Q2 2026 B2gold Corp Earnings Call

Speaker #1: Thank you for standing by. This is the conference operator. Welcome to B2GOLD Corporation's second quarter 2026 financial results conference call. As a reminder, all participants are in listen-only mode, and the conference is being recorded.

Operator 3: Thank you for standing by. This is the conference operator. Welcome to B2Gold Corp.'s Q2 2026 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 queue, you may press star then one on your telephone keypad. You will hear a tone acknowledging your request. Should you need assistance during the conference call, you may reach an operator by pressing star then zero. I would now like to turn the conference over to Mike Cinnamond, President and CEO of B2Gold. Please go ahead.

Speaker #1: 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.

Speaker #1: You will hear a tone acknowledging your request. Should you need assistance during the conference call, you may reach an operator by pressing star, then 0.

Speaker #1: I would now like to turn the conference over to Mike Cinnamond, President and CEO of B2Gold. Please go ahead.

Speaker #2: Thank you. Operator. Good morning, everyone, and thank you for joining us for B2GOLD's second quarter 2026 conference call. I think the first business before we begin our discussion of the quarter, I want to address the trading halt that was implemented earlier this morning.

Mike Cinnamond: Thank you, operator. Good morning, everyone, and thank you for joining us for B2Gold's Q2 2026 conference call. I think first business, before we begin our discussion of the quarter, I want to address the trading halt that was implemented earlier this morning. Shortly before this call, we received confirmation that the government of Mali has granted the Menankoto exploitation permit. Given the significance of this development and our obligation to ensure that all our investors receive material information at the same time, we requested a temporary trading halt pending the dissemination of a news release, which I believe will go out shortly. This permit represents a very important milestone for the Fekola complex, providing the framework to commence mining activities within the Menankoto permit area and supporting the continued development of the Fekola Regional deposit.

Speaker #2: Shortly before this call, we received confirmation that the government of Mali has granted the Maninko to Exploitation Permit. Given the significance of this development, and our obligation to ensure that all our investors receive material information at the same time, we requested a temporary trading halt.

Speaker #2: Pending the dissemination of the news release, which I believe will go out shortly. This permit represents a very important milestone for the Fukuhola complex, providing the framework to commence mining activities and, within the Maninko to Permit area, and supporting the continued development of the Fukuhola regional deposit.

Speaker #2: And we appreciate the efforts of the government of Mali and all stakeholders involved in advancing this permitting process forward. So that was the reason for the trading halt.

Mike Cinnamond: We appreciate the efforts of the Government of Mali and all stakeholders involved in advancing this permitting process forward. That was the reason for the trading halt, and while we are very pleased to receive this approval, today's call will remain focused primarily on our Q2 results and operating performance. We will, of course, provide additional comments on the Menankoto permit during the call and take questions following our formal remarks. With that, I would now like to pass the call over to Kelvin, our Chairman, for some opening remarks.

Speaker #2: And while we're very pleased to have received this approval, today's call will remain focused primarily on our second quarter results and operating performance. But we will, of course, provide additional comments on the Maninko to Permit during the call and take questions following our formal remarks.

Speaker #2: And with that, I'd now like to pass the call over to Kelvin, our Chairman, for some opening remarks.

Speaker #3: Thanks, Mike, and good morning. While you've now heard the great news out of Mali, and before Mike and the team review that and the quarter in detail, I'd like to take a few minutes to provide a broader perspective on the principles that continue to guide our business.

Kelvin Dushnisky: Thanks, Mike, and good morning. Well, you have now heard the great news out of Mali. Before Mike and the team review that and the quarter in detail, I would like to take a few minutes to provide a broader perspective on the principles that continue to guide our business. Before doing so, I would like to acknowledge three important leadership milestones. First, on behalf of the board, I want to thank Clive Johnson for his extraordinary contribution to B2Gold. From founding the company to building it into the international gold producer it is today, Clive's leadership, vision, and determination have been instrumental. While he stepped down as Chief Executive Officer, we are very pleased that he will continue to support the company as Chair Emeritus, and we look forward to benefiting from his experience and insight. I also want to speak to Mike Cinnamond's appointment as Chief Executive Officer.

Speaker #3: Before doing so, I'd like to highlight some milestones. First, on behalf of the board, I want to thank Clive Johnson for his extraordinary contribution to B2Gold.

Speaker #3: From founding the company, to building it into the international gold producer it is today, Clive's leadership, vision, and determination have been instrumental. And while he stepped down as chief executive officer, we're very pleased that he'll continue to support the company, as chair emeritus, and we look forward to benefiting from his experience and insight.

Speaker #3: I also want to speak to Mike Cinnamond's appointment as chief executive officer. The board and I have tremendous confidence in Mike and the leadership team.

Kelvin Dushnisky: The board and I have tremendous confidence in Mike and the leadership team. This transition represents continuity more than a change in direction. Mike has been deeply involved in the execution of our strategy and the development of our business over many years. We believe the company is in very capable hands, and we are excited about the leadership he will provide in the next chapter of B2Gold's evolution. This is also why we are pleased that Michael McDonald has accepted the role of Chief Financial Officer. Michael has consistently stood out for his performance and acumen and had already begun the transition in the finance team with a view to succeeding Mike.

Speaker #3: This transition represents continuity more than a change in direction. Mike has been deeply involved in the execution of our strategy and the development of our business over many years.

Speaker #3: We believe the company is in very capable hands, and we're excited about the leadership he'll provide in the next chapter of B2GOLD's evolution. And this is also why we're pleased that Michael McDonald has accepted the role of chief financial officer.

Speaker #3: Michael has consistently stood out for his performance and acumen and had already begun the transition into finance team, with a view to succeeding Mike.

Speaker #3: From the board's perspective, we couldn't be more comfortable with Michael in the role and with his ability to continue to collaborate closely with Mike, who understands the B2GOLD CFO function better than anyone from his many years in the role.

Kelvin Dushnisky: From the board's perspective, we could not be more comfortable with Michael in the role and with his ability to continue to collaborate closely with Mike, who understands the B2Gold CFO function better than anyone from his many years in the role. Our approach remains straightforward. We focused on delivering on the commitments we make. Our strategy has never been about chasing short-term opportunities or reacting to market cycles. For my part, I look very forward to working even more closely with Mike and the management team with a focus on disciplined execution and delivering value. In that respect, it is important to acknowledge that our recent share price performance has not met the standards we set for ourselves or the expectations of our shareholders.

Speaker #3: Our approach remains straightforward. We focus on delivering on the commitments we make. Our strategy has never been about chasing short-term opportunities or reacting to market cycles.

Speaker #3: For my part, I look very forward to working even more closely with Mike and the management team with a focus on disciplined execution and delivering value.

Speaker #3: In that respect, it's important to acknowledge that our recent share price performance has not met the standards we set for ourselves or the expectations of our shareholders.

Speaker #3: While we assets and people, this is a great team. We understand that shareholders are focused on results, and they have every right to. The board and management are fully focused on the work required to deliver the performance expected of us.

Kelvin Dushnisky: While we believe very strongly in the quality of our assets and people, this is a great team, we understand that shareholders are focused on results, they have every right to. The board and management are fully focused on the work required to deliver the performance expected of us. Our operational culture remains the foundation of how we'll get there. Over the years, we've established credibility with our shareholders, host countries, employees, and local communities by setting clear objectives and working diligently to achieve them. We are operators first with a disciplined focus on safety, execution, continuous improvement, and creating value to the assets we own and operate. We also believe in reinvesting in our business to create long-term value, whether it's sustaining our existing operations, investing in exploration, or advancing high-quality development projects.

Speaker #3: Our operational culture remains the foundation of how we'll get there. Over the years, we've established credibility with our shareholders, host countries, employees, and local communities by setting clear objectives and working diligently to achieve them.

Speaker #3: We are operators first, with a discipline focus on safety, execution, continuous improvement, and creating value through the assets we own and operate. We also believe in reinvesting in our business to create long-term value.

Speaker #3: Whether it's sustaining our existing operations investing in exploration, or advancing high-quality development projects, at the same time, we recognize that strong cash generation must translate into meaningful returns.

Kelvin Dushnisky: At the same time, we recognize that strong cash generation must translate into meaningful returns, maintaining a balanced approach between investing in future growth and returning capital to shareholders. We recognize that our success is closely tied to the countries and communities where we operate. Being a preferred partner means more than operating safely and responsibly. It means working alongside our host governments and communities to create lasting benefits. I think today's announcement from Mali underscores this point. Looking across our portfolio, we continue to see the benefits of this consistent approach. Our focus is on executing reliably, delivering on our commitments, and generating the confidence that has always been earned through hard work and performance. With that, I'll turn the call over to Mike and the management team to discuss the Q2 results. Thank you.

Speaker #3: Maintaining a balanced approach between investing in future growth and returning capital to shareholders. We recognize that our success is closely tied to the country's and communities where we operate.

Speaker #3: Being a preferred partner means more than operating safely and responsibly. It means working alongside our host governments and communities to create lasting benefits. I think today's announcement from Mali underscores this point.

Speaker #3: Looking across our portfolio, we continue to see the benefits of this consistent approach. Our focus is on executing reliably, delivering on our commitments, and generating the confidence that has always been earned through hard work and performance.

Speaker #3: And with that, I'll turn the call over to Mike and the management team to discuss the second quarter results. Thank you.

Speaker #2: Thank you, Kelvin. The second quarter was an important one for B2Gold. We delivered consolidated gold production of approximately 204,000 ounces, in line with expectations.

Mike Cinnamond: Thank you, Kelvin. Q2, it was an important one for B2Gold. We delivered consolidated gold production of approximately 204,000 ounces, in line with expectations, and in particular with strong operating performances from Fekola, Masbate, and Otjikoto mines. While Goose production was impacted by the crusher fire in April, as previously announced, the team there responded exceptionally well, and repairs continue to progress now according to plan. Our other key area of execution focus for 2026 is bringing Fekola Regional online. We had recent meetings in Bamako with Mali state officials, and they had confirmed that there were no remaining obstacles to the approval of the Menankoto exploitation permit, as all the required steps in the approval process had been completed and validated by their different ministries. Now, as you've heard, the permit has been granted by the Council of Ministers in Mali.

Speaker #2: And in particular, with strong operating performances from Fukuhola. Ms. Batty and Ojikoda Mines. And while goose production was impacted by the crusher fire in April, as previously announced, the team there responded exceptionally well and repairs continued to progress now according to plan.

Speaker #2: Our other key area of execution focus for 2026 is bringing Fukuhola regional online. And we had recent meetings in Bamako with Mali state officials and they had confirmed that there were no remaining obstacles.

Speaker #2: To the approval of the Maninko to Exploitation Permit. As all the required steps and the approval process had been completed and validated by their different ministries.

Speaker #2: And now, as you've heard, the permit has been granted by the Council of Ministers in Mali. So the issuance of this permit, Maninko to Exploitation Permit by the state, of Mali allows us to move forward now in one of B2GOLD's most important near-term growth opportunities.

Mike Cinnamond: The issuance of this permit, Menankoto exploitation permit, by the state of Mali allows us to move forward now on one of B2Gold's most important near-term growth opportunities. Mining pre-stripping activities can now commence. Fekola Regional is expected to ramp up operations through the end of 2027 and to produce somewhere in excess of 150,000 ounces a year from 2028 onwards through the mid-2030s. Beyond Mali, we continue to strengthen our portfolio and balance sheet during the quarter. We completed the sale of our 70% interest in Fingold to Agnico Eagle for $325 million. We repurchased 19 million shares under our renewed NCIB for $92 million and completed the final deliveries into our gold prepaid contracts, which Mike will talk about a little more in a minute.

Speaker #2: Mining pre-stripping activities can now commence. Fukuhola regional is expected to ramp up operations through the end of 2027 and to produce somewhere in excess of 150,000 ounces a year, from 2028 onwards through the mid-2030s.

Speaker #2: Then beyond Mali, we continue to strengthen our portfolio and balance sheet during the quarter. We completed the sale of our 70% interest in FINGOLD to Igniku Eagle.

Speaker #2: For $325 million, we repurchased 19 million shares under our renewed NCIB for $92 million, and completed the final deliveries into our gold prepay contracts, which Mike will talk about a little more in a minute.

Speaker #2: So, while the second quarter reflected some temporary pressures on free cash flow from taxes, prepay deliveries, and elevated production costs, those headwinds are definitely expected to moderate.

Mike Cinnamond: While the Q2 reflected some temporary pressures on free cash flow from taxes, prepaid deliveries, and elevated production costs, those headwinds are definitely expected to moderate. With the gold prepaid deliveries now behind us and all remaining gold sales now exposed to spot prices, we expect a meaningful improvement in free cash flow generation as we go forward. With that, I'll turn the call over to Michael McDonald for a discussion on our financial results for the Q2.

Speaker #2: And with the gold prepay deliveries now behind us, and all remaining gold sales now exposed to spot prices, we expect a meaningful improvement in free cash flow generation as we go forward.

Speaker #2: So with that, I'll turn the call over to Michael McDonald for a discussion on our financial results for the second quarter.

Speaker #3: Thank you, Mike. Second quarter financial results on a consolidated basis, finished in line with our expectations for the quarter. Outperformance at Fukuhola, Ms. Batty, and Ojikoda offset a tougher quarter for the goose mine as it ramped up milling operations following the previously reported fire at certain areas of the crushing circuit in April income attributable to shareholders was 417 million dollars in the second quarter, or 31 cents per share.

Michael McDonald: Thank you, Mike. Q2 financial results on a consolidated basis finished in line with our expectations for the Q2. Outperformance at Fekola, Masbate, and Otjikoto offset a tougher Q2 for the Goose Mine as it ramped up milling operations following the previously reported fire in certain areas of the crushing circuit in April 2026. Net income attributable to shareholders was $417 million in the Q2, or $0.31 per share, benefiting from the gain on the sale of our Finland properties, combined with unrealized gains on derivatives. After backing those gains and other non-recurring adjustments out, our adjusted net income attributable to shareholders was $41 million, or $0.03 per share. It's important to note that our adjusted net income figures included approximately $71 million of realized losses related to our gold collar contracts during the Q2.

Speaker #3: Benefiting from the gain on the sale of our Finland properties combined with unrealized gains on derivatives. After backing those gains and other non-recurring adjustments out, our adjusted net income attributable to shareholders was 41 million dollars, or 3 cents per share.

Speaker #3: It's important to note that our adjusted net income figures included approximately $71 million of realized losses related to our gold collar contracts during the quarter.

Speaker #3: Without that impact, adjusted net income per share would have been just over 8 cents per share. The gold collar contracts conclude in December of this year and B2GOLD will go into 2027 completely unencumbered from gold prepayment and gold collar contracts.

Michael McDonald: Without that impact, adjusted net income per share would have been just over $0.08 per share. The gold collar contracts conclude in December of this year, and B2Gold will go into 2027 completely unencumbered from gold prepayment and gold collar contracts. Operating cash flow before working capital adjustments was $94 million during the Q2. Assuming current gold prices remain, operating cash flow is anticipated to rise significantly into H2 2026 when compared to the Q2, primarily due to the completion of the gold prepaid contracts that finished in June 2026. Free cash flow was $-258 million during the Q2, in line with expectations when we released our guidance at the start of 2026.

Speaker #3: Operating cash flow before working capital adjustments was 94 million dollars during the second quarter. Assuming current gold prices remain, operating cash flow is anticipated to rise significantly into the second half of 2026 when compared to the second quarter.

Speaker #3: Primarily due to the completion of the gold prepay contracts that finished in June 2026. Free cash flow was negative 258 million during the quarter in line with expectations when we released our guidance at the start of 2026.

Speaker #3: Free cash flow was impacted primarily due to elevated cash tax payments including the priority dividend payment to the state of Mali related to their 20% ownership of Fukuhola plus the impact of the gold prepay contracts which affected just over 30% of ounces sold during the quarter.

Michael McDonald: Free cash flow was impacted primarily due to elevated cash tax payments, including the priority dividend payment to the state of Mali related to their 20% ownership of Fekola, plus the impact of the gold prepaid contracts, which affected just over 30% of ounces sold during the Q2. On cash tax payments, the amount we paid in the Q2 2026 was just under 45% of what we anticipate paying for cash taxes in all of 2026. You will see the cash tax number moderate in the Q3 and Q4 when compared to the Q2. The negative free cash flow number also does not include the $325 million of cash proceeds received from the sale of our Finnish properties during the Q2. Despite that, our balance sheet remains very strong.

Speaker #3: On cash tax payments, the amount we paid in the second quarter of 2026 was just under 45% of what we anticipate paying for cash taxes in all of 2026.

Speaker #3: So you will see the cash tax number moderate in the third and fourth quarters when compared to the second quarter. The negative free cash flow number also does not include the 325 million of cash proceeds received from the sale of our finished properties during the quarter.

Speaker #3: Despite that, our balance sheet remains very strong. At quarter end, we held 287 million dollars in cash and cash equivalents and had working capital of 405 million.

Michael McDonald: At quarter end, we held $287 million in cash and cash equivalents and had working capital of $405 million. We are in a very strong financial position that will only get stronger over the coming quarters at these gold prices. Finally, we also continue to return capital to shareholders through our normal course issuer bid and common share dividends. Year to date in 2026, we have now repurchased approximately 35 million shares for a total of $172 million. On top of that, in H1 of the year, we paid out $52 million in dividends. Combined, that brings total shareholder returns in Q1 and Q2 of 2026 to $224 million, which is over 4% of our current market cap. Those numbers are in spite of the impact of the gold prepayment contracts and the gold collar contracts.

Speaker #3: We are in a very strong financial position that will only get stronger over the coming quarters at these gold prices. Finally, we also continue to return capital to shareholders through our normal course issuer bid and common share dividends.

Speaker #3: Year to date in 2026, we have now repurchased approximately 35 million shares for a total of $172 million. On top of that, in the first half of the year, we paid out $52 million in dividends.

Speaker #3: Combined, that brings total shareholder returns in the first two quarters of 2026 to 224 million, which is over 4% of our current market cap.

Speaker #3: Those numbers are in spite of the impact of the gold prepayment contracts and the gold collar contracts. As we finish out 2026 and enter 2027, completely unencumbered by those two financial instruments, we anticipate free cash flow to rise dramatically at current gold prices, which should allow for increased shareholder returns as well.

Michael McDonald: As we finish out 2026 and enter 2027 completely unencumbered by those two financial instruments, we anticipate free cash flow to rise dramatically at current gold prices and should allow for increased shareholder returns as well. With that, I'll turn the call over to Bill for an operational update.

Speaker #3: With that, I'll turn the call over to Bill for an operational update.

Speaker #2: Thank you, Michael. From an operating perspective, the quarter was largely in line with expectations. Consolidated production totaled approximately 204,000 ounces, Fukuhola, Masbati, and Ojikoda all exceeded expectations and demonstrated the consistency and reliability that investors have come to expect from those assets.

William Lytle: Thank you, Michael. From an operating perspective, the quarter was largely in line with expectations. Consolidated production totaled approximately 204,000 ounces. Fekola, Masbate, and Otjikoto all exceeded expectations and demonstrated the consistency and reliability that investors have come to expect from those assets. At Fekola, operations continued to perform well, and our focus remained on the efficient operations of the Fekola and Cardinal pits while preparing for the commencement of mining at the Fekola Regional. With the issuance of the Menankoto Exploitation Permit, we now have a clear path forward for the development of Fekola Regional. Just to think about that, remember, we had previously received approval and constructed and prepared all the site infrastructure and all the roads, started the pre-stripping, and have hired all the necessary staff to begin mining.

Speaker #2: At Fukuhola, operations continued to perform well and our focus remained on the efficient operations of the Fukuhola and Cardinal Pits, while preparing for the commencement of mining at the Fukuhola Regional.

Speaker #2: With the issuance of the Menenkoto Exploitation Permit, we now have a clear path forward for the development of Fukuhola Regional and just to think about that, remember we had previously received approval and constructed and prepared all the site infrastructure and all the roads started the pre-stripping and have hired all the necessary staff to begin mining.

Speaker #2: At Goose, the crusher fire in April affected production during the quarter. Safety remains our highest priority and I'm pleased with the team's response to the event.

William Lytle: At Goose, the crusher fire in April affected production during the quarter. Safety remains our highest priority, and I'm pleased with the team's response to the event. Repair work and remediation activities are progressing as planned, with remediation and phase I of the crusher upgrades expected to be completed by the end of Q3. In the interim, an additional mobile crusher has been sourced and was delivered to the site in July. We expect it to be operational in early August. The crushing capacity of the new mobile crusher, in combination with existing crushers already on-site, is anticipated to be in excess of 3,000 tons per day. Masbate and Otjikoto both delivered another strong quarter of operations exceeding expectations, with solid operating performance at both sites expected to continue throughout the remainder of the year. The company has increased the production guidance for these operations.

Speaker #2: Repair work and remediation activities are progressing as planned with remediation in phase one of the crusher upgrades expected to be completed by the end of the third quarter.

Speaker #2: In the interim, an additional mobile crusher has been sourced and was delivered to the site in July. We expect it to be operational in early August.

Speaker #2: The crushing capacity of the new mobile crusher in combination with the existing crushers already on site is anticipated to be in excess of 3,000 tons per day.

Speaker #2: Masbati and Ojikoda

Speaker #1: Both delivered another strong quarter of operations , exceeding expectations with solid operating performance at both sites expected to continue throughout the remainder of the year .

Speaker #1: The company has increased the production guidance for these operations as a result of year-to-date operating performance, and our updated outlook for the remainder of the year.

William Lytle: As a result of year-to-date operating performance and our updated outlook for the remainder of the year, we have narrowed our guidance range across the portfolio. We now expect consolidated gold production of between 820,000 and 920,000 ounces in 2026. The largest change relates to Fekola Regional. Based on the delays in issuance of the Menankoto Exploitation Permit, as well as narrowing of the production range at the Goose Mine as a result of the fire which occurred in certain areas of the crushing circuit in April 2024. These changes are partially offset by the previously mentioned guidance increase in both Masbate and Otjikoto. Importantly, our consolidated cash operating cost guidance remains unchanged between $1,155 and 1,280 per ounce produced.

Speaker #1: We have narrowed our guidance range across the portfolio . We now expect consolidated gold production of between 820,000 and 920,000oz in 2026 . The largest change relates to regional .

Speaker #1: Based on the delays in issuance of the medical exploitation permit , as well as narrowing of the production range at the mine as a result of the fire , which occurred in certain areas of the crushing circuit in April this year .

Speaker #1: These changes are partially offset by the previously mentioned guidance increase in both Body and Oshikoto. Importantly, our consolidated cash operating cost guidance remains unchanged, between $1,155 and $1,280 per ounce produced.

Speaker #1: We have also lowered our all in sustaining cost guidance range to between $2,370 and $2,550 per ounce sold , and currently expect full year results to be at or below the low end of that range .

William Lytle: We have also lowered our All-In Sustaining Cost guidance range to between $2,370 and 2,550 per ounce sold, and currently expect full year results to be at or below the low end of that range. Overall, we remain confident in our operating outlook and are focused on delivering a strong H2. With that, I'll now turn the call back over to Mike Cinnamond.

Speaker #1: Overall , we remain confident in our operating outlook and are focused on delivering a strong second half of the year . With that , I'll now turn the call back over to Mike cinnamon .

Speaker #2: Thanks , Bill . Thanks , everyone for the overview of the quarter . Obviously pleased with the results and pleased with how we look as we look forward for the balance of this year and obviously receipt of the permit this morning is is a is a great step forward for us .

Mike Cinnamond: Thanks, Bill. Thanks, everyone, for the overview of the quarter. We're obviously pleased with the results and pleased with how we look as we look forward for the balance of 2024. Obviously, receipt of the Menankoto permit this morning is a great step forward for us. We said there were two key things we were going to execute on 2024. One was to move Fekola Regional forward, so now we're well-positioned to do that. Start moving ahead there. The second piece that we said was key was for us to get our remediation, fire damage repair work done, and remediation work done at Goose on the crushing plant, so that we can bring ourselves up to steady state, around about 300,000 ounces a year by mid-2027.

Speaker #2: We'd said there were two key things we were going to execute on this year One was to move for Cola regional forward . So now we're well positioned to do that .

Speaker #2: We can start moving ahead there . And then the second piece that we said was key was for us to get our remediation fire damage repair work done .

Speaker #2: And remediation work done at goose on the crushing plant so that we can bring ourselves up to steady state around about 300,000oz a year by mid 27 .

Speaker #2: So I think you've seen in the materials we released that we've got a good plan for that now , and that plan is well underway .

Mike Cinnamond: I think you've seen in the materials we've released that we've got a good plan for that now, and that plan is well underway. With that and those comments, I would open it up for questions.

Speaker #2: So with that , those comments , I would open it up for questions

Speaker #3: We will now begin the analyst question and answer session. To join the question queue, you may press star, then one, on your telephone keypad.

Operator 3: We will now begin the analyst question and answer session. To join the question queue, you may press star then one on your telephone keypad. You will hear a tone acknowledging your request. If you're using a speakerphone, please pick up your handset before pressing any keys. To withdraw your question, please press star then two. The first question comes from Wayne Lam with TD Securities. Please go ahead.

Speaker #3: You will hear a tone acknowledging your request . If you're using a speakerphone , please pick up your handset before pressing any keys To withdraw your question , please press star then two .

Speaker #3: The first question comes from Mainland with TD Securities. Please go ahead.

Speaker #4: Yeah . Thanks . Good morning guys . And congratulations on a momentous milestone . Maybe maybe a would you be able to just provide a bit more detail on kind of what changed with the most recent discussions in country ?

Wayne Lam: Yeah, thanks, morning, guys, and congratulations on a momentous milestone. At Fekola, would you be able to just provide a bit more detail on what changed with the most recent discussions in country, and has anything changed in the relationship in country that prompted the issuance of the permits now?

Speaker #4: And has anything changed on the relationship in country that prompted the issuance of the permits ? Now

Speaker #2: , I can comment on that . I mean , we've had several visits in the last few months , and to see the ministries , and I think the message was very consistent over the piece .

Mike Cinnamond: I can comment on that. I mean, we've had several visits in the last few months to see the ministries, and I think the message was very consistent. Over the piece, they put the new mining code in place. The agreements with each of the operating mining companies were negotiated, they would put some new layers of governance over how they oversee the whole mining activity in the country. That included, most recently, creating the new mining commission that we talked about earlier this year. Those layers of governance, they've also created a state mining company, SOPAMIM, that oversees the interest of the stakeholders.

Speaker #2: You know , they put the new mining code in place and they , they , the , the agreements with each of the operating mining companies were negotiated .

Speaker #2: And then they would put some new layers of governance over how they oversee the whole , the whole mining activity in the country , you know , and that included most recently creating the new Mining commission that we talked about earlier this year .

Speaker #2: And so those layers of governance , they've also created a state mining companies . So that that oversees the interest of the stakeholders .

Speaker #2: So I think the consistent message to us over the last couple of visits , you know , that certainly this year was that that the state's been working hard just to to harmonize how each of these ministries interacts .

Mike Cinnamond: I think the consistent message to us over the last couple of visits that certainly this year was that the state's been working hard just to harmonize how each of these ministries interacts, who's responsible for which pieces of the 2023 mining code as it relates to the operating companies, and obviously the mining commission that oversees it on an overall basis. I think the message we got most recently when we traveled there was they've now harmonized a lot. They're comfortable that they got the right structures set up, and they're ready to move forward. We were, in some ways, the guinea pig, the first major new permit to be granted under the 2023 mining code. It took some patience on both sides, ourselves and the state, to get there, but as you can see, we're now there.

Speaker #2: Who's responsible for which pieces of , of , of the 23 mining code ? As it relates to the operating companies . And then obviously the mining Commission that oversees the on an overall basis .

Speaker #2: So I think the message we got most recently when we traveled there was they've now harmonized all that, they're comfortable with that, they've got the right structures set up, and they're ready to move forward.

Speaker #2: And so we we were in some ways the guinea pig , the first major new permit to be granted under the 2023 Mining code .

Speaker #2: And so it took it took some patients on both sides , ourselves in the state , to get there . But as you can see , we're now there .

Speaker #2: So that's—that's how I'd characterize it.

Mike Cinnamond: That's how I'd characterize it.

Speaker #4: Okay . That's great . And then and then maybe just what's the timeline from here in terms of , you know , stripping and mobilizing and getting into or at regional , the guidance at the start of the year was about 80,000oz contribution .

Wayne Lam: Okay, that's great. Then maybe just what's the timeline from here in terms of, you know, stripping and mobilizing and getting to ore at Regional? The guidance at the start of the year was about 80,000 ounces contribution, given the permits at end of Q1, and stripping through Q2. Should we just take that guidance and shift that forward? Just wondering how to think about the coming months and the ramp up to the 150,000 ounce run rate.

Speaker #4: Given the permits at the end of Q1 and stripping through Q2 . So should we just take that guidance and shift that forward ?

Speaker #4: Just wondering how to think about the coming months and the ramp-up to the 150,000-ounce run rate?

Speaker #2: Yeah , I think we'll give some guidance for 27 when we do the budgets , how we see it ramping up . But I think I think the way to look at this year is we'll get in there .

Mike Cinnamond: Yeah. I think we'll give some guidance for 2027 when we do the budgets, how we see it ramping up. I think the way to look at this year is we'll get in there now in fairly short order, and we can start.

Speaker #2: Now and fairly short order , and we can start stripping and that'll take us a few months . So really , you know , we'll take us to basically the end of this year , I think to get up and running .

William Lytle: Pre-stripping. That'll take us a few months. Really, it'll take us till basically the end of this year, I think, to get up and running. There's potential for some production near the end of the year, but I think, to look at it in a balanced view, just I think we'll assume that we strip this year and then we'll ramp up next year through 2027. With a goal of being ready by the end of 2027 to be producing at a rate of 150,000 ounces a year from Regional.

Speaker #2: I mean , there's potential for some production near the end of the year , but I think , you know , to , to look at it in a balanced view , just I think we'll assume that we stripped this year and then we'll ramp up next year through 27 with the goal of being ready by the end of 27 to to be producing at a rate of 150,000oz a year from regional

Speaker #4: Okay , great . Thanks . And then maybe just last one at back River . Can you just walk us through some of the challenges with the mobile crushers and what the ramp up in tonnage looks like through the year , particularly through Q3 ?

Wayne Lam: Okay. Great. Thanks. Maybe just last one at Back River. Can you just walk us through some of the challenges with the mobile crushers and what the ramp-up in tonnage looks like through the year, particularly through Q3. Should we still expect relatively low tonnage until you're able to bring the newest mobile crusher online this month? I guess on the mining front, are we expecting a step change in grades as well through the balance of the year?

Speaker #4: Should we still expect relatively low tonnage until you're able to bring the newest mobile crusher online, this month? And then, I guess on the mining front, are we expecting a step change in grades as well through the balance of the year?

Speaker #2: I'll one over to Bill

Mike Cinnamond: I'll pass this one over to Bill.

Speaker #1: Okay . A few questions there . So I'm on the crusher ramp up what we're really talking about through Q3 and Q4 is in excess of 3000 tonnes per day .

William Lytle: Okay. Yeah. A few questions there. On the crusher ramp-ups, what we're really talking about through Q3 and Q4 is in excess of 3,000 tonnes per day. On the grade, I don't think you're going to continue to see the increase in grade. I think you'll see it drop back to kind of what we had forecasted before. Primarily because we're in the process right now of creating stockpiles, basically going into 2027.

Speaker #1: And then on the grade , I don't think you're going to continue to see the the increased ramp increase in grade . I think you'll see it drop back to kind of what we had forecasted before , primarily because we're in the process right now of creating stockpiles , basically going into 2027 .

Speaker #4: Okay , great . Thanks for the detail and congratulations on a pretty big milestone

Wayne Lam: Okay, great. Thanks for the detail and congratulations on a pretty big milestone.

Speaker #3: The next question comes from Fahad Tariq with Jefferies . Please go ahead .

Operator 3: The next question comes from Fahad Tariq with Jefferies. Please go ahead.

Speaker #5: Hi . Thanks for taking my questions . Just on the revised guidance for 2026 , did that factor in getting the permit ? I guess , today ?

Fahad Tariq: Hi. Thanks for taking my questions. Just on the Fekola revised guidance for 2026, did that factor in getting the permit, I guess, today? Is there upside to the guidance? I guess that's what I'm asking.

Speaker #5: I mean , or is there upside to the guidance ? I guess that's what I'm asking

Speaker #2: Don't I take that one ? Michael .

Mike Cinnamond: Do you want to take that one, Michael?

Speaker #6: Yeah, no, I think the best way to think about it is that we're comfortable whether there is some minor production at the end of the year, or if that officially starts in 2027.

Michael McDonald: Yeah. No, I think the best way to think about it is that we're comfortable whether there is some minor production at the end of the year or if that officially starts in 2027. We're comfortable with that range that we put out of 390 to 420. I would say just think about it as the complex will fall within that range. Whether or not we get a small amount near the end of the year, it won't affect the numbers materially either way.

Speaker #6: We're comfortable with that range that we put out of 390 to 420 . So I would say just think about it as the complex .

Speaker #6: We'll fall within that range, and whether or not we get a small amount near the end of the year, it won't affect the numbers materially.

Speaker #6: Either way .

Speaker #5: Okay , great . And then just switching gears to goose , the new mobile crusher says it would be operational . I guess .

Fahad Tariq: Okay, great. Just switching gears to Goose. The new mobile crusher said it would be operational, I guess now in early August. Can you just tell us if it is operational? Just remind us, what is the difference between this mobile crusher and the previous one in terms of any different technical specifications?

Speaker #5: Now in early August . Can you just say , just tell us if that's been if it is operational and just remind us like , what is the difference between this mobile crusher and the previous one in terms of any different technical specifications

Speaker #2: Over to you, Bill.

Mike Cinnamond: Over to you, Bill.

Speaker #1: Yeah . So the first part is we are we are commissioning even as we speak . There is a site on team commissioning .

William Lytle: Yeah. The first part is we are commissioning even as we speak. There is a site team commissioning. We think in very short order, we'll be up to our main plate run rate. The difference is really that this is just a bigger Metso mobile crusher, very similar to what we had on site before. Basically, we've kind of twinned what we've got going on there. We just have more horsepower.

Speaker #1: So we think in very short or very short order , we'll be up to our , our nameplate run rate . The difference is really that this is this is just a bigger metal mobile crusher , very similar to what we had on site before .

Speaker #1: So basically we kind of , we've kind of twinned what we've got going on there . We just have more horsepower

Speaker #5: Okay, got it. And then, going into '27, is there an expectation that these mobile crushers would still be used, or would there just be redundancy?

Fahad Tariq: Okay. Got it. Going into 2027, is there an expectation that these mobile crushers would still be used, or would they just be redundant?

William Lytle: Good operational question. The answer is certainly in H1, the mobile crushers are going to be necessary as we ramp up phase two of the repairs for the Goose site. After that, there is some discussion on whether or not you would use it as backup or would we in fact then, supercharge some of our regional civil work that we have ongoing.

Speaker #1: I good operational question . So the answer is certainly in the first half of the year , the mobile crushers are going to be necessary as we as we ramp up phase two of the of the repairs for the for the goose site .

Speaker #1: And then after that , there is some discussion on whether or not you would use it as backup or would we in fact , then supercharge some of our regional civil work that we have ongoing

Speaker #5: Got it . Great . Thank you so much . Congrats on the permit

Fahad Tariq: Got it. Great. Thank you so much. Congrats on the permit.

Speaker #3: The next question comes from with Scotiabank . Please go ahead .

Operator 3: The next question comes from Ovais Habib with Scotiabank. Please go ahead.

Speaker #4: Thanks . Operator .

Mike Cinnamond: Thanks, operator. Hi, Michael and B2Gold team. Absolutely. Congrats on the Fekola permit. This is a huge achievement, so congrats to the entire team. A lot of my questions have been answered, specifically to the Fekola kind of Fekola ramp-up, as well as the Goose crusher. Just on the Fekola side and the Regional side. Obviously, there's some decent mineralization that was already delineated on the Anaconda areas. Is there other more or more potential in terms of looking at additional satellite pits around the area? Is there a plan now that you have the permit to start some sort of an exploration program in that area as well? Any sort of color on that'd be great. A couple initial comments there. We do have some exploration work planned on Regional for this year.

Speaker #7: Hi , Michael and Gold team . Yeah , absolutely . Congrats on the permit . This is a huge achievement . So congrats to the entire team .

Speaker #7: A lot of my questions have been answered specifically to the Nikola kind of ramp up , as well as the crusher . But just just on the side and the regional side .

Speaker #7: Obviously , you know , there's , there's some decent mineralization that was already delineated on the on the snakes areas . Is there other more or more potential in terms of , you know , looking at additional satellite pits around the area ?

Speaker #7: Is there a plan now that you have the permit to start some sort of an exploration program in that area as well ? Any sort of color on that ?

Speaker #7: That would be great

Speaker #2: So I can make a couple of initial comments. We do have some exploration work planned on regional for this year. You'll see us.

Mike Cinnamond: You'll see us, we're just commencing that now actually, just because rainy season's just finished. We will be doing some additional work. I think there's definitely potential for more work to be done there, right? We have developed plans based on what we know is there already. In terms of any additional pits, I think we will be able to give some more guidance later this year as to how we see Regional rolling out over the next year. Okay. Thanks for that, Michael. Just in terms of looking at Goose again, just in terms of more towards the underground build, kind of how are things progressing on the underground side in terms of mining rates, in terms of just equipment that's already in place? Are you comfortable with how things are progressing? What more do we need to see, in terms of ramping that up?

Speaker #2: We're just commencing that now, actually, just because the rainy season has just finished. So we will be doing some additional work.

Speaker #2: I mean , I think there's definitely potential for more work to be done there , right ? We but we have developed plans based on what we know is there already .

Speaker #2: So in terms of any additional pits , I think we'll be able to give some more guidance later this year as to how we see regional rolling out over the next year .

Speaker #7: Okay . Thanks for that , Michael . And and just in terms of , you know , looking at goose again , just in terms of more towards the underground bill , kind of how are things progressing on underground side in mining rates , in terms of just equipment That's already in place ?

Speaker #7: Are you comfortable with how things are progressing ? What more do we need to see in terms of , you know , ramping that up ?

Speaker #1: Now, always a great question. We are comfortable, for sure, in what we're seeing. We had projected that we had to get up to 12 million per day of development.

William Lytle: No, Ovais. Great question. We are comfortable for sure in what we're seeing. We had projected that we had to get up to 12 meters per day of development. We're currently at just over 11. We don't see any real issues. Things are coming along very well.

Speaker #1: We're currently at just over 11 . So we don't see any real issues that things are coming along very well .

Speaker #7: Okay , thanks for that , Bill , and congrats again on the permit . That's it for me , guys .

Ovais Habib: Okay. Thanks for that, Bill. Appreciate that. Congrats again on the Fekola permit. That's it from me, guys.

Speaker #2: Thanks so much . Thank you

Mike Cinnamond: Thanks, Ovais.

Speaker #3: The next question comes from Lawson Render with Bank of America . Please go ahead .

Operator 3: The next question comes from Lawson Winder with Bank of America. Please go ahead.

Speaker #8: Thank you . Operator . Hello , Mike . Michael and Bill , thank you for today's update . And yeah , absolute congratulations on getting the permit sorted out in in Mali .

Lawson Winder: Thank you, operator, hello, Mike, Michael, and Bill. Thank you for today's update, and absolute congratulations on getting the permit sorted out in Mali. Just looking into 2027 and thinking about gold production that year with the moving parts around grades and volumes from Fekola and Cardinal open pits, from the Fekola underground, and now regional ramping up, directionally, versus 2026, it would seem we would be going higher from the current range of 390 to 420. Could you maybe talk around some of the moving parts and just give us a sense of directionally where we should be thinking about Fekola production for 2027?

Speaker #8: Just looking into 2027 and thinking about gold production that year, with the moving parts around grades and volumes from Cardinal, open pits, and from the underground.

Speaker #8: And now regional ramping up , I mean , directionally versus 2026 , it would seem . We would be going higher from the current range of 390 to 420 , but could you maybe talk around some of the moving parts and just give us a sense of directionally where we should be thinking about production for 2027 ?

Speaker #2: Michael , do you want to give us sort of overview ?

Mike Cinnamond: Michael, do you want to give a sort of overview?

Speaker #6: Yeah , yeah , I can , I can take that one . So I think for , for Kola complex , as you can imagine , you know , with the , the point in time here now where we've got the permit for the past few years , when you look at our guidance for the Kola complex in 24 and 25 , we performed very well in spite of at the start of each year , thinking that there would be some contribution from regional .

Michael McDonald: Yeah, I can take that one. I think for Fekola complex, as you can imagine with the point in time here now where we've got the permit for the past few years, when you look at our guidance for the Fekola complex in 2024 and 2025, we've performed very well in spite of at the start of each year thinking that there would be some contribution from regional. Now we've obviously got the permit and we'll begin activities there. Fekola still needs to go through the phase 8 stripping campaign, which it currently is in right now, and that really unlocks what's a very robust and productive few years for the Fekola main pit, and then you'll have regional ramped up and underground going as well. I think it's probably premature to speculate on 2027 yet.

Speaker #6: Now we've obviously got the permit and we'll begin activities there . But for . Kola still needs to go through the phase eight stripping campaign , which it currently is in right now , and that really unlocks what's a very robust and productive few years for the main pit .

Speaker #6: And then you'll have regional ramped up and underground going as well . But I think it's probably premature to speculate on 27 yet .

Speaker #6: You know , the team will work through in the budget process . Exactly what contribution we think we can get from each of the components .

Michael McDonald: The team will work through in the budget process exactly what contribution we think we can get from each of the components. I wouldn't bank that 2027 will be higher than 2026, just because we do need to get through the phase 8 stripping at Fekola. I think the other moving parts as you think about 2027, though, is Goose will have a significant ramp-up into 2027. On a consolidated basis, we absolutely think that there's every chance, as they go through the budget process, that we'll be higher in 2027 than 2026 as a company. Fekola, we still have some work to do, and we'll come out with more clarity on that with our guidance next year.

Speaker #6: But I wouldn't bank that. That 27 will be higher than 26, just because we do need to get through the Phase Eight stripping for Cola.

Speaker #6: I think the other moving parts , as you think about 27 though , is goose will have a significant ramp up into 27 .

Speaker #6: So, on a consolidated basis, we absolutely think that there's every chance, as they go through the budget process, that it will be higher in 2027 than 2026 as a company.

Speaker #6: But for now, we still have some work to do, and we'll come out with more clarity on that with our guidance next year.

Speaker #8: Yeah , thanks , Michael . And just thinking about the permits over the next call it three years . Are there any other additional permits needed in order to operate any of the the or to mine any of the deposits at and then in that same thought , maybe you could just address whether you would think going forward .

Lawson Winder: Yeah. Thanks, Michael. Just thinking about the permits, over the next, call it 3 years, are there any other additional permits needed in order to operate any of the, or to mine any of the deposits at Fekola? In that same thought, maybe you could just address whether you would think going forward now there's an understanding and the permitting process should be much more streamlined now at this point.

Speaker #8: Now, there's an understanding, and the permitting process should be much more streamlined now at this point.

Speaker #2: Maybe I'll pass this one over to Randall , I think . Yeah , I think the one permit that you would recognize that we're going to need to , to , to obtain would be the tournament .

Mike Cinnamond: Maybe I'll pass this one over to Randall, I think.

Randall Chatwin: Yeah, I think the one permit that you would recognize that we're going to need to obtain would be the Dandoko permit, that's a process that will start on the exploitation side probably later next year for 2028. Yes, agreed that the establishment of the governance that is in Mali now, we have full confidence that the process will be much smoother going forward.

Speaker #2: And that's a process that will start on the exploitation side probably later next year for 28 . But but yes , I agreed that that the , the establishment of the governance that is in Maui now , we have full confidence that the process will be much smoother going forward

Speaker #8: Okay . And then if I could just ask another on the sustaining CapEx . So if we just talk about the sustaining CapEx guidance in terms of millions , the original guidance from February was about 540 million between deferred stripping , underground development and maintenance , plus there's about 27 million for sustaining exploration .

Lawson Winder: Okay. If I could just ask another on the sustaining CapEx. If we just talk about the sustaining CapEx guidance in terms of millions, the original guidance from February was about $540 million between deferred stripping, underground development, and maintenance. Plus, there was about $27 million for sustaining exploration. Given that your all-in sustaining cost guidance is expected now to be lower than the original guide, what level of absolute sustaining CapEx would you advise we be modeling versus that original 540? Was there any change to the $27 million of sustaining exploration?

Speaker #8: So, given that your all-in sustaining cost guidance is expected now to be lower than the original guide, what level of absolute sustaining CapEx would you advise we be modeling versus that original $540?

Speaker #8: And was there any change to the $27 million of sustaining exploration?

Speaker #2: Yeah , I can .

Michael McDonald: Yeah, I can take that one. You've seen with some of our disclosure that basically all the sites outside of Goose are under where we expected they would be from a sustaining capital perspective. They need to get through the year, and sometimes the phenomenon that you see is that sites end up catching up, which we have disclosed we anticipate for their sustaining capital balance. It's been a good trend in the first six months of the year, there is a chance we could come in a bit lower on Fekola, Massan uti, and Ouacikoudo. For Goose, as you can appreciate with the impacts of the fire, sustaining capital will probably be higher than what we would have anticipated at the start of the year. It should overall net out to close to what we thought within your numbers at the start of the year.

Speaker #6: I can take that one . So you've seen with with some of our disclosure that , you know , basically all the sites outside of goose are under where we expected they would be from a sustaining capital perspective , you know , they need to get through the year .

Speaker #6: And sometimes the phenomenon that you see is that sites end up catching up , which we have disclosed . We anticipate further sustaining capital balance , but it's been a good trend in the first six months of the year .

Speaker #6: So there is a chance we could come in a bit lower on for Kola Must Body and Oshikoto for goose . As you can appreciate with the impacts of the fire sustaining capital will probably be higher than what we had anticipated at the start of the year .

Speaker #6: So it should . Overall net out to close to what we thought within your numbers at the start of the year

Speaker #8: Okay, great. Thank you.

Lawson Winder: Okay, great. Thank you.

Speaker #3: The next question comes from Josh Wilson with RBC . Please go ahead .

Operator 3: The next question comes from Josh Wolfson with RBC. Please go ahead.

Speaker #9: Yeah , thank you very much . I recognize you have had maybe an hour to go through a lot of the questions that we're asking on the numbers in 2027 .

Josh Wolfson: Yeah. Thank you very much. I recognize you had maybe an hour to go through a lot of the questions that we're asking on the numbers in 2027. I'll ask it in maybe a slightly different way. The grades for Fekola, based on the updated guidance, sort of look maybe the low ones. When we think about 2027 and that phase 8 stripping campaign that was discussed, should we expect the grades next year versus the back half of this year to be flat, or will they decline during that stripping campaign?

Speaker #9: I'll ask it maybe slightly different way . You know , the grades for for Kola , based on the updated guidance , sort of look , maybe the low ones , you know , when we think about 2027 and that phase eight stripping campaign , that was discussed , should we expect , you know , the grades next year versus the back half of this year to be flat ?

Speaker #9: Or will they decline during that stripping campaign?

Speaker #2: So, can I pass this one over to you on the expected grade for '27?

Mike Cinnamond: Bill, can I pass this one over to you on the Fekola expected grade for 2027?

Speaker #1: Yeah . Once again , you hit it right on the head . We're still kind of working through what we're going to be able to get in from the regional versus what we're going to be able to get in from , from Sacola proper .

William Lytle: Yeah. Once again, you hit it right on the head. We're still kind of working through what we're going to be able to get in from the regional versus what we're going to be able to get in from Fekola proper. I don't really want to comment on exactly what I think the grade is going to be for 2027.

Speaker #1: So, I don't really want to comment on exactly what I think the grade is going to be for 2027.

Josh Wolfson: Okay. I figured I'd ask anyways, we're all very excited. Just on the Fekola regional capital, it looks like you've spent roughly $40 million so far year to date. What should we think about the remaining capital requirements in the back half of this year and maybe for 2027 during ramp up?

Speaker #9: Okay . I figured I'd ask anyways , but we're all we're all very excited . And then just on the kola Regional capital , I mean , it looks like you've spent roughly $40 million so far year to date .

Speaker #9: What should we think about the remaining capital requirements in the back half of this year, and maybe for 2027 during ramp-up?

Speaker #6: Yeah , I can comment on the back half of the year . So what you'll see is , is clearly as we begin stripping , you'll see some deferred stripping capital that flows through in the back half of the year .

Michael McDonald: Yeah, I can comment on H2 of the year. What you'll see is clearly as we begin stripping, you'll see some deferred stripping capital that flows through in H2 of the year. I think you can kind of anticipate that what we did in H1 is representative of what will happen in H2. The H1 was more equipment purchases, where H2 will be more the deferred stripping capital to get down into the ore. I think for 2027, again, probably the answer is it's premature at this stage. I think as Bill and the team go through their budgeting process and we look at what contribution we can get from regional in 2027, then we'll have a better estimate of sustaining capital and growth capital for regional at that point.

Speaker #6: So, I think you can kind of anticipate that what we did in the first half is representative of what will happen in the second half.

Speaker #6: But the first half was more equipment purchases, and for the second half, it will be more the deferred stripping capital to get down into the ore.

Speaker #6: And then I think for 27 again , probably the answer is it's premature at this stage . I think as as Bill and the team go through their budgeting process and and we look at what contribution we can get from regional .

Speaker #6: In '27, then we'll have a better estimate of sustaining capital and growth capital for regional. At that point.

Josh Wolfson: Okay. Just on Goose, following up on one of the responses earlier about the Q3 grades not being maybe as high due to stockpiling, could you guys maybe discuss a bit more behind why that would be? I would think typically, if you were stockpiling, you would stockpile the lower grade material. Maybe is there something behind that in terms of what the strategy is into next year?

Speaker #9: And just on goose following up on one of the responses earlier about the third quarter grades not being maybe as high due to stockpiling , it could , could , could you guys maybe discuss a bit more behind why that would be ?

Speaker #9: I would think typically if you were stockpiling , you would stockpile the lower grade material , but , you know , maybe is there something behind that in terms of what the strategy is into next year ?

Speaker #1: Yeah . So the grade is going to be plus , you know , plus eight . So I , I guess when I , what I was thinking of when I answered the last time , you know , we kind of had , we over Q2 we had some very grade come through .

William Lytle: Yeah. The grade is going to be plus 8. I guess what I was thinking of when I answered the last time, over Q2, we had some very high grade come through. We are going to see plus 8 grams, and certainly we're going to be in line with what we had projected previously. When I was talking about stockpiling, for the mobile crusher, we want to make sure that as we get into the phase II ramp up, that we want to have material which will be able to carry us through Q1 and Q2. How do we get through the wintertime with the appropriate amount of material with the mobile crusher?

Speaker #1: So we are going to C plus eight grams . And certainly we're going to see in . We're going line with what we had projected previously , but what I when I was talking about stockpiling for the for the mobile crushers , you want to make sure that as we get into the phase two ramp up , that we want to have material which will be able to carry us through Q1 and Q2 .

Speaker #1: So , you know , how do we get through the winter with with the appropriate amount of material with the mobile crusher

Speaker #9: Great . Thank you very much

Josh Wolfson: Great. Thank you very much.

Speaker #2: Thanks , Josh

Mike Cinnamond: Thanks, Josh.

Speaker #3: The next question comes from Don DeMarco with National Bank Financial. Please go ahead.

Operator 3: The next question comes from Don DeMarco with National Bank Financial. Please go ahead.

Speaker #1: Thank you .

Don DeMarco: Thank you, operator. Good morning, and congratulations on the news of the permit. I'll start off with Fekola. How does Fekola fit into the company strategy? Given the delays on the permitting, there was some uncertainty, does the news of the award of the permits and your relationship with the state right now, does that restore Fekola as a cornerstone asset?

Speaker #10: Operator .

Speaker #1: .

Speaker #10: And good morning . And congratulations on the news of the permit . I'll start off with for Kola . So how does Forcola fit into the company's strategy ?

Speaker #10: I mean , given the delays on the permitting . There was some uncertainty . But does the news of the award of the permits and your relationship with the state right now , does that restore Forcola as a cornerstone asset ?

Mike Cinnamond: I would say, Don, Fekola always was a cornerstone asset. If you look at it's been a great asset for us over the years since we've operated, world-class mine. We've had great success there. It's run well through since we started it up through COVID, through some of the political changes that we saw in the country. We're just delighted to get this permit. It lets us make long-term plans now. Lets us optimize how we can mix the mill feed from Fekola and from regional, and has the potential to extend Fekola's mill life. Yeah, it took us a little longer, I think, to get this permit than we'd originally anticipated, as you know, but we're very happy that I think we've worked closely with the state.

Speaker #2: I would say , Don , for call overs was a cornerstone asset . I mean , if you look at it , it's been a great asset for us over the years since we've operated world class mine .

Speaker #2: We've had great success . It's run with it's run well through since we started it up through Covid , through some of the the political changes that we saw in the country .

Speaker #2: So we're , we're , we're just delighted to get this permit . Lets us make long term plans . Now lets us optimize how we can , you know , mix the mill , feed from Forcola and from regional .

Speaker #2: And , you know , has the potential to extend for Colas mill life and , you know , it took us a little longer , I think , to get this permit than , than we originally anticipated .

Speaker #2: As you know , but we're very happy that , you know , that I think we've worked closely with the state . We're happy now that they've gone through their process .

Mike Cinnamond: We're happy now that they've gone through their process, hopefully this opens up more opportunities for new permits for other mining companies in the country. It's a cornerstone asset for us. It's been historically half of our production. We can see ourselves getting back to that half a million ounce pace from the complex. It's an important asset.

Speaker #2: And hopefully this opens up more opportunities for new permits for other mining companies in the country . So it's it's still it's a cornerstone asset for us .

Speaker #2: It's, you know, it's been historically half of our production. We can see ourselves getting back to about half a million-ounce states from the complex.

Speaker #2: It's an important asset .

Don DeMarco: Mike, with this, does it mean that you might also step up exploration regionally? I suspect that was probably largely put on hold until the permits were received.

Speaker #10: And so , Mike , with this , like , does it mean that you might also step up exploration regionally ? I suspect that was probably largely put on hold until the permits were received .

Speaker #2: Yeah , I think I think there'll be some more regional focus now , especially looking for further sulphide material on the original permit , because for coal is primarily a sulphide mill .

Mike Cinnamond: Yeah, I think there'll be some more regional focus, especially looking for further sulfide material on the regional permit, because Fekola's primarily a sulfide mill.

Speaker #10: Okay , great . And you know , on the share repurchases , I mean , the valuation right now is discounted versus peers in light of this , what's your plan for share repurchases over the next 12 months ?

Don DeMarco: Okay, great. On the share repurchases, the valuation right now is discounted versus peers. In light of this, what's your plan for share repurchases over the next 12 months? Do you plan to get a little bit more aggressive in the near term to take advantage of this dislocation?

Speaker #10: I mean, do you plan to get a little aggressive in the near term to take advantage of this dislocation?

Speaker #2: Do you want to go? Michael? Yeah, yeah.

Mike Cinnamond: Do you want to take a go on it, Michael?

Michael McDonald: Yeah. No, we would absolutely agree with the statement that we feel that our current market valuation does not reflect the true underlying value of our business. Absolutely, share repurchases with the free cash flow that we estimate at these gold prices we will be able to achieve over the coming sort of 12, 24 months will absolutely be on the agenda. These are discussions we have every quarter with our board, and with our management team. Absolutely, that's a tool we will utilize moving forward. Based on where we trade today and hopefully believe we will trade higher.

Speaker #6: No , we would absolutely agree with the statement that we feel that our current market valuation does not reflect the true underlying value of our business .

Speaker #6: So absolutely share repurchases with the , free cash flow that we estimate these gold prices , we will be able to achieve over the coming sort of 1224 months .

Speaker #6: We'll absolutely be on the agenda. These are discussions we have every quarter with our Board and with our management team. But absolutely, that's a tool we will utilize moving forward.

Speaker #6: You know, based on where we trade today, and even in the future, when we hopefully believe we will trade higher.

Speaker #10: Okay . Thanks for that , Michael . And you know , another question . Moving over to to Gus . Then I heard Bill say that you're going to use the crushers into next year and so on .

Don DeMarco: Okay. Thanks for that, Michael. Another question. Moving over to Goose then. I heard Bill say that you're going to use the crushers into next year and so on, and I appreciate all the color that you've given on Goose, but I'm wondering, can you give us a sense of the progression of the throughput rates over the next 12 months? Is there any early color on Goose costs or production in 2027? I think we've deviated quite a bit from the tech report at this point.

Speaker #10: And I appreciate all the color that you've given on GUS, but I'm wondering, can you give us a sense of the progression of the throughput rates over the next 12 months, and is there any early color on GUS costs or production in 2027?

Speaker #10: I think we've deviated quite a bit from the technical report at this point.

Speaker #1: Yeah , I yeah , I'll give it . I'll give the throughput by quarter , you know , as we ramp up into Q3 , you know , we're plus , you know , two and a half , thousand tons per day and in Q4 , we're , you know , we're more than 3000 tons per day .

Mike Cinnamond: Bill wants it.

William Lytle: Yeah, I'll give the throughput by quarter. As we ramp up into Q3, we're plus 2,500 tons per day. In Q4, we're more than 3,000 tons per day. In H1, we're once again, H1 2027, we're more than 3,000 tons a day. In H2, we're going to be at 4,000. That's our plan to be at run rate at the end of Q2. As far as the costs, I'm not aware of what guidance we've given on that. Michael, maybe you can answer.

Speaker #1: Then in H1 , we're once again , H1 2027 , we're more than 3000 tons a day . And then H2 , we're , we're going to be at 4000 .

Speaker #1: That's our plan to be at run rate at the end of Q2 . As far as the costs , I don't I'm not aware of what guidance we've given on that .

Speaker #1: So , Michael , maybe you can answer .

Speaker #6: Yeah , I think , John , you're right in the sense of we're probably deviating a bit from the tech report , just with how the ramp up's gone relative to when that report went out .

Michael McDonald: Yeah. I think, Don, you're right in the sense of we're probably deviating a bit from the tech report just with how the ramp-up's gone relative to when that report went out. I think it's a bit premature to speculate on it, but we absolutely believe it's a large growth year next year from a production base of what we'll achieve this year. Maybe wait for the guidance to come out early next year.

Speaker #6: But I don't I think it's a bit premature to , to speculate on it , but we absolutely , you know , it's a , it's a large growth year next year from a production base of what we'll achieve this .

Speaker #6: But , you know , maybe wait for the guidance to come out early next year .

Speaker #10: Okay . Well , just as a segue to that , I mean , we saw goose ASIC guidance remained unchanged despite the elevated figure that you had in Q2 .

Don DeMarco: Okay. Well, just as a segue to that, we saw Goose AISC guidance remain unchanged despite the elevated figure that you had in Q2. Should we just take this as a confidence that you're going to restore to a lower cost run rate in H2?

Speaker #10: So, should we just take this as kind of a confidence that you're going to restore to a lower cost run rate in H2?

Speaker #6: Yeah , yeah , 100% . I think you'll see as as what bill has described to end the year . We we should be able to have the main crushing circuit back up and running .

Michael McDonald: Yeah, 100%. I think you'll see as what Bill has described to end the year, we should be able to have the main crushing circuit back up and running. There's some very good grade that's anticipated to go through the mill through Q4. I think that should give a good representation of what we can achieve in H1 of next year. Then H2 of next year will be at that 4,010 per day average. That will give a really good estimate into what we think the next few years will look like, because that will be steady state for the Goose mine.

Speaker #6: And there's some very good grade that's anticipated to go through the mill through Q4 . And I think that should give a good representation of what we can achieve in the first half of next year .

Speaker #6: And then the second half of next year will be at that 4000 tonne per day average . And that will give us a really good estimate into what we think the next few years will look like , because that that will be steady state for the Guzman .

Speaker #10: Great . Thanks , Michael . Well , that's all for me . Congrats again and thanks for taking my question .

Don DeMarco: Great. Thanks, Michael. Well, that's all for me. Congrats again, and thanks for taking my question.

Speaker #2: Thanks , Don

Mike Cinnamond: Thanks, Don.

Speaker #3: Once again , if you have a question , please press star . Then one , the next question comes from Carey Macrury with Canaccord Genuity .

Operator 3: Once again, if you have a question, please press star then one. The next question comes from Kerry McLoory with Canaccord Genuity. Please go ahead.

Speaker #3: Please go ahead .

Speaker #11: Good morning , guys , and I'll follow the theme and congrats on the permit . But just switching to goose and exploration a year or so ago , you cut the reserves there with epic a view of tightening up drill know you've got 6,000,000oz of reserves there .

Kerry McLoory: Good morning, guys, and I'll follow the theme and congrats on the permit. Just switching to Goose and exploration. A year or so ago, you cut the reserves there with, I think, a view of tightening up drill spacing. I know you've got 6 million ounces of reserves there. Just wondering if we should be expecting some of those ounces to start coming back into reserves at the end of this year.

Speaker #11: So just wondering if we should be expecting some of those ounces to start coming back into reserves at the end of this year .

Speaker #2: We've got King here , so I'll pass that one over to Vic .

Mike Cinnamond: We've got Vic King here, so I'll pass it on over to Vic.

Speaker #12: Yes , sir . Significant part of our budget is deeper drilling . Infill drilling , particularly at the lama deposit . And the aim of that is to actually convert what was downgraded to inferred .

Vic King: Yes. A significant part of our budget is deeper drilling, infill drilling, particularly at the Llama deposit. The aim of that is to actually convert what was downgraded to inferred subsequent to acquisition back into indicated, and obviously that'll convert to reserves. In terms of exploration, we have what we call the Llama Gap at Llama, which we are moving and working towards, where we can fill the gap and add ounces. I think those will be fairly marginal this year, what we'll add during the course of this year. Then obviously the potential for down plunge extension at both Llama and at Umwelt, and also what we call the Nuvuyak deposit, which is another deep deposit, but very good grade, will all add to the picture at Goose.

Speaker #12: So subsequent to acquisition back into indicated . And obviously that will convert to reserves in terms of of exploration . We have a what we call the lama gap at Lama , which we are moving and working towards where we can fill the gap .

Speaker #12: And , and add ounces . I think those will be fairly marginal this year in , you know what we'll add during the course of this year obviously the potential for down plunge extension at both Lama and and Umwelt and also what we call the deposit , which is another deep deposit , but very good grade will all add to the picture at goose .

Speaker #11: And how many drills do you have work in there ? You can ask

Kerry McLoory: How many drills do you have working there, if I can ask?

Speaker #12: Six , six .

William Lytle: Six.

Kerry McLoory: Six, okay. Then just switching to something maybe longer term, with the Fekola permit now and getting Goose up and running to full capacity next year. Just wondering how things are going with Gramalote. Is that something that, or just how you're thinking about that project? Is that something that you'd look at potentially starting next year or rather work on capital allocation in the meantime?

Speaker #11: Okay . And then just switching to something maybe longer term , you know , with the permit . Now and , you know , getting goose up and running to full capacity next year , just wondering how things are going with grandma .

Speaker #11: Is that something that—or just how you're thinking about that project? Is that something that you would look at potentially starting next year, or would you rather work on capital allocation in the meantime?

Speaker #2: I think , you know , we're progressing things at Graham , so we'll continue to de-risk it . We've got the permit modifications , which are ongoing .

Mike Cinnamond: I think, we're progressing things at Gramalote. We'll continue to de-risk it. We've got the permit modifications, which are ongoing. That process is going well from the most recent updates I saw. We're also progressing the resettlement program, as you saw in our budget. That's going to take us into H1 of next year, Kerry, anyway. We can step back and see where we are. In the meantime, the other key focus is to continue to execute on our two top priorities for this year.

Speaker #2: That process is going well from the most recent updates I saw. And then we're also progressing the resettlement program, as you saw in our budget.

Speaker #2: So that's going to take us into first half of next year . Kerry . Anyway . And and then , you know , then we can step back and see where we are .

Speaker #2: And in the meantime , the , the other key focus is to continue to execute on our two top priorities for this year

Speaker #11: Okay, great. Thanks, guys.

Kerry McLoory: Okay, great. That's it for me. Thanks, guys.

Operator 3: The next question comes from Anita Soni with CIBC World Markets. Please go ahead.

Speaker #3: Question comes from Anita Soni with CIBC World Markets . Please go ahead .

Speaker #13: Good morning . Mike , Mike and Bill and congratulations on receiving this permit . I know we're all very happy for you . Just a question on on the throughput levels at Goose this quarter .

Anita Soni: Good morning, Mike, Bill, and congratulations on receiving this permit. I know we're all very happy for you. Just a question on the throughput levels at Goose this quarter. I think, Bill, you said that 3,000 tons per day in Q3. Prior to the mobile crusher being installed, what has the throughput been operating at since the beginning of Q3? I assume it was similar to what it was operating at in Q2. Was it better than that?

Speaker #13: I think , Bill , you said that 3000 tons per day in Q3 . What is the prior to the mobile crusher being installed ?

Speaker #13: What has the throughput been operating at since the beginning of Q3? I assumed it was somewhat similar to what it was operating at in Q2.

Speaker #13: Was it better than that?

Speaker #1: Yeah . Well , it's kind of it's kind of dribs and drabs right now as we move stuff in and out . So the answer is we we can , in fact , on some days run as much as 4000 tons , but then then you get a jam up .

William Lytle: Well, it's kind of dribs and drabs right now as we move stuff in and out. The answer is we can, in fact, on some days run as much as 4,000 tons. Then you get a jam up. As you know, we're in the process of fixing the entire line. We've kind of been in that 1,500 tons when we're running, 1,500 or 2,000. Obviously, we'll be ramping up here relatively shortly to much higher numbers.

Speaker #1: As you know, we're in the process of fixing the entire line, so we've kind of been in that 1,500 tons when we're running 1,500 or 2,000.

Speaker #1: But obviously, we'll be ramping up relatively shortly to much higher numbers.

Speaker #13: Okay . And I think I've got some clarity on the grades already from other questions . Could you also remind me with the regional permits , what what the taxation ?

Anita Soni: Okay. I think I got some clarity on the grades already from other questions. Could you also remind me with the regional permit, what the taxation, it's the 2023 code, what additional taxes and royalties would be on that ore rather than what we're seeing in the main permit? I know we're up at tax rates that are, sorry, royalty rates that are kind of in the 17% zone. Is there anything additional with this regional ore for that ore that we should be modeling in?

Speaker #13: It's the 2023 code . But what additional taxes and royalties would be on that ? Or rather than what we're seeing in the main permit , I know we're up at tax rates that are royalty rates , that are kind of in the 17% zone .

Speaker #13: But is there anything additional with this regional, or for that, that we should be modeling in?

Speaker #2: Well, I'm delighted to pass this over to our new tax guy, Michael McDonald, but I can comment.

Mike Cinnamond: Well, I'm delighted to pass this over to our new tax guy, Michael McDonald. I can comment on that too.

Anita Soni: I always love a tax guy.

Speaker #13: The tax guy

Speaker #2: You want me to comment ? Yeah . So I think I think the primary difference is that we saw overall when when we moved from one code to the other , is that the the the income tax rate under the new mining code , it , it , it doesn't get that reduced mining rate for very long , like the 25% accommodation that you get in for Cola .

Mike Cinnamond: Do you want me to comment on it? Yeah. I think the primary differences that we saw overall when we moved from one code to the other, is that the income tax rate under the new mining code, it doesn't get that reduced mining rate for very long, right? The 25% accommodation that you get in Fekola, that's a significant reduced period. You basically can assume it's going to be a 30% corporate income tax rate for Regional. In addition on the ISCP, which is for special tax, there was a bump of 2% versus what Fekola pays. The royalty structures were basically the same between the two. Yeah. Those are kind of really the primary differences.

Speaker #2: That's a significantly reduced period. So you basically can assume it's going to be a 30% corporate income tax rate for regional, and in addition on the ISP, which is their special tax.

Speaker #2: There was a bump of 2% versus what the COLA pays. The royalty structures are basically the same between the two, so those are really the primary differences.

Speaker #6: But I think I'd just add to that that on top of what Mike talks about with just the corporate income taxes , we also classify the priority dividend that we pay within our taxes .

Michael McDonald: I think I'd just add to that on top of what Mike talks about, which is the corporate income taxes, we also classify the priority dividend that we pay within our taxes. Fekola Proper has an effective rate of around 40% once you factor in the 20% priority dividend. Fekola Regional will be higher than that as well too, in the end, once the final ownership structure is set. You're allowed to deduct the priority dividend from your corporate income tax. Yeah, it raises the effective rate of what we report within our financials and what flows through our current and deferred tax income line.

Speaker #6: So for Cola proper has an effective rate of around 40% . Once you factor in the 20% priority dividend , and then for Cola regional , we'll be higher than that as well .

Speaker #6: So, in the end, once the final ownership structure is set, you're allowed to deduct the priority dividend from your corporate income tax.

Speaker #6: But yeah, it raises the effective rate of what we report within our financials and what flows through our current and deferred tax income line.

Speaker #2: Yeah . And to clarify that again . So the 20% interest in that state owns is is a priority interest . So it's characterized as a tax in Cola regional that we expect the state to have 35% interest .

Mike Cinnamond: Yeah, to clarify that again. The 20% interest in Fekola that State owns is a priority interest, so it's characterized, it's a tax. In Fekola Regional, that we expect the State to have 35% interest, so that will be a net higher amount.

Speaker #2: So it will that will be a net higher amount

Speaker #13: Okay . Thank you . And then I think the last question I had on was on some of the costs at goose . So there was , I think , 16 million to purchase this mobile equipment .

Anita Soni: Okay. Thank you. I think, the last question I had was on some of the costs at Goose. There was, I think, $16 million to purchase this mobile equipment that was shipped and is being installed right now, $11 for the installation. I was just trying to understand where those costs were. Were they flowing through in the total cash costs, or were they coming in through another line and excluded from the total cash costs and AISC calculations?

Speaker #13: That was shipped and is being installed right now . And then 11 for the installation . And I was just trying to understand like where those costs were , were they flowing through in the total cash costs or were they coming in through another line ?

Speaker #13: And excluded from the total cash costs in ASIC calculations ? This is .

Speaker #14: Yeah , yeah .

Michael McDonald: Yeah. The fire remediation costs will flow through our sustaining capital, so that would flow through your All-In Sustaining Costs. The phase I and phase II capital would flow through our growth capital line, so it would not be included.

Speaker #6: So the the fire remediation costs will flow through our sustaining capital . So that would flow through your all in sustaining costs . But then the phase one and phase two capital would would flow through our growth capital line .

Speaker #6: So, it would not be included.

Speaker #13: Okay . All right . So none of these costs went through your like , I'm just talking about the down like the , you know , the , obviously your processing facility was , did you capitalize any costs related to the fire or sorry , you removed some of the costs from the fire out .

Anita Soni: Okay. All right. None of these costs went through your I'm just talking about, obviously, your processing facility was, did you capitalize any costs related to the fire? Sorry. You removed some of the costs-

Michael McDonald: Yeah

Anita Soni: from the fire, I believe.

Speaker #14: Of your .

Michael McDonald: Yeah.

Anita Soni: Right? Yeah, because that's-

Speaker #13: Yeah , because that's I originally , I think we were talking much higher cash costs . This quarter than what . Yeah .

Michael McDonald: Yeah

Anita Soni: originally, I think we were talking much higher cash costs this quarter.

Michael McDonald: Yeah.

Speaker #14: If you look within, Anita—if...

Anita Soni: What, yeah.

Michael McDonald: Anita, if you look within our financial statements, yeah, there's a line, other cost of sales, that was just under $16 million in the quarter, that was costs related to the downtime that we experienced in Q2. That was excluded from our per ounce costs.

Speaker #6: You look within our financial statements . Yeah , there is a there's a line other cost of sales that was just under $16 million in the quarter .

Speaker #6: And that was costs related to the downtime that we experienced in Q2, and that was excluded from our per ounce costs.

Speaker #13: Okay . All right . And that 16 and 11 I was talking about with the purchase and that that won't flow through the like the 11 million to install will not be included in the cost as well .

Anita Soni: Okay. All right. That $15 and $11 I was talking about with the purchase and that won't flow through the cost. The $11 million to install will not be included in the cost as well, right?

Speaker #13: Right ?

Speaker #6: Oh , yeah .

Michael McDonald: No. Yeah.

Speaker #13: Total cash cost . Okay . All right . Okay . That's it for my questions . Thanks and congratulations again .

Anita Soni: Total cash cost. Okay. All right. Okay. That's it for my questions. Thanks, and congratulations again.

Speaker #2: Thanks , Anita

Mike Cinnamond: Thanks, Anita.

Speaker #3: This concludes the question and answer session . I would like to turn the conference back over to Michael Cinnamond for closing remarks . Please go ahead .

Operator 3: This concludes the question and answer session. I would like to turn the conference back over to Mike Cinnamond for closing remarks. Please go ahead.

Speaker #2: Well , thank you very much , everyone , for for all your questions . If there are any additional follow up questions , obviously feel free to reach out .

Mike Cinnamond: Well, thank you very much, everyone, for all your questions. If there are any additional follow-up questions, obviously feel free to reach out. In conclusion for today, I just want to say we're obviously delighted about the news. Delighted for ourselves, delighted for our investors, our shareholders, stakeholders, delighted for, I guess, State of Mali as well, that we can all move forward. We think this is very constructive. It just helps move us along, again, back to those two key things that we said we were going to do. You've heard on this call how advanced our plans are for Goose and all the remediation work and the upgrade work that we're doing. We've got a good plan to do that, and we're going to continue to focus very clearly on executing that.

Speaker #2: In conclusion , for today , I just want to say we're obviously delighted about the news . Delighted for ourselves . The light for investors , our shareholders , stakeholders , and delighted for , I guess , the state of Marley as well , that we can all move forward .

Speaker #2: We think this is very constructive and it just helps move us along . Again , back to those two key things that we said we were going to do .

Speaker #2: You've heard on this call how advanced our plans are for Goose and all the remediation work and the upgrade work that we're doing.

Speaker #2: And we've got a good plan to do that, and we're going to continue to focus very clearly on executing that. And then at Regional, we're pretty much ready to go to get going with the stripping activity.

Mike Cinnamond: At Regional, we're pretty much ready to go, to get going with the stripping activity. We're excited to do that. We've been poised to do that for a while. Now we have the chance to actually get out there and make it happen. I know there's been a wait for that, but now here we are. Excited for that. Very optimistic for the future here as we move the company forward and grow it. Thanks all for your attention today and your great questions and look forward to talking to you all in due course. Thank you.

Speaker #2: So, we're excited to do that. We've been poised to do that for a while now, and we have the chance to actually get out there and make it happen.

Speaker #2: And so, I know there's been a wait for that, but now here we are. We're so excited for that and very optimistic for the future here as we move the company forward and grow it.

Speaker #2: So, thanks all for your attention today and your great questions, and I look forward to talking to you all in due course. So, thank you.

Operator 3: This brings to a close today's conference call. You may disconnect your lines. Thank you for participating, and have a pleasant day.