Q1 2025 B2Gold Corp Earnings Call
[music].
Operator: © BF-WATCH TV 2021 Thank you for standing by.
Thank you for standing by this is the conference operator, welcome to be Gold Corporation's first quarter 2025 financial results Conference call.
Operator: This is the conference operator.
Operator: Welcome to B Gold Corporation's first quarter 2025 financial results conference. As a reminder, all participants are in listen-only mode and the conference is being recorded.
As a reminder, all participants are in listen only mode and the conference is being recorded after the presentation. There will be an opportunity for analysts to ask questions to join the question queue. You May Press Star then one on your telephone keypad should you need assistance during the conference call you May signal, an operator by pressing Star then zero I would now like to.
Operator: After the presentation, there will be an opportunity for analysts to ask questions. To join the question queue, you may press star then 1 on your telephone keypad. Should you need assistance during the conference call, you may signal an operator by pressing star then 0.
Clive Johnson: I would now like to turn the conference over to Clive Johnson, President and CEO of B2Gold. Please go ahead. Welcome, everyone.
Speaker Change: To turn the conference over to Clive Johnson, President and CEO of Btu Gold. Please go ahead.
Clive Johnson: Welcome everyone.
Clive Johnson: Today, we're here to talk primarily about the first quarter results. Then we're going to talk a little bit about the Goose construction update, touch on where we're going with the Bonte project, and talk a little bit about some of the other developments and Catalyst going forward for us. Thanks to see a good first quarter. As everyone was aware, we had a difficult Well, I think it's worth pointing out. that Foucault was the one that had issues in operations. The other two minds, as many know, did well and met their guidance, the guidance reached from those two minds.
Speaker Change: Today, we're here to talk primarily about.
Clive Johnson: First quarter results.
Clive Johnson: Sure.
Clive Johnson: Sure.
Clive Johnson: Gotcha.
Clive Johnson: Okay perfect.
Clive Johnson: Some of the other developments Catholic School sports rich.
Clive Johnson: Please proceed with the first quarter as everyone is aware we have it.
Clive Johnson: Yeah.
Clive Johnson: 24, really primarily based on its core.
Clive Johnson: We try to hold production flat with Jos.
Clive Johnson: But operations issue with that.
Clive Johnson: So we pushed some of the production and so this year.
Clive Johnson: First off we've had to re guide.
Clive Johnson: Eight years.
Clive Johnson: So obviously it just wasn't able to do that we cover.
Clive Johnson: Have a good 2025.
Clive Johnson: We started off with.
Clive Johnson: Great quarter with all of its performing well I think it's worth pointing out.
Clive Johnson: Yes.
Clive Johnson: All of us.
Clive Johnson: <unk> operations here too much.
Clive Johnson: Well.
Clive Johnson: No.
Clive Johnson: The gas ratio too much.
Clive Johnson: So the issues really about Foucault, which you're going to hear more about, have been resolved.
Clive Johnson: Which was.
Clive Johnson: So a good result.
Clive Johnson: Brazil.
Clive Johnson: We've just received some positive news in Bali from the government, living up to the terms of the MOU that we signed in September last year.
Clive Johnson: We just received some prioritization valley from the government.
Clive Johnson: Personally.
Clive Johnson: So we started in September last year read and I'll speak to that.
Clive Johnson: We're going to let Randall speak to that.
Clive Johnson: Uh huh.
Clive Johnson: Park step forward.
Clive Johnson: The Goose, the construction continues, Joe's going to talk to you about that, and talk about how and when we're going to transition from a construction project.
Clive Johnson: Gross starts to continue to grow.
Clive Johnson: We'll talk to you broke out.
Clive Johnson: Well.
Clive Johnson: Yes.
Clive Johnson: <unk> construction project.
Clive Johnson: Administrators, Acquisition Management, Public Labor, Smaller Business Administration, Barry Fabio Barnett, Papa, or Alderman成功朋沤歌, Alan Perrotraz, Yeshe Hasegaw and Stephen We're in the final stages, so as you will hear, before the curious production concludes. We're going to talk a little bit about catalysts going forward this year, just a number of them. Obviously, the biggest ones is the completion of construction, the commencement. Action at the Goose Project. But also for COLO, one priority there is we've heard one step yesterday from the government. The idea there is to continue working with the government to get the permits required from the government to commence tracking of work for the regional area.
Clive Johnson: Through operations.
And the stock exchanges.
Clive Johnson: For future production.
Clive Johnson: Yeah.
Clive Johnson: Yeah.
Clive Johnson: Let me talk a little bit of a catalyst going forward this year.
Clive Johnson: Obviously this was a mistake completion of construction so thats true.
Clive Johnson: Okay.
Clive Johnson: These projects also some colo priority in aerospace.
Clive Johnson: Yesterday from the government.
Clive Johnson: Drove the idea there is to continue to work with the government permits required.
Clive Johnson: Government to that structure works with the ritual.
Clive Johnson: Now that could add 180,000 ounces per year on an annualized basis. So that's obviously a priority combined with the 300,000 ounces from Goose. That's a pretty good growth profile.
Clive Johnson: Eric.
Clive Johnson: No.
Clive Johnson: For Europe and utilized space. So that's obviously a very good vibes from.
Clive Johnson: It's a pretty good growth profile.
Clive Johnson: Additionally, there's a couple of important studies coming up. Feasibility Study of Gravel Lodging in Columbia will be completed by the end of June and we'll be in a position to announce that if it's as positive as we're hoping for and we'd be moving towards a development decision not that long after, later on this year to decide if we're going to go forward with starting to prepare. himself. We already have a permitted place from the previous days in Guadalajara. We've got some strong support there from the local governments and also at the federal level. So we are ahead of the curve in terms of permitting requirements.
Clive Johnson: This gives us comfort.
Clive Johnson: So studies coming up.
Clive Johnson: So you've got to watch it closely.
Clive Johnson: We completed by the end of June two.
Clive Johnson: That's.
Clive Johnson: So we're hoping for.
We'll be moving towards a development decision.
Clive Johnson: Okay.
Clive Johnson: Later this.
Clive Johnson: This year to decide to move forward with that.
Clive Johnson: Started to prepare.
Clive Johnson: For construction.
Clive Johnson: Sure.
Clive Johnson: We already have a permitted twice.
Clive Johnson: The previous stage.
Clive Johnson: Strong supporter.
Clive Johnson: Local currency Oh sure sure.
Clive Johnson: In terms of our services.
Clive Johnson: Many of the clients.
Clive Johnson: In addition to that, you know, we'll continue to review opportunities that will be focused primarily on exploration. We've got a $64 million budget for this year for Corporate League, and we've got a Half of that $32 billion is focused on Back River.
Clive Johnson: In addition to that you will consider continue to review opportunities they will be focused primarily on.
Clive Johnson: Exploration.
Clive Johnson: We've got about 64 million dollar budget for this year for separately.
Joe: Hey, Joe.
Clive Johnson: Sure.
Clive Johnson: This focus on Vancouver.
Clive Johnson: Vic is here, CDB Exploration, to answer any questions you might have about exploration. The fact that half of our budget is focused on Back River gives you an indication of what we think we'll be exploring some new targets as well as doing some infill drilling. You can see and tell us the focus going forward. We're going to continue, if we have the opportunities, our trend of investing in junior exploration companies. We're looking for companies that are well run, that have good assets, that they are economically advanced, as we did in Snowline, and a few others will continue to be good shareholders.
Clive Johnson: Victor here.
Speaker Change: Exploration to answer any questions you might have to publix.
Speaker Change: On exploration to factory costs of our budget is triggers so that.
Speaker Change: If you have an indication of what we say, we'll be exploring some new targets as well as <unk>.
Speaker Change: Sure.
Speaker Change: Tell us focus going forward, we're going to continue if we have the opportunities are progressing.
Speaker Change: Junior exploration companies.
Speaker Change: Companies that are well run that have good assets.
Speaker Change: So we took.
Speaker Change: We did slow life and a few others will continue.
Speaker Change: Good.
Speaker Change: Good shareholders.
Clive Johnson: At the end of the day, we'll see what comes out of those deals down the road. If anybody needs assistance in construction, how to operate a mine, all those things that we bring. We're open to the possibilities in some of these deals that we've mentioned.
Speaker Change: They will see what comes out of those those deals down the road if anybody needs.
Speaker Change: Assistance.
Speaker Change: Construction.
Speaker Change: Okay.
Speaker Change: It was almost <unk>.
Speaker Change: We are open to the possibility of assembly.
Speaker Change: Sure.
Speaker Change: Two.
Clive Johnson: So I think that's primarily what I wanted to cover, but one additional point. We've had a lot of questions about M&A, as I'm sure I was saying, please don't surprise us when we get up one morning and see you've done a big deal. We're not interested in, I think we can say virtually categorically, we're not interested in acquiring another development company or development project and taking over a company. That is because of the profile that we have, both, obviously, the coups coming online, moving for COVA towards starting the Trump War, as we'll hear more about.
Speaker Change: So we think Thats primarily website.
Speaker Change: Additionally, we put a lot of questions about every day as I'm sure was saying please don't surprise will be get a board you can see that a big deal.
Speaker Change: We're not interested.
Speaker Change: Consumers returning Barclays we've got interest.
Speaker Change: Group development company that drove the <unk> taking over the company.
Speaker Change: That is because of the growth profile that we have.
Speaker Change: Well, obviously, we've covered a lot of lending to coal or towards the truck work.
Clive Johnson: I tend to grab a lot of your feasibility studies, so if you were to add all that up, that would be about 720,000 ounces of annual data. with those three potentially giving us a very strong growth profile. Clearly, our share prices are reflected. production, and other things that are happening right now, according to 15 or so mining analysts. But the other big thing is the attention on non-reflective volume or growth pressure. So we need to evaluate. We need to prepare for our shows by advancing all of these development opportunities that we have.
Speaker Change: With regard to larger feasibility study.
Speaker Change: So if you were to add all that up.
Speaker Change: So.
Speaker Change: Perhaps analysis.
Speaker Change: Production with those three.
Speaker Change: Essentially it gives us a very strong profile clearly our share price does not reflect.
Speaker Change: The production.
Speaker Change: Have a great health according to <unk>.
Speaker Change: 15th or some way to go.
Speaker Change: But the other big figures as I touched on the Doc fix and to drive our growth.
Speaker Change: So when you turn right.
Speaker Change: The drive for our shareholders by advancing all of these development opportunities that we have.
Speaker Change: Yes.
Clive Johnson: We're going to be open for questions after we hear from you.
Speaker Change: We're going to be able to purchase up to a year ago.
Clive Johnson: from New York, New York, Randall on the valley, and Bill's on the line, everyone else is here with Bill's on the line, because he's been running the construction project at Goose.
Speaker Change: Thanks.
Speaker Change: <unk> will also see what goes on wide.
Speaker Change: Right.
Speaker Change: <unk> project.
Speaker Change: Okay.
Clive Johnson: So we're very happy with the quarter. We're happy operationally that we're back on track. And we're back on track to good, responsible production. We're also doing what this company's done very well since its inception.
Speaker Change: So it's we're very happy with the quarter with IP operationally that we're back on track and we're back on track to get this response with production, but also due to this company stood very well since its inception gross.
Clive Johnson: That's the growth, in this case, from existing assets. So that's kind of the opening summary for me and the catalyst for looking at going forward.
Speaker Change: In this case from existing assets, so that's going to be decelerating.
Speaker Change: Catalyst going forward as well.
Clive Johnson: With that, I'll end tonight. Thank you very much.
Speaker Change: So tonight.
Speaker Change: Some of the financial details to talk about.
Speaker Change: Our point of view.
Speaker Change: We'll have an update.
Speaker Change: Sure Bill.
Speaker Change: Operationally as we said that.
Speaker Change: <unk>.
Speaker Change: On such basis.
Speaker Change: Between the two and situational conditions.
Speaker Change: And this together with the government expression struggled with the cargos.
Speaker Change: Towards terminated.
Clive Johnson: Raleigh.
Speaker Change: Probably so.
Michael Cinnamond: Financially, it was a strong quarter. After adjusting for one-time items, the company generated $0.09 per share of adjusted earnings. In that we benefited, obviously, from the strong average gold site sales price. Our basic earnings per share were four cents per share and they included non-cash market to market adjustments for the Degus Gold Stream that we inherited when we bought Sabina and also from the zero-cost collars that we put in place at the end of last year in conjunction with renewing our revolvers. Operating cash flow before working capital adjustments for the quarter was $244 million. Another strong result, and I think it again highlights the cash generation potential of our operating assets in this strong gold price environment.
Speaker Change: Thanks, Paul.
Speaker Change: Italy was a strong quarter.
Speaker Change: After adjusting for onetime items.
Speaker Change: The company generated nine cents per share.
Speaker Change: Adjusted earnings.
Speaker Change: And now we benefited obviously from the strong average coal sales price.
Speaker Change: Our basic rights to several four cents per share and included noncash mark to market adjustments for that.
Speaker Change: Old stream that we inherited when we bought <unk>.
Speaker Change: And also from the zero cost collars that we put in place.
Speaker Change: At the end of last year in conjunction with our revolver.
Speaker Change: Operating cash flow before working capital adjustments for the quarter was $244 million and another strong result.
Speaker Change: Thank you again highlights the cash generation potential of our operating assets and the strong gold price environment.
Michael Cinnamond: And on the CapEx side, spending of the Goose project remains in line with their latest budget during the quarter. Construction mine development activities spent was $136 Canadian during the first quarter of 2025. I would comment, you know, in late 2024 and early 2025, we accelerated approximately $60 million in plant and equipment purchases, including deposits of some longer lead items that were pulled forward from second half of 2025 or subsequent years. So factoring these into account, excluding them from the total, Goose cash expenditures to first goal four remained in line with budget. Balance sheet wise, we continue to remain in a strong financial position, cash to cash equivalents $330 million at the end of the first quarter.
Speaker Change: And on the Capex.
Speaker Change: Capex spending of the Goose project remains in line with their latest budget during the quarter.
Speaker Change: <unk> mine development activities span.
Speaker Change: Canadian during the first quarter of 25, I would call. It you know in late 'twenty four in early 'twenty five.
Speaker Change: We accelerated approximately $60 million of plant and equipment purchases, including deposits on some longer lead items that were pulled forward from second half 'twenty fiber or subsequent years. So factoring these into a kind of excluding the total.
Speaker Change: Cash expenditures to first Gulf War remained in line with budget.
Speaker Change: Balance sheet wise, we continue to remain in a strong financial position and cash cash equivalents and $330 million at the end of the first quarter and during the quarter I think as we discussed last call we repaid the outstanding balance on our revolving credit facility.
Michael Cinnamond: And during the quarter, I think as we discussed in our last call, we repaid the outstanding balance in our revolving credit facility with the proceeds of the convertible note that we issued in January 25. And at the end of the quarter, we had $800 million, so full capacity undrawn on our revolving credit facility.
Speaker Change: Most of the convertible notes that we issued on January 25.
Speaker Change: And at the end of the call.
Speaker Change: We had 800 million so full capacity undrawn on our revolving credit facility.
Michael Cinnamond: So we have a good amount of financial flexibility to be able to complete the goose construction very shortly to fully repay the obligation under the gold prepays as we deliver into them over the course of the year from July 25 to June 26, and to complete other sustaining growth initiatives across the portfolio, and to continue to fund their very healthy exploration programs. to hopefully extend my- That's the financial update, I guess the key points, and with that I'll turn the call over to Bill for an operation and project update.
Speaker Change: So we have a good amount of.
Speaker Change: Some flexibility to be able to complete the construction very shortly to fully repay.
Speaker Change: The obligation under the gold prepay, but deliberate to them over the course of the year from July 25 to <unk> 26, and completed all their sustaining growth initiatives across the portfolio.
Speaker Change: Many of the funds are very healthy exploration programs.
Speaker Change: We will hopefully extend mine life.
Speaker Change: That's the financial update I guess to keep up with that I will turn the call over to bill for an operational and project update.
Speaker Change: Okay.
William Lytle: All right, so I'll start out with probably what people are most interested in. At Goose, it was a very successful winter ice road season. We did start one month earlier than we have previously and completed one month earlier than expected, and that was based on the additional capital we put in last year in our new ice road building plan. It was a great result. Everything came up the road. That's 4,000 container units and almost 80 million liters of fuel.
Bill: Alright, so I'll start out with probably what people are most interested is it goes it was a very successful winter ice road season, we.
Bill: We did start one month earlier than we have previously and completed one month earlier than expected and that was based on the additional capital we put in last year and our new Ice Road building plan. It was a great result.
Bill: <unk> came up the road, that's 4000 container units.
Bill: And almost 80 million liters of fuel.
William Lytle: On the construction side, progress was significant in the first quarter and all activities are nearly complete and ready for first gold and subsequent ramp up to commercial production in Q3. On the open pit mining side, mining of the eco pit was recently completed and is now being set up to receive tailings. So when the mill turns on, the open pit mine of the unwell open pit will be mining and will be depositing tailings in the eco pit. On the underground mining side, mining rates at Umwell Underground are hitting new records. And we're confident that the high-grade Stouffoir production, as in our current life of mine, will begin in the third quarter of this year.
Bill: On the construction side.
Bill: Progress was significant in the first quarter and all activities are nearly complete and ready for first gold and.
Bill: Subsequent subsequent ramp up to commercial production in Q3.
Bill: And the open pit mining sad.
Bill: Mining of the Eagle pit was recently completed and is now being set up to receive tailings. So when the mill turns out in the open pit mine of the unwell open pit will be mining and will be depositing tails echo.
Bill: On the underground mining side mining rates at EM, well underground are hitting new records and we're confident that the high grade stope ore production.
Bill: In our current life of mine will begin in the third quarter of this year.
William Lytle: Looking at MAHLE, MAHLE had a strong start to the year, exceeded gold production expectations, had lower all-in sustaining costs than we anticipated. The mill feed grade over the course of the year as we get through phase 7 will steadily increase and we remain very confident in our 2025 production guidance. Of course, this will be highlighted by the contributions from the Pocollo Underground and if we get all of our ferments for the Pocollo Regional later in 2025.
Bill: Looking at Molly Molly had a strong start to the year exceeded gold production expectations had lower all in sustaining costs than we anticipated the mill feed grade over the course of the year. It through as we get through pay seven will steadily increase and we remain we remain very confident in our 2020 by production guidance of course.
Bill: This will be highlighted by the contributions from the Koala underground and if we get all our pharmaceutical the regional later in 2025.
William Lytle: At Masbati, the operations continue to perform well. World-class safety record, I just want to call that out. They're now coming up on 2,300 days without an LTI. We anticipate another strong year of consistent production at Masbati with strong margins.
Bill: And masbate the operations continue to perform well.
Bill: World Class safety record I, just want to call that out there now coming up on 2300 days without an LTI, we anticipate another strong year of consistent production at mass body with strong margins.
William Lytle: At Ochicotto, the open pit and underground went very well in the first quarter, and currently we're basically, we're focused on advancing the antelope deposit to a development decision in the third quarter of this year.
Bill: Don't you part of the open pit and underground went very well in the first quarter and currently we're basically we're focused on advancing the antelope deposit to a development decision in the third quarter of this year.
William Lytle: And finally, and maybe not lastly, Graham Malote. We're getting close to the finalization of the feasibility study. We want to release it over the next couple of months.
Bill: And finally, and maybe not lastly, grandma Loki, we're getting close to the Finalization of that feasibility study was released over the next couple of months.
Clive Johnson: With that, I will turn it back to you, Clive. Thanks, Bill.
Bill: With that I will turn it back to you Glenn.
Bill: Okay.
Randall Chatwin: Randall, can you give us an update on the recent developments at Lolli Literary over the last couple of days? Yeah, absolutely. As most of you know, we've been working with the government of Mali to follow the 2023 mining code. On the Focola regional project, a part of the MOU was that they finally allowed a company to consolidate a large land package, which we, you know, which we are using to combine the Menenkoto, Bentaco, and Bacolobi permits for the first time. The 2023 mining code now allows for a larger overall land area under one consolidated land package.
Bill: Oh resin continued uptake of the recent developments at <unk>.
Bill: All of these literally over the last couple of days yeah, absolutely. So.
Bill: As most of you know we've been working with the government of Mali, followed the 2023 mining code on the Cola Regional project are part of the Mou was that they had finally allowed our company to consolidate a large land package.
Bill: Which we are using.
Bill: Combined the amount of Colo bed Taco in back of it'll be permits for the first time, but the 2023 mining code now allows for a larger overall land area under one consolidated land package.
Randall Chatwin: So we've been working with them since September on what has really been a novel process for them. And finally, it came through just yesterday, where the Council of Ministers approved the decree to go ahead with that consolidated land package. What that does is really a catalyst for us to be able to now submit our application for exploitation permit, which will then just be one license currently named Menenkoto. It will be, you know, and so that will find its way into a new operating company. And with that application for exploitation permit should go in within the week.
Bill: So we've been working with them since September on on what is really had been a novel process for them.
Bill: Finally came through just yesterday.
Bill: The council of Ministers approved the decree to go ahead with that consolidated land package.
Bill: What that does is really a catalyst for us to be able to do.
Bill: Submit our application for exploitation permit.
Bill: Which will then just be one license currently named met at Codell It will be.
Bill: And so that will find.
Bill: Find its way into a new operating company.
Bill: With that application for exploitation permits should go in within the week.
Randall Chatwin: And then we're looking at the standard time turnaround time has been around 30 to 60 days for us to be able to see an exploitation license. So really, they've lived up to another obligation in the MOU, one of the more important ones for us. And so now it's a matter of continuing to work with that government to show them and demonstrate the value that the Focola Regional will have for all stakeholders, them being a 35% holder in Focola Regional, and look towards the later on this year of getting into production. So that's 35% under the 2023 code for the regional area, and obviously we were the other 65% of that.
Bill: And then we're looking at the standard tie turnaround time has been around 30 to 60 days for us to be able to see it exploitation license so really they they come out.
Bill: Lived up to another obligation in the Mou.
Bill: You know one of the more important ones for us.
Bill: So now it's a matter of us continuing to work with that government to show them that demonstrate the value that the people of regional will have for all stakeholders.
Bill:
Bill: Being up 35% holder is nikola regional and look towards a bit.
Bill: Later on this year are up getting it to production.
Bill: So that's 35% other than 2023 code for the regional area and obviously, we are the other 65.
Randall Chatwin: So I think that's a good summary of where we sit today. As we've discussed, as we've said, some of the catalysts moving forward, very happy with the first quarter, excited to continue that good performance the rest of the year, and significantly advance the catalysts that we've talked about today.
Bill: So I think that's a good.
Bill: Certainly where we sit today.
Bill: As we've discussed.
Bill: Suddenly catalyst moving forward after the first quarter.
Speaker Change: To achieve that goal this year is significantly adverse kevin's.
Speaker Change: Talked about to make sure you've got the entire executive team here in Vancouver, with the exception of bills.
Operator: So you've got the entire executive team here at Vancouver with the exception of Bill, who's up at Goose. So I think with that, we'll open it up to any questions.
Speaker Change: So I think with that we'll open it up to.
Speaker Change: Two quick questions.
Operator: We will now begin the analysis.
Speaker Change: We will now begin the analyst.
Operator: Question and Answer Session. To join the question queue, you may press star, then 1 on your telephone. You'll hear a tone acknowledging your request. If you are using a speaker.
Speaker Change: Question and answer session to join the question queue. You May Press Star then one on your telephone keypad, you'll hear a tone acknowledging your request. If you are using a speakerphone. Please pick up your handset before pressing any keys to withdraw. Your question. Please press Star then two we'll pause for a moment as callers join the queue.
Operator: Please pick up your handset before pressing any To withdraw your question, please press star then.
Operator: We'll pause for a moment as callers And our first question.
Unknown Moderator: And our first question comes from Francesco Costanzo from Scotiabank. Please go ahead.
Francesco Costanzo: Francesco Costanzo from Scotiabank, please go ahead. Hi, good morning, guys. Thanks a lot for taking my question. This is Francesco calling on behalf of Ovais Habib.
Francesco Costanzo: Hi, Good morning, guys. Thanks, a lot for taking my question, obviously, Francesco calling on behalf of Bob Pease a beep.
William Lytle: I just want to start with Gus, so maybe a question for Bill. So construction development is tracking to plan and you've noted in the release that mining of the Echo Pit and completion of the tailing slurry pipeline are some of the critical path items that are needed before first goal pour. But can you speak to any of the other critical path items to highlight ahead of first goal pour or before achieving commercial production that we should look for?
Unknown Moderator: I just want to start with.
Speaker Change: So maybe a question for bill.
Speaker Change: So construction development is tracking to plan and you've noted in the release that mining at the pit and completion of the killing slurry pipeline or some of the critical path items that are needed before first gold pour.
Speaker Change: But can you speak to any of the other critical path items.
Speaker Change: I had a for scope or before achieving commercial production that we should look for.
Speaker Change: Yeah, well, obviously, you know everything is going to be happening all very rapidly now. We're currently in the process of commissioning the powerhouse right. So that's a key thing obviously for the mill.
Speaker Change: That is basically complete at this time, we have enough to run the mill. So in the very near future, we're going to start commissioning through the mill and then it's just working through the circuits.
Speaker Change: Trying to get.
Speaker Change: Or in there and then producing gold by the end of Q2.
William Lytle: And then just on the capital budget, so you've reiterated the Canadian $1.54 billion budget with $136 million Canadian spent during Q1, although the initial guidance, initial 25 guidance published earlier in the year outlined a little bit more non-sustaining capital in the first half of 25 than was implied by the total GOOSE budget. So just wondering if you can clarify your expectation of sustaining and non-sustaining capital spending ahead of first gold, ahead of commercial production and through the balance of the year. Well, in terms of the total CapExC items that we'd identified that we did, Unknown Speaker I mentioned it's somewhere in the region of $60 million.
Speaker Change: Okay, Great and then just on the capital budget. So you've reiterated the Canadian 154 billion budget with a $136 million Canadian spent during Q1, although the initial guidance. Our initial 25 guidance published earlier in the year outlined a little bit more non sustaining capital in the first half of 'twenty five and wasn't.
Speaker Change: But the total goose budget. So I'm just wondering if you can clarify your expectation of sustaining and non sustaining capital spending ahead of for schools head of commercial production through the balance of the year.
Speaker Change: Alright.
Speaker Change: Well.
Speaker Change: And in terms of.
Speaker Change: The total capex the items that we've identified that we did.
Speaker Change: Expand some of this on sustaining capex pull forward and I imagine it's somewhere in the region of 60 million. Some of that was expanded right at the end of 'twenty four.
William Lytle: Some of that was expended right at the end of 2004, and with another component of it done in Q1 2025. A couple of things like powerhouse enhancements that we're planning for next year, actually, some of the deposits there, we've accelerated some equipment purchases from. a purchase of Cat 777 loaders and some Volvo trucks. And those were things that we had originally in the second half, 25. We've also got some fuel on hand that we purchased for construction, so it's purchased but hasn't been consumed yet. So you pull all those things together, you get something in the region of $60 million plus, something you think.
Speaker Change: In another.
Speaker Change: Another component of it done in Q1 25 companies.
Speaker Change: Companies things like powerhouse.
Speaker Change: Enhancements that we're planning for next year actually some of the deposits there.
Speaker Change: We've accelerated some equipment purchases from.
Speaker Change: Purchase up by Cat Triple sovereign loaders and trucks.
Speaker Change: Trucks and those are things that we hadn't originally in the second half quantified. We've also got some fuel.
Speaker Change: We purchased for construction so its parts of plasmid consumed yet so you pull all those things together you get something in the region of $60 plus what we think.
William Lytle: are really things that are either accelerated and will be consumed in Q2 or that are pulled forward from subsequent periods of years.
Speaker Change: It really things that are either accelerated and will be consumed.
Speaker Change: In Q2 or that or pull forward from subsequent periods of years.
Speaker Change: Okay.
Randall Chatwin: Okay, thanks Mike and just my final question for Randall or whoever wants to take it. I mean, great to see progress, meaningful progress on the Fokola Regional Permit. I guess expected within the next 60 days or so.
Speaker Change: Okay. Thanks, Mike and just my final question for Randall or whoever wants to take it.
Speaker Change: Great to see progress meaningful progress on the colorectal permit.
Speaker Change: I guess.
William Lytle: I just wanted to clarify, do you still expect to need around three months or so to prepare the site before we can actually see ore production start to come from Anaconda?
Speaker Change: Active within the next 60 days or so I just wanted to clarify do you still expect to need around three months or so to prepare the site before we can actually see your core production start to come from Anaconda.
William Lytle: I'll leave that to Bill. Yes, we do, and there's three months of pre-stripping there. Okay, great. Thanks for clarifying.
Speaker Change: I'll leave that to bill.
Bill: Yes, we do and Theres three months of pre stripping there.
Speaker Change: Okay, great. Thanks for clarifying that's all my questions.
Francesco Costanzo: That's all for my questions.
Bill: Okay.
Anita Soni: The next question comes from Anita Soni from CIBC World Markets, please go ahead. Good morning, Clive and team. I just had a question on the grama latte study that's coming up. Can you just give us an idea of some of the parameters that you'd be looking at? Obviously, we know you're looking for a smaller footprint at that asset, but just wondering what kind of gold price that you would expect?
Speaker Change: The next question comes from Anita Soni from CIBC World markets. Please go ahead.
Anita Soni: Good morning, Clive and team just had a question on the ground a lot a study that's coming up soon.
Speaker Change: Could you just.
Anita Soni: Give us an idea of some of the I guess <unk>.
Speaker Change: Or is that you were you would be looking at I'll be sending out.
Anita Soni: Looking for a smaller.
Anita Soni: Print at that asset, but just wondering what kind of gold price you would be expecting to use in that.
Anita Soni: That study.
Clive Johnson: I'll give it over to Bill to tell you, I mean, we can talk a little bit about what was in the PEA before and previous studies. I think it's quite well outlined in the PEA. We're hoping to be similar or even improve upon that. But that was, as you said, a smaller footprint, which is good for the updated permit point of view. But basically looking at, because it's one over now, we're looking at the potential to produce 240,000 ounces a year for the first five years. So there's 12-year buy length. The call to the previous study of PEA was a bit misleading because it actually had, there was no more drilling required to go to feasibility, and there was a lot of engineering work that went into that PEA.
Anita Soni: Oh, you were able to build to tell you.
Anita Soni: We could talk a little bit about what was in the PGA before in previous studies I think it's quite up quite well.
Speaker Change: Uh huh.
Anita Soni: It would be to be super oriented approval by that.
Anita Soni: That was that you said a smaller footprint.
Anita Soni: Which is good.
Anita Soni: It was a perfect point of view, but basically with yet because it's what overdone.
Anita Soni: The potential to produce 245 doses a year.
Anita Soni: The first five years.
Speaker Change: Swap your violin.
Speaker Change: So totally to the previous study of Pega was a bit misleading.
Speaker Change: This is actually had stronger.
Speaker Change: The legal clarity the feasibility of Theres a lot of engineering work, so willing to that piece of artwork San Francisco.
Clive Johnson: So a lot of work has happened since then, and we're on track with the feasibility study for the middle of the year, and that's what we've done is we're on track to be able to release the rest of the study. So yeah, so yeah, Clive, just I don't mean to walk on you there, but you're absolutely right. The PEA is the absolute best reference for what we're looking at for the feasibility study. Everything is tracking very nicely against that.
Speaker Change: We're on track with the pieces really study.
Speaker Change: The bids appear swiftly credits tracks.
Speaker Change: <unk>.
Speaker Change: Sure.
Speaker Change: Yeah, well I, just I don't mean to walk on it here, but youre absolutely right. The P. A is the absolute best reference for what we're looking at for the feasibility study.
Speaker Change: <unk> is tracking very nicely against that.
Clive Johnson: And I'll leave it for Mike on what to go. I think gold price, Anita, you'll see, there's going to be some scenarios run in there. But I think you'll see us look at consensus as a base just to see where we are. So if you look at where CIBC's latest consensus came out, obviously, it's higher in the short term, but those would be build years anyway. And then long term, you're looking at somewhere $2,300 to $2,400. That's current consensus. is not one that we would necessarily be afraid of hedging a bit of gold. In terms of spending a lot of capital, the pre-PAS was around 800 million.
Speaker Change: And I'll leave it for Mike and let the gold price reviews.
Speaker Change: Yes, I think gold price any of that you'll see a slow.
Speaker Change: So there's going to be some scenarios running there, but I think I think you'll see us look at consensus or the other.
Speaker Change: The base just to see where we are so if you look at where Cibc's latest consensus came out.
Speaker Change: Obviously, it's higher in the short term, but will those will be build years anyway, and then long term you're looking at somewhere 20% to 2400 Bucks that's current consensus.
Jacob: We seem to grab a lot Jacob.
Jacob: Essentially if you are a positive study and we make a development stage to go forward because slotted very nicely. After goes to zero production profile of this everyone's aware, we don't try to drill two wells at the same time. It also when you look at funding drug launch.
Jacob: A number of sources, so I think existing cash.
Jacob: We are generating from existing facilities, we have access.
Access to <unk>.
Jacob: Term debt facilities.
Jacob: But also of course this is not one that we would necessarily be afraid of hedging a bit of gold in terms of spending a fair amount of capital that <unk> was about 800 billion, but there are numerous ways too.
William Lytle: But there's numerous ways to finance that, numerous avenues to do that. But also, we would be looking at one option, which would be to protect the company and the project from the construction period. I expect that would be a small percentage of our gold production as a company. So I hope that answers your questions.
Jacob: To finance that.
Jacob: <unk> used to do that.
Jacob: But also.
Jacob: We will be well option, which would be.
Jacob: To protect.
Jacob: Any of the projects.
Jacob: The construction period.
Jacob: No that would be I expect that will be a small percentage of our co productions.
Jacob: As a company.
Jacob: So hope that answers your questions.
And then just last question on the timing was.
Jacob: So.
Jacob: As you mentioned not wanting to build games are built.
Jacob: Too many things at the same time that you're coming to the tail end of case now so what would it be right to think about Graham latte potentially coming on stream just at the end of the decade.
William Lytle: Bill, you want to touch on a bit? So that obviously, you know, we don't want to skip. Yeah, so Anita, really, it comes down to the feasibility study is really, remember, we're going to have to make some minor modifications because there is a construction permit to it right now. So that construction permit has to be modified for whatever we've changed in the PEA. We're kind of estimating a 12 to 15 month period on that. So your answer is absolutely correct. It could be earlier if the government wants to play, but you're right, it's kind of that 28-29 is probably right.
Jacob: Bill you have et cetera.
Jacob: Honestly.
Jacob: Scott.
Jacob: Yeah, So I need it really it comes down to the feasibility study is really remember we're going to have to make some minor modifications because angle. There is a construction permit to it right now so that construction permit has to be modified for whatever we changed in the Pea.
Jacob: We're kind of estimating it at 12 to 15 month period on that so your answer's absolutely correct. It could be earlier, if the government wants to play.
Jacob: But you're right you kind of that 28 2009 is probably right.
Operator: That's it for my questions. Thank you. Thanks for watching.
Jacob: Okay. That's it from my questions. Thank you.
Jacob: Excellent.
Operator: Again, if you have a question, please press star, then.
Speaker Change: Again, if you have a question. Please press Star then one.
Kerry McCreary: And our next question comes from Carrie McCreary from Canaccord Genuity. Please go ahead. Good morning, guys.
Speaker Change: And our next question comes from Kerry Mccreery from Canaccord Genuity. Please go head.
Kerry Mccreery: Hey, Good morning, guys. Just another question on goes what kind of stockpile do you expect to have an and grade ahead of the mill start ups.
Kerry McCreary: Just another question on goose.
William Lytle: What kind of stockpile do you expect to have and, and grade ahead of the male startup? Well, I can tell you that we've got significant stockpile already prepared from the open pit. I was just looking at it this morning. What I'll tell you is for the mill, we're talking about as we start up, once we get kind of the low-grade stuff through, we're gonna run at least 20,000 and maybe more, maybe as much as 35,000 tons at plus 10 grams through right away. So we're looking good for meeting our projections and certainly this kind of 120 at this point, 120 to 130 is not really an issue.
Kerry Mccreery: Well I can I can tell you that we've got significant stockpile already prepared from the open pit I was just looking at it this morning, but I'll tell you is for the for the mill, where we're talking about as we start up once we get that.
Kerry Mccreery: And on the low grade staff through we're going to run at least 20000, and maybe more maybe as much as 35000 tons at plus 10 grams through right away.
Kerry Mccreery: So we're looking good for for meeting our projections and certainly this kind of 120 at this point.
Kerry Mccreery: 120 to 130 is not really an issue. So we can see that for sure in 2025.
William Lytle: So we can see that for sure in 2025. We've got a large array of them.
Kerry Mccreery: We've guided historically to one.
William Lytle: and I'm sorry, I'll turn it over again, 120 to 150 is right.
Kerry Mccreery: Yes.
Kerry Mccreery: Okay.
Kerry Mccreery: 120 to one <unk> right.
William Lytle: Okay, and just in terms of the ore mix with the underground coming on more so in Q3, I'm assuming most of the ore mix for the first half of the year was really stockpiles and the open pit, is that correct? Or what is the mix? What is the mix between open pit and underground? I don't have that at my fingertips right now, but certainly in 2025, a lot of the material is coming from the open pit.
Kerry Mccreery: Okay, and just in terms of the ore mix Louis the underground coming on and more so in Q3 I'm, assuming most of the oil mix for the first half of the year, Israel stockpiles and the open pit is that correct or what is that mix roughly.
Speaker Change: What is the mix between open pit and underground I don't have that at my fingertips right now, but certainly in 2025, a lot of a lot of the materials coming from the open pit.
William Lytle: Yeah, I can comment on that. So Eric Carey, it's about 40% from the ECHO open pit for the feed that we give through the year. 40% of material from the UMWALT open pit, and then about 20% of material from UMWALT underground is the mix throughout the balance of the year. Okay, great. Thank you. Thanks, Mike.
Kerry Mccreery: Yeah I agree.
Speaker Change: So Eric Carrie.
Speaker Change: It's about 40% from the actual open pit for the steam that we give through the year.
Speaker Change: 40%.
Speaker Change: Chair at all from the open pit and then about 20% of material from underground as the mixed throughout the balance of the year.
Speaker Change: Okay, great. Thank you thanks, Mike.
Ovais Habib: The next question comes from Ovais Habib from Scotiabank, please go ahead. Hi, Clive and B2 team. Sorry, got a bit delayed coming on the call. I'm just bouncing between conference calls. Just a lot of questions have been answered.
The next question comes from a vice Habib from Scotiabank. Please go ahead.
Speaker Change: <unk>, then that would be two team sorry got that debate coming on the call I just bouncing between conference calls.
Speaker Change: Just a lot of questions have been answered.
Ovais Habib: But just one question on, maybe on the Ojikodo side. And, you know, in terms of any sort of expansions on the Antelope side, you know, you're looking to make a construction decision, I believe, in Q3 of this year. You know, what's pending in terms of making that decision? A PA was released. Do you need to do further studies or more drilling? Or can you give us a little bit more color on that? Yeah, thanks for raising it. We didn't really talk much in detail about that.
Speaker Change: But just one question on maybe on the <unk> side.
Speaker Change: And in terms of any sort of expansions.
Speaker Change: On the Antelope side.
Speaker Change: You're looking to make a construction decision I believe in Q3 of this year.
Speaker Change: You know what spending in terms of making that decision.
Speaker Change: <unk> was released you'll need to do for the studies or more drilling or can you give us a little bit more color on that.
Speaker Change: Yes, it's exploration that we didnt really talk much in detail about that.
William Lytle: I guess that won't be a bill answer. Yeah, the only thing that's really kind of outstanding Ovais is the geotech. You know, overall, we have the mining method locked down. We're currently looking at what is the surface infrastructure layout, you know, basic, basic kind of supporting type questions.
Speaker Change: It won't be a spill answer.
Speaker Change: Yeah. The only thing that's really kind of outstanding of Ace is the Geo Tech overall, we have the mining method locked down.
Speaker Change: We're currently looking at what is the surface infrastructure lay out.
Speaker Change: Basic basic kind of supporting type questions. So do we want to do we want to have.
William Lytle: So do we want do we want to have, you know, extra facilities.
Speaker Change: The extra facilities.
William Lytle: And so we're right now going through third party review Okay, so you guys should be in a good position then just based on that for for that construction decision in Q3 then. 100% Okay, sounds good.
Speaker Change: <unk> and so we were right.
Speaker Change: Right now going through third party review of what we've done.
Speaker Change: Okay. So you guys should be in a good position than just based on that floor for that construction decision in Q.
Speaker Change: 100%.
Okay. It sounds good and just.
Ovais Habib: And just, you may have already touched upon this during the call, so I apologize if I'm asking again, but just in terms of the permits on the Mali, specifically on the Fekola Underground. Now, the Fekola Underground, from what I understand, is an amendment to your permit. Is that expected sooner than the regional, I mean, is that separate, is that together now? From what I understand, the Malian government or the two, any color on that, please.
I have already touched upon this during the call. So I apologize if I'm asking again, but just in terms of the permits on the moly.
Speaker Change: Vicki on the Koala underground gold underground from what I understand is in <unk>.
Speaker Change: <unk>.
Speaker Change: Do you have a permit.
Speaker Change: Is that expected sooner than the regional is that separate is that together now.
Speaker Change: From what I understand the Malayan government or the regulators had.
Speaker Change: Combined the two.
Speaker Change: Any color on that piece.
Randall Chatwin: I'll pass it over to Randall, but what you missed earlier in the call, and we realize you've had a bunch of different calls to go back and forth on, was there significant development in terms of moving the permitting board from the government?
Speaker Change: Oh, well pass it over to RASM.
Speaker Change: Once you missed earlier in the call the real issue.
Speaker Change: Such different possible back in Florida.
Speaker Change: That's a good development in tourism.
Speaker Change: The permanent parts of the government abolished just lost lost revenue as we've already covered it but we'll give you a V C.
Randall Chatwin: Val, I just said the last day, Randall, you know, we've already covered it, but we'll give you Ovais a highlight view of that, and also of the other governor. Yeah, I mean, let me answer your first question. They are not connected, Ovais. I'm not sure where that one came from, but they are two distinct processes, the underground and the regional. We talk about them together in our press releases, just because that's the kind of the future and some of the catalysts at Focola, but certainly, everything that needs to be submitted for the underground, the approvals has been submitted, and that process is underway.
Speaker Change: You have that would also be able to garner.
Speaker Change: Let me answer your first question. They are not connected obeys I'm not sure where that one came from but they are two distinct processes the underground and the regional but we talk about them together in our press releases, just because that's the kind of the future and some of the catalysts for Colo, but certainly everything that needs to be submitted for the underground.
Speaker Change: The approvals has been submitted and that process is underway and we expect that will be up.
Randall Chatwin: We expect that we'll be up and producing early in the second half. And so, don't see any issues there with the underground. That one is well in hand.
Speaker Change: And producing.
Speaker Change: Early in the second half.
Speaker Change: And so don't see any issues there.
Speaker Change: The underground that one that one as well it had.
Randall Chatwin: With the regional, we did receive the Council of Ministers decree yesterday for the combination of the three permits, the three permit area, which, so that's, you know, 200 plus square kilometers to the north, covering continuous north of Mednandi, of the Focola permit. So, that really is the catalyst that allows us to now submit the exploitation application. It's been completed. It's translated. It's ready to go. We need a little bit of time to include all of the details that come out of that consolidated permit and flow those through the application, but then we expect kind of the turnaround time has been historically about 30 to 60 days in this instance.
Speaker Change: With the regional we did receive the.
Speaker Change: Council administers decree yesterday for the combination of the three permits.
Speaker Change: <unk> apartment area, which so that's you know two.
Speaker Change: 200, plus square kilometers to the north to covering contiguous north of mid 90, Coca Cola permit.
Speaker Change: So that really is the catalyst that allows us to now submit the exploitation of application. It is.
Speaker Change: <unk> completed its translated it's ready to go we need a little bit of time to include all of the details that come out of that consolidated permits.
Speaker Change: At flow those through the application, but then we expect that the turnaround time has been historically about 30 to 60 days.
Speaker Change: For instance.
Ovais Habib: Perfect, thanks for the color on that, Randall, and really good to hear on the progress on the permitting.
Speaker Change: Perfect. Thanks for the color on that.
Speaker Change: And then really good figure on that progress on the permitting that's between a guy than that thanks for taking my questions.
Ovais Habib: That's it for me, guys, and thanks for taking my questions. Excellence.
Speaker Change: Thanks, so much.
Kerry McCreary: And the next question is a follow-up from Kerry McCrory from Canaccord Genuity. Please go ahead. Yeah, just a question for Mike. Obviously, the balance sheet's in great shape. Just asking you about the prepay, given that you'll be ramping up in Q3. Is there any thought of deferring that to later? Or you're comfortable just settling that in the quarter? Well, we can defer it. We could roll them if we want to. Our goal is not to. If you look at the rationale for pulling in the convert put in a bit of longer-term money on the balance sheet there to free up the line, we're going to use the line to help us maneuver through the prepaids and to do some of these other capital, early-stage, antelope, whatever we might do, Grammal OT, finishing for co-original, all those things, but also going to use the line just to maneuver through.
Speaker Change: And the next question is a follow up from carry Mccrory from Canaccord Genuity. Please go ahead.
Yeah, just a question for Mike obviously, the balance sheet in great shape, just asking about the prepay given that you'll be ramping up in Q3 and is there any thought of deferring that to later or you are comfortable just settle Manhattan in the quarter.
Speaker Change: Oh, well, we can defer it we could roll them, if we want to.
Speaker Change: Our goal is not to if you look at what was the rationale for CT and then they convert better longer term funding on the balance sheet there to free up the line, we're going to use the line to help us maneuver through the prepaid and to do some of these other capital early stage Antelope.
Speaker Change: Two a grab loyalty for cold, finishing for cohort resolved all of those things, but also going to use the line just to maneuver through we set them up for a one year delivery.
Michael Cinnamond: We set them up for a one-year delivery period so that they're done pretty quickly. So, we've got them. We use them. Goose will be built. Goose will be running. We'll deliver into the prepaids and we're done. We'll have a lecture. We have the $8 billion facility available to us, and obviously, as Mike said, we'll use parts of that as we move forward and apply this to live other people. Yeah, there's lots of room. I mean, if gold stays where it is, we won't be touching the facility, but you don't plan and record gold prices all the time.
Speaker Change: Delivery periods, so that they're gone pretty quickly. So we've got them. We use them goes will be build goes will be running well well deliver into the prepays are behind us.
Speaker Change: So.
Speaker Change: Right.
Speaker Change: The facility available to us.
Speaker Change: Obviously as Mike said, we use parts of that before.
Speaker Change: Yeah, there's lots of room, I mean, if gold stays with us.
Speaker Change: We won't be touched some of this already but you don't plan on Rockwell gold prices. All the time you plan on managing things. So we're in good shape to do it to the bottom line.
Michael Cinnamond: You plan and manage and things, so we're in good shape to do it, Kerry.
Operator: That's the bottom line. Great. Thanks. Thanks, guys. Again, if you have a question, please press star then 1. This concludes our question and answer session.
Speaker Change: Alright, great. Thank you thanks, guys.
Unknown Moderator: Again, if you have a question. Please press Star then one.
Unknown Moderator: This concludes our question and answer session I would like to turn the conference back over to Clive Johnson for any closing remarks.
Clive Johnson: I would like to turn the conference back over to Clive Johnson for any closing Yeah, thanks everyone for attending the conference. And you can always follow up with us if there's any additional questions that occur to you after. So good quarter, looking forward to the great developments in 2025. Thanks for getting on the call. That brings to an end today's conference. and Disconnect Your Lines. Thank you for participating and have a pleasant day.
Clive Johnson: Oh, yes, it takes a Woodford test conference.
Speaker Change: We can always follow up with that.
Speaker Change: So if theres any additional questions that are accretive after so good quarter looking forward to the great developments with the 2025 and six for industrial.
Speaker Change: This brings to an end today's conference call. You may disconnect. Your lines. Thank you for participating and have a pleasant day.
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