose Mine; total consolidated gold production of between 820,000 and 970,000 ounces in 2026, with cash operating costs of between $1,155 and $1,280 per ounce and all-in sustaining costs of between $2,400 and $2,580 per ounce; B2Gold's continued prioritization of operating the Goose Mine in a manner that recognizes Indigenous input and concerns and brings long-term socio-economic benefits to the area; the Goose Mine annual gold production exceeding 300,000 ounces per year beginning in 2027 and continuing over the medium-term; trucking of selective higher-grade saprolite material from the Anaconda Area to the Fekola mill having the potential to generate approximately 80,000 to 100,000 ounces of additional gold production per year from Fekola Regional sources, including up to 180,000 ounces in the first five years of production between 2027 and 2032; the receipt of the exploitation permit for Fekola Regional in the first quarter of 2026 and Fekola Regional production expected to commence in the second half of 2026; the potential for the Antelope deposit to be developed as an underground operation and contribute up to 65,000 per year during the low-grade stockpile processing in 2029 through 2032; the timing and results of the optimization studies on the Goose Mine; the potential to develop the Gramalote Project as an open pit gold mine; planned 2026 exploration budgets for Canada, Mali, Namibia, The Philippines, Finland, Kazakhstan and other grassroots projects and the potential payment of future dividends, including the timing and amount of any such dividends, and the expectation that quarterly dividends will be maintained at the same level. All statements in this MD&A that address events or developments that we expect to occur in the future are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, although not always, identified by words such as "expect", "plan", "anticipate", "project", "target", "potential", "schedule", "forecast", "budget", "estimate", "intend" or "believe" and similar expressions or their negative connotations, or that events or conditions "will", "would", "may", "could", "should" or "might" occur. All such forward-looking statements are based on the opinions and estimates of management as of the date such statements are made.

Forward-looking statements necessarily involve assumptions, risks and uncertainties, certain of which are beyond B2Gold's control, including risks associated with or related to: the volatility of metal prices and B2Gold's common shares; changes in tax laws; the dangers inherent in exploration, development and mining activities; the uncertainty of reserve and resource estimates; not achieving production, cost or other estimates; actual production, development plans and costs differing materially from the estimates in B2Gold's feasibility and other studies; the ability to obtain and maintain any necessary permits, consents or authorizations required for mining activities; environmental regulations or hazards and compliance with complex regulations associated with mining activities; climate change and climate change regulations; the ability to replace mineral reserves and identify acquisition opportunities; the unknown liabilities of companies acquired by B2Gold; the ability to successfully integrate new acquisitions; fluctuations in exchange rates; the availability of financing; financing and debt activities, including potential restrictions imposed on B2Gold's operations as a result thereof and the ability to generate sufficient cash flows; operations in foreign and developing countries and the compliance with foreign laws, including those associated with operations in Mali, Namibia, the Philippines and Colombia and including risks related to changes in foreign laws and changing policies related to mining and local ownership requirements or resource nationalization generally; remote operations and the availability of adequate infrastructure; fluctuations in price and availability of energy and other inputs necessary for mining operations; shortages or cost increases in necessary equipment, supplies and labour; regulatory, political and country risks, including local instability or acts of terrorism and the effects thereof; the reliance upon contractors, third parties and joint venture partners; the lack of sole decision-making authority related to Filminera Resources Corporation, which owns the Masbate Project; challenges to title or surface rights; the dependence on key personnel and the ability to attract and retain skilled personnel; the risk of an uninsurable or uninsured loss; adverse climate and weather conditions; litigation risk; competition with other mining companies; community support for B2Gold's operations, including risks related to strikes and the halting of such operations from time to time; conflicts with small scale miners; failures of information systems or information security threats; the ability to maintain adequate internal controls over financial reporting as required by law, including Section 404 of the Sarbanes-Oxley Act; compliance with anti-corruption laws, and sanctions or other similar measures; social media and B2Gold's reputation; risks affecting Calibre having an impact on the value of the Company's investment in Calibre, and potential dilution of our equity interest in Calibre; as well as other factors identified and as described in more detail under the heading "Risk Factors" in B2Gold's most recent Annual Information Form, B2Gold's current Form 40-F Annual Report and B2Gold's other filings with Canadian securities regulators and the U.S. Securities and Exchange Commission (the "SEC"), which may be viewed at www.sedarplus.ca and www.sec.gov, respectively (the "Websites"). The list is not exhaustive of the factors that may affect B2Gold's forward-looking statements.

B2Gold's forward-looking statements are based on the applicable assumptions and factors management considers reasonable as of the date hereof, based on the information available to management at such time. These assumptions and factors include, but are not limited to, assumptions and factors related to B2Gold's ability to carry on current and future operations, including: development and exploration activities; the timing, extent, duration and economic viability of such operations, including any mineral resources or reserves identified thereby; the accuracy and reliability of estimates, projections, forecasts, studies and assessments; B2Gold's ability to meet or achieve estimates, projections and forecasts; the availability and cost of inputs; the price and market for outputs, including gold; foreign exchange rates; taxation levels; the timely receipt of necessary approvals or permits; the ability to meet current and future obligations; the ability to obtain timely financing on reasonable terms when required; the current and future social, economic and political conditions; and other assumptions and factors generally associated with the mining industry.

B2Gold's forward-looking statements are based on the opinions and estimates of management and reflect their current expectations regarding future events and operating performance and speak only as of the date hereof. B2Gold does not assume any obligation to update forward-looking statements if circumstances or management's beliefs, expectations or opinions should change other than as required by applicable law. There can be no assurance that forward-looking statements will prove to be accurate, and actual results, performance or achievements could differ materially from those expressed in, or implied by, these forward-looking statements. Accordingly, no assurance can be given that any events anticipated by the forward-looking statements will transpire or occur, or if any of them do, what benefits or liabilities B2Gold will derive therefrom. For the reasons set forth above, undue reliance should not be placed on forward-looking statements.

Non-IFRS Measures

This news release includes certain terms or performance measures commonly used in the mining industry that are not defined under International Financial Reporting Standards ("IFRS"), including "cash operating costs" and "all-in sustaining costs" (or "AISC"). Non-IFRS measures do not have any standardized meaning prescribed under IFRS, and therefore they may not be comparable to similar measures employed by other companies. The projected range of AISC is anticipated to be adjusted to include sustaining capital expenditures, corporate administrative expense, mine-site exploration and evaluation costs and reclamation cost accretion and amortization, and exclude the effects of expansionary capital and non-sustaining expenditures. Projected GAAP total production cash costs for the full year would require inclusion of the projected impact of future included and excluded items, including items that are not currently determinable, but may be significant, such as sustaining capital expenditures, reclamation cost accretion and amortization. Due to the uncertainty of the likelihood, amount and timing of any such items, B2Gold does not have information available to provide a quantitative reconciliation of projected AISC to a total production cash costs projection. B2Gold believes that this measure represents the total costs of producing gold from current operations, and provides B2Gold and other stakeholders of the Company with additional information of B2Gold’s operational performance and ability to generate cash flows. AISC, as a key performance measure, allows B2Gold to assess its ability to support capital expenditures and to sustain future production from the generation of operating cash flows. This information provides management with the ability to more actively manage capital programs and to make more prudent capital investment decisions.

The data presented is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS and should be read in conjunction with B2Gold's consolidated financial statements. Readers should refer to B2Gold's Management Discussion and Analysis, available on the Websites, under the heading "Non-IFRS Measures" for a more detailed discussion of how B2Gold calculates certain such measures and a reconciliation of certain measures to IFRS terms.

Cautionary Statement Regarding Mineral Reserve and Resource Estimates

The disclosure in this news release was prepared in accordance with Canadian standards for the reporting of mineral resource and mineral reserve estimates, which differ in some material respects from the disclosure requirements of United States securities laws. In particular, and without limiting the generality of the foregoing, the terms “mineral reserve”, “proven mineral reserve”, “probable mineral reserve”, “inferred mineral resources,”, “indicated mineral resources,” “measured mineral resources” and “mineral resources” used or referenced in this prospectus, any prospectus supplement and the documents incorporated by reference herein or therein are Canadian mineral disclosure terms as defined in accordance with Canadian National Instrument 43-101 - Standards of Disclosure for Mineral Projects (“NI 43-101”) and the Canadian Institute of Mining, Metallurgy and Petroleum (the “CIM”) - CIM Definition Standards on Mineral Resources and Mineral Reserves, adopted by the CIM Council, as amended (the “CIM Definition Standards”). The definitions of these terms, and other mining terms and disclosures, differ from the definitions of such terms, if any, for purposes of the SEC’s disclosure rules the SEC for domestic United States Issuers (the “SEC Rules”), (the “Exchange Act”).   Accordingly, mineral reserve and mineral resource information and other technical information contained in this news release may not be comparable to similar information disclosed by United States companies subject to the SEC’s reporting and disclosure requirements for domestic United States issuers.  

Historical results or feasibility models presented herein are not guarantees or expectations of future performance.   Mineral resources that are not mineral reserves do not have demonstrated economic viability. Due to the uncertainty of measured, indicated or inferred mineral resources, these mineral resources may never be upgraded to proven and probable mineral reserves. Investors are cautioned not to assume that any part of mineral deposits in these categories will ever be converted into reserves or recovered. In addition, United States investors are cautioned not to assume that any part or all of B2Gold’s measured, indicated or inferred mineral resources constitute or will be converted into mineral reserves or are or will be economically or legally mineable without additional work.

B2GOLD CORP.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Expressed in thousands of United States dollars, except shares and per share amounts)
(Unaudited)
           For the three months ended Dec. 31, 2025 For the three months ended Dec. 31, 2024 For the twelve months ended Dec. 31, 2025 For the twelve months ended Dec. 31, 2024         Gold revenue $1,053,977  $499,788  $3,061,238  $1,902,030          Cost of sales        Production costs  (227,935)  (181,376)  (745,446)  (681,828)Depreciation and depletion  (143,904)  (93,903)  (440,831)  (367,408)Royalties and production taxes  (130,887)  (50,554)  (344,178)  (146,599)Total cost of sales  (502,726)  (325,833)  (1,530,455)  (1,195,835)         Gross profit  551,251   173,955   1,530,783   706,195          General and administrative  (24,253)  (19,094)  (67,087)  (59,483)Share-based payments  (3,985)  (9,863)  (24,954)  (24,678)Non-recoverable input taxes  (1,734)  (2,859)  (14,391)  (13,211)Foreign exchange losses  (14,488)  (15,850)  (9,745)  (23,692)Share of net income (loss) of associates  1,170   (1,951)  (755)  2,630 Community relations  69   (1,123)  (12,510)  (2,909)Write-down of mining interests  —   —   (5,118)  (636)Impairment of long-lived assets  —   —   —   (876,376)Gain on sale of mining interests  —   —   —   56,115 Gain on sale of shares in associate  —   —   —   16,822 Other income (expense)  3,013   5,200   (13,964)  (29,104)Operating income (loss)  511,043   128,415   1,382,259   (248,327)         Losses (gains) on derivative instruments  (96,621)  2,837   (266,794)  (2,837)Change in fair value of gold stream  (37,958)  (5,629)  (118,364)  (26,825)Interest and financing expense  (22,395)  (10,846)  (37,702)  (34,848)Interest income  3,328   3,597   12,448   20,734 Losses on dilution of associate  —   —   —   (8,984)Other income (expense)  2,451   (10,069)  4,952   (8,137)Income (loss) from operations before taxes  359,848   108,305   976,799   (309,224)         Current income tax, withholding and other taxes  (304,448)  (86,641)  (694,650)  (319,726)Deferred income tax recovery (expense)  124,859   (30,989)  144,550   2,297 Net income (loss) $180,259  $(9,325) $426,699  $(626,653)         Attributable to:        Shareholders of the Company $170,584  $(11,881) $401,908  $(629,891)Non-controlling interests  9,675   2,556   24,791   3,238 Net income (loss) $180,259  $(9,325) $426,699  $(626,653)         Earnings (loss) per share (attributable to shareholders of the Company)        Basic $0.13  $(0.01) $0.30  $(0.48)Diluted $0.11  $(0.01) $0.28  $(0.48)         Weighted average number of common shares outstanding (in thousands)        Basic  1,336,691   1,313,960   1,325,322   1,308,850 Diluted  1,497,855   1,313,960   1,480,858   1,308,850                   B2GOLD CORP.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Expressed in thousands of United States dollars)
(Unaudited)
         For the three months ended Dec. 31, 2025 For the three months ended Dec. 31, 2024 For the twelve months ended Dec. 31, 2025 For the twelve months ended Dec. 31, 2024Operating activities       Net income (loss)$180,259  $(9,325) $426,699  $(626,653)Mine restoration provisions settled (1,477)  (620)  (3,134)  (2,088)Non-cash charges, net 177,349   154,570   805,682   1,289,104 Delivery into prepaid sales (144,699)  —   (288,792)  — Proceeds from prepaid sales —   —   —   500,023 Changes in non-cash working capital 104,935   (101,031)  189,886   (155,179)Changes in long-term inventory (7,539)  62,052   (109,705)  (55,413)Changes in long-term value added tax receivables (22,464)  14,898   (124,800)  (72,190)Cash provided by operating activities 286,364   120,544   895,836   877,604         Financing activities       Proceeds from convertible senior unsecured notes, net of financing costs —   —   445,913   — Revolving credit facility draw downs, net of financing costs —   245,753   195,869   445,753 Revolving credit facility repayments (50,000)  (50,000)  (450,000)  (200,000)Equipment facility draw downs, net of financing costs 4,720   7,779   21,463   7,779 Equipment loan facility repayments (1,759)  (2,156)  (14,003)  (11,042)Interest and commitment fees paid (5,990)  (5,904)  (18,447)  (11,648)Common shares issued in flow-through financing 13,920   10,073   13,920   10,073 Common shares issued on exercise of stock options 30,747   108   66,083   3,122 Repurchase of common shares —   —   (9,849)  — Dividends paid (26,014)  (46,662)  (103,444)  (184,632)Principal payments on lease arrangements (5,186)  (1,146)  (22,078)  (6,531)Distributions to non-controlling interests (7,473)  (110,169)  (29,914)  (122,869)Realized loss on derivative instruments (32,633)  —   (36,846)  — Other 83   473   (21)  923 Cash (used) provided by financing activities (79,585)  48,149   58,646   (69,072)        Investing activities       Expenditures on mining interests:       Fekola Mine (50,175)  (59,571)  (222,670)  (257,776)Masbate Mine (6,109)  (9,534)  (41,257)  (29,763)Otjikoto Mine (11,298)  (2,714)  (24,005)  (28,842)Goose Mine (76,089)  (149,262)  (471,453)  (515,391)Fekola Regional Properties (7,093)  (3,444)  (20,845)  (16,861)Gramalote Project (8,445)  (6,901)  (31,920)  (17,128)Other exploration (15,467)  (13,465)  (50,679)  (52,629)Purchases of long-term investments (12,672)  (9,660)  (25,850)  (16,576)Purchase of shares in associate —   —   (4,800)  (9,089)Purchases of short-term investments (19,490)  (16,361)  (45,041)  (16,361)Redemptions of short-term investments 23,940   5,386   54,949   5,386 Funding of reclamation deposits (2,661)  (802)  (10,915)  (5,797)Cash proceeds on sale of investment in associate —   —   —   100,302 Cash proceeds on sale of long-term investments —   15,276   —   92,564 Cash proceeds from sale of mining interest —   7,500   —   7,500 Other 1,794   (8,415)  1,746   (2,840)Cash used by investing activities (183,765)  (251,967)  (892,740)  (763,301)        Increase (decrease) in cash and cash equivalents 23,014   (83,274)  61,742   45,231         Effect of exchange rate changes on cash and cash equivalents (9,818)  (10,868)  (18,289)  (15,155)Cash and cash equivalents, beginning of period 367,228   431,113   336,971   306,895 Cash and cash equivalents, end of period$380,424  $336,971  $380,424  $336,971          B2GOLD CORP.
CONSOLIDATED BALANCE SHEETS
(Expressed in thousands of United States dollars)       As at As at  December 31, December 31,   2025
  2024
Assets    Current    Cash and cash equivalents $380,424  $336,971 Receivables, prepaids and other  58,293   41,059 Value-added and other tax receivables  63,732   46,173 Inventories  627,225   477,586    1,129,674   901,789      Long-term investments  286,066   76,717 Long-term value-added tax receivables  276,035   244,147 Mining interests  3,760,337   3,291,435 Investment in associates  98,183   91,417 Long-term inventories  177,595   134,529 Other assets  74,986   73,964 Deferred income taxes  76,440   —   $5,879,316  $4,813,998 Liabilities    Current    Accounts payable and accrued liabilities $174,802  $156,352 Current income and other taxes payable  267,073   103,557 Current portion of prepaid gold sales  285,458   272,781 Current portion of long-term debt  33,870   16,419 Current portion of derivative instruments  237,308   1,606 Current portion of gold stream obligation  24,500   6,900 Current portion of mine restoration provisions  18,114   7,170 Other current liabilities  20,131   15,902    1,061,256   580,687      Prepaid gold sales  —   265,329 Long-term debt  564,440   421,464 Gold stream obligation  258,231   159,525 Mine restoration provisions  151,293   140,541 Deferred income taxes  151,343   169,738 Employee benefits obligation  25,103   18,410 Other long-term liabilities  26,134   22,607    2,237,800   1,778,301 Equity    Shareholders’ equity    Share capital  3,607,005   3,510,271 Contributed surplus  151,218   91,184 Accumulated other comprehensive income (loss)  55,955   (102,771)Retained deficit  (220,613)  (515,619)   3,593,565   2,983,065 Non-controlling interests  47,951   52,632    3,641,516   3,035,697   $5,879,316  $4,813,998       NON-IFRS MEASURES

Cash operating costs per gold ounce sold and total cash costs per gold ounce sold

‘‘Cash operating costs per gold ounce’’ and “total cash costs per gold ounce” are common financial performance measures in the gold mining industry but, as non-IFRS measures, they do not have a standardized meaning under IFRS and therefore may not be comparable to similar measures presented by other issuers. Management believes that, in addition to conventional measures prepared in accordance with IFRS, certain investors use this information to evaluate our performance and ability to generate cash flow. Accordingly, these measures are intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. The measures, along with sales, are considered to be a key indicator of the Company’s ability to generate earnings and cash flow from its mining operations.

Cash cost figures are calculated on a sales basis in accordance with a standard developed by The Gold Institute, which was a worldwide association of suppliers of gold and gold products and included leading North American gold producers. The Gold Institute ceased operations in 2002, but the standard is the accepted standard of reporting cash cost of production in North America. Adoption of the standard is voluntary and the cost measures presented may not be comparable to other similarly titled measures of other companies. Other companies may calculate these measures differently. Cash operating costs and total cash costs per gold ounce sold are derived from amounts included in the statement of operations and include mine site operating costs such as mining, processing, smelting, refining, transportation costs, royalties and production taxes, less silver by-product credits. The tables below show a reconciliation of cash operating costs per gold ounce sold and total cash costs per gold ounce sold to production costs as extracted from the annual consolidated financial statements on a consolidated and a mine-by-mine basis (dollars in thousands):

 For the three months ended December 31, 2025 Fekola
MineMasbate
MineOtjikoto
MineGoose
MineGrand
Total $$$$$      Production costs118,51140,36833,65335,403227,935Royalties and production taxes110,13410,7378,4861,529130,886      Total cash costs228,64551,10542,13936,932358,821      Gold sold (ounces)153,40747,42050,72531,938283,490      Cash operating costs per ounce ($/gold ounce sold)7738516631,108804      Total cash costs per ounce ($/gold ounce sold)1,4901,0788311,1561,266        For the three months ended December 31, 2024 Fekola
MineMasbate
MineOtjikoto
MineTotalCalibre equity investmentGrand
Total $$$$$$       Production costs107,77838,39235,206181,376—181,376Royalties and production taxes37,7927,3815,38150,554—50,554       Total cash costs145,57045,77340,587231,930—231,930       Gold sold (ounces)86,45351,01050,330187,793—187,793       Cash operating costs per ounce ($/gold ounce sold)1,247753700966—966       Total cash costs per ounce ($/gold ounce sold)1,6848978061,235—1,235         For the year ended December 31, 2025 Fekola
MineMasbate
MineOtjikoto
MineGoose
MineGrand
Total $$$ $      Production costs408,105162,484130,32744,530 745,446 Royalties and production taxes277,90236,95027,4171,909 344,178 Less pre-commercial production costs———(9,507)(9,507)      Total cash costs686,007199,434157,74436,932 1,080,117       Gold sold (ounces)493,759195,813198,60239,623 927,797 Less pre-commercial sales (ounces)———(7,685)(7,685)      Gold sold from commercial production (ounces)493,759195,813198,60231,938 920,112       Cash operating costs per ounce ($/gold ounce sold)8278306561,108 800       Total cash costs per ounce ($/gold ounce sold)1,3891,0187941,156 1,174           For the year ended December 31, 2024 Fekola
MineMasbate
MineOtjikoto
MineTotalCalibre equity investmentGrand
Total $$$$$$       Production costs384,221161,462136,145681,82825,126706,954Royalties and production taxes100,35326,80119,445146,5991,565148,164       Total cash costs484,574188,263155,590828,42726,691855,118       Gold sold (ounces)404,458193,270203,796801,52419,644821,168       Cash operating costs per ounce ($/gold ounce sold)9508356688511,279861       Total cash costs per ounce ($/gold ounce sold)1,1989747631,0341,3591,041        Cash operating costs per gold ounce produced

In addition to cash operating costs on a per gold ounce sold basis, the Company also presents cash operating costs on a per gold ounce produced basis. Cash operating costs per gold ounce produced is derived from amounts included in the statement of operations and include mine site operating costs such as mining, processing, smelting, refining, transportation costs, less silver by-product credits. Cash operating costs per gold ounce produced do not include pre-commercial production from the Goose Mine. The tables below show a reconciliation of cash operating costs per gold ounce produced to production costs as extracted from the annual consolidated financial statements on a consolidated and a mine-by-mine basis (dollars in thousands):

 For the three months ended December 31, 2025 Fekola
MineMasbate
MineOtjikoto
MineGoose
MineGrand
Total $$$$$      Production costs118,511 40,36833,65335,403227,935 Inventory sales adjustment(13,439)1842,7175,780(4,758)      Cash operating costs105,072 40,55236,37041,183223,177       Gold produced (ounces)163,720 49,90050,79338,616303,029       Cash operating costs per ounce ($/gold ounce produced)642 8137161,066736           For the three months ended December 31, 2024 Fekola
MineMasbate
MineOtjikoto
MineTotalCalibre equity investmentGrand
Total $$$$$$       Production costs107,778 38,39235,206181,376 —181,376 Inventory sales adjustment(7,600)2,9503,245(1,405)—(1,405)       Cash operating costs100,178 41,34238,451179,971 —179,971        Gold produced (ounces)84,015 49,53452,452186,001 —186,001        Cash operating costs per ounce ($/gold ounce produced)1,192 835733968 —968             For the year ended December 31, 2025 Fekola
MineMasbate
MineOtjikoto
MineGoose
MineGrand
Total $$$$$      Production costs408,105162,484 130,32744,530 745,446 Inventory sales adjustment1,734(2,799)63511,923 11,493 Pre-commercial production costs—— —(15,270)(15,270)      Cash operating costs409,839159,685 130,96241,183 741,669       Gold Produced (in ounces)530,769196,526 199,13953,170 979,604 Less pre-commercial production ounces—— —(14,554)(14,554)      Gold produced from commercial production (ounces)530,769196,526 199,13938,616 965,050       Cash operating costs per ounce ($/gold ounce produced)772813 6581,066 769            For the year ended December 31, 2024 Fekola
MineMasbate
MineOtjikoto
MineTotalCalibre equity investmentGrand
Total $$$$$$       Production costs384,221161,462136,145681,82825,126706,954Inventory sales adjustment4,9051,1832,3918,479—8,479       Cash operating costs389,126162,645138,536690,30725,126715,433       Gold produced (ounces)392,946194,046198,142785,13419,644804,778       Cash operating costs per ounce ($/ gold ounce produced)9908386998791,279889        All-in sustaining costs per gold ounce

In June 2013, the World Gold Council, a non-regulatory association of the world’s leading gold mining companies established to promote the use of gold to industry, consumers and investors, provided guidance for the calculation of the measure “all-in sustaining costs per gold ounce”, but as a non-IFRS measure, it does not have a standardized meaning under IFRS and therefore may not be comparable to similar measures presented by other issuers. The original World Gold Council standard became effective January 1, 2014 with further updates announced on November 16, 2018 which were effective starting January 1, 2019.

Management believes that the all-in sustaining costs per gold ounce measure provides additional insight into the costs of producing gold by capturing all of the expenditures required for the discovery, development and sustaining of gold production and allows the Company to assess its ability to support capital expenditures to sustain future production from the generation of operating cash flows. Management believes that, in addition to conventional measures prepared in accordance with IFRS, certain investors use this information to evaluate the Company's performance and ability to generate cash flow. Accordingly, it is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. Adoption of the standard is voluntary and the cost measures presented may not be comparable to other similarly titled measures of other companies. The Company has applied the principles of the World Gold Council recommendations and has reported all-in sustaining costs on a sales basis. Other companies may calculate these measures differently.

B2Gold defines all-in sustaining costs per ounce as the sum of cash operating costs, royalties and production taxes, capital expenditures and exploration costs that are sustaining in nature, sustaining lease expenditures, corporate general and administrative costs, share-based payment expenses related to RSUs/DSUs/PSUs/RPUs, community relations expenditures, reclamation liability accretion and realized (gains) losses on fuel derivative contracts, all divided by the total post-commercial production gold ounces sold to arrive at a per ounce figure.

The tables below show a reconciliation of all-in sustaining costs per ounce to production costs as extracted from the annual consolidated financial statements on a consolidated and a mine-by-mine basis (dollars in thousands):

 For the three months ended December 31, 2025 Fekola
MineMasbate
MineOtjikoto
MineGoose
MineCorporateGrand
Total $$$$$$       Production costs118,511 40,36833,653 35,403—227,935Royalties and production taxes110,134 10,7378,486 1,529—130,886Corporate administration5,718 1,2791,150 16615,94024,253Share-based payments – RSUs/DSUs/PSUs/RPUs(1)(43)—— —3,5963,553Community relations1,183 78681 698—2,640Reclamation liability accretion632 331226 472—1,661Realized losses (gains) on fuel derivative contracts165 112(5)——272Sustaining lease expenditures4,897 3011,648 —4517,297Sustaining capital expenditures(2)50,175 5,0228,467 24,869—88,533Sustaining mine exploration(2)609 102719 8,694—10,124       Total all-in sustaining costs291,981 58,33055,025 71,83119,987497,154       Gold sold (ounces)153,407 47,42050,725 31,938—283,490       All-in sustaining cost per ounce ($/gold ounce sold)1,903 1,2301,085 2,249—1,754          (1) Included as a component of Share-based payments on the Consolidated Statement of Operations.
(2) Refer to Sustaining capital expenditures and Sustaining mine exploration reconciliations below.

The table below shows a reconciliation of sustaining capital expenditures to operating mine capital expenditures as extracted from the annual consolidated financial statements on a consolidated and a mine-by-mine basis (dollars in thousands):

 For the three months ended December 31, 2025 Fekola
MineMasbate
MineOtjikoto
MineGoose
MineGrand
Total $$$$$      Operating mine capital expenditures50,1756,109 11,298 76,089 143,671 Plant and infrastructure construction—— — (51,220)(51,220)Land acquisitions—(1,018)— — (1,018)Other—(69)(2,831)— (2,900)      Sustaining capital expenditures50,1755,022 8,467 24,869 88,533            The table below shows a reconciliation of sustaining mine exploration to operating mine exploration as extracted from the annual consolidated financial statements on a consolidated and a mine-by-mine basis (dollars in thousands):

 For the three months ended December 31, 2025 Fekola
MineMasbate
MineOtjikoto
MineGoose
MineGrand
Total $$$$$      Operating mine exploration6091,086 1,700 8,69412,089 Regional exploration—(984)(981)—(1,965)      Sustaining mine exploration609102 719 8,69410,124           The tables below show a reconciliation of all-in sustaining costs per ounce to production costs as extracted from the annual consolidated financial statements on a consolidated and a mine-by-mine basis (dollars in thousands):

 For the three months ended December 31, 2024  Fekola
MineMasbate
MineOtjikoto
MineCorporateTotalCalibre equity investmentGrand
Total $$$$$$$        Production costs107,77838,39235,206—181,376—181,376Royalties and production taxes37,7927,3815,381—50,554—50,554Corporate administration3,2091,1681,08913,62819,094—19,094Share-based payments – RSUs/DSUs/PSUs/RPUs(1)16——3,5323,548—3,548Community relations54389491—1,123—1,123Reclamation liability accretion443299226—968—968Realized losses on fuel derivative contracts46525583—803—803Sustaining lease expenditures803092304831,102—1,102Sustaining capital expenditures(2)41,8097,9932,590—52,392—52,392Sustaining mine exploration(2)1,292320658—2,270—2,270        Total all-in sustaining costs193,42756,20645,95417,643313,230—313,230        Gold sold (ounces)86,45351,01050,330—187,793—187,793        All-in sustaining cost per ounce ($/gold ounce sold)2,2371,102913—1,668—1,668         (1) Included as a component of Share-based payments on the Consolidated Statement of Operations.
(2) Refer to Sustaining capital expenditures and Sustaining mine exploration reconciliations below.

The table below shows a reconciliation of sustaining capital expenditures to operating mine capital expenditures as extracted from the annual consolidated financial statements on a consolidated and a mine-by-mine basis (dollars in thousands):

 For the three months ended December 31, 2024 Fekola
MineMasbate
MineOtjikoto
MineTotalCalibre equity investmentGrand
Total $$$$$$       Operating mine capital expenditures59,571 9,534 2,714 71,819 —71,819 Road construction(278)— — (278)—(278)Fekola underground(17,484)— — (17,484)—(17,484)Land acquisitions— (1,541)— (1,541)—(1,541)Other— — (124)(124)—(124)       Sustaining capital expenditures41,809 7,993 2,590 52,392 —52,392              The table below shows a reconciliation of sustaining mine exploration to operating mine exploration as extracted from the annual consolidated financial statements on a consolidated and a mine-by-mine basis (dollars in thousands):

 For the three months ended December 31, 2024 Fekola
MineMasbate
MineOtjikoto
MineTotalCalibre equity investmentGrand
Total $$$$$$       Operating mine exploration1,292610 2,634 4,536 —4,536 Regional exploration—(290)(1,976)(2,266)—(2,266)       Sustaining mine exploration1,292320 658 2,270 —2,270             The tables below show a reconciliation of all-in sustaining costs per ounce to production costs as extracted from the annual consolidated financial statements on a consolidated and a mine-by-mine basis (dollars in thousands):

 For the year ended December 31, 2025 Fekola
MineMasbate
MineOtjikoto
MineGoose
MineCorporateGrand
Total $$$$$$       Production costs408,105162,484130,32744,530 —745,446 Royalties and production taxes277,90236,95027,4171,909 —344,178 Corporate administration16,5112,9774,448166 42,98567,087 Share-based payments – RSUs/DSUs/PSUs/RPUs(1)———— 14,40914,409 Community relations2,3213501,8507,989 —12,510 Reclamation liability accretion2,5811,3449701,604 —6,499 Realized losses on fuel derivative contracts92557890— —1,593 Sustaining lease expenditures5,1481,2625,306— 1,78013,496 Sustaining capital expenditures(2)176,78736,48820,16124,869 —258,305 Sustaining mine exploration(2)6092201,9108,694 —11,433        Total all-in sustaining costs890,889242,653192,47989,761 59,1741,474,956 Less all-in sustaining costs related to pre-commercial production———(17,930)—(17,930)       Total all-in sustaining costs from commercial production890,889242,653192,47971,831 59,1741,457,026        Gold Sold (ounces)493,759195,813198,60239,623 —927,797 Less pre-commercial sales ounces———(7,685)—(7,685)       Gold Sold from commercial production (ounces)493,759195,813198,60231,938 —920,112        All-in sustaining cost per ounce ($/gold ounce sold)1,8041,2399692,249 —1,584           (1) Included as a component of Share-based payments on the Consolidated Statement of Operations.
(2) Refer to Sustaining capital expenditures and Sustaining mine exploration reconciliations below.

The table below shows a reconciliation of sustaining capital expenditures to operating mine capital expenditures as extracted from the annual consolidated financial statements on a consolidated and a mine-by-mine basis (dollars in thousands):

 For the year ended December 31, 2025 Fekola
MineMasbate
MineOtjikoto
MineGoose
MineGrand
Total $$$$$      Operating mine capital expenditures222,670 41,257 24,005 471,453 759,385 Pre-production capital expenditures— — — (395,364)(395,364)Plant and infrastructure construction— — — (51,220)(51,220)Fekola underground(45,883)— — — (45,883)Land acquisitions— (3,729)— — (3,729)Other— (1,040)(3,844)— (4,884)      Sustaining capital expenditures176,787 36,488 20,161 24,869 258,305             The table below shows a reconciliation of sustaining mine exploration to operating mine exploration as extracted from the annual consolidated financial statements (dollars in thousands):

 For the year ended December 31, 2025 Fekola
MineMasbate
MineOtjikoto
MineGoose
MineGrand
Total $$$$$      Operating mine exploration6092,639 8,133 24,635 36,016 Regional exploration—(2,419)(6,223)(15,941)(24,583)      Sustaining mine exploration609220 1,910 8,694 11,433            The tables below show a reconciliation of all-in sustaining costs per ounce to production costs as extracted from the annual consolidated financial statements on a consolidated and a mine-by-mine basis (dollars in thousands):

 For the year ended December 31, 2024  Fekola
MineMasbate
MineOtjikoto
MineCorporateTotalCalibre equity investmentGrand
Total $$$$$$$        Production costs384,221161,462136,145—681,82825,126706,954Royalties and production taxes100,35326,80119,445—146,5991,565148,164Corporate administration11,2202,7674,78140,71559,4831,46360,946Share-based payments – RSUs/DSUs/PSUs/RPUs(1)111——16,15016,261—16,261Community relations9622281,719—2,909—2,909Reclamation liability accretion1,8151,234961—4,010—4,010Realized losses on fuel derivative contracts1003573—208—208Sustaining lease expenditures3291,2481,2541,9894,820—4,820Sustaining capital expenditures(2)193,27727,31427,668—248,2592,392250,651Sustaining mine exploration(2)4,4282,1211,769—8,318—8,318        Total all-in sustaining costs696,816223,210193,81558,8541,172,69530,5461,203,241        Gold sold (ounces)404,458193,270203,796—801,52419,644821,168        All-in sustaining cost per ounce ($/gold ounce sold)1,7231,155951—1,4631,5551,465         (1) Included as a component of Share-based payments on the Consolidated Statement of Operations.
(2) Refer to Sustaining capital expenditures and Sustaining mine exploration reconciliations below.

The table below shows a reconciliation of sustaining capital expenditures to operating mine capital expenditures as extracted from the annual consolidated financial statements (dollars in thousands):

 For the year ended December 31, 2024 Fekola
MineMasbate
MineOtjikoto
MineTotalCalibre equity investmentGrand
Total $$$$$$       Operating mine capital expenditures257,776 29,763 28,842 316,381 2,392318,773 Road construction(887)— — (887)—(887)Fekola underground(63,612)— — (63,612)—(63,612)Land acquisitions— (2,189)— (2,189)—(2,189)Other— (260)(1,174)(1,434)—(1,434)       Sustaining capital expenditures193,277 27,314 27,668 248,259 2,392250,651              The table below shows a reconciliation of sustaining mine exploration to operating mine exploration as extracted from the annual consolidated financial statements (dollars in thousands):

 For the year ended December 31, 2024 Fekola
MineMasbate
MineOtjikoto
MineTotalCalibre equity investmentGrand
Total $$$$$$       Operating mine exploration4,4283,649 7,825 15,902 —15,902 Regional exploration—(1,528)(6,056)(7,584)—(7,584)       Sustaining mine exploration4,4282,121 1,769 8,318 —8,318             Adjusted net income and adjusted earnings per share - basic

Adjusted net income and adjusted earnings per share – basic are non-IFRS measures that do not have a standardized meaning prescribed by IFRS and therefore may not be comparable to similar measures presented by other issuers. The Company defines adjusted net income as net income attributable to shareholders of the Company adjusted for non-recurring items and also significant recurring non-cash items. The Company defines adjusted earnings per share – basic as adjusted net income divided by the basic weighted average number of common shares outstanding.

Management believes that the presentation of adjusted net income and adjusted earnings per share - basic is appropriate to provide additional information to investors regarding items that we do not expect to continue at the same level in the future or that management does not believe to be a reflection of the Company's ongoing operating performance. Management further believes that its presentation of these non-IFRS financial measures provide information that is useful to investors because they are important indicators of the strength of our operations and the performance of our core business. Accordingly, it is intended to provide additional information and should not be considered in isolation as a substitute for measures of performance prepared in accordance with IFRS. Other companies may calculate this measure differently.

A reconciliation of net income (loss) to adjusted net income as extracted from the annual consolidated financial statements is set out in the table below:

 Three months endedYear ended December 31,December 31, 2025
2024
2025
2024
 $$$$ (000’s)(000’s)(000’s)(000’s)     Net income (loss) attributable to shareholders of the Company for the period:170,584 (11,881)401,908 (629,891)Adjustments for non-recurring items and significant recurring non-cash items:    Unrealized losses (gains) on derivative instruments63,717 (3,639)236,087 2,630 Change in fair value of gold stream37,958 5,629 118,364 26,825 Realized gain on total return swap— — (7,731)— Write-down of mining interests— — 5,118 636 Impairment of long-lived assets— — — 858,301 Gain on sale of mining interests— — — (56,115)Gain on sale of shares in associate— — — (16,822)Regulatory dispute settlement— — — 15,089 Dilution loss on investment in Calibre— — — 8,984 Deferred income tax (recovery) expense(125,008)27,324 (141,893)(3,095)     Adjusted net income attributable to shareholders of the Company for the period147,251 17,433 611,853 206,542      Basic weighted average number of common shares outstanding (in thousands)1,336,691 1,313,960 1,325,322 1,308,850      Adjusted net earnings attributable to shareholders of the Company per share–basic ($/share)0.11 0.01 0.46 0.16 

TSLL Vs. TSLS: Trading TSLA Through The Pricing Cycle

EBay Chief Executive Officer Jamie Ianonne said that the addition of Depop to its portfolio would boost its footprint across younger consumers.

The maker of Blue Moon and Miller High Life said net sales fell 2.7%, to $2.66 billion, compared with analyst estimates of $2.72 billion.

New York, New York--(Newsfile Corp. - February 18, 2026) - WHY: Rosen Law Firm, a global investor rights law firm, continues to investigate potential securities claims on behalf of shareholders of New Era Energy & Digital, Inc. (NASDAQ: NUAI) resulting from allegations that New Era Energy & Digital may have issued materially misleading business information to the investing public.

SO WHAT: If you purchased New Era Energy & Digital securities you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement. The Rosen Law Firm is preparing a class action seeking recovery of investor losses.

WHAT TO DO NEXT: To join the prospective class action, go to https://rosenlegal.com/submit-form/?case_id=49293 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] for information on the class action.

WHAT IS THIS ABOUT: On December 12, 2025, Investing.com published an article entitled "New Era Energy & Digital stock falls after Fuzzy Panda short report." The article stated that New Era Energy & Digital stock "tumbled" after "short seller Fuzzy Panda Research released a scathing report targeting the company." Further, the article stated that Fuzzy Panda's short report, "titled 'NUAI: Serial Penny Stock CEO Combined Bad Gas Assets, Paid Stock Promo, Renamed Co & Added 'AI',' alleges that the company spent 2.5 times more on stock promotions than on operating its oil and gas wells. Fuzzy Panda claims CEO E. Will Gray II has a history of running penny stock companies "into the ground" over approximately 20 years."

On this news, New Era Energy & Digital's stock fell 6.9% on December 12, 2025.

WHY ROSEN LAW: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience, resources, or any meaningful peer recognition. Many of these firms do not actually litigate securities class actions. Be wise in selecting counsel. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm has achieved, at that time, the largest ever securities class action settlement against a Chinese Company. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered hundreds of millions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs' Bar. Many of the firm's attorneys have been recognized by Lawdragon and Super Lawyers.

Follow us for updates on LinkedIn: https://www.linkedin.com/company/the-rosen-law-firm, on Twitter: https://twitter.com/rosen_firm or on Facebook: https://www.facebook.com/rosenlawfirm/.

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Source: The Rosen Law Firm PA

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Bragar Eagel & Squire, P.C. Litigation Partner Brandon Walker Encourages Investors Who Suffered Losses In ICON (ICLR) To Contact Him Directly To Discuss Their Options

If you purchased or acquired stock in ICON and would like to discuss your legal rights, call Bragar Eagel & Squire partner Brandon Walker or Melissa Fortunato directly at (212) 355-4648.

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NEW YORK, Feb. 18, 2026 (GLOBE NEWSWIRE) --

What’s Happening:

Bragar Eagel & Squire, P.C., a nationally recognized stockholder rights law firm, is investigating potential claims against ICON plc (“ICON” or the “Company”) (NASDAQ:ICLR) on behalf of ICON stockholders. Our investigation concerns whether ICON has violated the federal securities laws and/or engaged in other unlawful business practices. Investigation Details:

On February 12, 2026, ICON issued a press release entitled “ICON plc Provides Update on Timing of Fourth Quarter and Full Year 2025 Earnings Results and Investigation into Accounting Practices.” The release stated that ICON “intends to release its fourth quarter and full year 2025 earnings results on or prior to April 30, 2026. The Company also announced an ongoing internal investigation initiated by the Audit Committee of the Board of Directors in late October 2025 into certain of the Company’s accounting practices and controls, following concerns reported to the Audit Committee through Company management.”On this news, ICON ordinary shares plummeted in intraday trading on February 12, 2026. Next Steps:

If you purchased or otherwise acquired ICON shares and suffered a loss, are a long-term stockholder, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Brandon Walker or Melissa Fortunato by email at [email protected], by telephone at (212) 355-4648, or by filling out this contact form. There is no cost or obligation to you. About Bragar Eagel & Squire, P.C.:

Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York, South Carolina, and California. The firm represents individual and institutional investors in securities, derivative, and commercial litigation as well as individuals in consumer protection and data privacy litigation. The firm has a nationwide practice and routinely handles cases in both federal and state courts. For more information about the firm, please visit www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.

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Contact Information:

Bragar Eagel & Squire, P.C.
Brandon Walker, Esq.
Melissa Fortunato, Esq.
(212) 355-4648
[email protected]
www.bespc.com