Earnings call transcript: B2Gold Q1 2025 sees strong cash flow, project progress

B2Gold Corp’s Q1 2025 earnings call highlighted solid financial performance and significant progress in several key projects. The company, currently valued at $656 million, reported adjusted earnings of 9 cents per share and operating cash flow before working capital changes of 244 million dollars. Strategic projects such as the Goose Project and operations in Mali exceeded expectations, contributing to a robust quarter. According to InvestingPro, B2Gold maintains a "GOOD" overall Financial Health Score of 2.65, reflecting strong operational fundamentals.

Key Takeaways

• Adjusted earnings per share reached 9 cents, with basic earnings at 4 cents.
• Operating cash flow before working capital stood at 244 million dollars.
• The Goose Project is on track for first gold production in Q2 2025.
• Mali operations surpassed gold production expectations.
• B2Gold maintains a strong balance sheet with 330 million dollars in cash and 800 million dollars in undrawn credit capacity.

Company Performance

B2Gold demonstrated strong operational performance in Q1 2025, driven by successful project execution and favorable gold prices. The company’s operations in Mali and the Goose Project were notable contributors, with the latter expected to deliver first gold production by Q2 2025. This operational success has contributed to a impressive 23.62% return over the past year. B2Gold’s strategic focus on maintaining a strong balance sheet and financial flexibility continues to support its growth initiatives.

Financial Highlights

• Adjusted earnings per share: 9 cents
• Basic earnings per share: 4 cents
• Operating cash flow before working capital: 244 million dollars
• Cash and cash equivalents: 330 million dollars
• Undrawn revolving credit facility: 800 million dollars

Outlook & Guidance

B2Gold’s future looks promising with several projects in the pipeline. The Goose Project aims for commercial production by Q3 2025, while the Gramalote feasibility study is expected by June 2025. The company projects potential production of 220,000 ounces per year from Gramalote, with development targeted for 2028-2029. Additionally, production from the Fekola Underground is anticipated in the second half of 2025.

Executive Commentary

"We’re back on track to get to the structural production," stated Clive Johnson, CEO, highlighting the company’s progress in key projects. He also noted, "We’re looking at the potential to produce 220,000 ounces a year," referring to the Gramalote project. Another executive emphasized, "Everything is tracking very nicely against that," underscoring confidence in meeting project milestones.

Risks and Challenges

• Potential delays in project timelines could impact production targets.
• Fluctuations in gold prices may influence revenue projections.
• Regulatory and permit challenges, particularly for the Fekola project, could pose risks.
• Supply chain disruptions may affect operational efficiency.
• Geopolitical tensions in operating regions could impact operations.

B2Gold’s Q1 2025 earnings call reflected a strong quarter with solid financials and positive project developments. The company’s strategic initiatives and robust balance sheet position it well for future growth, although it remains vigilant of potential risks and challenges. With a beta of 1.19, investors should consider market volatility in their investment decisions. For comprehensive analysis and detailed insights, access the full Pro Research Report available on InvestingPro, which provides in-depth coverage of B2Gold among 1,400+ top stocks.

Full transcript - B2Gold Corp (BTO) Q1 2025:

Conference Operator: you for standing by. This is the conference operator. Welcome to the Gold Corporation’s First Quarter twenty twenty five 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.

I would now like to turn the conference over to Clive Johnson, President and CEO of B2Gold. Please go ahead.

Clive Johnson, President and CEO, B2Gold: Welcome, everyone. Today, we’re here to talk primarily about the first quarter results. Then we’re going to talk a little bit about reduced construction update, touch on where we’re going with a few projects, the talk about some of the other developments and catalysts going forward for us. Nice to see a good first quarter. As everyone is aware, we have a difficult 2024, really primarily based on Fekola and Fekola’s production, that was due as a little bit to the operation issue with the equipment issues.

So we pushed some of the better grade production into this year. So that’s first step we’ve had to reguide, because we have eight years of the road out. We guided. So obviously, we’re just going to have to do that. We protect that we covered.

We’ll have a good 2025, and we started off with a great quarter with all the mines performed as well. I think it’s worth pointing out that Fekola was was the was had issues with operations. We had our two lives. That’s why I got your call too well. And that that’s the best way get to reach those two lives.

We should give us a call, which is so you’re gonna hear more of what have been resolved. We just received some positive value from the government. We’re moving to the in terms of the MOU that we signed in September. Gonna let Randall speak to that The reports are forward. It goes to the structure continues.

Those are gonna talk to them about that. They’ll talk about how when we’re gonna transition from the construction project into operations. We’re in the final stages, so as you will hear, for the first production to this. Wanna talk a little bit about catalyst going forward this year, just a number of them. Obviously, the biggest one is the completion of construction and that’s sort of action into this project.

But also, Fekola, our there is we’ve heard what steps yesterday from the government. To go with the idea there is to continue working with government to the permits required from the government to to instruct you more from the regional regional area. Now that could add a 80,000 ounces per year on annualized basis. So that’s obviously a priority combined with the 300,000 ounces from Goose, and that’s pretty good growth profile. This year, there’s a couple of important studies coming up.

The feasibility study of Gramalote and Columbia will be completed by the June, and we’ll be in a position to announce that. If this is positive as we’re hoping for, then we’ll be moving towards a development decision not that long after later on later later on this year to decide if we’re gonna go forward with the start to prepare for construction work. We’ve got a lot to there’s we already have a permit in place from the previous days and a lot of investment. So support there from the local governments and also at the federal level. So we are we are ahead of the curve in terms of permitting the credits.

In addition to that, we’ll continue continue to review review opportunities. We’ll be focused primarily on exploration. We’ve got a $64,000,000 budget for this year for probably, and we’ve got a half of that. The 2,000,000,000 is focused on Back River. Take us here.

See the information to answer any questions you may have about an expiration. The fact that half of our budget is focused on Back River gives you an indication of what we think will be exploring some new targets as well as to install infill drilling. You can see how it’s focused going forward. We’re continue if we have the opportunities on trends investing, continue exploration companies, look for companies that are well run and have a good assets that they are gonna advance so we could access. We do the slow line and a few others will continue to be good shows and then we’ll see what comes out of those those deals down the road.

If anybody needs assistance in construction, how to operate a line and all those things that we’ve read, we’re open to the possibilities of how to get some of these deals to get us into. So I think that’s primarily what I wanted to do. But one of the additional point, we’ve got a lot of questions about everyday. As I’m sure we’re saying, please don’t surprise us. We’ll be getting a phone number and see if that’ll be a deal.

We’re not interested in I think we can say virtually categorically. We’re not interested in acquiring another development company or development project in in a ticket over company. That is because of the growth profile that we have both, obviously, reduced for the line. I’m moving Fekola towards starting the chart work. So we hear very well.

I tend to grab a lot of feasibility study. So if you were to add all that up, but we use about 720,000 ounces of annual production with those three potentially giving us a brainstorm profile. Clearly, our share price reflect, I don’t think the the production of things have happened right now according to such 15 or so by the end of this. But the other big thing is we’re touching on our system to buy our growth first. So we need to buy it.

We need to buy it for our shareholders by advancing all of these development opportunities that we have. We’re gonna be open for questions after we hear from from the bank. We have to better on the value of those on the line. Anyone else here with those on the line, we’re see some money in the construction project that because so it’s we’re we’re very happy with the quarter. We have the operationally that we’re back on track.

And we’re back on track to get to the structural production. Most of the deal with this company has done very well since its inception, that’s the growth. In this case, from existing assets. So that’s gonna be opening service to be in the catalyst for the yeah. Going forward.

But that all depends on those, like so the financial detail we’re talking about would have from that point of view, Then we’re gonna have an update from from Bill in terms of the operation. Gonna be sending there’s some real amount of interest in the touch base between the two and touch base on the base development with the government positive development with the government looking towards permitting in in in Valley. So, Blake, what do you Yeah. Thanks, Blake. Financially, it was a strong quarter.

After adopting for onetime items, the company generated 9¢ per share of adjusted earnings, and and and that we’ve benefited obviously from the strong average gold price sales price. Basic earnings per share were 4¢ per share, and they include noncash mark to market adjustments for the the good gold stream that we inherited in the last. And also from the bureau cost collars that we put in place at the end of last year in conjunction with with you in our revolver. Operating cash flow before working capital adjustments for the quarter was $244,000,000 and another strong result. And as you gain highlights, the cash generation potential of our operating assets in the strong gold price environment.

And on the CapEx side, spending in the Goose project remains in line with our latest budget during the quarter. Construction mine development activities spend was 136 during the first quarter of ’twenty five. I would comment, in late ’twenty four and early ’twenty five, we accelerated approximately $60,000,000 in plant and equipment purchases, including deposits of some longer lead items that were pulled forward from second half ’twenty five or subsequent years. So factoring these into accounts, including them from the total, good cash expenditures to first of all remains in line with budget. Balance sheet wise, we continue to remain in a strong financial position with cash and cash equivalents of $330,000,000 at the end of the first quarter.

And during the quarter, I think as we discussed in the hospital, we repaid the outstanding balance in our revolving credit facility with the proceeds of the convertible notes that we issued at January 25. And at the end of the quarter, we had $800,000,000 of full capacity undrawn on our revolving credit facility. So with good amount of financial flexibility to be able to complete the Goose construction very shortly to fully repay the obligation under the gold prepaid as as we deliver into them over the course of the a year from July 25 to June 26 and to complete other saving growth initiatives across the portfolio and to continue to fund very, very healthy exploration programs, which will hopefully expand mine life. That’s the financial update. I guess the key points.

And with that, I’ll turn the call over to Bill for an operational project update.

Conference Operator: Alright. So I’ll I’ll start out with probably what people are most interested in. At at Goose, it was a very successful winter ice road season. We did start one month earlier than 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 roll building plan. It was a great result.

Everything came up the road, that 4,000 container units and almost 80,000,000 liters of fuel. On the construction side, progress was significant in the first quarter, and all activities are nearly complete and ready for first gold and subsequent ramp up to commercial production in in q three. On the open pit mining side, mining of the eco pit was recently complete 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 war production as in our current life of mine will begin in the third quarter of this year.

Looking at Mali, Mali had a strong start to the year, exceeded gold production expectations, had lower all in sustaining costs 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 Fekola underground and if we get all our permits to Fekola Regional later in 2025. At Masbate, the operations continue to perform well. World class safety record, I just want to call that out.

They’re now coming up on two thousand three hundred days without an LTI. We anticipate another strong year of consistent production at Masbate with strong margins. At Otjikoto, the open pit and underground went very well in the first quarter. And currently, we’re basically we’re focused on advancing the Antelope deposit to a development decision in the third quarter of this year. And finally, and maybe not lastly, Gramalote, we’re getting close to the finalization of feasibility study.

We wanna release it over the next couple of months. With that, I will turn it back to you, Clyde.

Clive Johnson, President and CEO, B2Gold: Good. Thanks, Phil. Randall, can you update on the recent developments at Valley Louie over the last couple of days? Yeah. Absolutely.

So as most of you know, we’ve been working with the government now. They followed the twenty twenty three minuteing code on the Fekola Regional project. A part of the MOU was that they finally allowed a company to consolidate a large land package, which we, you know, which we are using to combine the Manacoto, Ben Taco, and Vakalobi permits. For the first time, the twenty twenty three minuteing code now allows for a larger overall land area under one consolidated land package. So we’ve been working with them since September on what has really been a novel process for them.

And finally, it came through just yesterday where the capital ministers have approved the decree to go ahead with that consolidated land 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 named Minas Cotto. It will be the you know? And so that will find its way into a new operating company. And with that application for exploitation permits should go in within the week.

And then we’re looking at the standard time turnaround time has been around thirty to sixty days for us to be able to see an exploitation license. So really, they’ve you know, lived up to another obligation in the MOU that that, you know, one of the more important ones for us. And so now it’s a it’s a matter of us continuing to work with that government to show them and demonstrate the value that the Fekola Regional will have for all stakeholders, them being a 35% holder in Fekola Regional and look towards the later on this year of getting into production. So 35% other than twenty twenty three coal for the regional area. And obviously, we were the other 65% of that.

So I think that’s a good summary of where we sit today as we’ve discussed those. We’ve said so many catalysts moving forward. Very happy in the first quarter. Excited to continue that good performance for the rest of year and significantly advanced the catalyst that we’ve talked about today. So you’ve got entire executive team here in Vancouver with the exception of those that we could use.

So I think with that, we’ll open it up to to any questions.

Conference Operator: 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’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, And our first question comes from Francesco Costanzo from Scotiabank.

Hi. Good morning, guys. Thanks a lot for taking my question. This is Francesco calling on behalf of Abbeh Sabiv. I just want to start with some of questions for Bill.

So construction development is tracking to plan, you’ve noted in the release that mining of the Echo pit and completion of tailings for your pipeline are some of the critical path items that are needed before first goal for. But can you speak to any of the other critical path items to highlight ahead of first goal for or before achieving commercial production that you should look for? Yeah. Well, obviously, everything’s gonna be happening all very rapidly now. We’re currently in the process of 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 gonna start commissioning through the mill.

And then it’s just working through the circuits, obviously, trying to get ore in there and then producing gold by by the end of q ’2. Okay. Great. And then just on the capital budget. So you’ve reiterated the Canadian one point five four billion dollars budget with a $136,000,000 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 twenty five than was implied by the total boost budget. So just wondering if you can clarify your expectation of sustaining and non sustaining capital spending ahead of the school, ahead of commercial production and through the the balance of the year.

Clive Johnson, President and CEO, B2Gold: Right? Well, in in terms of the the total CapEx, the items that we’d identified that we we did expand some of this on sustaining CapEx that that pull forward. You know, I mentioned it’s it’s somewhere in the region of 60,000,000. Some of that was extended right at the end of twenty four. And what’s what’s another component of it done in q one twenty five and cover 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 Cat’s triple seven loaders and some Volvo trucks. And those are things that we had originally in the second half, the ’25. We’ve also got some fuel on hand that we purchased for construction. So it’s it’s purchased, but hasn’t been consumed yet. You pull all those things together, you get something in the reach of 60,000,000 plus that we think.

I really think that our pull either accelerated and will be consumed in in q two or better pull forward from subsequent periods or years.

Conference Operator: Okay. Thanks, Mike. And then just my final question for Randall or or whoever wants to take it. I mean, great to see progress meaningful progress in the Fekola Regional Permit. I guess, expected within the next sixty 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 ore production start to come from Anaconda?

Clive Johnson, President and CEO, B2Gold: I’ll leave that to Bill.

Conference Operator: Yes. We do. And there’s three months of pre stripping there. Okay. Great.

Thanks for clarifying. That’s all for my questions. The next question comes from Anita Soni from CIBC World Markets.

Anita Soni, Analyst, CIBC World Markets: I just had a question on the Gramalote study that’s coming up soon. Could you just give us an idea of some of the, I guess, parameters that you were 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 expected to use in that in that study.

Clive Johnson, President and CEO, B2Gold: Well, I’ll I’ll give it over to Bill to tell you. I mean, we should talk a little bit about what was in the PEA before in previous studies. I think it’s quite a quite a lot of lines with PEA. We’re hoping to be similar or even improve upon that. But that was as you said, it’s smaller footprint, which is good for the from the updated current point of view.

But, basically, we’re looking at because it’s one order now, we’re looking at the potential to produce 220,000 ounces a year. And for the first five years, I mean, to all this, probably, a mileage. So the COVID that produced at the PEA was a bit misleading because it actually had some of the training required to do the feasibility and there’s a lot of HCA work that went into that PEA. So a lot of work is out of business, and we’re on track with the feasibility study before end of the year. That’s what we’ve done.

We’re on track to be able to release the new the studies. So I Yeah.

Conference Operator: I’m just I I I don’t mean to walk on you there, but you’re absolutely right. The PEA is the absolute best reference for what what we’re looking at for the feasibility study. Every everything is tracking very nicely against that. And I’ll I’ll leave it for Mike and let the gold price renews.

Clive Johnson, President and CEO, B2Gold: Yeah. I think gold price, I mean, you’ll see us look there’s gonna be some scenarios running there, but I think I think you’ll see us look at consensus as a as a base just to see where we are. So if you look at where CFTC’s latest consensus came out, Obviously, it’s higher in the short term, but we’ll those would be build years anyway. And then long term, you’re looking at somewhere 23 to $2,400. That’s the current consensus.

I think that we have a logic and potentially, if we have a positive study, we make a development decision to go forward. It could slide it very nicely after goose to reserve pricing profile. And as everyone’s aware, we don’t try to build two lines at the same time. Also, when you look at funding Gramalote, there’s a number of sources of funding from the existing cash flow we’re generating from existing facilities we have, some access to, you know, good term debt facilities. But also, of course, this is not one that we would necessarily be afraid of hedging a bit of gold in terms of setting a lot of capital.

The previous it was around 800,000,000. But there’s a numerous ways to to to finance that numerous avenues to do that. But also, we would be looking at what option this would be to perhaps protect the the company and the project from the first from the construction period. But that would that would be I expect that would be a small percentage of our gold production testing as a company. So I hope that answers your questions.

Anita Soni, Analyst, CIBC World Markets: It does. And then just last question on the timing was so as you mentioned, not wanting to build Goose or or building too many things at the same time, but you’re coming to, you know, the tail end of Goose now. So would would it be right to think about Gramalote potentially coming on stream just at the end of the decade?

Clive Johnson, President and CEO, B2Gold: No. You have to touch with the base of that. Obviously, you should you know, we don’t know the schedules.

Conference Operator: Yeah. So Anita, really, it comes down to the feasibility study is is real remember, we’re gonna have to make some minor modifications because Anglo 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 we’re kind of estimating a a twelve to fifteen month period on that. So your your answer is absolutely correct.

It could be earlier if if the government wants to play, but you’re right. It’s kinda that 2829 is is probably right.

Anita Soni, Analyst, CIBC World Markets: Okay. That’s it for my questions. Thank you.

Clive Johnson, President and CEO, B2Gold: Thank you.

Conference Operator: Again, if you have a question, please press then 1. And our next question comes from Terry McCreery from Canaccord Genuity. Please go ahead. Hey. Good morning, guys.

Just another question on Deuce. What kind of stockpile do you expect to have and and grade ahead of the mill setup? Well, I can I can tell you that we’ve got significant stockpile already prepared from the open pit? I was just looking at this morning. What I’ll tell you for the for the mill, we’re we’re talking about as we start up, once we get, kind of the low grade stuff through, we’re gonna run at at least 20,000 and maybe more, maybe as much as 35,000 tons at plus Trent 10 grams through right away.

So we’re we’re looking good for for meeting our projections. And, certainly, this kind of one twenty at this point, one twenty to one thirty is is not really an issue. So we we could see that for sure in 2025.

Clive Johnson, President and CEO, B2Gold: We’ve got it one twenty to one.

Conference Operator: And then sorry. I was trying to understand it. One twenty to one fifty is right. Yeah. Okay.

Just in terms of the ore mix with the underground coming on more so in q three, I’m assuming most of your mix for the first half of the year is really the stockpiles and and the open pit. Is that correct? Or or what is the mix? Okay. What is the mix between open pit and underground?

I I don’t have that at my fingertips right now. But, certainly, in 2025, a lot of the a lot of the material is coming from the open pit.

Clive Johnson, President and CEO, B2Gold: Yeah. I can comment on that also, or Carrie. It’s about 40% from the echo open pit for the feed that we give through the year. 40% of material from the Amul open pit, and then about 20% of material from Amul underground is the best throughout the balance of the year.

Conference Operator: Okay. Great. Thanks. Thanks, Mike. The next question comes from Ovaith Sabid from Scotiabank.

Please go ahead. Hi, Clive and B2 team. Sorry. Got a bit delayed coming on the call. I just wanted between conference calls.

Just a lot of questions have been answered, but just one question on maybe on the Otjikoto side and, you know, in terms of any sort of expansions on the Antelope 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. You need to do further studies or more drilling?

Or can you give us a little bit more color on that?

Clive Johnson, President and CEO, B2Gold: Yeah. Yeah. Thanks for raising it. We didn’t really talk much in detail about that. I guess that won’t be a bill answer.

Conference Operator: Yeah. The only thing that’s really kind of outstanding of is is the geotech. You know, overall, we have the mining method locked down. We’re we’re currently looking at what is the surface infrastructure layout, you know, basic basic kind of supporting type questions. So do we want do we wanna have, you know, extra facilities?

And so we’re we’re right now going through third party review of what we’ve done. Okay. So you you guys could be in a good position then just based on that for for that construction decision in q three then? 100%. K.

Sounds good. And and just and you may have already touched upon this during the call, so So I apologize if I’m asking again. But just in terms of the permits on the Mali, specifically on the Pecola Underground. Now the Pecola Underground, from what I understand, is an amendment to your permit. Is that expected sooner than the regional?

Is that separate? Is that together now? From what I understand, the million dollar or the regulators had combined the two. Any color on that, please?

Clive Johnson, President and CEO, B2Gold: I’ll pass it over to Brandon. But what you missed earlier in the call, we really should have a bunch of different calls to go back to Florida with the significant development of the business moving the purchasing boards of the government. I’m now interested in the last last day, We’ve already covered it, but we’ll give you what they say, highlight two of that and also the other government. Yeah. I mean, let me add to your first question.

They they are not connected, Oleys. I’m not sure where that that one came from, but they are our two distinct processes, the underground and the regional. And when we talk about them together in our press releases just because that’s the kind of the future and some of the catalysts at Fekola. But certainly, everything that needs to be submitted for the underground, the approvals has been submitted, and that process is underway. We expect that we’ll be up and producing in the early in the second half.

And so don’t see any issues there with the underground, that one is well in hand. With the regional, we did receive the council minister’s decree yesterday for the combination of the three permits, the three permit area, which so that’s, you know, 200 plus square kilometers to the north covering continuous North of of Med90 of the Fekola permit. So that really is is the kind of that allows us to now submit the exploitation application. It’s been completed. It’s translated.

It’s it’s ready to go. We need a little bit of time to include all of the details that come out of that consolidated permit and and flow those through the application. But then we we expect kind of that the turnaround time has been historically about thirty to sixty days in in this instance. Perfect. Thanks for the

Conference Operator: color on that, Randall. And and and then, really, good to hear on the progress on the permitting. That’s it for you guys, and thanks for taking my questions.

Clive Johnson, President and CEO, B2Gold: Absolutely.

Conference Operator: And the next question is a follow-up from Kerry McCrory from Canaccord Genuity. Please go ahead. Yeah. Just a question for Mike. Obviously, the balance sheet’s in great shape.

Just asking about the prepay given that you’d be ramping up in q three. Is there any thought of deferring that to later, or you you’re comfortable just settling that in the quarter?

Clive Johnson, President and CEO, B2Gold: Well well, we can defer it. We could roll them if we want to. Our our goal is not to. If you look at what we what the rationale for pulling in the convert, putting a bit of longer term money on the balance sheet there to free up the line, we’re gonna use the line to help us maneuver through the free phase and to do some legal, the capital early stage antelope, whatever we might do for call finishing for call original, all those things. But also gonna use the line to to maneuver through.

We 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. Goods will be billed. Goods will be running.

We’ll we’ll deliver into the prepaid. We’re done. We’ll put them behind us. Sorry. We’re gonna election day.

So we’ll able to Right. The email to those also available to us. And, obviously, it’s like I we’ll use parts of that as you move forward and try this to to deliver the people. Yeah. There’s lots of room.

I mean, if gold stays for that, won’t be touching the facility, but you don’t plan on record gold prices all the time. You plan on managing things. So we’re in good shape to do it, period. That’s the bottom line.

Conference Operator: Alright. Great. Thanks. Thanks, guys. This concludes our question and answer session.

I would like to turn the conference back over to Clyde Johnson for any closing remarks.

Clive Johnson, President and CEO, B2Gold: Yes. Thanks a lot for getting this conference and we can always follow-up with us if there’s any additional questions that occur to you after. So good quarter. Looking forward to the I’ll pray to all of this in 2025. Thanks for getting on the call.

Conference Operator: This brings to an end today’s conference call. You may disconnect your lines. Thanks for participating, and have a pleasant day.

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