B2Gold Corp.

Thank you for standing by. This is the conference operator. Welcome to BT Gold Corporation's fourth quarter and 2025 year-end 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 Clive Johnson, President and CEO of B2Gold. Please go ahead.

Welcome, everyone. As you heard from the operator, we're here to review B2Gold's financial results for 2025. The fourth quarter of 2025 brought a solid end to what was an exciting year for B2Gold. The Coca-Cola mass-banding Ocho Cota mines continued their performance. In the first ramp-up quarter, it was resulted in the strongest concern in the production quarter of the year. Across our portfolio, we celebrated many milestones during 2025. We achieved record revenue of $3 billion. In Mali, we produced our 4 millionth ounce since the inception of the mine and received the Coca-Cola underground exploitation approval. producing over 20,000 ounces from Foucault Underground in 2025. We are excited for the future of Foucault Underground as it contributes to the Foucault complex as it ramps up the full production. At Goose, we celebrated the first gold floor in tourism production. This milestone is not one that we celebrated on our own. We look forward to many years of operations in lieu of it. Canada has had close collaboration with our partner, the Katikmeat Inuit Association and Katikmeat Communities. In the mid-year, Beecher Gold announced an improved construction decision for the Anselope underground deposit. Production from Anselope has the potential to increase Ochocoto buying gold production, leveraging the low-cost platform, and extend the life of mine into the 2030s. At last, Banding's operations delivered a better year, consistent and safe results, achieving the incredible feat of seven years without a lost time injury. Gold price environment, beach gold as well, is set up to take advantage with a strong asset portfolio and flexible balance sheet. And with growth capital spending, it is now complete. The company is in a position to add significant shareholder value over the coming years. With that, I will turn the call over to Mike Siddow for a discussion of our financial results in the fourth quarter fiscal year.

Mike. Thanks, Tyler. As Clyde said, financially, it was a strong quarter. GAAP earnings were $0.13 per share or $0.11 per share on an adjusted earnings basis. And those earnings would have been even stronger if it wasn't for the timing of the late shipments at Focola. Focola had a very strong Q4 just with timing of shipments at year-end. We had just over 20,000 ounces that were delivered just after December 31st, so not recorded in revenues for 2025, recorded in early 2016. So revenues, we did a quarter of 1.05 billion in the fourth quarter. That included delivering 66,000, just over 66,000 ounces under our gold prepay obligations. And as of today, we've delivered January's tranche and we're working on February. So we're nearly there. We'll have delivered into those and they'll be wound up by the end of June 26. Operating cash flows for 2025 are 896 million. and that included $286 million in the fourth quarter, which is another strong result, and it highlights the continuing cash generation potential of our operating assets in this very strong gold price environment. Balance sheet-wise, we remain in strong financial position. We have cash and cash equivalents of $380 million at the end of 2025. We had drawn $150 million on our revolver at the end of 2025 as well, but subsequent to year-end, we paid down another $100 of that, so leaving us with capacity of $750 million on the revolver and a further $200 million in the accordion feature there. So lots of capacity there. So overall, I think we maintain excellent financial flexibility to fully repay our obligations under the gold prepaids, as I said, by the end of June, and complete our other sustaining and growth initiatives all across our portfolio. And to continue to fund healthy exploration programs. I think you'll see that in our budgets. To extend mine lives. But at the same time also to return capital to shareholders. I think that's an important one. During 25, you saw us start to repurchase shares under our NCIB. We repurchased 2 million shares for about 10 million in 25. But subsequent to year end, we've gone back and we've purchased another 5 million shares for approximately 24 million. And I think you'll see us continue to do that as the year progresses. Obviously, with the prepaids rolling off, we've got close to an extra $110 million a month coming in now from cash flows post-June. We're currently delivering into those prepaids. But with that extra cash flow, I think you'll see us look at that normal course-issue bid and see if we can buy some more shares. But given where we think we are and where we think we're going,