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- **Goose Mine Milestone**: Commercial production achieved in Q3, with 2026+ production targets of 250,000+ oz annually despite Q3 2025 guidance revision to 50,000-80,000 oz.
- **Financial Strength**: $367M cash balance, $171M operating cash flow, and $0.14 adjusted EPS reflect strong gold pricing and operational efficiency.
- **Strategic Projects**: Antelope Underground approval with $105M cost reduction, Fekola Underground exceeding expectations, and Goose Mine permanent modifications to resolve throughput issues by 2026.
- **Political Resilience**: Mali operations unaffected by political instability, with strong government support and international collaboration.

**【CEO Remarks】**
- **Strong Operational Performance**: Q3 2025 saw record production at Fekola, Masbate, and Otjikoto mines, with all sites exceeding expectations. Goose Mine achieved commercial production in October 2025, though Q3 production was impacted by crushing capacity constraints and ore access delays.
- **Goose Mine Update**: Temporary mobile crushing capacity resolved throughput issues, with permanent modifications expected by end-2026. 2025 production guidance revised to 50,000-80,000 oz, but 2026+ outlook remains strong at 250,000+ oz annually.
- **Political Stability in Mali**: Despite media speculation, Fekola operations continue unaffected, with strong government support and international backing.

**【CFO Commentary】**
- **Financial Highlights**: Q3 2025 GAAP EPS of $0.01 (adjusted $0.14), revenue $783M (including $144M prepay deliveries). Operating cash flow $171M, cash balance $367M. $200M revolver drawdown to manage prepay timing, expected repayment by year-end.
- **Cost Management**: Despite one-time derivative losses, adjusted EPS reflects strong gold pricing and operational efficiency. Capital spending at Goose totaled $157M in Q3, with $60M budgeted for Q4.

**【COO Operational Update】**
- **Fekola Underground**: Exceeding grade and throughput targets, with 4.5g/t expected in 2026. Regional permit imminent, enabling pre-stripping and ore delivery.
- **Antelope Project**: $105M capital cost reduction approved, with potential to add 110,000 oz to Otjikoto's life-of-mine production.
- **Goose Mine**: Underground mining of Umwelt deposit commenced in Q4, setting up for 2026+ high-grade production ramp-up.

**【Q&A Highlights】**
- **Cost Trajectory**: Q4 2025 higher costs due to ramp-up, but 2026+ margins expected to normalize. Mobile crushing costs (~$0.5M/week) will decline with permanent fixes.
- **Permit Progress**: Fekola regional permit expected by year-end, with pre-stripping already underway.
- **Capital Allocation**: revolver used as temporary liquidity buffer, with no long-term debt impact. Antelope project capitalization expected in early 2026.

B2Gold Corp (BTG) Q3 2025 Earnings Call Transcript

- **Goose Mine Milestone**: Commercial production set for September 2025, with 3-month ramp-up on track.
- **Cost Efficiency**: Cash cost guidance reduced to $740-$800/oz for existing mines, driven by lower fuel costs (HFO -9%, diesel -13%).
- **Mali Expansion**: Underground operations at Fekola approved; regional permit expected Q3 2025, enabling 50,000+ oz/year from underground.
- **Gramalote Potential**: Positive feasibility study for 240,000 oz/year project; 100% owned, awaiting permit modification.
- **Liquidity Strength**: $308M cash, full $800M credit facility undrawn, supporting growth initiatives and prepayment obligations.

**【CEO Summary Section】**
- Q2 2025 highlighted strong operational performance across Fekola, Masbate, and Otjikoto mines, with production exceeding expectations and lower-than-expected cash costs.
- Inaugural gold ore at the Goose Mine on June 30, 2025, with commercial production expected by September 2025 (3-month ramp-up).
- Mali government granted approval for underground operations at Fekola, signaling cooperation and support for B2Gold's operations.
- Positive feasibility study results for Gramalote, with permitting modifications underway.

**【CFO Financial Commentary】**
- Q2 2025 GAAP EPS: $0.12; adjusted EPS: $0.12, driven by strong gold prices and operational efficiency.
- Operating cash flow: $301 million; cash and equivalents: $308 million; full $800 million revolving credit facility undrawn.
- Reduced consolidated cash cost guidance for existing mines to $740-$800/oz (prev. $835-$895/oz); including Goose, guidance updated to $795-$855/oz.
- FY 2025 production guidance unchanged: 970,000-1,075,000 oz, with Goose contributing 120,000-150,000 oz.

**【COO Operational Update】**
- Goose Mine: Major construction complete; focus on throughput optimization and full design capacity ramp-up. Echo pit tailings facility operational; Llama pit dewatering underway.
- Fekola: Underground production commenced July 30, 2025; 9,300m of development completed. Regional permit approval expected Q3 2025.
- Masbate and Otjikoto: Consistent high-grade production; Masbate safety milestone (2,400+ days without LTI).
- Gramalote: Feasibility study positive; permit modification process expected to take 12-18 months.

**【Q&A Highlights】**
- **Fuel Costs**: HFO 9% below budget, diesel 13% below, contributing to lower cash costs.
- **Goose CapEx**: $176M Q2 2025 spend includes $60M accelerated costs and $40M mill upgrades. Total project cost increase due to $100M+ upgrades for availability and redundancy.
- **Fekola Regional Permit**: Government prioritizing approval; pre-stripping infrastructure complete, awaiting permit.
- **Goose Ramp-Up**: Target 4,000 tpd by year-end; potential for 6,000 tpd expansion via flotation circuit or mill upgrades.
- **Gramalote**: 100% owned, 240,000 oz/year potential; permitting timeline 12-18 months, dependent on regulatory approvals.


B2Gold Corp. (BTG) Q2 2025 Earnings Call Transcript

- **Goose Project Milestone**: Commercial production expected Q3 2025, with first gold pour in Q2.
- **Fekola Expansion**: 180,000 oz/y regional expansion on track for late 2025 production.
- **Gramalote Feasibility**: Study due June 2025, targeting 240,000 oz/y for first 5 years.
- **Financial Strength**: $244M Q1 operating cash flow, $800M undrawn revolver, and no debt.
- **Exploration Focus**: $64M budget (half on Back River) to drive organic growth.

**【CEO Opening Remarks】**
- Q1 2025 marked a strong recovery after 2024 challenges at Fekola, with all mines performing well. Fekola's operational issues were resolved, and production guidance for other mines was met.
- Key growth drivers include the Goose project (300,000 oz/y by Q3 2025), Fekola regional expansion (180,000 oz/y), and the Gramalote feasibility study (due June 2025). 
- Exploration budget of $64M (half focused on Back River) and no interest in M&A, prioritizing organic growth.

**【CFO Financial Commentary】**
- Adjusted EPS: $0.09 (Q1 2025), driven by high gold prices and strong cash flow ($244M operating cash flow).
- Goose project capex: CAD1.54B budget, with CAD136M spent in Q1. Accelerated $60M in 2025 capex for long-lead items.
- Balance sheet remains strong: $330M cash, $800M undrawn revolver, and no debt after revolver repayment.

**【COO Operational Update】**
- **Goose Project**: 
  - Winter ice road completed 1 month early, transporting 4,000 container units and 80M liters of fuel.
  - Construction nears completion; first gold pour expected in Q2, commercial production in Q3.
  - Underground mining rates hitting records, with high-grade stope ore production set to begin in Q3.
- **Mali (Fekola)**: Q1 production exceeded expectations, with underground expansion on track for H2 2025.
- **Gramalote**: Feasibility study nearing completion, targeting 240,000 oz/y for first 5 years of a 12-year mine life.

**【Legal Update on Mali】**
- Government approved consolidated land package for Fekola Regional project, enabling submission of exploitation permit application within the week.
- Permit approval expected within 30-60 days, with production targeted for late 2025.

**【Q&A Highlights】**
- **Goose Construction**: 
  - Powerhouse commissioning underway; mill feed grade expected to be 120-150g/t in 2025.
  - 40% of feed from open pit, 20% from underground in 2025.
- **Capital Allocation**: 
  - $60M of 2025 capex pulled forward for long-lead items; no plans to defer gold prepay obligations.
  - Gramalote feasibility study using $2,300-$2,400/oz gold price (CIBC consensus).
- **Antelope Decision**: 
  - Construction decision expected Q3 2025, pending minor geotech reviews.
- **Fekola Regional**: 
  - 3 months of pre-stripping needed before ore production begins.


B2Gold Corp. (BTG) Q1 2025 Earnings Call Transcript

- **2025 Production Surge**: 480,000+ oz/year from Fekola and Goose, plus 240,000 oz potential from Gramalote.
- **Mali Risk Mitigated**: Government agreement clears path for mining, aligning with Barrick.
- **Goose on Track**: $1.5B project set for Q2 2025 first gold, with mining efficiency improving.
- **Financial Strength**: $337M cash, no debt, and $1.5B raised for Goose construction.


**【CEO Summary Section】**
- **2024 Performance**: Achieved upper end of production guidance with strong cost control, despite challenges in Mali.
- **2025 Growth Outlook**: 
  - **Fekola Regional**: Expected to contribute 180,000 oz/year by 2025, with permits nearing final approval.
  - **Goose Project**: Set to produce first gold in Q2 2025, targeting >300,000 oz/year.
  - **Gramalote**: Potential 240,000 oz/year if feasibility study (mid-2025) and construction decision are positive.
  - **New Discovery**: Otjikoto's Masbate zone could add 65,000 oz/year.
- **Mali Agreement**: Resolved government disputes, aligning with Barrick's recent agreement, clearing path for mining operations.

**【CFO Financial Highlights】**
- **Q4 2024 Results**: 
  - EPS: -$0.01 (due to Fekola underperformance, FX, and tax changes).
  - Adjusted Net Earnings: $0.01/share.
  - Operating Cash Flow: $145M (benefiting from higher gold prices).
- **Goose Project**: Total construction budget remains at CAD1.54B, with CAD1.5B raised via convertible notes.
- **Balance Sheet**: $337M cash, no revolver draw, $800M credit capacity.

**【COO Operational Updates】**
- **Fekola**: 2024 production impacted by equipment failure and labor issues, but 2025 outlook improved with government support.
- **Goose**: Ice road opened early, underground mining efficiency improving post-equipment upgrades.
- **Masbate & Otjikoto**: World-class performance, with Otjikoto delivering new Antelope discovery.
- **Gramalote**: Feasibility study on track for mid-2025 release.

**【Q&A Key Takeaways】**
- **Fekola Regional**: Permit expected soon, with 10-20K oz production in 2025, scaling to 180K oz/year.
- **Goose Mining**: Delays resolved, no impact to 2025 production despite historical miner quality issues.
- **Political Risk**: Mali agreement reduces uncertainty, aligning with industry peers.


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