Q1 2025 B2Gold Corp Earnings Call
Thank you for standing by this is the conference operator, welcome to be Gold Corporation's first quarter 2025 financial results Conference call.
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 to you 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.
Speaker Change: To turn the conference over to Clive Johnson, President and CEO of Beach Hugo. Please go ahead.
Clive Johnson: Welcome everyone.
Clive Johnson: Today, we're here to talk primarily about the first quarter results.
Clive Johnson: Talk soon.
Clive Johnson: Sure.
Clive Johnson: Gotcha.
Clive Johnson: Okay perfect.
Clive Johnson: Okay.
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 predicted we cover.
Clive Johnson: Go ahead please.
We started off with.
Clive Johnson: Great quarter with all of its performing well I think it's worth pointing out.
Clive Johnson: All of us.
Clive Johnson: So operations Dr too much.
Clive Johnson: Well.
Clive Johnson: This is against ratio too much.
Clive Johnson: Cool.
Clive Johnson: Sure.
Clive Johnson: Resolved.
Clive Johnson: We just received some problems.
Clive Johnson: Salaries from the government.
Clive Johnson: Carefully.
Clive Johnson: So we started in September last year, rather will speak to that.
Clive Johnson: Oh.
Speaker Change: Park step forward.
Clive Johnson: Gross starts to continue to grow.
Clive Johnson: Gross who will talk to you broke out.
Clive Johnson: Ill.
Clive Johnson: Transitions from a construction project.
Clive Johnson: Two operations.
Clive Johnson: And the type of cases towards.
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.
Clive Johnson: The completion of construction, so thats true.
Clive Johnson: Right.
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: To that structure works with the ritual.
Clive Johnson: Eric.
Clive Johnson: No.
Clive Johnson: For Europe, and utilized space, so that silversneakers, regardless of dose or doses from.
Clive Johnson: It's a pretty good growth profile.
Clive Johnson: This gives us comfort.
Clive Johnson: So studies coming up.
Clive Johnson: So you've.
Clive Johnson: Watching it closely.
Clive Johnson: We completed by the end of June.
Clive Johnson: So if it's just a service we're hoping for.
Clive Johnson: We've been moving towards development.
Clive Johnson: Okay.
Clive Johnson: Later this.
Clive Johnson: This year to decide to go forward with.
Clive Johnson: Started to prepare.
Clive Johnson: The construction work.
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 in terms of <unk>.
Clive Johnson: Many of the credits.
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 acquired a 64 million dollar budget for this year for separately.
Clive Johnson: Got it.
Clive Johnson: Hi.
Clive Johnson: Sure.
Clive Johnson: This focus on Vancouver.
Clive Johnson: <unk> here.
Clive Johnson: Exploration to answer any questions you might have to focus on exploration to factory cost of our budget is triggers so that.
Clive Johnson: If you have an indication of what we say, we'll be exploring some new targets as well as <unk>.
Clive Johnson: Sure.
Clive Johnson: Tell us focus going forward, we're going to continue if we have the opportunities are progressing.
Clive Johnson: Junior exploration companies.
Clive Johnson: Companies that are well run that have good assets.
Clive Johnson: So we took.
Clive Johnson: We did it slow life and a few others will continue.
Clive Johnson: Two weeks ago.
Clive Johnson: Good shareholders.
Clive Johnson: So they will see what comes out of those those deals down the road.
Clive Johnson: Assistance.
Clive Johnson: Construction.
Clive Johnson: Okay.
Clive Johnson: It was almost <unk>.
Clive Johnson: We are open to the possibility.
Clive Johnson: These tools.
Clive Johnson: So we think Thats primarily website.
Clive Johnson: Additionally, we put a lot of questions about every day as I'm sure. It was saying please don't surprise will be better.
Clive Johnson: You can see that a big deal.
Clive Johnson: Interesting.
Speaker Change: I think for consumers the churning Barclays We've got interest development.
Clive Johnson: Development company that drove the <unk> take it over.
Clive Johnson: For our company.
Clive Johnson: That is because of the growth profile that we have.
Obviously, we've covered a lot.
Clive Johnson: Moving to Cola towards the truck work.
Clive Johnson: Sure.
Clive Johnson: With regard to larger feasibility study.
Clive Johnson: So if you were to add all that up.
Clive Johnson: So there are tradeoffs analysis.
Clive Johnson: Production with Cove Street.
Clive Johnson: Essentially it gives us a very strong profile clearly our share price does not reflect.
Clive Johnson: The production.
Speaker Change: According to <unk>.
Clive Johnson: 15th or some way to go.
Clive Johnson: But the other big figures as I touched on the Doc fix and to drive our growth.
Clive Johnson: So we need to add value.
Clive Johnson: The drive for our shareholders by advancing all of these development opportunities that we have.
Clive Johnson: Yeah.
Clive Johnson: We're going to be able to purchase up to a year ago.
Clive Johnson: Thanks.
Clive Johnson: Yep.
It builds on the wider but also share what goes on wide.
Clive Johnson: Right.
Clive Johnson: Structured project.
Clive Johnson: Okay.
Clive Johnson: 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.
Clive Johnson: You get this response with production, but also due to this company's stood very well since its inception a growth in this case from existing assets. So that's going to be decelerating.
Clive Johnson: Catalyst going forward.
Clive Johnson: That's right.
Clive Johnson: Some of the financial details to talk about.
Clive Johnson: Our point of view.
We'll have an update.
Clive Johnson: Do it yourself operationally as we say that.
Clive Johnson: <unk>.
Clive Johnson: On such basis.
Clive Johnson: Between the two and situational conditions two elements.
Clive Johnson: Depression drug with the cargos.
Clive Johnson: Towards terminated.
Clive Johnson: So.
Clive Johnson: Right.
Clive Johnson: Thanks Scott.
Clive Johnson: Nationally and that was a strong quarter.
Clive Johnson: After adjusting for one time items.
Clive Johnson: The company generated nine cents per share adjusted earnings.
Clive Johnson: And now we benefited obviously from the strong average coal sales price.
Clive Johnson: Our basic earnings per share before faster share and they included noncash mark to market adjustments for that.
Clive Johnson: Gold stream that we inherited when we bought <unk>.
Clive Johnson: And also from a zero cost collars that we put in place.
Clive Johnson: At the end of last year in conjunction with our revolver.
Clive Johnson: Operating cash flow before working capital adjustments for the quarter was $244 million.
Clive Johnson: A strong result.
Clive Johnson: Thank you again highlights the cash generation potential of our operating assets and the strong gold price environment.
And on the Capex.
Clive Johnson: Capex spending and the Goose project remains in line with their latest budget during the quarter.
Clive Johnson: <unk> mine development activities span.
Clive Johnson: Canadian during the first quarter of 25, I would call. It you know in late 'twenty four in early 'twenty five.
Clive Johnson: 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 tunnel.
Clive Johnson: Cash expenditures to FERC Gulfport remained in line with budget.
Clive Johnson: 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 in the last call. We repaid the outstanding balance on our revolving credit facility.
Clive Johnson: These are the convertible notes that we issued on January 25.
Clive Johnson: And at the end of the call.
Clive Johnson: We had 800 million so full capacity undrawn on our revolving credit facility.
Clive Johnson: So we have a good amount of financial flexibility to be able to complete the goose construction very shortly to fully repay.
Clive Johnson: Obligation under the gold prepay.
Clive Johnson: Deliberate to them over the course of the year from July 25 to <unk> 26.
Clive Johnson: And to complete all of their savings and growth initiatives across the portfolio.
Clive Johnson: To continue the very healthy exploration programs.
Clive Johnson: Well hopefully extend mine life.
Clive Johnson: Plus the financial.
Clive Johnson: I guess to keep up with that I will turn the call over to bill for an operation and project update.
Clive Johnson: Okay.
Bill: Alright, so I'll start out with probably what people are most interested in.
Bill: It goes it was a very successful winter ice road season, we did start one month earlier than 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, everything came up the road that's 4000 container units.
Bill: And almost 80 million liters of fuel.
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 side mining of the Eco 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 mining.
Bill: Mining and will be deposits tail the echo.
Bill: On the underground mining side mining rates at <unk> underground are hitting new records.
Bill: And we're confident that the high grade stope ore production as it is in our current life of mine will begin in the third quarter of this year.
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 2025 production guidance of course.
Bill: This will be highlighted by the contributions from the <unk> underground.
Bill: And if we get all our permits to call. The regional later in 2025.
Bill: <unk> bought 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.
Bill: I know what you're 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.
Bill: And finally, and maybe not lastly, grandma Loki, we're getting close to the Finalization of the feasibility study.
Bill: Over the next couple of months.
Glenn: With that I will turn it back to you Glenn.
Bill: Okay.
Bill: Update on the recent developments at.
Bill: <unk> 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, which we which we are using.
Bill: Combined the matter 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. So.
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, where the council of ministers approved the decree to go ahead with that consolidated land package.
Bill: That does is really a catalyst for us to be able to submit our application for exploitation permit.
Bill: Which will then just be one license currently named met at Codell It will be.
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.
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 that 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 the government to show them that demonstrate the value that the portola 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%, although the 'twenty two 'twenty three code for the regional area and obviously, we were the other 65.
Bill: So I think that's a good.
Bill: Certainly where we sit today.
Bill: As we've discussed.
Bill: Suddenly catalyst moving forward very up in the first quarter excited to continue that good performance. This year has significantly advanced the kevins.
Bill: <unk> talked about today.
Speaker Change: The entire executive team here in Vancouver, with the exception of bills have goose.
Speaker Change: So I think with that we'll open it up to.
Speaker Change: Two quick questions.
Speaker Change: We will now begin the analyst.
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.
Speaker Change: We'll pause for a moment as callers join the queue.
Speaker Change: And our first question comes from Francisco <unk> from Scotiabank. Please go ahead.
Francisco: Hi, Good morning, guys. Thanks, a lot for taking my question.
Speaker Change: <unk>, calling on behalf of Bob Pease a beep.
Speaker Change: To start with with Goose, 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 gulfport, but.
Speaker Change: But can you speak to any of the other critical path items.
Speaker Change: Highlight out of first gold pour 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, obviously trying to get or in there and then producing gold by the end of Q2.
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 spend 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 then wasn't.
Speaker Change: But the total goose budget. So just wondering if you can clarify your expectation of sustaining and non sustaining capital spending ahead of for schools head of commercial production and 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 do.
Speaker Change: 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.
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: Part yourself by Cat Triple sovereign loaders and trucks.
Speaker Change: Trucks and those are things that we hadn't originally in the second half of 'twenty five 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.
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.
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.
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 starting to come from Anaconda.
Bill: I'll leave that to bill.
Speaker Change: Yes, we do and Theres three months of pre stripping there.
Speaker Change: Okay, great. Thanks for clarifying that's all my questions.
Speaker Change: Okay.
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: Can you just give us an idea of some of the I guess <unk>.
Anita Soni: Or is that you were you'd be looking at I'll be sending out.
Anita Soni: Looking for a smaller.
Anita Soni: Prince.
Anita Soni: But just wondering what kind of gold price that you would be expecting to use in that.
Anita Soni: That study.
Anita Soni: Oh, you were able to build to tell you.
Anita Soni: If we could talk a little bit about what was in the Pea before in previous studies I think it's quite up quite well.
Anita Soni: Yes.
Anita Soni: It would be to be super oriented approval by that.
Anita Soni: But 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.
Anita Soni: 12 year violate so.
Anita Soni: So call it in the previous study of Pega was a bit misleading because it's actually had.
Anita Soni: The legal clarity the feasibility of Theres a lot of engineering work.
Anita Soni: <unk> San Francisco.
Anita Soni: We're on track with the piece really study.
Anita Soni: The bids appear swiftly credits.
Anita Soni: <unk> release.
Anita Soni: 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.
Anita Soni: Everything is tracking very nicely against that.
Anita Soni: 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: There's going to be some scenarios running there, but I think I think you'll see us look at consensus.
Speaker Change: Just to see where we are so if you look at where CIBC is latest consensus came out.
Speaker Change: Obviously, it's higher in the short term, but will those would be build yours anyway, and then long term you're looking at somewhere 23% to 400 Bucks that's current consensus.
Speaker Change: I'll take that.
Speaker Change: Essentially if you are a positive study and we make a development decision to go forward. It could slotted very nicely. After goes to zero production profile of this everyone's aware, we don't try to build too much at the same time.
Speaker Change: So when you look at funding drug launch a missile.
Speaker Change: A number of sources.
Speaker Change: Cash flow, we're generating from existing facilities, we have access.
Speaker Change: Access to <unk>.
Speaker Change: Term debt facilities.
Speaker Change: 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.
Speaker Change: Capital.
Speaker Change: So it was about 800 billion, but there are numerous ways to finance.
Speaker Change: Finance.
Speaker Change: Avenues to do that.
Speaker Change: But also.
Speaker Change: What option, which would be.
Speaker Change: To protect the company of the project.
Speaker Change: Construction period.
Speaker Change: No that would be.
Speaker Change: That would be a small percentage of our co productions.
Speaker Change: Okay.
Speaker Change: So hope that answers your questions.
Speaker Change: And then just last question on the timing was.
Speaker Change: So.
Speaker Change: As you mentioned not wanting to build case are building too many things at the same time they are coming to the tail end of case now so.
Speaker Change: Would it be right to think about grammar Lockheed potentially coming on stream just at the end of the decade.
Speaker Change: Bill you have et cetera, so that obviously.
Speaker Change: Sure.
Speaker Change: <unk>.
Speaker Change: 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've changed in the P. Eight we're kind of estimating it at 12 to 15 month period on that so you're.
Speaker Change: Answer's, absolutely correct it could be earlier, if the government wants to play.
Speaker Change: But you're right you kind of that 28 29 is probably right.
Speaker Change: Okay. That's it for my question. Thank you.
Speaker Change: Thanks.
Speaker Change: Again, if you have a question. Please press Star then one.
Speaker Change: And our next question comes from Kerry Mccreery from Canaccord Genuity. Please go ahead.
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 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 this morning, what 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.
Kerry Mccreery: We've got in the district.
Kerry Mccreery: Yes.
Kerry Mccreery: 120 to one <unk> right.
Kerry Mccreery: 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 in the open pit is that correct or what is the mix.
Kerry Mccreery: 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.
Speaker Change: Yeah Amit.
Eric: So Eric Carrie.
Eric: It's about 40% from the Outgo open pit for the steam that we give through the year.
Eric: 40%.
Eric: At all from the open pit and then about 20% of material from underground is the mixed throughout the balance of the year.
Speaker Change: Okay, great. Thank you thanks, Mike.
Speaker Change: 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.
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: Exploration, we didn't really talk about should detailed about that.
Speaker Change: It won't be.
Speaker Change: Yeah. The only thing that's really kind of outstanding of Ace is the Geo Tech.
Speaker Change: They're all 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.
Speaker Change: The extra facilities and so we are 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 for that construction decision and not Q.
Speaker Change: 100%.
Speaker Change: Okay. It sounds good and just you may.
Speaker Change: 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 koala underground from what I understand.
Speaker Change: <unk>.
Speaker Change: Do your permit.
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.
Speaker Change: Oh, gosh, I don't want to wrap up.
Speaker Change: Once you missed earlier in the call the real issue.
Speaker Change: Budgeted for possible back in Florida.
Speaker Change: That's a good development in terms of moving to the permanent parts of the government abolished just over the last last day revenue Miss regarding separately, but we'll give you a V C.
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 when 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 underway and we expect that will be up.
Speaker Change: And producing.
Speaker Change: Early in the second half.
Speaker Change: And so don't see any issues there.
Speaker Change: With the underground that one that one as well it had.
Speaker Change: With the regional we did receive the council of ministers decree yesterday for the combination of the three permits through.
Speaker Change: <unk> 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.
Speaker Change: You can 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 to kind of that turnaround time has been historically about 30 to 60 days.
Speaker Change: Incidence.
Speaker Change: Perfect. Thanks for the color on that.
Speaker Change: And then really good to hear on that progress on the permitting.
Speaker Change: A guy than that thanks for taking my questions.
Speaker Change: Thanks, so much.
Speaker Change: And the next question is a follow up from carry mccurry from Canaccord Genuity. Please go ahead.
Speaker Change: Yeah, just a question for Mike obviously, the balance sheet in great shape, just asking about the pre K given that you'd be ramping up in Q3 and is there any thought of deferring that to later or you're comfortable just settling out in the quarter.
Oh well.
Speaker Change: We can defer it we could roll them, if we wanted to.
Speaker Change: Our goal is not to if you look at what was the rationale for colon that convert putting a bit of a longer term funding on the balance sheet there to free up the line, we're going to use the line.
Speaker Change: To help us maneuver through the prepaid and to do some rebuild their capital early stage Antelope, what we might do a grab loyalty for cold, finishing for cohort resolved all those things, but also going to use the line just to maneuver through we set them up for a one year deal.
Speaker Change: Delivery periods, so that they're buying pretty quickly. So we've got them. We use them goes it'll be built goes will be running well will deliver into the prepaid we're done behind us.
Speaker Change: Mitch.
Speaker Change: So right now the Haynesville.
Speaker Change: Our facility available to us.
Speaker Change: We see it as Mike said, we use parts of that.
Speaker Change: Before.
Speaker Change: Yeah, there's lots of room, I mean, if gold stays where it is.
Speaker Change: Won't be touched some of this already but you don't plan in Rockford gold prices all the time you're planning.
Speaker Change: And so we're in good shape to do it carry that's the bottom line.
Alright, great. Thanks, Thanks, guys.
Speaker Change: Again, if you have a question. Please press Star then one.
This concludes our question and answer session I would like to turn the conference back over to Clive Johnson for any closing remarks.
Speaker Change: Oh, yes, it takes a Woodford test conference.
Speaker Change: We can always follow up.
Speaker Change: If theres any additional questions that occurred after so good quarter looking forward to the grid to August 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.
Speaker Change: Okay.
Speaker Change: [music].
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Speaker Change: Okay.
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Speaker Change: [music].
Speaker Change: Sure.
Speaker Change: Yeah.
Speaker Change: Okay.
Speaker Change: Okay.
Speaker Change: [music].
Speaker Change: Okay.
Speaker Change: [music].
Speaker Change: Sure.
Speaker Change: Yes.
Speaker Change: Yeah.
Speaker Change: [music].
Speaker Change: Yeah.
Speaker Change: [music].
Speaker Change: Yeah.
Speaker Change: [music].
Speaker Change:
Speaker Change: Okay.
Speaker Change: Mhm.
Speaker Change: Mhm.
Speaker Change: Sure.
Speaker Change: [music].
Speaker Change: Yeah.
Speaker Change: [music].
Speaker Change: Hum.
Speaker Change: Yeah.
Speaker Change: Yes.
Speaker Change: [music].
Speaker Change: Okay.
Speaker Change: No.
Speaker Change: Okay.
Speaker Change: [music].
Speaker Change: Yeah.
Speaker Change: [music].
Speaker Change: Okay.
Speaker Change: [music].
Speaker Change: Sure.
Speaker Change: [music].
Speaker Change: Yeah.
Speaker Change: Okay.
Speaker Change: [music].
Speaker Change: Yeah.