B2Gold Corp.

Thank you for standing by. This is the conference operator. Welcome to B2Gold Corporation's second quarter 2024 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 questions queue, you may press star then one on your telephone keypad. Should you need assistance during the conference call, you may signal an operator by pressing star then zero. I would now like to turn the conference over to Clive Johnson, President and CEO of B2Gold. Please, go ahead.

Thank you, operator. Welcome, everyone, to the conference call to discuss the results, Q2 results, or financial results for B2Gold. We had some very positive results from the quarter, financial results from Mike Sinema and Our CFO is going to walk us through that. We're also going to talk about some of the other issues that we cover in the news release. We're going to get an update from Bill on the operational update from both the situation in Mali in terms of production. Then we'll talk about an update on Goose. Just a couple of points maybe to start us off. We have had an excellent track record as everyone I think is aware of operational performance for many years now. We did have An excavator tip over on the side, which is very unusual, that happened, and Bill will talk in more detail about that. That was unfortunate. That's caused us to re-guide production for this year, down about 50,000 ounces. That has not gone away. It's simply moved into next year, so that's why we've re-guided, and you will hear more about that. Bill will tell you what happened and the excavator and how we've taken steps to ensure that that that very unusual occurrence cannot happen again. We'll talk about that. To get back to our excellent operational performance, we'll talk about how we're already starting to see tenders come back with the replacement excavators, et cetera. In terms of just a quick update on Mali, and we'll get a chance to talk about this with answering your questions, I'm sure. We are in the, believe to be in the final stages, we believe, of discussions with the government of Mali to understand the, the full implementation of the 2023 mining code. So we are, as I said, final stages of those discussions. I hope very shortly to be able to come out and announce. What that will do is that will trigger the, we hope, the rapid receipt of a permit, an exploitation permit, for the regional areas where we want to begin trucking more down. As you've heard before, we've already built the roads. We're ready to go in terms of trucking more down, and that could add 8,200,000 ounces a year. That would be reaching an agreement with the government that will trigger that permitting process. The government's assured us that they want to see this happen. They very much want to see Focola expanded. So we're looking to get, hopefully, a rapid response to getting an exploitation permit. No blasting, no trucking. We're going to slowly sac that material into trucks and haul it 20 kilometers or less down to the Focola mill. The other thing to... make sure people are still aware of us. There's tremendous exploration upside in the Ficola complex. With the agreement with the government, we will immediately go back to an aggressive drilling program around $7 million of exploration drilling up and down the complex. There's a rigs turning right now at 90 on the Ficola license. So tremendous exploration upside. We did take an impairment charge, and Michael talked to us about that. But it's very important to note that the ultimate final value of the Ficola complex is very open. uh, with, with further exploration successes. And we're not talking about brand new, there probably will be some new discoveries, but also expansions of known sources of mineralization that we could so far. So the full story, the life, the ultimate life of mine will continue, hopefully to add to the reserves and the ultimate life of mine and the ultimate value. Therefore, of the Focola complex, um, we see that to grow in value from, from, from that asset. Um, I think with that, I'll turn it over to Mike to give us a review of the financial results. But maybe before I do that, I'll just talk a little bit about on the positive side. You know, we've had a great track record in this company for a long time, including from before that, as being good operators, good extraction, exploration, and then managing things like political risk, et cetera. So we've had a great track record. And one thing we're very good at is taking on challenges. So yes, we have some challenges in front of We said this would be a transitional year. We knew production would be lower. We have a lot of capital expenditures, as we talked about before, including, of course, the Goose construction. But this is very much still a transitional year. We remain in a very strong financial position. And as we look forward, we're looking forward to continuing to grow this company based on developing our existing assets, such as the expansion of coal through trucking. The Goose mine coming on at mid... Bill will talk about how well construction is going. Coming on mid... Next year, we're producing on an annualized basis about 320,000 ounces a year. And then you look at the growth profile a little bit more. We've had a positive PEA. We're doing infusibility, which will be done by the middle of next year. We're getting quite encouraged by that project. And if that turns into the next mine, it fits in nicely after goose potentially. And the infusibility is as positive as we're hoping, as the PEA was. then that ultimately could add another 240,000 ounces a year. So there's about 650,000 ounces of growth in this company from existing assets. We don't have to go and buy another mine. We don't have to go and make big discoveries. So that's a great growth profile, and we'll continue. As we get through the challenges this year, we'll continue very much to focus on the opportunity to continue to grow the company through existing assets and putting them into production. With that, I'll turn it over to Mike to give us some financial results. And then, Bill, can you give us an update on that side of the action?

Thank you, Clive. Personally, I'd say financially it was a strong quarter. On the earnings side, after adjusting for one-time items, the company generated $0.06 per share of adjusted earnings. And definitely, as you can see, it benefited from stronger average call prices in the period. Operating cash flow, bottom line was $62 million after changes in working capital or $192 million before changes in working capital. Again, very strong results for the operations. As Clyde mentioned or alluded to, we did lower production guidance at FACOLA due to equipment availability issues in the pit. And so with that, we guide in production for the second half and for full year 24. We also looked at the cash cost null and sustained cost. for HOA operations. And overall, at a consolidated level, we ended up with no change to our consolidated cash cost operating guidance. We maintain that range of between $835 and $895 per ounce. And that has benefited, for one thing for sure, through the year with lower fuel prices than we budgeted. And then for consolidated all-in sustaining costs, the reduction in overall production plus higher royalties through the year as we enjoy a higher gold price, resulted in a re-guide upwards for the consolidated oil and sustaining cost range up to between $14.20 and $14.80 per ounce. Collide did mention that we did take a non-cash impairment charge on the FACOLA operations. That's based on our best estimates. with the issue of some implementation of freeze by the state, some ongoing discussions with the state. Then as expected, spending in the goose project picked up with the completion of the 2024 winter ice road and transport of all the required materials to site to complete construction. And balance sheet wise, we continue to remain in a very strong financial position leases we do have the full amount 700 million uh amount for the available on our revolving credit facility line and as previously indicated we will be drawing some of that line as we roll into the final stages of completion of this year's capex program across all our sites and then completion of the goose project and so we we feel we've got lots of good amount of financial flexibility to do that and i maintain our other growth initiatives around our portfolio and continue to fund healthy exploration programs to extend our mine lights at all sites. And that's what I was going to say on the financial side. So with that, I guess I'll pass it over to Bill. Sure.