B2Gold Corp.

Thank you for signing 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. 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. You will hear a sound acknowledging your request. should you need assistance during the conference call, you may reach an operator representing Star Federal. I would now like to turn the conference over to Mike Cinnamon, President and CEO of BT Gold. Please, go ahead.

Thank you, partner. Good morning, everyone, and thank you for joining us for BT Gold's second quarter 2026 conference call. I think first business, before we begin our discussion, Shortly before this call, we received confirmation that the government of Mali has granted the Mountain Quarter Exploitation Permit. And 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 trade in health pending the dissemination of the news release, which I believe will go out shortly. This permit represents a very important milestone for the Procola Complex. Thank you for joining us today. provide additional comments on the Manitoba permit during the call, and take questions following our formal remarks. And with that, I'd now like to pass the call over to Kelvin, our chairman, for some opening remarks.

Thanks, Mike, and good morning. Well, you've now heard the great news out of Valley. And before Mike and his 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. Before doing so, I'd like to acknowledge three important leadership milestones. First, on behalf of the Board, I want to thank Clive Johnson for his extraordinary contribution to Beecher Gold. 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 insights. 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. His 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're excited about the leadership he'll provide in the next chapter of E2 Gold's evolution. And this is also why we're 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. 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. Our approach remains straightforward. We focused on delivering on the commitments we made. The 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 for the focus on discipline execution and delivering value. 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. While we believe very strongly in the quality of our assets and default, 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. Our operational culture remains the foundation of how we get there. Over the years, we have 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. 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 finale 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. And with that, I'll turn the call over to Mike and the management team to discuss the second quarter results.

Thank you. Thank you, Kelvin. You know, in second quarters, 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 Focola, Miss Daddy, or Dakota Mines. And while good 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 focused for 2026 is bringing control of regional online. And we have recent meetings in Damaco with Mali state officials, and they have confirmed that there were no remaining obstacles to the approval of the Manicoto exploitation permit. As all the required steps in the approval process have been completed and validated by the different ministries. And now, as you've heard, the permit has been granted by the Council of Ministers in Mali. So the issuance of this and the rest of the members of the Board of Directors. and beyond, Molly, we continue to strengthen our portfolio and balance sheets during the quarter. We completed the sale of our 70% interest in Fingo to DecoEco for $325 million. We repurchased 19 million shares under our renewed NCID for $92 million and completed the final deliveries into our gold prepaid contracts, which Mike will talk about a little more in a minute. So while the second quarter reflected some temporary pressures in free cash flow from taxes, prepaid deliveries, and elevated production costs, those headwinds are definitely expected to moderate. And 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. So with that, I'll turn the call over to Michael McDonald for a discussion on our financial results for the second quarter.

Thank you, Mike. Second quarter financial results on a consolidated basis finished in line with our expectations for the quarter. Outperformance at Ficola, Musbadi, and Ochicoto offset a tougher quarter for the Gooseline as it ramped up million 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 second quarter. Thank you very much. Adjusted net income per share would have been just over $0.08 per share. The Gold Collar contracts concluded in December of this year and B2Gold will go into 2027 completely unencumbered from Gold prepayments and Gold Collar contracts. Operating cash flow before working capital adjustments was $94 million during the second quarter. Assuming current gold prices remain, operating cash flow Thank you for joining us. The negative precash flow number also does not include the $325. Despite that, our balance sheet remains very strong. 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. Here 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. 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. Those numbers are in spite of the impact Thank you Michael. From an operating perspective, the quarter was largely in line with expectations.

Consolidated production totaled approximately 204,000 ounces. Pecola, Masbati, and Ochocoto all exceeded expectations and demonstrated the consistency and reliability that investors have come to expect from those assets. At Pecola, operations continue to perform well, and our focus remained on the efficient operations of the Pecola and Cardinal Kiss while preparing for the commencement of mining at the Pecola Regional. With the issuance of the Menincoto exploitation permit, We now have a clear path forward for the development of the Corp of 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. At Goose, the Crusher fire in April affected production during the quarter. Safety remained 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 one of the crusher upgrades expected to be completed by the end of the third quarter. 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. Modbody and Ochocoto both delivered another strong quarter of operations exceeding expectations, with solid operating performance at both sites expecting to continue throughout the remainder of the year. 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, we have narrowed our guidance range across the portfolio. We now set consolidated gold production of between 820,000 and 920,000 ounces in 2026. The largest change relates to Pecola Regional, based on the delays and issuance of the Menaco Exploitation Permit, as well as the narrowing of the production range at the Goose Mine as a result of the fire, which occurred in certain areas of the Crescent Circuit in April this year. These changes are partially offset by the previously mentioned guidance increase in both Mosbody and Ocho Codos. Importantly, our consolidated cash operating cost guidance remains unchanged between $1,155 and $1,280 per ounce produced. We have also lowered our all-in-sustainance 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 our focus on delivering a strong second half of the year. With that, I'll now turn the call back over to Mike Sammon.

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 to the balance of this year. And obviously, receipt of the Manicoto permit this morning is And then the second piece that we said was key was for us to get our remediation, fire damage repair work done and remediation work done on the crushing plant so that we can bring our salt up to steady state around about 300,000 ounces a year by mid-27. So 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. So with that and those comments, I would open it up for questions.

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 Lamb with TD Securities.

Please go ahead. Wayne Lamb with TD Securities. Lamentis Milestone. Maybe at FACOLA, would you be able to just provide a bit more detail on kind of what changed with the most recent discussions in-country, and has anything kind of changed on the relationship in-country that prompted the issues of the permits now?

I can comment on that. We've had several visits in the last few months to see the ministries, and I think the message was very consistent of Over the piece, you know, they put the new mining code in place and the agreements of each of the operating mining companies were negotiated. And then they put some new layers of governance over how they oversee 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. So those types of governance, they've also created a state mining commission. and the interest of the state holds. So I think the consistent message for us over the last couple of visits, you know, that I think this year was that the state's been working hard just to harmonize how each of these ministries interact, who's responsible for which pieces of the 23 mining codes that relates to the operating companies and then obviously the mining commission that oversees it on an overall basis. So I think the message we got most recently when we traveled there was they've now harmonized a lot. They're comfortable with it. They've got the right structures set up, and they're ready to move forward. And so we were in some ways beginning to take the first major new permit to be granted on the 2023 mining code. And so it took some patience on both sides. We saw some mistakes to get there, but as you can see, we're now there. So that's how I characterize it.

Okay, that's great. And 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 ounce contribution, getting the permits at end of Q1 and stripping through Q2. So should we just take that guidance and shift that forward? Just wondering how to think about the coming months and the ramp up to 150,000 ounce spring rates.

Yeah, I think we'll give some guidance for 27 when we do the budget, how we see it ramping up. But I think the way to look at this year is we'll get in there now and early short order and we can start pre-stripping. And that will take us a few months. So really, you know, and some other right behind the 50,000 absentee group from regional.

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 terms 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? And then I guess on the mining front, Are we expecting a step change in grades as well through the balance of the year?

I'll pass this one over to Bill.

Okay, a few questions there. So on the crusher ramp-ups, what we're really talking about through Q3 and Q4 is in excess of 3,000 tons per day. And then on the grade, I don't think you're going to continue to see the the increase ramp uh increasing rate i i think you'll see a drop back to kind of what we have forecasted before um primarily because we're in the process right now of creating stockpiles basically going into 2027. okay great thanks for the detail and uh congratulations on the pretty big milestone

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

Hi, thanks for taking my questions. Just on the FACOLA revised guidance for 2026, did that factor in getting the permit, I guess, today? I mean, or is there upside to the guidance? I guess that's what I'm asking. Do you want to take that one, Michael?

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 Okay, great.

And then just switching gears to Goose, the new mobile crusher says it would be operational, I guess, now in early August. Can you 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?

Over to you, Bill.

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

Okay, got it. And then going into 27, is there an expectation that these mobile crushers would still be used or would they just be redundant?

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 ramp up of the repairs for the Goose site. And then after that, there is some discussion on whether or not you would use it as bathtub or would we in fact then supercharge some of our regional civil work that we have ongoing.

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

Next question comes from . Please go ahead.

Thanks, Alfred. Hi, Michael, and good to go again. Yeah, absolutely. Congrats on the FECOLA permit. This is a huge achievement, so congrats to the entire team. A lot of my questions had been answered specifically to the FECOLA ramp-up as well as the goose crusher. But just on the FECOLA side and the regional side, obviously, you know, there's some decent mineralization that was already delineated on the snakes area. Are there more or more potential in terms of, you know, looking at additional satellites around the area? Is there a plan now that you have the climate to start some sort of an exploration program in that area as well? Any sort of color on that would probably be good.

So, I can, a couple initial comments. We do have some exploration plans on regional for this year, and you'll see us I think there's definitely potential for more work to be done there. But we have developed plans based on what we know is there already. So in terms of any additional tips, I think we'll be able to get some more guidance later this year as to how we see regional rolling out over the next few years.

Okay, thanks for that, Michael. And just in terms of, you know, looking at Goose again, just in terms of more towards the underground, Bill, Janet, 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, you know, ramping that up?

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. So, we don't see any real issues. Things are coming along very well.

Okay. Thanks for that, Joe. And congrats again on the football performance. That's it from you guys.

Thanks for the issue.

The next question comes from Watson Rinder with Bank of America. Please go ahead.

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 at the 2027 and thinking about gold production that year with the moving parts around grades and volumes from Focola and Cardinal Open Pits from the Focola Underground and now regional ramping up, I mean, Thank you very much.

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 FACOLA 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. Now we've obviously got the permit and we'll begin activities there, but FACOLA 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 FACOLA main pit. And then you'll have regional wrapped up and underground going as well. But I think it's probably premature to speculate on 27 yet. You know, the team will work through in the budget process exactly what contribution we think we can get from each of the components. But I wouldn't think that 27 will be higher than 25. and other moving parts if you think about 27 though is Goose will have a significant ramp up into 27. So 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 27 than 26 as a company. But for COLA, we still have some work to do and we'll come up with more clarity on that with our guidance next year.

Yes, thanks Michael. 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, or to mine any of the deposits at the COLA? And then in that same thought, maybe you could just address whether you would think going forward now there's an understanding in the permitting process, it should be much more streamlined now at this point.

I'll pass this one over to Randall. Yeah, I think the one permit that says we recognize that we're going to need to change would be the Dan Dovel permit, and that's a process that will start, in this case, probably later next year, before 28th. But yes, I agree that the establishment of the governance in Maui now, we have full confidence that the process will be much smoother going forward.

Okay, and then if I could just ask another on the Sustaining Cap Act. So if we just talk about the Sustaining Cap Act 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. So given that your all-in-sustaining cost guidance is expected now to be lower than the original guide, What level of absolute sustaining cap tax would you advise we be modeling versus that original 540? And was there any change to the $27 million of sustaining aspiration?

I can take that one. So you've seen 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, Thank you. Thank you. Thank you. 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 maybe from a different way. You know, the grades for FICOLA, based on the updated guidance, sort of look at maybe the low ones. You know, when we think about the 2027 and that Phase 8 stripping campaign that was discussed, should we expect, you know, the grades next year versus the back half of this year to be flat, or will they decline during that stripping campaign?

So, can I pass this over to you on the FICOLA expected grades for 2027?

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 the COLA proper. So I don't really want to comment on exactly what I think the grade is going to be for 2027.

Okay, I figured I'd ask anyways, but we're all very excited. And then just on the FECOLA regional capital, I mean, it looks like you 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?

Yeah, I can comment on the back half of the year. So, what you'll see is clearly as we begin stripping, you'll see some deferred stripping capital that flows through in the back half of the year. So, Thank you for joining us today.

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. Could you guys maybe discuss a bit more behind, you know, why that would be? I would think typically, you know, 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?

Yeah, so the grade is going to be plus, you know, plus eight. So I guess, Matt, what I was thinking of when I answered last time, We've kind of had, over Q2, we had some very high, high grade come through. So we are going to see plus 8 grams, and certainly we're going to be in line with what we had projected previously. But when I was talking about stockpiling, for the mobile crushers, we want to make sure that as we get into the Phase 2 ramp-up that we want to have material which will be able to carry us through Q1 and Q2. So how do we get through the wintertime with the appropriate amount of material with a mobile crusher?

Thank you very much.

Thanks, Josh.

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

Thank you, operator. And good morning and congratulations on the use of the permit. I'll start off with FACOLA. So how does FACOLA fit into the company's strategy? I mean, given the delays on the permitting, there was some uncertainty, but does FACOLA The news of the award of the permits and your relationship with the state right now, does that restore FACOLA as a cornerstone asset?

I would say, Don, FACOLA always was a cornerstone asset. I mean, if you look, it's been a great asset for us over the years since we last created a world-class mine. We've had great success. It's run well since we started it up through COVID, through some of the The political changes that we saw in the country. So we're just delighted to get this permit. Let's just make long-term plans now. Let's just optimize how we can, you know, mix the milk beef from Coca-Cola and from regional. And, you know, it has potential to expand Coca-Cola's milk life. And, yeah, it took us a little longer, I think, to get this permit than we originally anticipated, 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 and hopefully this opens up more opportunities for new permits for other mining companies in the country. So it's still, it's a cornerstone asset for us. You know, it's been historically half of our production. We can see ourselves getting back about half a million ounces from the complex.

It's an important asset. 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.

Yeah, I think there'll be some more regional focus, especially looking for further sulfite material on the regional permit because Fort Gold is primarily a sulfite now.

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? I mean, do you plan to get a little bit more aggressive in the near term to take advantage of this location?

Do you want to start going, Michael?

Yeah. Yeah, no, we would absolutely agree with the statement that we feel that our current market's Thank you very much.

Okay, thanks for that, Michael. And, you know, another question, moving over to Goose, and I heard Bill say they'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? And is there any early color on Goose costs or production in 27? I think we've deviated quite a bit from tech report at this point.

Yeah, I'll give the true foot by quarter. As we ramp up into Q3, we're plus 2,500 tons per day. And then in Q4, we're more than 3,000 tons per day. Then in H1, once again, H1 2027, we're more than 3,000 tons per day. And then 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, so Michael, maybe you can answer?

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 You know, it's a large growth year next year from a production base of what we'll achieve this year. But, you know, maybe wait for the guidance to come out early next year.

Okay. Well, just to segue to that, I mean, Sawgoo's basic guidance remains unchanged despite the elevated figure that you had in Q2. So, should we just take this as kind of a confidence that you're going to restore to a lower cost run rate in H2O?

Yeah, yeah, 100%. I think you'll see is what Bill has described to end the year. We should be able to have the main crushing circuit back up and running. And there's some very good grade that's anticipated to go through the middle through Q4. And I think that should give a good representation of what we can achieve in the first half of next year. And then the second half of next year, we'll be at that 4%. Right.

Thanks, Michael. Well, for me, congrats again, and thanks for taking my question. Thanks, Bob.

Once again, if you have a question, please press star, then 1. The next question comes from Terry McCleary with Chemical Ingenuity. Please go ahead.

Good morning guys and I'll follow the theme and congrats on the permit but um switching to goose and exploration you know a year or so ago you cut the reserves there with I think a view of tightening up drill space again I know you've got six million ounces of reserves there so just wondering if we should be expecting some more ounces to start coming back into reserves at the end of this year?

We've got Vic King here so I'll pass that over to Vic.

It's a significant part of our budget is deep In terms of exploration, we have what we call the Llama Gap at Llama, which we're moving and working towards, where we can fill the gap. and Annette Alters. I think that will be fairly marginal this year, what we'll add during the course of this year. And then obviously the potential for down plunge extension of both Lama and Umwelt and also what we call the Nibuyak deposit, which is another deep deposit but very good grade, will all add to the picture.

And how many drills do you have working now, if I can ask? Six. That's okay.

And then just switching to something maybe longer term, you know, with the goal of Burma now and, you know, getting Goose up and running at full capacity next year, just wondering how things are going with Gramma Latte.

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 would you rather work on capital allocation at any time?

I think, you know, we're progressing things at Grand Valley D-Lake, so 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. And then we're also progressing the resettlement program, as you saw in our budget. So that's going to take us into first half of next year, Kerry, anyway. And then, you know, then we can step back and see where we are. And in the meantime, the other key focus

Thank you, everyone. Thanks, guys.

The next question comes from Anita Soni with CIBC World Market. Please go ahead.

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 the throughput levels at Goose. I think, Bill, you said that 3,000 homes per day in Q3. Prior to the mobile crusher being installed, what has the group that's been operating at since the beginning of Q3? I assume it's somewhat similar to what it was operating at in Q2. Was it better than that?

Yeah, well, it's kind of dribs and drabs right now as we've Thank you. Thank you.

Could you also remind me, with the regional permit, what the taxation, 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, sorry, royalty rates that are kind of in the 17% zone, but is there anything additional with this regional or for that or that we should be modeling in?

Well, I'm delighted So 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 give that reduced mining rate. The royalty structures were basically the same between the two. So those are kind of really the primary differences. I think I'd just add to that that on top of what Mike

and then Focola Regional will be higher than that as well too in the end once the final ownership structure is set. If you're allowed to deduct the priority dividend from your corporate income tax. But yeah, it raises the effective rate of what we report within our financials and workflows through our current and deferred tax income line.

Yeah, and to clarify that again, so the 20% interest in Focola that the state owns is a priority are all categorized to tax. And for Gold at Regional, we expect the state to have 35% interest, so that will be in that higher amount.

Okay. Thank you. And then 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, 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 and excluded from the total cash costs in ASIC calculations?

Yeah, so the fire remediation costs will flow through our sustaining capital so that would flow through their own sustaining costs but then the phase one and phase two capital would not be included.

Okay. All right. And then, so none of these costs went through your, I'm just talking about the down, like the, you know, obviously your purchasing facility was, did you capitalize any costs related to the fire? You removed some of the costs from the fire, right? Yeah, because that's, I originally, I think we were talking about fire cost costs this quarter. Yeah.

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, and that was costs related to the downtime that we experienced in Q2, and that was excluded from our per ounce costs.

Okay. Okay. All right. And that $15,000 and $11,000 I was talking about with the purchase amount, that won't go to the cost. Like the $11,000 to install will not be included in the cost as well, right? No. Okay. All right. Okay. That's it for my questions. Thank you. Congratulations again.

Thanks, Anita.

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

Well, thanks 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, the state of Mali as well, that we can all move forward. We think this is very constructive. And it just helps and all the remediation work and the upgrade work that we're doing. 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. So 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. And so I know there's been a wait for that, but now here we are. So excited for that, very optimistic for the future here as we move the company forward and grow it. So thanks all for your attention today. You do great questions and look forward to talking to you all in due course. So thank you.

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