B2Gold Corp (BTG) 2024 Q4 法說會逐字稿

Thank you for standing by. This is the conference operator. Welcome to B2Gold Corporation's fourth-quarter and full year 2024 financial results conference call. (Operator Instructions) I would now like to turn the conference over to Clive Johnson, President and CEO of B2Gold. Please go ahead.

感謝您的支持。我是會議主持人。歡迎參加 B2Gold Corporation 2024 年第四季和全年財務業績電話會議。（操作員指示）現在，我想將會議交給 B2Gold 總裁兼執行長克萊夫·約翰遜。請繼續。

Hello, good morning. Thanks for joining us. As you heard from the operator, we're going to talk about the fourth quarter 2024 results as we just released on the full year for 2024. I'll give a few highlights and then pass it over to Mike and Bill to give you some detail.

你好早安。感謝您的加入。正如您從運營商那裡聽到的，我們將討論 2024 年第四季度的業績，因為我們剛剛發布了 2024 年全年業績。我將重點介紹一些內容，然後交給 Mike 和 Bill 來詳細介紹。

We did meet our new guidance for the year coming in at the upper end of all sustaining costs and lower end of production. Basically, as we turn the page on 2024, we're looking for a much more positive 2025, increase of production at Fekola and looking to start trucking ore and also Fekola underground as well. So Bill to give a little more detail on that. Of course, the other real highlight here will be Goose, where everything is going very well there for first full quarter June of 2025.

我們確實達到了今年的新目標，達到了所有維持成本的上限和產量的下限。基本上，當我們翻開 2024 年的一頁時，我們期待 2025 年會有一個更積極的發展，Fekola 的產量會增加，並且希望開始運輸礦石以及 Fekola 的地下礦。因此比爾將對此提供更詳細的說明。當然，另一個真正的亮點是 Goose，2025 年 6 月第一季度，Goose 的一切都很順利。

I will spend a bit of time on that. On Mali is -- and many of you are aware, we reached an agreement in September of last year with the government on how to proceed going forward, both with Fekola and also starting the [truck on regional] projects. That was an important agreement for us and the government, and we're now in much on the same page where both parties are looking forward to the revenue and the profits from mining in the regional area.

我會花一點時間在這上面。關於馬利——你們很多人都知道，我們去年 9 月與政府就如何推進 Fekola 計畫以及啟動 [區域卡車] 計畫達成了協議。對我們和政府來說，這是一項重要的協議，現在我們雙方已經達成了基本一致的意見，雙方都期待著該地區採礦的收入和利潤。

We're now implementing the agreement with the government, and that's going very well. We're looking at receiving in the near term permits to proceed. Based on media reports, the last couple of days, according to the reports, (inaudible) and then Mali government have come to an agreement on a way forward. And that's very important for all of us, I guess, because I think we can all see a path forward now in relations hopefully with the Mali government can be positive going forward, not just for us but for the other parties there.

我們現在正在執行與政府的協議，進展非常順利。我們希望在近期內獲得繼續進行的許可。根據媒體報道，過去幾天，據報道，（聽不清楚）和馬利政府已就未來發展達成協議。我想，這對我們所有人來說都非常重要，因為我認為我們現在都可以看到與馬利政府的關係向前發展的道路，希望未來能夠取得積極的進展，不僅對我們，而且對那裡的其他各方也是如此。

So now all significant producers, if it's true about (inaudible) had reached an agreement with the Mali Government that we can get on we do. It's important to note the Fekola, the problems in tea ware not about the government per se. And Bill, will talk about the reasons why production was down in 2024. We've continued to operate through all the discussions with the government of Mali and the rate has actually been positive in terms of our gold production and our requirements from the government. So that relationship in smaller [chime] in period of negotiations.

因此，現在所有重要的生產商，如果這是真的（聽不清楚）已經與馬利政府達成協議，我們可以繼續下去。值得注意的是，茶具的問題與政府本身無關。比爾將討論 2024 年產量下降的原因。我們一直在與馬利政府進行所有討論，就我們的黃金產量和政府需求而言，成長率實際上是正面的。因此，在談判期間，雙方關係較小。

We're going to talk, as we said shortly about Goose. I think now I will -- actually let me touch on now is looking forward in terms of growth. So as we said, we see substantial increase in production from Fekola, but also there's a lot of other milestones coming up this year. Receiving the permits for Fekola would allow us to get up to 180,000 ounces on an annualized basis from the mining of the region or -- and of course, Goose is going to represent significant growth for us as we bringing into production in June of this year.

我們將要談論 Goose，正如我們剛才所說。我想現在我會——實際上讓我談談現在對成長的展望。正如我們所說，我們看到 Fekola 的產量大幅成長，但今年還會有很多其他里程碑。獲得 Fekola 的許可證將使我們能夠從該地區的採礦中獲得每年高達 180,000 盎司的產量——當然，隨著我們在今年 6 月投入生產，Goose 將為我們帶來顯著的增長。

And on an annualized basis, it is expected to improve over 300,000 ounces of gold annually from Goose. And subject to a positive feasibility study and the construction decision, potentially done 235,000 ounces of annual production from the Gramalote project in Colombia. Now as you said, under subject to project feasibility study, which will come out in the middle of year and the production decisions to go forward. We found the project quite attractive. PEA a while ago that new returns on a net present value at $2,000 gold.

以年率計算，預計每年將從 Goose 開採超過 30 萬盎司黃金。根據積極的可行性研究和建設決定，哥倫比亞的 Gramalote 項目每年可能生產 235,000 盎司。正如您所說，現在要進行專案可行性研究，研究結果將在年中公佈，生產決策也將隨之推進。我們發現這個項目非常有吸引力。不久前，PEA 宣布，黃金淨現值為 2,000 美元，這是新的回報。

So if you wanted at some higher growth price already, we think it moved to in $2,000. There's upside in terms of the gold price and maybe blocking that gold price churn construction. So if you add all that up, there's the expectation of 180,000 ounces from Fekola Regional and the improvement of Fekola production overall.

因此，如果您想要更高的成長價格，我們認為它會升至 2,000 美元。黃金價格有上漲空間，或許可以阻止黃金價格的波動。因此，如果將所有這些加起來，預計 Fekola Regional 的產量將達到 180,000 盎司，並且 Fekola 的整體產量將有所提高。

Over 300,000 ounces I mentioned from Goose and then the 240,000 ounces there about early potential from Gramalote subject to the things I pointed out. In addition, we've got a new discovery, in Otjikoto area that the [vanish] potential, the (inaudible) Zone good discovery at that depth about us potentially add 65,000 ounces at Otjikoto. So if you add all that up, you get over 650,000 ounces of gold production and nothing very importantly from existing assets. These are not ounces we have to go buy through M&A, and then we don't have to find them, sure we'll find the wrong ore but that's where we sit today. So a very impressive growth profile.

我提到 Goose 的產量超過 300,000 盎司，然後 Gramalote 的產量為 240,000 盎司，這取決於我指出的事情。此外，我們在奧奇科托地區還有一項新發現，即該深度的 [消失] 潛力，（聽不清楚）區域良好發現，可能為奧奇科托增加 65,000 盎司。因此，如果將所有這些加起來，您將獲得超過 650,000 盎司的黃金產量，而現有資產中並沒有什麼非常重要的東西。這些不是我們必須透過併購購買的礦石，然後我們不必去尋找它們，當然我們會找到錯誤的礦石，但這就是我們今天的處境。因此，成長情況非常令人印象深刻。

And there's not a lot of speculation there. Of course, Gramalote would be the most speculative, but as I said, [we're still struggling] about that. So that's our way forward. And we had a difficult 2024 as everyone knows, but that's a one-off and 2025, we're going to get back to what this company does well, which is (inaudible) also grow the company's production profile, which we've had great success doing over many years, it's B2gold was created in 2007.

目前還沒有太多的猜測。當然，Gramalote 是最值得推測的，但正如我所說，我們對此仍在努力。這就是我們的前進方向。眾所周知，我們在 2024 年度過了艱難的一年，但那是一次性的，到 2025 年，我們將回到這家公司擅長的領域，也就是（聽不清楚）擴大公司的生產規模，多年來我們在這方面取得了巨大的成功，B2gold 成立於 2007 年。

So I think with that, I'll hand it over to Mike to do some highlights in the financial and Bill is going to give us a quick story of what happened to gold -- what's or more importantly -- what's happening if we call it going into this year. And also we going to talk, of course, update us on the program, the Goose feasibility study. Sorry, start of production and the feasibility study at Gramalote.

因此，我認為，我會將時間交給麥克，讓他介紹一些金融方面的亮點，而比爾將向我們簡要介紹黃金市場發生了什麼——或者更重要的是——如果我們稱之為今年發生了什麼。當然，我們也會談論該計劃的最新進展，即 Goose 可行性研究。抱歉，在 Gramalote 開始生產和可行性研究。

Thank you, Clive. So touch just on a few highlights from the quarter. Basic earnings per share or slightly negative for this Q, that's primarily due to lower-than-budgeted production at Fekola, FX impact from weakening of the West African Sea maybe $1 and also recording of the increase in the Fekola priority dividend, which is now 20% after they implemented as part of the MOU was previously [$10.20], that gets recorded as a tax.

謝謝你，克萊夫。因此，我們只介紹本季的一些亮點。本季基本每股盈餘略為負值，這主要是由於 Fekola 的產量低於預算，西非海域的疲軟對外匯的影響可能為 1 美元，以及 Fekola 優先股息的增加，在作為諒解備忘錄的一部分實施後，該股息現在為 20%，之前為 [10.20 美元]，這被記錄為稅款。

Adjusted net earnings for the quarter were $0.01 per share. Operating cash flow before working capital adjustments for the quarter was $145 million, benefiting from the average -- higher average gold price. (inaudible) at the Goose Project construction mine development activities was CAD209 million during the quarter and CAD55 million for working capital -- CAD55 million for working capital. And Goose, we reiterated Goose total construction and development cash expenditures to first go for quarter two, '25 were maintained at a total of CAD1.4 billion.

本季調整後的淨收益為每股 0.01 美元。本季營運資本調整前的營運現金流為 1.45 億美元，受惠於平均金價上漲。 （聽不清楚）本季 Goose 專案建設礦山開發活動的營運現金流為 2.09 億加元，營運資本為 5,500 萬加元——營運資本為 5,500 萬加元。至於 Goose，我們重申 Goose 2025 年第二季的總建設和開發現金支出將維持在 14 億加元。

Balance sheet-wise, we're a good, strong financial position. We finished the year with cash and cash equivalent of $337 million. We had $400 million drawn on our revolving credit facility. But as you saw in early '25, we completed a convertible note offering for gross proceeds of $460 million, which we subsequently used to fully pay down the balance on the RCF. So we currently have nothing drawn in the revolver are $800 million capacity with the existing syndicate plus another $200 million feature should we want to ever use that.

從資產負債表來看，我們的財務狀況良好、強勁。我們截至本財年的現金及現金等價物總額為 3.37 億美元。我們已經提取了 4 億美元的循環信貸額度。但正如您在 25 年初看到的那樣，我們完成了可轉換票據發行，總收益為 4.6 億美元，隨後我們用這筆錢全額償還了 RCF 的餘額。因此，我們目前在循環信貸中沒有提取任何資金，現有辛迪加的容量為 8 億美元，如果我們想要使用的話，還有另外 2 億美元的功能。

We have a good amount of financial flexibility, and we think, to be able to complete the Goose construction by the second quarter '25, complete the other sustaining growth initiatives across our portfolio, some of which Clive mentioned already. and to continue to fund healthy exploration programs across all our sites to extend mine lives.

我們擁有相當大的財務靈活性，我們認為，能夠在 2025 年第二季度之前完成 Goose 的建設，完成我們投資組合中的其他持續增長計劃（其中一些 Clive 已經提到過），並繼續為我們所有站點的健康勘探計劃提供資金，以延長礦山壽命。

So that's all I'm just going to -- those are the highlights. I'm going to touch on. I'll pass to Bill.

這就是我要講的全部內容——這些是重點。我將要談及這一點。我會傳給比爾。

All right. Thanks, Mike. Okay. Maybe stepping back into Q3 last year, remember that we had the sea lift in September -- August, September. 2024 Sealift was successfully completed with 10 ships and 1 barge unloading approximately 123,000 cubic meters of dry cargo and more than 84 million liters of Arctic-grade diesel fuel. We also added 58 additional trucks to help us bring down the supplies down the wind road in 2025. I'm happy to say we opened the 2025 winter ice road two days ago. This is ahead of schedule and have already begun transporting material down to the Goose site.

好的。謝謝，麥克。好的。也許回到去年第三季度，記得我們在九月、八月、九月進行了海上升降。2024 海運任務成功完成，10 艘船舶和 1 艘駁船卸載了約 123,000 立方米乾貨和超過 8,400 萬公升北極級柴油。我們還增加了 58 輛卡車，以幫助我們在 2025 年沿著風路運送物資。我很高興地說，我們兩天前開通了 2025 年冬季冰路。這比計劃提前了，並且已經開始將材料運送到 Goose 站點。

As far as construction at site, all planned activities for 2024 were completed on schedule, and the process plant is on track to produce first gold at the end of Q2. On the mining side, significant progress was made in the mining of the Echo pit. We are now currently ahead of our announced schedule and the underground development at Umwelt is consistently hitting new highs on mining efficiency. In Mali, we're gearing up to have contributions in 2025 from both the Fekola Regional and Fekola underground, which would benefit the operations for years to come.

就現場建設而言，2024 年的所有計劃活動均已按計劃完成，加工廠預計將在第二季末生產第一批黃金。採礦方面，Echo礦坑的採礦取得了重大進展。目前，我們已經提前完成了宣布的計劃，並且 Umwelt 的地下開發在採礦效率方面不斷創下新高。在馬裡，我們正準備在 2025 年獲得 Fekola 地區和 Fekola 地下礦的貢獻，這將有利於未來幾年的運作。

And as Clive indicated, we did have a couple of one-offs in '24. And just to refresh everyone's memory, we had an upset condition where we had operator error, and we lost an excavator for a quarter. And we also had some illegal union activities, which we have since gone through our discipline are procedure and all cases have been finalized.

正如克萊夫所指出的，我們在 24 年確實有過幾次一次性活動。為了讓大家回憶一下，我們曾經遇到過一個令人不安的情況，由於操作員失誤，我們損失了一台挖土機四分之一。我們也發現了一些非法工會活動，我們已經透過紀律處分程序處理了這些活動，所有案件都已結案。

At Masbate, the continue -- the operations continue to perform to a world-class level. I think everyone saw they were -- they outperformed last year, and the operations delivered all-in sustaining costs in 2024, materially lower than our guidance range, delivering very strong free cash flow at these gold prices.

在馬斯巴特，各項營運持續維持世界級水準。我想每個人都看到了——他們去年的表現非常出色，而且 2024 年的營運全部維持成本大大低於我們的指導範圍，在當前的金價下實現了非常強勁的自由現金流。

And at Otjikoto, once again, in 2024, they outperformed. We also have, as Clive mentioned, the new discovery, the Antelope deposit. This PEA was released earlier this month and is a positive step towards new production later this decade, and this continues to remain open for exploration. Gramalote, we're working through a feasibility study, which we believe will be ready by the end of mid-2025 released in mid-2025.

2024 年，他們在奧奇科托再次表現出色。正如克萊夫所提到的，我們也發現了新礦床—羚羊礦床。這項初步經濟評估於本月初發布，是朝著本世紀後期新生產邁出的積極一步，並將繼續保持探索開放狀態。Gramalote，我們正在進行一項可行性研究，我們相信該研究將於 2025 年中期完成並發布。

With that, Clive, I'll turn it back to you.

克萊夫，有了這個，我就把它交還給你。

Thanks, Bill. Thanks, Mike. Just a final thought. What's been hanging over us for a while has been the reality and the perception of dealing with Mali when we needed to reach agreement with the government based on the government coming out with 2022 Mining Code. So I think with the developments we've had in terms of reaching even in September and other companies reaching an agreement since then.

謝謝，比爾。謝謝，麥克。這只是最後一個想法。一段時間以來，我們一直面臨的問題是與馬利打交道的現實情況和看法，我們需要根據政府出台的 2022 年採礦法與政府達成協議。因此我認為，從我們在 9 月達成協議方面取得的進展來看，其他公司也已經達成了協議。

And then finally, once again, the media report that's true with Barrick sowing that takes solving new issues and moving forward. That takes a lot of weight off of I think the pressure off of this space in our shares to beat up a lot over the last couple of years based on the part or large parts of that uncertainty about the future in Mali.

最後，媒體再次報道，巴里克的播種工作確實需要解決新問題並向前邁進。我認為這在很大程度上減輕了我們股價在過去幾年中大幅上漲的壓力，這部分是由於對馬利未來的部分或大部分不確定性造成的。

Additionally, I think there's been a great concern about Goose just in the sense of is it going to be timing and is going to come in around the budget that we outlined what we being guided. As Bill said, the good news is we're very much on track at Goose. So I think that's another factor that's been putting pressure on our market value has been the concern of significant cash cost over -- sorry, reception cost of run which we're not seeing, but also the timing of Goose, which is very much on track. So with that, we felt that the market might turn around a little bit. And in fact, hopefully, this is last couple of days as the start of that as we remove these risk factors going forward.

此外，我認為大家對 Goose 非常擔心，擔心它的上市時間是否合適，以及是否能按照我們制定的預算上市。正如比爾所說，好消息是我們在 Goose 的進展非常順利。因此，我認為這是對我們的市場價值施加壓力的另一個因素，即對大量現金成本的擔憂 - 抱歉，我們沒有看到接待成本，但 Goose 的時機也非常順利。因此，我們覺得市場可能會稍微改善。事實上，希望這幾天能成為我們消除這些風險因素的開端。

The other thing significant thing is going to be the Gramalote feasibility study. it's going to be completed by the middle of the year. So in all, 2024, as I said, was a challenging year. We met the challenges. And as we go into '25, we're turning a page back to solid production performance, strong financial position and growth from existing assets. So I think with that, we'll open it up to questions.

另一件重要的事情是格拉馬洛特可行性研究。它將於今年年中完成。總而言之，正如我所說，2024 年是充滿挑戰的一年。我們迎接了挑戰。隨著我們進入25年，我們將重新回到穩健的生產業績、強勁的財務狀況和現有資產的成長。因此，我認為，我們可以開始回答問題了。

(Operator Instructions)

（操作員指示）

Ovais Habib, Scotiabank.

加拿大豐業銀行的 Ovais Habib。

Clive and B2Gold team. A couple of questions from me. Sorry if you've already addressed on some of these questions, I've just been bouncing between a couple of conference calls, so I apologize for that. Just want to start off with Fekola in regards to the permit, and I'm glad to see things are moving ahead with Barrick as well. Is there any additional info the regulators require on the Fekola regional or Fekola underground? Or are we just waiting for the final sign-off?

Clive 和 B2Gold 團隊。我有幾個問題。抱歉，如果您已經回答了其中一些問題，我剛剛參加了幾次電話會議，因此我對此表示歉意。我首先想與 Fekola 談談許可證事宜，我很高興看到與 Barrick 的合作也在取得進展。監管機構是否需要有關 Fekola 區域或 Fekola 地鐵的任何其他資訊？或者我們只是在等待最終的簽名？

What we're working with going on right now is consolidating licenses that make up the majority of the property which to the North, and that's what you call it the content in the past. So that's on track. We're really expecting that at any time. And then hopefully, short after that, we will get the permit from the government to start [mining ore] or there will be a bit of a pre-strip to start on that. But basically, if we achieve those things, which we're expecting to do, as I mentioned, we're very much on the same page as the government of winning this mining to start.

我們目前正在進行的工作是整合構成北方大部分財產的許可證，這就是過去所說的。一切進展順利。我們確實隨時期待著這一點。然後希望不久之後，我們就能獲得政府的許可開始[開採礦石]，或者可以進行一些預先開採。但基本上，如果我們實現了這些目標（正如我所提到的那樣），我們期望能夠實現這些目標，那麼我們與政府就贏得這項採礦權的目標就達成了一致。

This year, we've only projected 10,000 to 20,000 ounces to come from the regional. It will be, as we said, about 180,000 ounces on an annualized basis for the first five years from the regional. I think the other thing that is significant is the government gave us permission a while ago to build the infrastructure for regional mining and trucking award out to the Fekola mill. So that meant building the roads and facilities, maintenance facilities, workshops, et cetera. So that was a good sign that the government was agreeing for us to get going even before we reached the full agreement as we enter September.

今年，我們預計該地區的產量僅為 10,000 至 20,000 盎司。正如我們所說，該地區前五年的年產量將達到約 18 萬盎司。我認為另一件重要的事情是，政府不久前批准我們建造通往 Fekola 工廠的區域採礦和卡車運輸基礎設施。這意味著要建造道路和設施、維護設施、車間等等。所以這是一個好兆頭，在我們進入九月達成全面協議之前，政府就同意我們開始行動。

Okay. Thanks for the color on that, Clive. And just -- and then moving quickly on to Goose. Again, great to hear you guys had on the ice road. You also mentioned in the press release that underground mining rate are a bit behind schedule. Is this just a function of experienced miners? Or is there anything else in terms of rock hardness or anything else, ground conditions that is causing that?

好的。謝謝你的解釋，克萊夫。然後——然後快速轉到 Goose。再次，很高興聽到你們在冰路上的經歷。您也在新聞稿中提到，地下採礦率有點落後於計劃。這僅僅是經驗豐富的礦工的功能嗎？或者是否存在其他因素（例如岩石硬度或其他地面條件）導致了這種情況？

If I'm being honest, Ovais, once again, so it's two things really. Both of them historical, both of which we have fixed. The first one being, as you correctly pointed out, the quality of the miners that we inherited, which has been -- we certainly brought that team up to scratch, and that's why you can see -- and I think I said it in my statement that the daily rates are coming up every day.

說實話，Ovais，再一次，所以這實際上是兩件事。它們都是歷史性的，我們都已經修復了。第一個是，正如您正確指出的那樣，我們繼承的礦工的素質已經——我們確實讓這個團隊達到了標準，這就是為什麼您可以看到——我想我在聲明中說過，每日費率每天都在上漲。

The second one is the equipment that was purchased by our predecessor, which we have now -- we are in the process of changing out during the ice road of the first stuff down the road is some new equipment to bring that to bring the speed up. But we have seen -- we started meeting targets kind of in Q4, our daily production rates. And so we read just our schedule, and we don't see any real impacts to 2025 production at our current rates.

第二個是我們前任購買的設備，我們現在正在更換冰路上的第一件東西，就是一些新設備，以提高速度。但我們已經看到——我們在第四季度開始達到目標，即我們的每日生產力。因此，我們只閱讀了我們的計劃，我們認為按照目前的速度，2025 年的生產不會受到任何實際影響。

Perfect. Thanks for the color on that, both. Looking forward to the ramp up at Goose. Thank you.

完美的。謝謝你們兩位對此的評價。期待 Goose 的崛起。謝謝。

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

我們的問答環節到此結束。我想將會議交還給克萊夫·約翰遜，請他做最後發言。

Okay. Well, I guess that means we have a very complete presentation. So thanks for your time, and you can see why we're pretty excited about the future here at B2Gold. Thank you, operator.

好的。好吧，我想這意味著我們有一個非常完整的演示。感謝您抽出時間，您可以看到我們為什麼對 B2Gold 的未來充滿期待。謝謝您，接線生。

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

謝謝您，先生。今天的電話會議到此結束。您可以斷開線路。感謝您的參與並祝您有個愉快的一天。