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Income and other taxes
 12 Months Ended
Dec. 31, 2025
Disclosure of income tax [Abstract]  
Income and other taxes Income and other taxes
Income tax expense differs from the amount that would result from applying the Canadian federal and provincial income tax rates to earnings from operations before taxes. These differences result from the following items:
 20252024
 $$
Income (loss) from operations before taxes976,799 (309,224)
Canadian federal and provincial income tax rates27.00 %27.00 %
Income tax expense at statutory rates263,736 (83,490)
Increase (decrease) attributable to:  
Losses and tax bases for which no tax benefit has been recorded130,186 26,479 
Effects of different foreign statutory tax rates136,558 40,141 
Withholding and other taxes118,526 29,423 
Change due to foreign exchange(63,457)29,894 
Benefit of optional tax incentives(41,382)(21,625)
Non-deductible expenditures31,340 11,340 
Use of losses and temporary differences not previously recognised(45,548)— 
Future withholding tax expense (recovery)14,117 (2,699)
Change in income tax rates4,000 (8,884)
Change in accruals for tax audits and settlement of income tax and customs assessments (Note 9)
2,279 67,352 
Change in non-taxable portions of gains(963)807 
Amounts under provided for in prior years708 1,193 
Benefit not recorded on impairment losses— 227,498 
Income tax expense550,100 317,429 
Current income tax, withholding and other taxes694,650 319,726 
Deferred income tax recovery(144,550)(2,297)
Income tax expense550,100 317,429 

Included in current income tax expense for the year ended December 31, 2025, is $117 million (2024 - $26 million), related to the State of Mali's 20% priority dividend on its free carried interest in the Fekola Mine. This priority dividend is accounted for as an income tax in accordance with IAS 12, Income Taxes.

Total provision for tax disputes recognized are as follows:
 20252024
 $$
Opening balance— 10,799 
Additions1,594 — 
Reductions— (10,799)
Closing balance1,594 — 

During the year ended December 31, 2025, the Company recorded a deferred tax expense of $14 million (2024 - recovery of $3 million) related to future withholding tax expected to be incurred on retained earnings the Company is planning to repatriate from its foreign subsidiaries in the foreseeable future. The Company's foreign subsidiaries continue to have earnings in excess of their expected needs for reinvestment. The deferred tax expense will eventually be a current tax expense as dividends from foreign subsidiaries and the associated withholding taxes are paid.

Deferred tax liabilities of approximately $119 million (2024 – $134 million) have not been recognized on the repatriation of earnings from foreign subsidiaries where the Company controls the timing of the reversal of the temporary differences but it is probable that such differences will not reverse in the foreseeable future.
Total income tax expense (recovery) attributable to geographical jurisdiction is as follows:
 20252024
 $$
Mali310,390 176,094 
Namibia157,007 85,828 
Philippines112,566 55,838 
Canada(29,249)(713)
Other(614)382 
 550,100 317,429 

The composition of the Company’s net deferred income tax (liabilities) assets and deferred tax expense (recovery) is as follows:
 Deferred tax
(liabilities)/assets		Deferred income tax expense/(recovery)
 As at December 31, 2025As at December 31, 202420252024
 $$$$
Operating loss carry-forwards84,196 2,033 (82,163)7,280 
Current assets and liabilities38,233 (5,304)(43,537)3,862 
Mining interests(120,060)(150,161)(30,101)(2,245)
Mine restoration provisions17,234 15,413 (1,821)(909)
Long term debt(20,490)— 20,490 — 
Future withholding tax(49,966)(35,849)14,117 (2,699)
Unrealized gains(24,050)— 24,050 (10,127)
Deferred tax charged to equity— — (49,715)(856)
Other— 4,130 4,130 3,397 
 (74,903)(169,738)(144,550)(2,297)

Represented on the balance sheet as:
 20252024
 $$
Deferred tax asset(76,440)— 
Deferred tax liability151,343 169,738 
Balance, end of year74,903 169,738 

The Company has the following unrecognized deferred tax assets:
 20252024
 $$
Capital and non-capital tax losses254,045 175,765 
Gold stream and derivative financial instruments106,370 
Mining interests and other68,239 153,892 
Mine restoration provisions18,057 10,423 
Other liabilities8,692 2,401 
Current assets2,100 868 
 457,503 343,349 

The Company has not recognized potential deferred tax assets of $458 million (2024 - $343 million) as it is not probable that future taxable profits will be available against which the Company can utilize the potential deferred tax assets.
The change for the year in the Company’s net deferred tax liability was as follows:
 20252024
 $$
Balance, beginning of year169,738 171,179 
Deferred income tax recovery charged to statement of operations(144,550)(2,297)
Deferred income tax liability charged to equity24,943 — 
Deferred income tax expense charged to equity24,772 856 
Balance, end of year74,903 169,738 

At December 31, 2025, the Company had non-capital tax losses which are not recognized as deferred tax assets. The Company recognizes the tax benefit of the non-capital tax losses only to the extent of anticipated future taxable income that can be reduced by non-capital tax losses. The gross amount of the non-capital tax losses for which a tax benefit has not been recorded are $1,159 million (2024 - $577 million) in Canada which expire between 2027 and 2045, and $102 million (2024 - $110 million) in Colombia of which $101 million does not expire.

At December 31, 2025 the Company had capital losses in Canada of $9 million which have no expiry date and can be applied against future capital gains. No deferred income tax asset has been recorded with respect to these losses. On March 4, 2024, the Company received Notices of Reassessment relating to the denial of capital losses realized by B2Gold in respect of certain internal reorganizations undertaken in the 2016 taxation year. The reassessments do not result in any income taxes payable but would reduce the Company's net capital loss carry-forward balances and non-capital loss carry-forward balances (due to the deduction of a portion of the capital losses in subsequent taxation years). The Company has disputed the reassessments. Should the Company be successful in its dispute, non-capital losses would increase by $71 million and capital losses would increase by $295 million for which no deferred tax asset has been recognized as at December 31, 2025.

During the year ended December 31, 2025 the Company paid $502 million (2024 - $360 million) of current income tax, withholding and other taxes in cash.

Pillar Two Global Minimum Tax

In June 2024, Canada enacted the Global Minimum Tax Act that was developed within the framework of the OECD’s Pillar Two global minimum tax regime, effective January 1, 2024. As Pillar Two legislation has been enacted or substantively enacted in certain jurisdictions in which the Company operates, the legislation is effective for the Company's financial year beginning January 1, 2024.

Beginning January 1, 2024, the Company performs an assessment on a quarterly basis of its potential exposure to Pillar Two income taxes. This assessment is based on the most recent information available regarding the financial performance of the constituent entities of the consolidated group. Based on the assessment performed to date, the Company has not accrued any Pillar Two top-up taxes for the years ended December 31, 2024 and December 31, 2025.