B2Gold Corp.

Standing by, this is the conference operator. Welcome to the Gold Corporation's first quarter 2025 financial results conference call. As a reminder, all participants are in listen-only mode and the conference is being recorded. After the presentation, there will be an opportunity for analysts to ask questions. To join the question 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 G2 Gold. Please go ahead.

Welcome, everyone. Today, we're here to talk primarily about the first quarter results. Today, we're going to talk a little bit about the goose construction update, the touch of what we're going to do. We're going to talk a little bit about some of the other developments, the catalysts going forward for those. Basically, the first quarter, as everyone was aware, we had a difficult 2024, really primarily based on FACOA having to re-guide for close production. Obviously, it was a little bit of a stop-race issue with the closet issues, so we pushed some of the veteran production into this year. So that's the first time we've had to re-guide. Actually, we have some eight years in the road of re-guiding, so obviously, we're just going to have to do that. We need protection. We covered it. to have a good 2025 and just started off with a good quarter with all the lights performing as well. I think it was worth pointing out that Foucault was the one that had issues with operations the other two lights. As Maggie goes, Foucault did well. And the pair guidance was the guidance for most of the lights. And this was really about Foucault, which is we're going to hear more of a lot of good results We've just received some positives of the value from the government moving to the, because of the MOU that we signed this entire last year, that Matt will speak to us. We're going to talk a little bit about catalysts going forward this year, just a number of them. Obviously, the biggest one is the completion of construction, and that's sort of action after this project. But also, FACOLA, a priority there, as we've heard much yesterday from the government, to promote the idea there is to continue to work with the government to get the purpose Goose, that's brilliant. We're going to continue with the update. And if you want us to continue to meet with Sheryl, we'll see what comes out of those deals down the road. If anybody needs assistance in construction, on how to operate a lot of all those things that we've read, we're open to the possibilities for them and some of these deals will be there soon too. So I think that's primarily what I think we want to do. One additional point. We've had a lot of questions about M&A as Sheryl was saying, So if you were to add all that up, the use of those kind of 20,000 ounces of annual production would go straight, potentially, giving us a brainstorming profile. But in the United States, if I reflect, I don't think the production should happen right now, according to 50 or so writing analysts. But the other big thing is, I'm not sure if the volume or growth rate. So these are my information. We're going to be open for questions after we hear from, you know, the bank, you know, the value of those on the line, anyone else who's here with those on the line, who's used to running the construction project, that's a good start. So we're very happy with the quarter. We're happy with the operation. value.

So, Blake, what do you think? Thanks, Clive. Financially, it was a strong quarter. After adjusting for one-time items, the company generated the $0.90 per share of adjusted earnings. In that, we benefited, obviously, from the strong average goal price. Basically, I used to share with $0.04 per share, and they included non-cash market-to-market adjustments for the goods. Gold screen that we inherited and bought from BNF, and also from the zero-cost college that we put in place at the end of last year in conjunction with Renew and our revolver. Operating cash flow before working capital adjustments for the quarter was $244 million. Another strong result, and I think it again highlights the cash generation potential of our operating assets in this strong gold price environment. And on the CapEx price spending, it includes Construction line development activities spent $136 million during the first quarter of 2025. I would comment, you know, in late 2024 and early 2025, we accelerated approximately $60 million in plant and equipment purchases, including deposits and some longer lead items that were pulled forward from second half of 2025 or subsequent years. So, factories in the season, they were kind of excluding them from the total. Good cash expenditures, the first goal for remains, and rise of budgets. Balance sheet-wise, we continue to remain in a strong financial position, cash-to-cash equivalent of $330 million at the end of the first quarter. And during the quarter, I think as we discussed in the last bill, we repaid the outstanding balance in our revolving credit facility, the proceeds of the convertible house that we issued in January 25. And at the end of the quarter, we had $800 million of full capacity unrun on our revolving credit facility. There was a good amount of financial flexibility to be able to complete the goose construction very shortly, to fully repay the obligation that the gold prepays, as he's delivering to them over the course of a year from July 25 to June 26, and to complete all their trading and growth initiatives across the portfolio, and to continue to fund their very healthy exploration programs, which will hopefully expand my life. That's the financial. I guess the key points and with that I'll turn the call over to Bill for an operational project update.

All right, so I'll start out with probably what people are most interested in. At Goose, it was a very successful winter ice road season. We did start one month earlier than we have previously and completed one month earlier than expected and that was based on the additional capital we put in last year in our new ice road building plan. It was a great result. everything came up the road that 4 000 container units and almost 80 million liters of fuel on the construction side uh progress was significant in the first quarter and all activities are nearly complete and ready for first gold and subsequent subsequent ramp up to commercial production in q3 on the open pit mining side Mining of the eco pit was recently completed and is now being set up to receive tailings. So when the mill turns on, the open pit mine of the Unwell open pit will be mining and will be depositing tails in the echo. On the underground mining side, mining rates at Unwell underground are hitting new records, and we're confident that the high-grade silk ore production, as is in our current life of mine, will begin in the third quarter of this year. Looking at MOLLE, MOLLE had a strong start to the year, exceeded gold production expectations, had lower oil and sustain cost than we anticipated. The mill feed grade over the course of the year as we get through phase seven will steadily increase and we remain very confident in our 2025 production guidance. Of course, this will be highlighted by the contributions from the Pakola Underground and if we get all our permits to the regional later in 2025. At Masbati, the operations continue to perform well. World-class safety record. I just want to call that out. They're now coming up on 2,300 days without an LTI. We anticipate another strong year of consistent production at Masbati with strong margins. At Otakoto, the open-fitting underground went very well in the first quarter. And currently, we're basically focused on advancing the antelope deposit to a development decision in the third quarter of this year. And finally, and making that lastly, Gran Malote. We're getting close to the finalization of the feasibility study. We want to release it over the next couple of months. With that, I will turn it back to you, Clyde.

Okay. Thanks, Phil. I'm ready to look forward to the release of the developments that Molly's been reading over the last couple of days. Yeah, absolutely.

So, as most of you know, we've been working with the governor, Molly, to follow the 2023 mining code on the Pakola Regional Project. A part of the MOU was But they finally allowed a company to consolidate a large land package, which we are using to combine the Minnetonka, Bentaco, and Bakalobi permits for the first time. The 2023 mining code now allows for a larger overall land area under one consolidated land package. So we've been working with them since September on one drill. plan package. And what that does is really a catalyst for us to be able to now submit our application for exploitation permit, which will then just be one license, currently in Maine and then in Kodo. It will be, you know, and so that will find its way into a new operating company. And with that application for exploitation permit should go in within the week. And then we're looking at the standard time turnaround time is there on 30 to 60 days. So really, they lived up to another obligation in MOU, one of the more important ones for us. And so now it's a matter of continuing to work with that government to show them and demonstrate the value that the Pecola Regional will have for all stakeholders. Them being a 35% holder of Pecola Regional and look towards later on this year of getting it to production.

So that's 35% of the 2023 COVID for the regional area. That obviously leaves me with the other 65%. So I think that's a good discovery of where we sit today. As we've discussed, as we've said, some of the catalysts moving forward, very happy in the first quarter, excited to achieve that good performance the rest of the year. It's significantly advanced, the catalysts that we've talked about.

We will now begin the analyst question and answer session. To join the question queue, you may press star then 1 on your telephone keypad. You'll hear a tone acknowledging your request. If you are using a speakerphone, please pick up your handset before pressing any keys. To withdraw your question, please press star then 2. We'll pause for a moment as callers join the queue. Our first question comes from Francesco Costanzo from Scutia Bank. Please go ahead.

Hi, good morning, guys. Thanks a lot for taking my question. This is Francesco calling on behalf of Obesity. I just want to start with a question for Bill. So construction development is tracking the plan, and you've noted in the release that mining the echo pits and completion of the slurry pipeline are some of the critical path items that are needed before first goal pour. But can you speak to any of the other critical path items to highlight ahead of first goal pour or before achieving commercial production that you should look for?

Yeah, well, obviously we have everything's going to be happening all very rapidly now. We're currently in the process of commissioning the powerhouse, right? So that's the key thing, obviously, for the mill. That is basically complete at this time. We have enough to run the mill. So in the very near future, we're going to start commissioning through the mill, and then it's just working through the circuit, obviously trying to get ore in there and then producing gold by the end of Q2.

Okay, great. And then just on the capital budget, so you've reiterated the Canadian $1.54 billion budget with $136 million Canadian spent during Q1, although the initial guidance, initial 25 guidance published earlier in the year outlined a little bit more non-sustaining capital in the first half of 25 than was implied by the total boost budget. So I'm just wondering if you can clarify your expectation of sustaining and non-sustaining capital spending ahead of commercial production and through the balance of the year.

Well, in terms of the total capex, the items that we identified that we did extend some of this on sustaining capex that pulled forward. You know, I mentioned it's somewhere in the region of $60 million. Some of that was extended right at the end of 2024. And what's another component of it done in G125? A couple of things like powerhouse enhancements that we're planning for. Next year, actually, some of the deposits there, we've accelerated some equipment purchases from purchase of past 777 orders and some valve effects. And those are things that we had originally in the second half, 25. We've also got some fuel on hand that we purchased for contractions, but it's purchased but hasn't been consumed yet. So you pull all those things together, you get something in the region of $60 million plus, I think. are really things that are both either accelerated and will be consumed in Q2 or

Okay. Thanks, Mike. And then just my final question for Randall or whoever wants to take it. I mean, it's great to see progress, meaningful progress in the core regional permit. I guess expect it within the next 60 days or so. I just wanted to clarify, do you still expect to need around three months or so to prepare the site before we can actually see the core production start to come from Anaconda?

I'll leave that to Bill.

yes we do and there's three months of pre-stripping there okay great thanks for clarifying that's all my questions the next question comes from anita sony from cibc world markets please go ahead good morning clive and team i just had a question on the grandma latte uh study that's coming up soon um Could you just give us an idea of some of the, I guess, parameters that you'd be looking at? Obviously, we know you're, you know, looking for a smaller footprint at that asset. But just wondering what kind of gold price that you would be expecting to use in that study.

Well, I'll give you a little detail to tell you. I mean, we should talk a little bit about what was in the P. and there's a lot of engineering work that went into that PEA, so a lot of work happened since then. And we're on track with the feasibility study for the end of the year. That's what we've done is we're on track with the feasibility study.

I don't mean to walk on you there, but you're absolutely right. The PEA is the absolute best reference for what we're looking at for the feasibility study. Everything is tracking very nicely against that. And I'll leave it to Mike on what the gold price review is.

I think gold price, I mean, you'll see it. There's going to be some scenarios running there, but I think you'll see us look at consensus as a base to see where we are. If you look at where GRPC's latest consensus came out, Obviously, it's higher in the short-term. Those would be the old years anyway. And then long-term, you're looking at somewhere 23 to 2400 bucks. That's the current consensus.

I think that's very logical. But also, of course, this is not one that we would necessarily be afraid of catching a bit of gold in terms of saving a fair amount of capital. But there's numerous ways to do it. I hope that answers your question.

It does. And then, the last question on the timing was, so, as you mentioned, not wanting to build Goose or building so many things at the same time, but you're coming to, you know, the tail end of Goose now. So, would it be right to think about Gran Malate potentially coming on stream just at the end of the decade?

No, you're right. In terms of a base amount, obviously, you know, you don't know.

Yeah, it's a So Anita, really it comes down to the feasibility study is really, remember we're going to have to make some minor modifications because there is a construction permit to it right now. So that construction permit has to be modified for whatever we've changed in the PEA. We're kind of estimating a 12 to 15 month period on that. So your answer is absolutely correct. It could be earlier if the government wants to play. But you're right, it's kind of that 28, 29 is probably right.

That's it for my questions. Thank you.

Thank you.

Again, if you have a question, please press star, then 1. And our next question comes from Carrie McCreary from Canaccord Genuity. Please go ahead.

Hey, good morning, guys. Just another question on Goose. What kind of stockpile do you expect to have and grade ahead of the mill startup?

Well, I can tell you that we've got significant stockpile out of the pair from the open pit. I was just looking at this morning, but I'll tell you for the mill, we're talking about as we start up, once we get kind of a low-grade structure, we're going to run at least 20,000 and maybe more, maybe as much as 35,000 tons at plus 10 grams to right away. So we're looking good for meeting our projections, and certainly this kind of 120 at this point, 120 to 130 is not really an issue. So we can see that for sure in 2025.

2025 is 120 to 110.

120 to 110 is right. Yeah, okay.

And just in terms of the ore mix with the underground coming on more so in Q3, I'm assuming most of the ore mix for the first half of the year was really stockpiles and the open pit, is that correct? Or what is the mix? Okay.

What is the mix between open pit and underground? I don't have that at my fingertips right now, but certainly in 2025, a lot of the material is coming from the open pit.

Yeah, I can comment on that.

So, Kerry, it's about 40% from the actual open pit for the feed that we give through the year, 40% material from the Humwalt open pit, and then about 20% of material from Humwalt underground is the next to the balance of the year.

Okay, great. Thanks, Mike.

The next question comes from Avais Habib from Skillshare Bank. Please go ahead.

Hi, Clive and B2 team. Sorry I got a bit delayed coming on the calls. I just mounted between some conference calls. Just a lot of questions have been answered, but just one question on maybe on the Ochikodo side and, you know, in terms of any sort of expansions on the Antwerp side. you know, you're looking to make a construction decision, I believe, in two, three of this year. You know, what's pending in terms of making that decision? A PEA was released. Do you need to do further studies or more drilling, or can you give us a little bit more color on that?

Yeah, thanks for raising it. We did really talk much in detail about that. I guess that won't be a bill answer.

Yeah, the only thing that's really kind of outstanding, Obey, is the geotech. You know, overall, We have the mining method locked down. We're currently looking at what is the surface infrastructure layout, you know, basic kind of supporting type questions. So do we want to have, you know, extra facilities? And so we're right now going through third-party review of what we've done.

Okay. So you guys should be in a good position then just based on that for that construction decision and that future.

100%.

Okay, sounds good. And just, you may have already touched upon this during the call, so I apologize if I'm asking again, but just in terms of the permits on the Mali, specifically on the Ficola Underground. Now, the Ficola Underground, from what I understand, is an amendment to a permit. Is that expected sooner than the regional? Is that separate? Is that together now? From what I understand, the Malian government or the regulators had... combine the two, in color on that piece.

We've already covered it, but we'll give you what they say, highlight a few of that and also the other governor.

Yeah, let me add to your first question. They are not connected, are they? No. Everything that needs to be submitted for the underground, the approvals has been submitted and that process underway. We expect that we'll be up and producing everything in the second half. And so, you'll see any issues there with the underground. That one is well in hand. With the regional, we did receive the Council of Ministers decree yesterday. for the combination of the three permits, the three-permit area, which is the best, you know, 200-plus square kilometers. That's the north covering, continuous north of the Medinadi, of the Magola permit. So that really is the kind of – that allows us to now submit the exploitation application. It's been completed. It's translated. It's ready to go. We need a little bit of time to include all the details that come out of that consolidated permit. in that instance.

Perfect. Thanks for the comment on that, and a really good figure on the progress on the permitting. That's it for you guys, and thanks for taking my questions.

Absolutely. And the next question is a follow-up from Carrie McCurry from Canaccord Genuity. Please go ahead.

Yeah, just a question for Mike. Obviously, the balance sheet's in great shape. You just asked me about the free pay, given that you'd be ramping up in Q3. Is there any thought of deferring that to later, or you're comfortable just settling that in the quarter?

Well, we can defer it. We can roll them if we want to. Our goal is not to. If you look at the rationale for pulling in the convert foot in a bit of longer term, wanting on the balance sheet there to free up the line, we're going to use the line. to help us maneuver through the pre-phase, and to do some of these other capital, early-stage antelope, whatever we might do for MLOT, finishes for coal original, all those things. But ultimately, the line is to maneuver through. We set them up for a one-year delivery period so that they're done pretty quickly. So we've got them. We use them. Goose will be built. Goose will be lying. We'll deliver into the pre-phase. We're done. We'll put them behind us. Try to have election day.

Sure. Thank you.

Again, if you have a question, please press star, then 1.

This concludes our question and answer session. I would like to turn the conference back over to Clive Johnson for any closing remarks.

Yeah, thanks a lot for getting this conference and we can really follow up with us if there's any additional questions that are created after. So good quarter, make it gorgeous. I'll pray to all of us with 2025. Thanks for getting on the call.

This brings to an end today's conference call. you may disconnect your line. Thanks for participating and have a pleasant day.