The chart shows cash flows from operations (excluding working capital issues), presented on a per quarter basis. Note that in the period between 2Q 2015 and 4Q 2015 the company was able to increase its cash flow (green arrow) amid lower prices of gold. Really excellent performance...
How did they do that? Well, look at this chart:
Since the beginning of 2015 B2 Gold's management has cut costs of production from around $1,200 per ounce to around $900 per ounce. Nice job, gentlemen...
And now, when gold prices are higher, is the time to make profits. And B2 Gold does it.
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