Q4 2024 B2Gold Corp Earnings Call
Operator: Thank you for standing by.
Thank you for standing by this is the conference operator.
Operator: This is the conference operator.
Operator: Welcome to B2Gold Corporation's fourth quarter and full year 2024 financial results conference call. As a reminder, all participants are in listen-only mode and the conference is being recorded.
Welcome to be to hold corporation's fourth quarter and full year 2024 financial results Conference call.
As a reminder, all participants are in listen only mode.
The conference is being recorded.
Operator: After the presentation, there will be an opportunity for analysts to ask questions. To join the question queue, you may press star 1 on your telephone keypad. Should you need assistance during the conference call, you may signal an operator by pressing star then zero.
After the presentation, there will be an opportunity for analysts to ask questions.
So joined the questions here you May Press Star then one on your telephone keypad.
Should you need assistance during the conference call. So first of all an operator by pressing Star then zero.
Clive Johnson: I would now like to turn the conference over to Clive Johnson, President and CEO of B2Gold. Please go ahead.
Clive Johnson: I would now like to turn the conference over to Clive Johnson, President and CEO will be to go with.
Right.
Clive Johnson: Hello, everyone. Thanks for joining us. As you heard from the operator, we're going to talk about fourth quarter 2024 results as we just released on the full year for 2024. I'll give a few highlights and then pass it over to Mike and Bill. We did meet our new guidance for the year coming in at the upper end of all sustainable costs and lower end of production. Basically, as we turn the page on 2024, we're looking for much more positive 2025 and increase the production of Focola and looking to start trucking ore and also Focola underground as well.
Clive Johnson: Hello, everyone.
Clive Johnson: Thanks for joining us as you work the operator I'm going to talk about.
Clive Johnson: Fourth quarter 2020 for adults as we just released on the full year for 2024, although with some highlights from the passenger owned and built some.
Clive Johnson: Detail.
Clive Johnson: You just made.
Clive Johnson: Our new guidance for the year.
Clive Johnson: Coming in.
Clive Johnson: Our friends at all in sustaining costs.
Clive Johnson: Hello revenue production.
Clive Johnson: Yeah.
Clive Johnson: Basically as we're transitioning turned the page on 2020.
Clive Johnson: Much more positive 2025, an increase of production.
Clive Johnson: Looking to start trucks your.
Clive Johnson: So.
Clive Johnson: So called underground as well so village in more detail.
Clive Johnson: So Bill will give you a little more detail on all that. Of course, the other real highlight here will be Goose, where everything is going very well there for first bullpup and June of 2025. So we'll spend a bit of time on that. On Mali, as many of you are aware, we reached an agreement in September of last year with the government on how to proceed going forward, both with Focola and also starting the truck ores on the regional projects. That was an important agreement for us and the government, and we're now very much on the same page where both parties are looking forward to the revenue and the profits from mining.
Clive Johnson: We're seeing a real highlight here will reduce for Germany is going very well.
Clive Johnson: First of all four.
Clive Johnson: On June.
Clive Johnson: 2025.
Clive Johnson: It was kind of at the top of that.
Clive Johnson: On Mali is.
Clive Johnson: Many of you are aware of it.
Clive Johnson: In September of last year with the government.
Clive Johnson: To proceed going forward post the interim cohort and also starting to truck or individual projects.
Clive Johnson: That was an important agreement for us and the government.
Clive Johnson: On the same page where both of those parties.
Clive Johnson: So the revenue on the profit structure.
Clive Johnson: Lending.
Clive Johnson: for writing in the regional area. We're now implementing the agreement with the government and that's going very well. We're looking at receiving in the near term permits to proceed. Based on media reports over the last couple of days, according to those reports Barak and the Malian government have come to an agreement on a way forward. And that's very important for all of us, I guess, because I think we can all see a path forward now and relations hopefully with the Malian government can be positive going forward, not just for us, but for the other parties there.
Clive Johnson: Somebody in the retail area.
Clive Johnson: Were now implementing the agreements with the government that's going very well, we're looking at achieving in the near term alternatives to proceed.
Clive Johnson: Based on media reports last.
Clive Johnson: The last couple of days.
Clive Johnson: According to support spirit.
Clive Johnson: On the way forward.
Clive Johnson: And that's very important for all of US I guess because.
Clive Johnson: I think we can all see a path forward now and the relationship.
Clive Johnson: With the Bali government.
Clive Johnson: Kevin can be positive going forward not just for us but for the other party Sir no more significant.
Clive Johnson: So now all significant producers, if it's true about Barak, have reached an agreement with the Malian government that we can get on with what we do. It's important to note that the problems at Fukola were not about the government per se. Bill will talk about the reasons why production was down in 2024. We've continued to operate through all the discussions with the government of Mali, and the relationship has actually been positive in terms of our gold production and our requirements from the government. So that relationship remains solid during the period of negotiations. We're going to talk, as I said, shortly about Goose.
Clive Johnson: Significant producers if it's true about parents have reached an agreement with the government that we can get on it.
Clive Johnson: There'll be two it's important to note difficult problems.
Clive Johnson: Yes.
Clive Johnson: The government per se.
Clive Johnson: I'll talk about the reasons why production was down in 2024, and we would continue to operate through all the discussions with the government of Mali.
Clive Johnson: The bridge transaction. Good question in terms of our gold production requirements from the government.
Clive Johnson: So that relationship so.
Clive Johnson: And it appears that negotiations.
Clive Johnson: Can you give us some short term bookings.
Clive Johnson: I think now I will actually, one thing I'll touch on now is... Looking forward to Terps and Crows. So, as we said, we're going to see this potentially be some production. from Focola.
Clive Johnson: Now I will actually blending architectural Dallas looking.
Clive Johnson: Looking forward to some growth.
Clive Johnson: So we.
Clive Johnson: Institutionally diesel production.
Clive Johnson: But also there's a lot of other milestones coming up this year, receiving the permits for Focola would allow us to get up to 180,000 ounces on an annualized basis from the mining of the Wetoa Ore. and of course Goose is going to represent significant growth for us as we bring it into production in June of this year and on an annualized basis it is expected that we'll produce over 300,000 ounces of gold annually from Goose and subject to a positive feasibility study and the construction decision potentially another 235,000 ounces of annual production from the Granville Latte Project in Columbia.
Clive Johnson: So cooler.
Clive Johnson: So there's lots of other restaurants coming up this year.
Clive Johnson: We received the permits for for coal would allow us to get up 280000 ounces of annualized basis from the body.
Clive Johnson: Each of our lives.
Clive Johnson: And of course, she is going to represent that goes for instance, and bring it into production in June of this year and on an annualized basis and as expected total approach between the dose and dose.
Clive Johnson: Anthony.
Clive Johnson: <unk>.
Clive Johnson: And subject to a positive feasibility study on the construction decision.
Clive Johnson: 35000 ounces of annual production from the group of larger project in Columbia that was you said that was subject to a positive feasibility study, which will come a little earlier and the production decision to go forward.
Clive Johnson: Now as you said I was subject to a positive feasibility study which will come out in the middle of the year and the production decision to go forward. We found the project quite attractive. We had a VA a while ago that had good returns on our net present value at $2,000 gold. So if you run it at some higher gold price already we think it would go to $2,000. It was upside up. The gold pricing may be blocking that gold price sharing construction. So if you add all that up... There's the expectation of 180,000 ounces from and their improvement of Focola production overall.
Clive Johnson: We felt the project quite attractive.
Clive Johnson: A while ago that.
Clive Johnson: It has good returns.
Clive Johnson: Net present value.
Clive Johnson: $2000 Gold show a few are so variable price already.
Clive Johnson: There's upside in terms of gold price and maybe locking that could pressure.
Clive Johnson: Instructions. So if you add all that up.
Clive Johnson: Firstly, an expectation of about 80000 houses.
Clive Johnson: Yes.
Clive Johnson: Oh, our regional hedge approval there for <unk>.
Clive Johnson: Overall.
Clive Johnson: Over 300,000 ounces I mentioned from use and then another 240,000 ounces, thereabouts annually, potential for gamma launching subject to the In addition, we've got a new discovery, the Ojikoto area, another, that has the potential, the Enzelum Zone, good discovery at depth, that has the potential to add another 65,000 ounces to Ojikoto. So if you add all that up, you get over 650,000 ounces of gold production, and very importantly, from existing assets. These are not ounces we have to go buy through M&A, and we don't have to find them. I'm sure we'll find a lot more.
Turning to southwestern division to abuse than one or 240000 ounces thereabouts annually potential from Dermatologic subjects.
Clive Johnson: As I pointed out.
Clive Johnson: In addition, you've got a new discovery.
Clive Johnson: Chicago area.
Clive Johnson: The other potential deals slip so good discovery at depths and about its potential.
Clive Johnson: 60, Black box analysis that logical so if you add all that up.
Clive Johnson: <unk> got over 650000 ounces of gold production and I think very importantly.
Clive Johnson: From existing assets. These are the assets we have to go through it.
Clive Johnson: They've got.
Clive Johnson: Sure.
Clive Johnson: But that's where we sit today, so very impressive growth profile and Theres little bothersome.
Clive Johnson: That's where we sit today. So a very impressive growth profile, and there's not a lot of...
Clive Johnson: so, there's not a lot of speculation there of course Grandma Ladd would be the most speculative but as I said, we're really in the talk about that.
Clive Johnson: There's not a lot of speculation Derek we're scrambling fees, most speculative, but as I sit here today.
Clive Johnson: So that's our way forward and you know we had a difficult 2024 as everyone knows but that's a grocery runoff and 2025 we're going get back to what this Company does well which is meat guidance, also grow the company's production profile which we've had great success doing over many years since B2Moles created So I think with that, I'll hand it over to Mike and he'll give us some highlights of the financial and then Bill's going to give us a quick summary of what happened at B2Gold, what's happening at B2Gold according to this year. And also he's going to talk, of course, update us on the programs to use feasibility studies.
Clive Johnson: So that's our way forward and we get it we had a difficult 2024 as everyone knows but that's a one off sort of the credit box.
Clive Johnson: Get back to what this company does well, which doesn't meet guidance, but also grow the company's production profile, which we've had great success doing over many years since <unk> 2000, and so I think that look like.
Clive Johnson: Highlights of the financial that does kind of give us a quick summary of what happened at <unk>.
Clive Johnson: Or what's happening.
Clive Johnson: But going into this year and also we still talk of course update us on that program. So introduce feasibility study.
Clive Johnson: Sorry, I misproduced that direction. Can the feasibility study...
Clive Johnson: Sure.
Clive Johnson: To start with the direction that the feasibility study a great market.
Michael Cinnamond: Oh, hey, thank you, Clive. So just on a few highlights from the quarter, basic earnings per share, we're slightly negative for this Q.
Clive Johnson: And thank you cards.
Clive Johnson: Just on a few highlights from the quarter.
Clive Johnson: Basic earnings per share our slightly negative for this Q2, primarily due to lower than budgeted production for Colette.
Michael Cinnamond: That's primarily due to lower the budgeted production at Focola, FX impacts from weakening of the Bob Banning,ior Vice President of Investments and Distributions, Robert H. Torrey Adjusted net earnings for the quarter were Operating cash flow before working capital adjustments for the quarter is $145 million, benefiting from the higher average bill price. Standing at the GHOST project construction mine development activities was Canadian $209 million during the quarter and $55 million for working capital, Canadian $55 million for working capital.
Clive Johnson: Impacts from the weakening of the West African seem that maybe the dollar and also recording of the increasingly difficult priority priority dividend, which is now 20% after that.
Clive Johnson: That is part of the Mou was previously $10 20 at this quarter does attacks.
Clive Johnson: Adjusted net earnings for the quarter were one seven per share.
Clive Johnson: Operating cash flow before working capital adjustments for the quarter was 145 million benefiting from the average higher average spot price.
Clive Johnson: I think it goes project construction and mine development activities was Canadian $209 million during the quarter and 55 billion from working capital Canadian $55 million for working capital and gross we reiterated this total construction and development cash expenditures to first of all for Q2 'twenty five.
Michael Cinnamond: And GHOST, we reiterated, GHOST total construction and Development Cash Expenditures to 1st Global Corp. Q2 of 2025 were maintained at a total of $1.54 billion. Balance Sheet-wise, we're in a good, strong financial position. We finished a year with cash-to-cash equivalents of $337 million. We have $400 million drawn on our revolving-cut facility, but as you saw, in early 2025, we completed a convertible note offering for gross proceeds of $460 million, which we subsequently used to fully pay down the balance in the RCF. So we currently have nothing drawn in the revolver at $800 million capacity. plus another $200 Euclidean feature should we want to ever use it.
Clive Johnson: Were maintained at a total of $5 4 billion Canadian.
Clive Johnson: Our balance sheet wise with good strong financial position we finished.
Clive Johnson: Finished the year with cash and cash equivalents $337 million.
Clive Johnson: We had 400 million.
Clive Johnson: Under our revolving credit facility, but as you saw in early 'twenty five we completed a convertible note offering for gross proceeds of $460 million, which we subsequently used to fully pay down the balance in the RC up. So we currently have nothing drawn on the revolver and $800 million capacity for the existing syndicate plus another 200.
Clive Johnson: And accordion feature should we wanted to use that.
Michael Cinnamond: We have a good amount of financial flexibility. We think to be able to complete the goods construction by the second quarter 2025, complete the other sustaining growth initiatives across our portfolio, some of which Clive mentioned already, and to continue to fund healthy exploration programs across all our sites to extend So those are all the highlights I was going to touch on.
Clive Johnson: We have a good amount of financial flexibility, we think to be able to complete the construction.
Clive Johnson: Second word twenty-five like Dallas sustaining growth initiatives across our portfolio some of its climax alright.
Clive Johnson: We continue to fund a healthy exploration programs.
Clive Johnson: All sites to extend mine lives.
Clive Johnson: So that's what I'm just going to those are the highlights I was going to touch on I'll pass it over to bill.
Bill Lytle: I'll pass it over to Bill. All right. Thanks, Mike.
Bill: Thanks, Mike.
Bill Lytle: Okay, maybe stepping back into Q3 last year, remember that we had a sea lift in August-September. The 2024 sea lift was successfully completed with 10 ships and one barge unloading approximately 123,000 cubic meters of dry cargo and more than 84 million liters of Arctic-grade diesel fuel. We also added 58 additional trucks to help us bring down the supplies down the Winter Road in 2025. I'm happy to say we opened the 2025 Winter Ice Road two days ago. This is ahead of schedule and I've already begun transporting material down to the goose site. As far as construction at site, all planned activities for 2024 were completed on schedule and the process plant is on track to produce first gold at the end of Q2.
Speaker Change: Okay, maybe stepping back in the Q3 last year remember that we had used to see lift in September August September 'twenty 'twenty. Four CLEC was successfully completed with 10 ships and one barge unloading approximately 123000 cubic meters of dry cargo and more than 84 million liters of Arctic create diesel fuel.
Bill: We also added 58 additional trucks to help us.
Bill: Bring down the supplies down the winter of 2025.
Bill: I'm happy to say, we opened the 20th twenty-five winter Ice road two days ago. This is ahead of schedule and have already begun transporting transporting material down to the goose site.
Bill: As far as construction site all planned activities for 2020 for work completed on schedule and the process plant is on track to produce first gold at the end of Q2.
Bill Lytle: On the mining side, significant progress was made in the mining of the Ecopit. We are now currently ahead of our announced schedule, and the underground development at Unwell is consistently hitting new highs on mining efficiency.
Bill: On the mining side significant progress was made in the mining of the eco pet. We are now currently ahead of our announced.
Bill: Now scheduled and the underground development well is consistently hitting new highs on mining efficiency.
Bill Lytle: In Mali, we're gearing up to have contributions in 2025 from both the Focola Regional and the Focola Underground, which would benefit the operations for years to come. And as Clive indicated, we did have a couple of one-offs in 24th. And just to refresh everyone's memory, we had an upset condition where we had operator error and we lost an excavator for a quarter. And we also had some illegal union activities, which we have since gone through our disciplinary procedure and all cases have been finalized. At MozBody, the operations continue to perform to a world-class level. I think everyone saw they outperformed last year, and the operations delivered all in sustaining costs in 2024, materially lower than our guidance range, delivering very strong free cash flow at these gold prices.
Bill: In Mali.
Bill: Gearing up to have contributions in 2025 from both the Portola regional and the Koala underground, which will benefit the operations for years to come and as Clive indicated we did have a couple of one offs in 'twenty four and just to refresh everyone's memory. We had an upset condition, where we had operator, Eric and we lost an excavator for a quarter and we also.
Bill: Had some illegal union activities, which we have since gone through our disciplinary procedure and all cases have been finalized.
Bill: And my body to continue the operations continued to perform to a world class level I think everyone saw they were they outperformed last year and the operations delivered all in sustaining costs in 2020 for materially lower than our guidance range delivering very strong free cash flow at these gold prices.
Bill Lytle: And at Ochicotto, once again, in 2024, they outperformed.
Speaker Change: And in Jakarta, once again in 'twenty 'twenty four they outperformed we also have as Clive mentioned, the new discovered the Antelope deposit.
Bill Lytle: We also have, as Clive mentioned, the new discovery, the antelope deposit. This PEA was released earlier this month and is a positive step towards new production later this decade. And this continues to remain open for exploration.
Speaker Change: S. P. A was released earlier this month and is a positive step towards new production. Later this decade and this continued term continues to remain open for exploration.
Bill Lytle: Gramalote, we're working through a feasibility study, which we believe will be ready by the end of mid 2025 or released in mid 2025.
Speaker Change: Grandma date, we're working through a feasibility study, which we believe will be ready by the end of mid 2020 are released in mid 2025 with that client I'll turn it back to you.
Clive Johnson: With that, Clive, I'll turn it back to you. Thanks, Bill. Thanks, Mike.
Speaker Change: Thanks, Bill Thanks, Mike.
Clive Johnson: Yeah, just upon the thought, you know, what's been hanging over us for a while has been the Reality and the perception of dealing with Mali when we needed to reach an agreement with the government based on the government coming out with a 2023 mining code So I think with the developments we've had in terms of reaching an agreement in September and other companies reaching an agreement since then and then Finally once again if the media reports are true with Barrick solving that takes a solving their issues and moving forward That that takes a lot of weight off of I think pressure off of let's face it our shares That thought beat up a lot from the last couple of years based in part or large parts of that uncertainty about and Molly.
Speaker Change: The final thought.
Speaker Change: What's been hanging over us for a while it's been the <unk>.
Speaker Change: Reality is that perception of dealing with Mali, when we needed to reach agreement with the government based on the government come out with it too.
Speaker Change: 2000.
Speaker Change: Turning to the mining code. So I think it was with the developments we've had in terms of reaching the end of September and the other companies reach an agreement since then and then finally, what's together.
Speaker Change: So true with Barrick solving that takes up solving their issues moving forward.
Speaker Change: It takes a lot of weight option I think pressure often close space of our shares.
Speaker Change: Beat up a lot over the last couple of years based in part where large parts of that uncertainty about the future.
Clive Johnson: Additionally, I think there's been a great concern about GOOSE just in the sense of is it going to meet timing and is it going to come in and around the budget that we outlined when we reunited. As Bill said, the good news is we're very much on track at GOOSE. So I think that's another factor that's been putting pressure on our market value has been the concern about GOOSE with significant cash cost overruns. Sorry. which we're not seeing, and also the timing of Goose, which is really very much on track. So with that...
Speaker Change: Additionally, I think there's been a great concern about those just in the sense of this is going to be timing that is going to come in.
Speaker Change: Around the budget.
Speaker Change: Alright.
Speaker Change: He guided.
Speaker Change: So the good news is we're very much on track.
Speaker Change: That goes so I think that's another factor that's been putting pressure on our market value has been the concern of a goose significant cash cost to approach.
Speaker Change: Second question brokerage ROTC, but also the timing of which is great.
Speaker Change: Very much on track so with that.
Clive Johnson: Managing Director and by the middle of the year. So in all 2024, as I said, was a challenging year, we met the challenges. And as we go into 2025, we're turning the page back to back to solid production performance, strong financial position and growth from existing assets.
Speaker Change: He felt that the market right.
And.
Speaker Change: And in fact that hopefully this last couple of days just to start with that as we move these risk factors going forward.
Speaker Change: Thing is going to be the <unk> feasibility study.
Speaker Change: That's going to be completed by the middle of the year. So in all of 2024 as I said was a challenging year, we met the challenges and as we go into 'twenty five we're twinning of page back too.
Speaker Change: Solid production performance strong financial position and voice control existing assets. So I think with that we'll open it up to questions.
Clive Johnson: So I think with that, we'll open it up to questions.
Speaker Change: Sure.
Operator: Thank you.
Speaker Change: Thank you we will now begin the analyst question and answer session.
Operator: We will now begin the analyst question and answer session. To join the question queue, you may press star then 1 on your telephone keypad. You will hear a tone acknowledging your request. If you're using a speakerphone, please pick up your handset before pressing any keys. To withdraw your question, please press star then 2.
Speaker Change: Joining the question queue you May Press Star then one on your telephone keypad.
Todd: Todd acknowledging your request.
Todd: So the speakerphone, please pick up your handset before pressing keys.
It was all your question. Please press Star then two.
Operator: We'll pause for just a moment as callers join the queue.
Todd: Pause for just a moment as callers join the queue.
Ovais Habib: And today's first question comes from Ovais Habib with Scotiabank. Please go ahead.
Todd: Today's first question comes from these subs.
Todd: With Scotiabank. Please go ahead.
Ovais Habib: Hi, Clive and B2Gold team. A couple of questions from me. Sorry, if you've already addressed on some of these questions. I've just been bouncing between a couple of conference calls. So apologize for that.
Speaker Change: I drive and B to go team a couple of questions from me sorry.
Speaker Change: Sorry, if you've already addressed on some of these questions I've just been bouncing between a couple of conference calls so apologize for that.
Clive Johnson: Just want to start off with PICOLA in regards to the permits and I'm glad to see things are moving ahead with BARIC as well. Is there any additional info the regulators require on the PICOLA regional or PICOLA underground? Or are we just waiting for the final sign off?
Speaker Change: Just wanted to start off with the cold up in regards to the permit them and glad to see things are moving ahead with Barrick as well.
Speaker Change: It didn't meet additional info directly terms require us to call a regional optical underground or are we just waiting for the final sign offs.
Clive Johnson: What we're working with the government on right now is consolidating three licenses that make up the majority of the property that... to the north, and that's what we've called Anaconda in the past. So that's on track. We're really expecting that anytime. And then hopefully shortly after that, we will get the permit from the government to start hauling ore. There'll be a bit of a pre-strip to start on that. But basically, if we reach those things, which we're expecting to do, as I mentioned, we're very much on the same page as the government and wanting this mining to start.
Speaker Change: So what we're working with a couple of them right now.
Speaker Change: So the 83.
Speaker Change: Three licenses.
Speaker Change: That make up the majority of the property.
Speaker Change: Which to.
Speaker Change: To the north and definitely called out of content in the past. So that's on track, we're really expecting that anytime and then hopefully shortly after that we will get the permit from the government.
Speaker Change: To start.
Speaker Change: Or there'll be a bit of a pre strip.
Speaker Change: Start on.
Speaker Change: But basically if we achieve those things, which we're expecting it to new as I mentioned, we're very much on the same page as the Governor wedding. This mining to start this year, we've already projected 10 to 20000 ounces to come from the regional.
Clive Johnson: This year, we've only projected 10,000 to 20,000 ounces to come from the regional. It will be, as we said, about 180,000 ounces on an annualized basis for the first five years from the regional. I think the other thing that's significant is the government gave us permission a while ago to build the infrastructure for regional mining and trucking of ore down to the Fekola Mill. So that meant building the roads and other facilities, maintenance facilities, workshops, etc. So that was a good sign that the government was agreeing for us to get going even before we'd reached a full agreement as we did in September.
Speaker Change: It will be as we said about 180000 losses.
Speaker Change: Annualized basis for the first five years.
Speaker Change: From from visual.
Speaker Change: The other thing.
Speaker Change: For this the government gave us permission a while ago to build the infrastructure.
Speaker Change: For regional biting and trucking award to difficult window, so that meant building the roads and other facilities maintenance facilities workshops et cetera. So that was a good sign that the government was accretive for us to get going even before we reached full agreement.
Speaker Change: Into the September.
Ovais Habib: Okay, thanks for the color on that, Clive.
Speaker Change: Okay. Thanks for the color on that.
Speaker Change: And just and then moving quickly onto goes again, great to hear you guys have had on the ice road.
Ovais Habib: And just then moving quickly on to GOOS. Again, great to hear you guys ahead on the ice road. You also mentioned in the press release that underground mining rates are a bit behind schedule.
Speaker Change: You also mentioned in the press release that underground mining grades are a bit behind schedule is this just a function of experienced miners or is there anything else in terms of rock hardness or anything else.
Bill Lytle: Is this just a function of experienced miners or is there anything else in terms of rock hardness or anything else, you know, ground conditions that is causing that?
Speaker Change: You know ground conditions.
Speaker Change: That is causing that.
Bill Lytle: If I'm being honest, Ovais, once again, so it's two things really, both of them historical, both of which we have fixed. The first one being, as you correctly pointed out, the quality of the miners that we inherited, which has been, we certainly brought that team up to scratch. And that's why you can see, and I think I said it in my statement, that the daily rates are coming up every day.
Speaker Change: If I'm being honest delays once again, so it's two things really both of them historical.
Speaker Change: Both of them, which we have fixed the first one being as you correctly pointed out.
Speaker Change: The quality of the miners that we inherited which is been we certainly brought that team up to scratch and that's why you can see and I think I said in my statement that the daily rates are coming up every day.
Bill Lytle: The second one is the equipment that was purchased by our predecessor, which we have now, well, are in the process of changing out during this ice road. Some of the first stuff down the road is some new equipment to bring the speed up. But we have seen, we've started meeting targets kind of in Q4, our daily production rates. And so we've readjusted our schedule and we don't see any real impact to 2025 production at our current rate. Perfect.
Speaker Change: The second one is the equipment that was purchased by our predecessor, which we have now are in the process of changing out during the ice road for some of the first step down the road is some new equipment to bring that to bring the speed up.
Speaker Change: But we have seen we started meeting targets kind of in Q4.
Speaker Change: Our daily production rates and so we've readjusted our schedule and we don't see any real impact to 2025 production out there at the at our current rates.
Speaker Change: Perfect. Thanks for that color on that boat and yes.
Ovais Habib: Thanks for that color on that, Bill.
Ovais Habib: And yeah, that's it for me, guys. You know, looking forward to the ramp up at Goose. Thank you.
Speaker Change: That's it for me guys that you know we're.
Speaker Change: We're looking forward to the ramp up at Goose. Thank you.
Speaker Change: Thanks for this.
Speaker Change: Thank you and this concludes our question and answer session.
Operator: And this concludes our question and answer session.
Clive Johnson: I'd like to turn the conference back over to Clive Johnson for the closing remarks. Okay, well, I guess that means we have a very complete presentation, everyone. So thanks for your time. And you can see why we're pretty excited about the future here at B2Gold. Thank you, operator.
Clive Johnson: Conference back over to Clive Johnson for any closing remarks.
Clive Johnson: Okay, well I guess that means we have a very complete presentation.
Clive Johnson: So thanks for your time and.
Clive Johnson: You can see why we're pretty excited about the future here at <unk>. Thank you operator.
Operator: Thank you, sir.
Thank you Sir this brings to a close today's conference call.
Operator: This brings to a close today's conference call. You may disconnect your lines. Thank you for participating and have a pleasant day. I've seen better days.
Speaker Change: May disconnect your lines. Thank you for participating and have a pleasant day.
Clive Johnson: [music].