At $65 million for the three months, the adjusted earnings were down from $97 million, or $0.09/share, from the first quarter of last year.
The earnings beat when compared to analyst forecasts was mostly due to better-than-expected costs, BMO Capital Markets analyst Brian Quast said.
"Cash costs of $699/ounces were $94/oz below management expectations and $342/oz below our $1,041/oz estimate," Quast said.
"All In Sustaining Costs of $1,036/oz were also better than management expectations by $318/oz and beat our estimates of $1,378/oz by $342/oz," he added.
B2Gold noted that draw downs on existing inventories and revised sequencing of some capital costs has helped to shield against the impact of global cost inflation.
The company previously released its gold production for the quarter of 209,365oz, including 12,892oz of attributable production from Calibre Mining, which was 5% above budget, and consolidated production of 196,473oz Au from B2Gold's three operating mines.
B2Gold's producing mines are the Fekola mine in Mali, the Masbate mine in Philippines, and the Otjikoto mine in Namibia.
The company said it "remains well positioned" to meet its total gold production guidance of between 990,000-1,050,000oz—including 40,000-50,000oz attributable from Calibre—with total consolidated cash operating costs of $650-$660/oz and total consolidated AISC of $1,010-$1,050/oz.
Canaccord Genuity Capital Markets analyst Carey MacRury said, "Recall, 2022 is expected to be set up as a tale of two halves, similar to 2021".
"Production is expected to be 40/60 weighted towards H1/H2, due to the timing of high-grade ore at Fekola and Otjikoto," he said.
Meanwhile, B2Gold said its Colombian Gramalote project—which it holds 50/50 with AngloGold Ashanti—is expected to have the results of a final feasibility study available by the end of the current quarter and a full feasibility study completed by the end of Q3.
B2Gold's share price was quoted as C$5.70 on May 4, having risen by 3% day on day. The company has a market capitalization of C$6.02 billion.