B2Gold Corp (BTG) 2025 Q2 法說會逐字稿

This is today's conference operator. Welcome to the B2Gold Corporation's second quarter 2025 financial results conference call. (Operator Instructions) The conference is being recorded. (Operator Instructions)

我是今天的會議主持人。歡迎參加 B2Gold Corporation 2025 年第二季財務業績電話會議。（操作員指示）會議正在錄音。（操作員指示）

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

現在，我想將會議交給 B2Gold 總裁兼執行長克萊夫·約翰遜先生。請繼續。

Thanks, operator, and welcome to the call, everyone. We feel we had a strong quarter -- second quarter with strong operational and financial results. Across all operations, we are very pleased with our second quarter results. Fekola, Masbate and Otjikoto mines came in ahead of expectations in the second quarter on the production side, resulting in lower-than-expected cash operating costs per ounce at all three operations.

謝謝接線員，歡迎大家接聽電話。我們認為第二季表現強勁，營運和財務表現強勁。縱觀所有業務，我們對第二季的業績非常滿意。費科拉 (Fekola)、馬斯巴特 (Masbate) 和奧奇科托 (Otjikoto) 礦山第二季度的產量超出預期，導致這三個礦山的每盎司現金運營成本均低於預期。

The operations continue to run well, and we expect to meet our annual guidance. Additionally, a big milestone on June 30, 2025, we celebrated the inaugural gold ore at our newly constructed Goose Mine. This marks a transformational moment for B2Gold and is a true milestone for our staff and partners who have worked tirelessly to reach this achievement.

業務持續運作良好，我們預計將達到年度目標。此外，2025 年 6 月 30 日是一個重要的里程碑，我們慶祝了新建的鵝礦場首次開採金礦石。這標誌著 B2Gold 的一個轉型時刻，對於我們為實現這一成就而不懈努力的員工和合作夥伴來說，這是一個真正的里程碑。

At Goose, the focus now turns to continuing steady state operations and increasing throughput, full design capacity ramp up to commercial production, which we expect to be achieved in September 2025, which is quite a rapid ramp-up three months, and that's typical of our track record of history. In Mali, we have received some very positive news in our view, and that's the state of Mali granting approval to commence underground operations at Fekola. This includes stope ore production, which was large.

在 Goose，現在的重點是繼續保持穩定狀態的運作和提高產量，將全部設計產能提升至商業化生產，我們預計將在 2025 年 9 月實現這一目標，這是三個月內相當快速的成長，這是我們歷史上的典型表現。在馬裡，我們收到了一些非常正面的消息，那就是馬利政府批准在費科拉開始地下作業。其中包括大量的礦場礦石產量。

The approval follows a productive week of meetings with senior management and several key individuals in Mali, including the Prime Minister, the Minister of Finance and the Minister of Mines that advised the Mali government. I think this is a really important point because for those that are concerned about the future of gold mining in Mali, this clearly underlies the fact that the government of Mali is cooperating with B2Gold, wants B2Gold to be in the country and operate the Fekola mine and the regional expansion. So the next step is working with the state of Mali to realize the exploitation license for the Fekola regional and we're looking to see that in the short term, expecting approval in third quarter of 2025.

這項批准是在與馬利高級管理層和幾位關鍵人物進行了一周富有成效的會談之後獲得的，這些關鍵人物包括為馬利政府提供建議的總理、財政部長和礦業部長。我認為這一點非常重要，因為對於那些關心馬里金礦開採未來的人來說，這清楚地表明了馬利政府正在與 B2Gold 合作，希望 B2Gold 進入該國並運營 Fekola 礦並進行區域擴張。因此，下一步是與馬利政府合作，獲得 Fekola 地區的開採許可證，我們希望在短期內看到這一進展，預計在 2025 年第三季獲得批准。

During the second quarter of 2025, we also announced positive results of the 2025 Gramalote feasibility study, which demonstrated that Gramalote has meaningful production profile and positive project economics. We're working on permitting, but that involves coming in with a reduced footprint in the production of Gramalote and we already have a permit. So it's a matter of coming back and modifying the permit application.

2025 年第二季度，我們也宣布了 2025 年 Gramalote 可行性研究的正面成果，該研究證明 Gramalote 具有良好的生產狀況和積極的專案經濟效益。我們正在努力獲得許可，但這涉及減少 Gramalote 生產的足跡，而且我們已經獲得許可。所以這是一個回來修改許可證申請的問題。

This strong gold price environment means growth as well, so (inaudible) gold production of 4 million ounces this year. And with the majority of growth capital spending at now complete, the company is set up well to add significant shareholder value over the coming years, including production from the Fekola region. But we are looking forward to another strong quarter operationally and financially and as I said, looking to meet our guidance for 2025.

強勁的金價環境也意味著成長，因此（聽不清楚）今年的黃金產量為 400 萬盎司。目前，隨著大部分成長資本支出的完成，該公司已做好充分準備，將在未來幾年為股東創造顯著價值，其中包括 Fekola 地區的生產。但我們期待在營運和財務方面再創強勁季度，正如我所說，我們希望實現 2025 年的預期。

So with that, I think I'll turn it over to Mike Cinnamond, who's our CFO, and Michael will give you a quick review of some of the financial highlights. And then we'll have Bill Lytle, Senior VP of Operations, talk to us to give us a quick update on produce. And then we'll open up for questions.

因此，我想我會把時間交給我們的財務長 Mike Cinnamond，麥可將向大家簡要回顧一些財務亮點。然後，我們將邀請營運資深副總裁 Bill Lytle 與我們交談，簡要介紹產品的最新情況。然後我們將開始提問。

So Mike, over to you.

那麼麥克，交給你了。

Thanks, Clive. I mean, financially, it was a strong quarter. Our basic earnings per share were $0.12 per share and adjusting for onetime items, which were actually offsetting, we actually realized $0.12 per share of adjusted earnings. And fair to say that, that definitely benefited from a strong average gold sales price. And just to maybe touch on the sales point too, we were slightly behind budgeted sales ounces in the quarter, but that was purely on a timing basis, the timing of shipments from several of the sites that those ounces were shipped out just after the period end and sold in early July.

謝謝，克萊夫。我的意思是，從財務角度來看，這是一個強勁的季度。我們的每股基本收益為 0.12 美元，經一次性專案調整後（實際上是抵銷了），我們實際上實現了每股 0.12 美元的調整後收益。公平地說，這肯定受益於強勁的黃金平均銷售價格。也許也只是提到銷售點，我們在本季度的銷售量略微落後於預算，但這純粹是基於時間因素，即從幾個站點發貨的時間，這些盎司是在期末之後運出的，並在 7 月初售出。

Operating cash flow side, operating cash flow before working capital adjustments was $301 million in the second quarter, another strong result and again, highlights the cash generation potential of our operating assets and this gold price environment. Balance sheet-wise, we continue to remain in a strong financial position. We've got cash and cash equivalents of $308 million at the end of the second quarter. And also at the end of the second quarter, we had the full $800 million available on our revolving credit facility, which was undrawn plus a $200 million accordion feature.

在營運現金流方面，第二季營運資本調整前的營運現金流為 3.01 億美元，這是另一個強勁的業績，再次凸顯了我們經營資產的現金創造潛力和當前的金價環境。從資產負債表來看，我們的財務狀況依然強勁。截至第二季末，我們的現金和現金等價物為 3.08 億美元。而且在第二季末，我們擁有全部 8 億美元的循環信貸額度，這些信貸額度尚未提取，另外還有 2 億美元的可轉換信貸額度。

I will say that subsequent to June -- the end of June, we did draw down $200 million on the revolver. And that was just -- that was to help us manage working capital requirements as we start to deliver into our gold prepayment commitments over the 12-month period from July '25 to June '26. In fact, we have already delivered the first tranche of those. So we're starting to unwind that position.

我想說的是，六月之後，也就是六月底，我們確實動用了 2 億美元的循環信貸。這只是 - 這是為了幫助我們管理營運資金需求，因為我們開始在 2025 年 7 月至 2026 年 6 月的 12 個月期間履行黃金預付款承諾。事實上，我們已經交付了第一批援助。因此我們開始放鬆這一立場。

With continued strong performance across the portfolio and the ramp-up of Goose, which is now well underway, we were pleased to restate and reiterate our production guidance for 2025 unchanged with full year production expected to be between 970,000 and 1,075,000 ounces, and we expect Goose to still contribute between 120,000 to 150,000 of those ounces.

由於整個投資組合的持續強勁表現以及 Goose 產量的穩定提升（目前進展順利），我們很高興重申 2025 年的生產指導不變，預計全年產量將在 970,000 至 1,075,000 盎司之間，我們預計 Goose 仍將貢獻其中的 120,000 至 150,000 盎司。

Again, on the positive side, with lower-than-expected cash cost per ounce at the existing three operating mine sites Fekola, Masbate and Otjikoto. We're pleased to announce that the company has reduced its consolidated cash cost guidance range for those three operations to between $740 and $800 per ounce sold -- or produced, sorry. This is lower than the previous guidance range of between $835 and $895 per ounce.

再次，從積極的一面來看，現有的三個營運礦場 Fekola、Masbate 和 Otjikoto 每盎司的現金成本低於預期。我們很高興地宣布，公司已將這三項業務的綜合現金成本指引範圍下調至每盎司（售出或生產，抱歉） 740 美元至 800 美元之間。這低於之前每盎司 835 美元至 895 美元的指導範圍。

And then with the inclusion of the post-commercial production estimates for the Goose Mine, I remind you that we expect Goose to come into commercial production in September. Consolidated cash operating guidance is now forecast to be between $795 and $855 per ounce.

然後，加上鵝礦的商業化生產後產量估算，我提醒您，我們預計鵝礦將於 9 月投入商業化生產。目前預測綜合現金營運指引在每盎司 795 美元至 855 美元之間。

And overall, on a liquidity basis, we continue to maintain a good amount of financial flexibility to be able to allow us to complete our remaining ramp-up of construction activities at Goose to fully repay or deliver into the gold prepays entered into -- in early '24 and to complete the other sustaining and growth initiatives across the portfolio, and we'll continue to fund healthy exploration programs as well, which we expect will extend mine lives.

總體而言，在流動性基礎上，我們繼續保持良好的財務靈活性，以便能夠完成 Goose 剩餘的建設活動，以全額償還或交付 24 年初達成的黃金預付款，並完成投資組合中的其他維持和增長計劃，我們還將繼續為健康的勘探項目提供資金，我們預計這將延長礦山壽命。

And with that, I'll turn it over to Bill for an operation and project update.

說完這些，我將把工作交給比爾，讓他報告營運和專案的最新進展。

All right. Thanks, Mike. I just got back from the Goose, so I may be a little Ferrell during this, so bear with me. As Mike said, on the three operations, we expect to meet or exceed all of our targets for the year, but probably what everyone wants to talk about is Goose. So just going back to what has been completed there.

好的。謝謝，麥克。我剛從 Goose 回來，所以這段時間我可能有點費雷爾 (Ferrell)，所以請忍耐一下。正如麥克所說，就這三項業務而言，我們預計今年的所有目標都將實現或超過，但可能每個人都想談論的是鵝。因此，我們只需回顧一下已經完成的事情。

Goose, all the major construction activities, which required -- were nearly completed at the end of the quarter, and the mine ramp-up is now well underway. The focus for the third quarter now turns actually to optimizing the current operations and increasing the throughput to full capacity. As Mike indicated, a ramp-up to commercial production is expected in September 2025. Things which were completed in the first half of 2025 at the Goose include the completion of the mining of the Echo pit. Remember, that was our tailings facility and commissioning. So we are now placing tails in Echo.

鵝，所有主要的建設活動，包括必要的建設活動－在本季末都已接近完成，礦山產能提升工作目前進展順利。第三季的重點實際上轉向優化當前營運並提高吞吐量至滿載。正如麥克所指出的，預計 2025 年 9 月將實現商業化生產。2025 年上半年，Goose 完成的工作包括完成 Echo 礦坑的採礦工作。請記住，那是我們的尾礦設施和調試。所以我們現在在 Echo 中放置尾巴。

Full ramp-up of mining of the Umwelt open pit in the second quarter. We also had continued development of the Umwelt underground. We completed the Fresh Air Raise 1 already and in the process of developing Fresh Air Raise 2, which will be needed in the second half of 2025. We commenced dewatering of the Llama pit. All these things are required to run the mill correctly. This provides freshwater and reclaim water to the mill.

第二季度，Umwelt 露天礦開採全面啟動。我們也繼續開發地下環境。我們已經完成了 Fresh Air Raise 1，目前正在開發 Fresh Air Raise 2，預計將於 2025 年下半年投入使用。我們開始將 Llama 坑排水。所有這些都是工廠正常運作所必需的。這為工廠提供了淡水和再生水。

We developed the Umwelt open pit and underground, and that remains a priority to ensure that the adequate mill feed volumes are maintained. If you look at around the other operations, Mali continued its strong performance for 2025, exceeding gold production expectations again in the second quarter. As Mike said, cash costs per ounce were also lower than expected.

我們開發了 Umwelt 露天礦和地下礦，這仍然是首要任務，以確保維持足夠的磨機進料量。如果你看看其他業務，馬利在 2025 年將繼續保持強勁表現，第二季再次超越黃金產量預期。正如麥克所說，每盎司的現金成本也低於預期。

Underground after meeting with the government last quarter -- last month, the underground production has commenced as announced on July 30.

地下礦在上個季度即上個月與政府會面後，地下礦生產已於 7 月 30 日開始，並已宣布開始。

The underground development is well advanced with over 9,300 meters of development work plus the installation of all required underground mining infrastructure, having all been performed prior to commencing production. If you remember, we were actually given a permit to do all the development. So even though we were 30 days late on the starting of mining of ore, we, in fact, continue to develop right up until July 30.

地下開發工作進展順利，已完成超過 9,300 公尺的開發工作以及所有必需的地下採礦基礎設施的安裝，所有這些都已在開始生產之前完成。如果您還記得的話，我們實際上獲得了進行所有開發的許可。因此，儘管我們開始開採礦石晚了 30 天，但實際上我們一直持續開發到 7 月 30 日。

So the question I've heard or being asked several times is whether or not we think we're going to get the ounces required from underground, we absolutely see a path to make sure that all the required ounces from underground will be delivered in 2025. The regional project, we continued with our meeting with them. We continue to work with the state of Mali to finalize the approval of the regional exploitation permit in the third quarter of 2025, just kind of late breaking.

因此，我聽過或被問過多次的問題是，我們是否認為我們能夠從地下獲得所需的石油，我們絕對看到了一條途徑，確保在 2025 年從地下交付所有所需的石油。關於區域項目，我們繼續與他們會面。我們將繼續與馬利政府合作，爭取在 2025 年第三季完成區域開採許可證的批准，這只是一個較晚的進展。

We've actually had our first technical session with them this morning. We absolutely see a path towards getting this permit. B2Gold is ready to commence pre-stripping activities with the Fekola regional infrastructure. Remember -- once again, this was one of those facilities where they allowed us to do all of the infrastructure development. So the haul road is in place and all the infrastructure is already in place. We're just waiting on a permit to start pre-stripping.

事實上，我們今天早上已經與他們進行了第一次技術會議。我們絕對看到了獲得該許可證的途徑。B2Gold 已準備好與 Fekola 地區基礎設施合作開始預剝離活動。請記住——再說一次，這是他們允許我們進行所有基礎設施開發的設施之一。運輸道路已經修好，所有基礎設施也都已經到位。我們只是在等待許可證，以開始預先剝離。

Subsequent to June 30, 2025, the Fekola mill celebrated a significant milestone with 4 million ounces of gold produced since the inception of the project. At Masbate, the operations continue to perform well with a world-class safety track record, which I think we announced more than 2,400 days without a lost time incident. Mine production significantly outperformed expectation, and we anticipate consistent production in the second half will result in strong 2025 performance and robust margins.

2025 年 6 月 30 日之後，Fekola 工廠慶祝了一個重要的里程碑，自該計畫啟動以來已生產了 400 萬盎司黃金。在馬斯巴特，營運繼續表現良好，擁有世界一流的安全記錄，我記得我們已經宣布超過 2,400 天沒有發生過一次工時損失事故。礦山產量大大超出預期，我們預計下半年的持續生產將帶來強勁的 2025 年業績和可觀的利潤率。

Otjikoto is also going very well. The open pit and underground went well during the second quarter with production also exceeding expectations. During the second quarter, remember, we're working on this Antelope deposit. So we continue to focus on developing that with a target release in the third quarter of 2025.

奧奇科托 (Otjikoto) 也進展順利。第二季露天和地下開採進展順利，產量也超乎預期。請記住，在第二季度，我們正在研究這個羚羊礦床。因此，我們將繼續專注於開發該產品，目標是在 2025 年第三季發布。

And then the other development project is Gramalote. We released the positive feasibility study. Work has commenced on the modification of the work plan and environmental impact study, and we expect to be complete in late 2025 or early 2026. We anticipate that the permit modification time frame should be approximately 12 to 18 months.

另一個開發項目是 Gramalote。我們發布了積極的可行性研究。工作計畫和環境影響研究的修改工作已經開始，我們預計將於 2025 年底或 2026 年初完成。我們預計許可證修改時間約為 12 至 18 個月。

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

克萊夫，有了這個，我就把麥克風交還給你了。

Okay. Thanks, Bill. Operator, we're ready to turn over to questions.

好的。謝謝，比爾。接線員，我們準備開始提問。

(Operator Instructions)

（操作員指示）

Fahad Tariq, Jefferies.

法哈德·塔里克，傑富瑞。

Hi, thanks for taking my question. In the press release, it mentioned lower-than-anticipated fuel costs in a number of places, not just at Fekola, but also Masbate. Can you just maybe talk about what the expectation was at the beginning of the year when you set guidance? And I'm just curious why it's trending lower than expected? Thanks.

你好，謝謝你回答我的問題。新聞稿中提到，多個地方的燃料成本低於預期，不僅是費科拉 (Fekola)，還有馬斯巴特 (Masbate)。您能否談談年初制定指引時的預期是什麼？我只是好奇為什麼它的趨勢低於預期？謝謝。

Mike, do you want to take or do you want me?

麥克，你是想帶走還是想要我？

Well, I can start -- I'll start. So -- well, when we budget, we typically have a look at the forward curves on the fuel side, usually around September, October. So we use those as the base. And then what we just -- what we've seen and what's been realized with the sites is that, HFO has been about 9% lower than those prices over the first six months of 2025 and diesel it's actually been more -- it's been something more like 13% below.

好吧，我可以開始了——我開始了。所以——當我們做預算時，我們通常會查看燃料方面的遠期曲線，通常是在九月、十月左右。因此我們以它們為基礎。然後，我們剛剛看到的以及在現場實現的結果是，2025 年前六個月，重油價格比這些價格低了約 9%，而柴油價格實際上更低——大約低了 13%。

So we made our best estimate back when we set the budget, probably somewhere around the October price because we do our budgeting and sort of finalize it up in early November. And all I can tell you is as we've looked forward, we have taken into account those lower fuel costs when we're looking at the re guidance that we put out on the cash operating side.

因此，我們在製定預算時就做出了最好的估計，大概是在十月份的價格左右，因為我們在十一月初制定了預算並最終確定了預算。我可以告訴你們的是，當我們展望未來時，我們在製定現金運營方面的重新指導時已經考慮到了較低的燃料成本。

Okay. That's helpful. And then on Goose, there was a comment about the CapEx guidance for the second half of this year, $176 million. I'm just trying to reconcile just the overall CapEx at Goose relative to, I guess, what the project guidance -- project CapEx guidance was before, and I think it was reiterated in the May release. Can you just maybe help us walk through that?

好的。這很有幫助。然後在 Goose 上，有一則關於今年下半年資本支出指引的評論，即 1.76 億美元。我只是想將 Goose 的整體資本支出與先前的專案指導（專案資本支出指導）進行協調，我認為這在 5 月的版本中得到了重申。您能幫我們解決這個問題嗎？

Like is -- I guess the other way of asking is, is that second half CapEx guidance of $176 million, is that consistent with what you were expecting?

就像是——我想另一種問法是，下半年的資本支出指導價為 1.76 億美元，這與您的預期一致嗎？

Yeah. Again, I can start with that and Bill can jump in. I mean, overall, on the project, we did see some acceleration of costs as we worked our way up to the first go for at the end of half one. So we probably saw somewhere around about 5% overall and cost increases against the budget. Then what we also experienced as we ran up to that is we did accelerate some CapEx, CapEx that would have been in half two in the tech report and actually a little bit from future years, and that totaled about somewhere in the region of $60 million.

是的。再次，我可以從那裡開始，然後比爾可以加入。我的意思是，總的來說，在專案進行到第一半結束時，我們確實看到成本加速。因此，我們可能看到總體成本比預算增加了約 5%。然後，我們在實現這一目標的過程中也經歷了一些加速，這些加速的資本支出在技術報告中佔了一半，實際上還有一點來自未來幾年，總計約 6000 萬美元。

And then we also had what we've described in the MD&A and disclosures, we had some mill and process plant upgrades somewhere in the region of $40 million. So approximately $100 million between those two where we pulled stuff forward from second half or -- and then about $40 million that we've added in to the second half. I think that's for further mill and process plant upgrades. And I think Bill can talk to those a little bit.

然後，我們還進行了 MD&A 和披露中所描述的操作，我們對一些工廠和加工廠進行了升級，花費約 4000 萬美元。因此，我們在這兩筆交易中花費了約 1 億美元，這些錢是我們從下半年提前投入的，然後我們又在下半年投入了大約 4000 萬美元。我認為這是為了進一步升級工廠和加工廠。我認為比爾可以稍微談一下這些問題。

Yeah. Really relating to upgrades, I would say, once again, it was really operability or availability of the mill. One of the things that as we got in and building, we realized a lot of the lines didn't have the necessary valving and piping, the redundancy built in, the ability to do maintenance on the mill while it continues to operate.

是的。真正涉及升級，我想再說一次，這實際上是工廠的可操作性或可用性。當我們開始建造時，我們意識到許多生產線沒有必要的閥門和管道，沒有內建的冗餘，也沒有在工廠繼續運作的同時進行維護的能力。

So we added, I think I saw from the finance group approximately an additional $26 million on the mill side related to kind of what I would call upgrades or improvements in availability. And I'd say that really relates to a lot of that small stuff, additional pumping, piping, valves and installation of all that stuff.

因此，我們補充說，我認為我從財務組看到工廠方面又增加了大約 2600 萬美元，與我所說的可用性升級或改進有關。我想說的是，這確實與很多小東西有關，額外的泵、管道、閥門以及所有這些東西的安裝。

Okay. Thank you.

好的。謝謝。

Wayne Lam, TD Securities

道明證券 (TD Securities) 的 Wayne Lam

Yeah, thanks guys. Congrats on a good quarter and getting the Fekola underground permit. It seems like you have some good momentum in Mali now. Just wondering what the mechanics would be in terms of getting the Fekola regional permit and what the final points of negotiation might be? And any potential hurdles to getting that permit by the end of Q3?

是的，謝謝大家。恭喜本季取得良好業績並獲得 Fekola 地下許可證。看起來你們現在在馬裡的發展勢頭良好。只是想知道獲得 Fekola 區域許可證的機制是什麼以及談判的最終要點是什麼？在第三季末之前獲得該許可證會面臨哪些潛在障礙？

Yeah. So we -- as I said, we went down and we met -- we met with the Minister of Mines. And during discussion, it almost seemed like -- for them, the regional permit has kind of dropped off because they were dealing with some of the other mining houses issues there, which shall not be named on this call. But once we brought it forward, quite frankly, they were a little embarrassed that they hadn't done it yet.

是的。所以，正如我所說，我們去了那裡，與礦業部長會面。在討論過程中，他們似乎發現，區域許可證似乎有所減少，因為他們正在處理那裡的一些其他礦業公司的問題，本次電話會議中不會透露這些公司的名字。但一旦我們提出這個建議，坦白說，他們會因為還沒有這樣做而感到有點尷尬。

And so they immediately agreed to try and get this thing pushed out by the end of Q3. That was their schedule, not ours. And they immediately agreed to set up a commission and start working on that. So that happened this morning. We haven't heard any outstanding issues other than to hear that it wasn't a yell fest. It wasn't an argument. It was a very constructive discussion, which we think leads to the permit.

因此他們立即同意嘗試在第三季末推出該產品。那是他們的日程安排，不是我們的。他們立即同意成立一個委員會並開始著手這項工作。這就是今天早上發生的事情。除了聽說這不是一場喧鬧之外，我們沒有聽到任何未解決的問題。這不是一個爭論。這是一次非常有建設性的討論，我們認為這將促成許可證的頒發。

Okay. Great, thanks. And then maybe just wondering in terms of the ramp-up of Goose relative to the mine plan, you guys had outlined in the plan 125,000 ounces this year, which would be at the lower end of the guidance. It seems like you've been making some good progress there just on the stripping of the Echo pit and the development. But just wondering where you guys kind of see the opportunities to outperform what's been outlined in the plan. Is that on the plant performance? Or is there an upside on the grade profile as well?

好的。太好了，謝謝。然後也許只是想知道，相對於礦山計劃，鵝的產量是否會增加，你們在今年的計劃中概述了 125,000 盎司，這將是指導的低端。看起來你們在 Echo 坑的剝離和開發方面已經取得了一些進展。但我只是想知道你們在哪裡看到了超越計劃中概述的內容的機會。這是關於工廠性能嗎？或者說成績概況上也有好處嗎？

I would say both at this point. Once again, you're asking questions right at the front of commissioning. So certainly, we have an aggressive ramp-up plan, but historically, we've been able to beat that. So there is some potential there. There's also some potential as we start to move out of kind of the Echo low-grade material, which remember, the Echo pit was never designed to be kind of a high-grade feeder into the mill.

現在我想說兩者都有。再一次，您在調試之前就提出了問題。因此，我們當然有一個積極的提升計劃，但從歷史上看，我們已經能夠超越這一目標。因此，這其中還是有一定的潛力的。當我們開始擺脫 Echo 低品位材料時，也存在一些潛力，請記住，Echo 礦坑從來就不是設計為進入工廠的高品位進料器。

Into the Umwelt pit, if we can get our head around how can we mine that quicker, certainly, there is some potential there. And so I would say not only on the mill ramp-up side, which admittedly a three month ramp-up is aggressive versus many other of our peers, but not really aggressive versus what we've historically done and then on the Umwelt side, if we can get additional grade from the open pit.

進入 Umwelt 礦坑，如果我們能夠想清楚如何更快地進行開採，那麼那裡肯定有一些潛力。因此我想說，不僅在工廠產能提升方面，不可否認的是，三個月的產能提升與我們許多其他同行相比是積極的，但與我們過去所做的相比並不是非常積極，然後在環境方面，如果我們可以從露天礦場獲得額外的品位。

Okay. Great. Thanks. And then maybe just last one, maybe just a follow-up on the CapEx side. Just given the increase in CapEx relative to the $270 million in the mine plan, just wondering how much of that would have been brought forward from 2026? Just trying to figure out if maybe we should be anticipating a lower CapEx number relative to the $140 million outlined for next year in the mine plan?

好的。偉大的。謝謝。然後也許只是最後一個，也許只是資本支出的後續行動。考慮到相對於礦山計劃中的 2.7 億美元資本支出的增加，只是想知道其中有多少可以從 2026 年提前？只是想弄清楚，我們是否應該預期資本支出數字相對於礦山計劃中明年概述的 1.4 億美元較低？

Mike --

麥克風--

Okay. So you're talking about what may be pulled forward from '26 in the second half? Is that what you're asking?

好的。所以您說的是下半年可能會從 26 年開始推進哪些事情？這就是你要問的嗎？

Yeah.

是的。

Yeah. Well, I think there's some site infrastructure upgrades where Bill is doing, I think, what he wants to do to pull, to enhance both the MLA and the site that they're about $15 million. There's -- as Bill mentioned, there's $26 million roughly related to the mill. So there's $40 million, let's say, that are -- I think we didn't have to do this year, but we wanted to, to enhance it. And then there's some prepayments on some generator additions that we have. There's another $24 million. So it would be more than $60 million that would be pulled forward from future years.

是的。嗯，我認為比爾正在進行一些站點基礎設施升級，我認為他想做的事情是增強 MLA 和站點，這大約需要 1500 萬美元。正如比爾所提到的，該工廠的相關資金約為 2,600 萬美元。所以，假設有 4000 萬美元——我認為我們今年沒有必要這樣做，但我們想這樣做，以增強它。然後，我們也對一些發電機附加裝置支付了一些預付款。還有另外 2400 萬美元。因此，從未來幾年提取的資金將超過 6,000 萬美元。

Okay, got it. Okay. Cool, thanks for taking my question.

好的，明白了。好的。太棒了，謝謝你回答我的問題。

Okay.

好的。

Ovais Habib, Scotiabank.

加拿大豐業銀行的 Ovais Habib。

Thanks operator. Good morning, Clive and B2 team. Congrats on a good quarter. Just a couple of questions from me, starting off with Fekola maybe. In terms of the mine plan sequencing for Fekola kind of going into 2026, does that change now that you have the Fekola underground permit in hand?

謝謝接線生。早上好，克萊夫和 B2 團隊。恭喜本季取得良好業績。我只想問幾個問題，也許先從 Fekola 開始。就 Fekola 礦山計劃排序而言，預計到 2026 年，現在您已獲得 Fekola 地下開採許可證，情況會改變嗎？

So remember, we always talked about having it after Q2. So our life of mine showed it really coming online in July. So the underground permit doesn't really change it other than we have done a little bit more development than what was in the life of mine. So we may be able to steal some additional ounces, but I really think that's more of a 2025 issue, not a 2026 issue. And as far as 2026, we're still working on the budget and where we're going with that. So I don't really want to comment on where the ounces will come from in 2026 just yet.

所以請記住，我們總是談論在第二季之後實現它。所以，我的生活在 7 月確實展現了這一點。因此，地下許可證實際上並沒有改變這一點，只不過我們比我有生之年做了更多開發。因此，我們也許能夠竊取一些額外的產量，但我真的認為這更多的是 2025 年的問題，而不是 2026 年的問題。至於 2026 年，我們仍在製定預算並確定下一步計劃。因此，我現在還不想評論 2026 年的黃金產量將會來自哪裡。

Got it. And then just, Bill, in terms of -- what would be the current grade of the underground stockpile that you have on site? And what would be the grade that you're expecting from the stopes that you're currently mining?

知道了。那麼，比爾，就目前而言——你們現場的地下庫存的等級是多少？您預計目前開採的礦場的品位是多少？

You're talking at Fekola?

你在 Fekola 講話嗎？

Fekola underground, yeah.

是的，Fekola 是地下的。

Well, I don't -- I'd have to look that one up for sure. Let me just -- I did actually report to the Board what it is. So -- let me come -- during this call, let me come back to you on that.

嗯，我不知道──我得去查一下才能確定。我確實向董事會報告了具體情況。所以——讓我——在這次通話中，讓我再向您報告這一點。

Sounds good. No worries. And then just kind of moving on from there. In terms of -- you're targeting about 25,000 ounces from the underground in 2025. I guess this is kind of my follow-up question from my previous one, but is there a target that you have in mind for 2026 for the Fekola underground that's kind of -- is there a range that you can talk about right now?

聽起來不錯。不用擔心。然後就從那裡繼續前進。就這一點而言——您的目標是到 2025 年從地下開採約 25,000 盎司黃金。我想這是我之前的一個後續問題，但是您是否為 Fekola 地下音樂在 2026 年設定了一個目標——您現在可以談論一個範圍嗎？

Yeah. So remember, we always talk about the fact that we thought we could produce about 80,000 or 100,000 -- between 80,000 and 100,000 ounces of the underground. But remember, that replaces lower grade ounces. So the reality is you're going to get kind of probably 50% of that. So we're kind of targeting that 50,000 ounces a year.

是的。所以請記住，我們總是談論這樣一個事實，我們認為我們可以生產大約 80,000 或 100,000——80,000 到 100,000 盎司的地下黃金。但請記住，這會取代較低等級的盎司。所以事實上你大概只能拿到其中的 50%。所以我們的目標是每年 50,000 盎司。

And just coming back to your previous question, I see the total underground tonnes mined, this is kind of development, which is on the stockpile right now is about -- just about 35,000 ounces at just like 2.7 grams per tonne. And then once again, I'm speaking out of turn, but we're at least double that in the stopes we'll be mining.

回到您之前的問題，我看到地下開採的總噸位，這是一種發展，目前庫存大約是 - 大約 35,000 盎司，每噸大約 2.7 克。然後我再一次說錯了話，但我們要開採的礦井數量至少是這個數字的兩倍。

Got it. Thanks for that color. And then just moving on to the regional permit side. Assuming you get the permit by the end of Q3, is that what you're targeting? Are you comfortable with the 160,000 to 180,000 ounces of production in 2026? Kind of -- that's kind of going by the tech report that was presented earlier this year.

知道了。謝謝你這個顏色。然後轉到區域許可證方面。假設您在第三季末獲得許可證，這是您的目標嗎？您對 2026 年 160,000 至 180,000 盎司的產量感到滿意嗎？有點——這有點符合今年早些時候提出的技術報告。

Yeah. I mean there's no changes to what the actual mining looks like from the tech report. Clearly, once again, in the budgeting process on where the ounces are going to come from, that may shift around some, but the ounces haven't changed from the regional from what was on the tech report.

是的。我的意思是，從技術報告來看，實際採礦情況沒有任何變化。顯然，在預算過程中，盎司的來源可能會有所變化，但與技術報告中的區域盎司數相比，盎司數並沒有變化。

Sounds good. Okay. Thanks for that. And then just quickly moving on to Goose. I'm really looking forward to that commissioning of the Goose in September. Bill, how is underground development progressing there?

聽起來不錯。好的。謝謝。然後我們快速轉到 Goose。我非常期待九月鵝號的投入使用。比爾，那裡的地下開發進度如何？

And do you have kind of now the right people and equipment in place in terms of what you were targeting for the underground? This is at Goose.

就你們為地下事業設定的目標而言，現在你們是否已經擁有了合適的人員和設備？這是在 Goose。

Yeah. So first of all, I remember like when I first joined these calls, Clive declaring, I think, to you that you only get three questions. So let's start with that. This is question #4. I'm going to take it. Things are going well. We've kind of hit our stride. We have, as you know, turned over a bunch of people in the underground.

是的。首先，我記得當我第一次參加這些電話會議時，克萊夫向你們宣布，你們只會有三個問題。那我們就從這裡開始吧。這是問題#4。我要去拿它。一切進展順利。我們已經步入正軌了。如你所知，我們已經在地下組織中移交了一批人員。

We have -- there's a new mining manager, which came in this year, new technical services manager. All those people are in place. We also brought in additional equipment on the [herp] program this year for the underground, so the answer is yes. We now have the right people. And yes, we now have the right equipment. There really isn't an excuse for the site not to be able to deliver.

我們有一位今年上任的新採礦經理，還有一位新的技術服務經理。那些人都已經到位了。我們今年也為地下工程的 [herp] 計畫引進了額外的設備，所以答案是肯定的。現在我們找到了合適的人才。是的，我們現在擁有合適的設備。該網站確實沒有理由無法提供服務。

Okay, good stuff, Bill. Thanks so much for all this color and thanks for taking my questions and congrats on a good quarter.

好的，好東西，比爾。非常感謝您提供這麼多信息，感謝您回答我的問題，並祝賀本季度取得了良好的業績。

Thanks Ovais.

謝謝 Ovais。

(Operator Instructions)

（操作員指示）

Anita Soni, CIBC World Markets.

加拿大帝國商業銀行全球市場部的安妮塔·索尼（Anita Soni）。

Good morning, Clive, Mike and Bill. I'm just going to ask two, so that I will make up for Ovais' extra question there. First question was your commercial production. What's your definition of commercial production? I just want to clarify because everyone has different definitions.

早上好，克萊夫、麥克和比爾。我只想問兩個問題，這樣就可以彌補 Ovais 的額外問題。第一個問題是您的商業製作。你對商業化生產的定義是什麼？我只是想澄清一下，因為每個人的定義都不同。

Yeah. I think it's the same thing we used at Fekola and Otjikoto. So it's like, an average of 65% nameplate throughput over 30 days.

是的。我認為它和我們在 Fekola 和 Otjikoto 使用的東西是一樣的。因此，30 天內銘牌吞吐量平均為 65%。

Okay. And then what's -- from your perspective, what's the next milestone in terms of like the ramp -- like, I guess, it's year-end, what are you targeting for -- like what's the throughput ramp-up you're hoping to get to by year-end? And then for how long?

好的。那麼，從您的角度來看，就成長而言，下一個里程碑是什麼？我想，是在年底，您的目標是什麼？您希望在年底前實現多少吞吐量成長？然後持續多久？

By year-end, we want to be at that nameplate, 4,000 for sure.

到年底，我們希望能夠達到這個目標，肯定是 4,000。

Nameplate, 100% for the whole quarter?

銘牌，整個季度 100% 嗎？

Well, I think it's like 92% or 93% availability. It's something like that. I forget what it will be in the tech report.

嗯，我認為可用性大概是 92% 或 93%。就像那樣。我忘了技術報告中會講什麼內容了。

Okay. And then last question, I guess, so I did ask three. Just in terms of the optimization plans that you're looking at. In terms of the -- doing a winter ice road less than -- I think you said less than annually, what would that entail? I would assume that it was kind of a -- is there a way to do an ice road that's like not at the ice road timing? Or was it every other year? Or what are you looking at like every 15 months or so? Like I'm just trying to understand that phrase.

好的。我想這是最後一個問題了，所以我確實問了三個。就您正在查看的優化計劃而言。就——冬季建造冰路的次數少於——我想您說的是每年少於一次，這意味著什麼？我認為這是一種——有沒有辦法在冰路上行駛，而不是按照冰路時間行駛？還是每隔一年？或者您每 15 個月左右會關注什麼？就像我只是想理解那句話。

Yeah. Well, it can't be every 15 months. The ice road must be almost always between February and kind of that May 1, let's say, May 6. So that is the ice road date. The question you're asking is actually one that -- that's almost like engineering interest. So the question really revolves around fuel is the first problem. If, in fact, you need 80 million liters of fuel, which is what we're sending down the road every year right now, it would have to be every year.

是的。嗯，不可能每 15 個月一次。冰路幾乎總是出現在二月到五月一日之間，比如說五月六日。這就是冰路日期。您問的問題實際上幾乎就像是工程興趣。所以問題實際上圍繞的是燃料，這是第一個問題。如果事實上你需要 8,000 萬公升燃料，也就是我們現在每年運送的燃料，那麼每年都必須這麼做。

But now let's say -- because we just don't have to tank it to do anything less than that. But now let's say that we actually are successful by putting these medium-speed generators in, which saves about 10% of that. And then you say, okay, now we're going to put our wind farm in, which is 50 megawatts. Could you get to a point where the number is less than half, then you suddenly say, okay, now can I increase my reagents to make up that difference in the off years and do it.

但現在讓我們說——因為我們不需要承受任何比這更少的負擔。但現在假設我們確實成功地安裝了這些中速發電機，這樣可以節省約 10%。然後你說，好吧，現在我們要建造一個 50 兆瓦的風力發電場。你能否達到這個數字少於一半的程度，然後你突然說，好吧，現在我可以增加我的試劑來彌補非生產年份的差異並做到這一點。

Those studies there are obviously very preliminary, so much so I'm not convinced that 80 million liters is actually what we're going to use this year. For example, right now, we're sitting here in August, and we still have 70 million liters of fuel sitting on site. So how does that really add up once you get into full production, and we just don't know yet.

那些研究顯然還處於初步階段，因此我並不確信我們今年實際上會使用 8000 萬公升水。例如，現在已是八月了，現場仍有 7,000 萬公升燃料。那麼，一旦全面投入生產，情況又會如何發展呢？我們還不知道。

Okay. All right. That's it for my questions and congrats on some strong results this quarter.

好的。好的。這就是我的問題，恭喜您本季取得了出色的業績。

Lawson Winder, Bank of America Securities.

勞森·溫德（Lawson Winder），美國銀行證券。

Thank you, operator. Good morning, gentlemen. Thank you for today's update. Well done on the permitting success in Mali. What I wanted to ask is, more around jurisdiction as it pertains to Colombia, in particular, and Canada. So acknowledging B2Gold's historical success at being jurisdictionally agnostic and focusing on asset quality instead, I think feedback from the market would suggest that the market likes the pivot to Canada.

謝謝您，接線生。先生們，早安。感謝您今天的更新。祝賀馬裡許可申請成功。我想問的是有關哥倫比亞和加拿大的管轄權問題。因此，承認 B2Gold 在不受司法管轄權限制、專注於資產品質方面的歷史成功，我認為市場反饋表明市場喜歡轉向加拿大。

How do you think about assets in Canada? And what's B2Gold's appetite to add more assets in Canada? And then conversely, how does Colombia then stack up in terms of jurisdictional risks? And is that at all a headwind today for a potential sanctioning decision on Gramalote? Thanks.

您如何看待加拿大的資產？B2Gold 在加拿大增加更多資產的興趣如何？那麼反過來，哥倫比亞在司法風險方面又如何呢？這是否會對格拉馬洛特的潛在製裁決定造成不利影響？謝謝。

Yeah. I think we're definitely interested in doing more, more things in Canada. But once again, we're project driven. From a geopolitical point of view, we want more diversification. So definitely, we're looking for additional opportunities in Canada. Gramalote in Colombia, we quite like what's been happening there. I mean we do have a permit for our larger operations. So we need to go back and modify that permit.

是的。我認為我們絕對有興趣在加拿大做更多的事情。但再次強調，我們是專案驅動的。從地緣政治角度來看，我們希望實現更加多元。因此，我們確實在加拿大尋找更多機會。哥倫比亞的格拉馬洛特，我們非常喜歡那裡發生的事情。我的意思是我們確實有開展更大規模運營的許可證。所以我們需要回去修改該許可證。

But we've had very positive support in Antioquia, local population and government in Antioquia and also some segments of support from the federal government as well. But I'm glad you raised the question because I want to segue a little bit into talking about M&A. We will not surprise the shareholders with a development project M&A. We're very disciplined. We build one mine at a time. And we think Gramalote looks very interesting as a project for us to do financially, we'll be in a strong position to do that.

但是我們得到了安蒂奧基亞當地居民和政府的積極支持，同時也得到了聯邦政府的一些支持。但我很高興你提出這個問題，因為我想稍微談談併購問題。我們不會因為開發案併購而讓股東感到意外。我們非常自律。我們每次建造一個礦井。我們認為 Gramalote 是一個非常有趣的項目，從財務角度來說，我們有能力做到這一點。

And we like what we see in the feasibility study. I think it will be a very good project for us. We've got to get through the permitting process and then make a decision when we go forward. But I just want to underline again, no M&A for development projects. Potentially in the future sometime if we find an opportunity to increase our gold production through some kind of a deal, we will have a look at that of course, it just makes sense. But at the end of the day, we're not going to surprise the market with a major acquisition of a development project.

我們對可行性研究的結果感到滿意。我認為這對我們來說將是一個非常好的項目。我們必須完成許可程序，然後在繼續前進時做出決定。但我只想再次強調，開發案不進行併購。未來某個時候，如果我們發現有機會透過某種交易來增加黃金產量，我們當然會考慮，這是有意義的。但最終，我們不會透過對開發案的重大收購而讓市場感到意外。

Fantastic. And if I could just get one more in on Goose. In your update earlier in the year, you highlighted the potential for an expansion in the processing capacity. Today, now that you're approaching commercial production, what's the latest thinking on timing of that expansion of processing capacity? And has there been any change in thinking on the magnitude?

極好的。如果我能再多了解 Goose 的話。在今年早些時候的更新中，您強調了擴大處理能力的潛力。如今，你們已接近商業化生產，對於擴大加工能力的時機，你們的最新想法是什麼？對於規模的看法有什麼改變嗎？

Is this a what have you done for me lately, question?

這是「你最近為我做了什麼」的問題嗎？

Sort of. Thanks, though.

有點。不過還是謝謝。

All right. So the answer is, as you know, we've got several studies in the hopper. One would be we got a flotation circuit, which you might be able to add. The other is, would you put -- expand the mill capacity, go up to something like 6,000 tonnes a day. Those are all due really -- first look by the end of this year. And so I think we're -- I can't remember we're talking Q1 next year, we're talking about putting it out the results.

好的。所以答案是，如你所知，我們已經進行了幾項研究。一是我們有浮選迴路，您可以添加它。另一個問題是，您是否願意擴大工廠產能，將其提高到每天約 6,000 噸。這些實際上都將在今年年底前首次亮相。所以我認為我們——我不記得我們在談論明年第一季度，我們在談論公佈結果。

But at the end of the day, those are very, very early on in the study where they go. But we think they're all very real. And just so you know, we talked about some of these optimizations. The mill will run at more than 4,000 tonnes. It's just a question of can you keep the availability up.

但最終，這些研究仍處於非常早期的階段。但我們認為它們都是真的。你知道，我們討論過其中的一些優化。該工廠的產能將超過4,000噸。問題只是你能否保持可用性。

So by doing -- by increasing some of these optimizations we've already put in, like I said, these valves, piping and everything, there is the potential we could just squeak out some additional capacity as it currently stands. No promises. We're saying 4,000 tonnes a day.

因此，透過這樣做 - 透過增加我們已經實施的一些優化，就像我說的，這些閥門，管道和一切，我們有可能在目前的狀態下勉強獲得一些額外的容量。沒有保證。我們說的是每天 4,000 噸。

Fair enough. Thank you very much for taking my questions.

很公平。非常感謝您回答我的問題。

Francesco Costanzo, Scotiabank.

弗朗西斯科·科斯坦佐，豐業銀行。

Hi guys. Sorry, I didn't mean to jump in the question queue here. I think Ovais and the others have already asked all the pertinent questions. So apologies for that.

嗨，大家好。抱歉，我並不是有意在這裡插隊提問。我認為 Ovais 和其他人已經問過所有相關問題。我對此深表歉意。

Don DeMarco, National Bank Financial.

唐‧德馬科 (Don DeMarco)，國家銀行金融。

Thank you, operator. And good morning, Clive and team. So it sounds like things are moving along well in Mali now. I mean you've got -- we'll look to the regional permitting. But (technical difficulty) what was the reason for the delays? I mean was it the government focusing on Barrick and maybe other stuff? Or is this kind of the norm in Mali? I mean a benefits from optimal mine performance from a tax point of view.

謝謝您，接線生。早上好，克萊夫和團隊。聽起來馬裡現在一切都很順利。我的意思是，我們會考慮區域許可。但（技術困難）延誤的原因是什麼？我的意思是政府是否關注巴里克和其他東西？或者這在馬利是一種常態？我的意思是從稅務角度來看，最佳礦場績效帶來的效益。

Yeah. So maybe I'll take that, we were just down there. There's a couple of things there. Remember, there was this whole shift in the government. And they readily admitted that they didn't really know who is doing what. So you had the Minister of Finance working on this kind of updated mining code and the Minister of Mines didn't know where his mandate ended and the Minister of Mines started. We highlighted that.

是的。所以也許我會接受這一點，我們剛剛到達那裡。那裡有幾件事。請記住，政府內部發生了巨大變化。他們也坦言，他們確實不知道誰在做什麼。因此，財政部長負責制定這種更新的採礦法規，而礦業部長卻不知道他的任期何時結束，礦業部長何時開始。我們強調了這一點。

We had a chance to meet with the Prime Minister, and they were visibly embarrassed and said that, that's a nonstarter for them and they will get it rectified. So certainly, I think some of the other mining issues in Mali play a factor. I think the fact that there were some big disputes out there that they had to pay attention to took up some of their bandwidth, but ultimately, they also didn't really know what each other was doing.

我們有機會與總理會面，他們顯然感到尷尬，並表示，這對他們來說是不可能的，他們會糾正的。所以，我當然認為馬裡的其他一些採礦問題也起了一定作用。我認為，事實上他們必須關註一些大的爭議，這佔據了他們的一些頻寬，但最終，他們也不知道對方在做什麼。

I will say that all three ministers we met, we met Minister of Mines, Minister of Finance and the Prime Minister, they all apologized profusely. They all said that they're committed to getting this done. Remember, this is -- they've got a big stake in this, too. So they want to go as quickly as they can, of course, legally to get us this permit and get us going.

我想說的是，我們見到的三位部長，礦業部長、財政部長和總理，他們都深感抱歉。他們都表示將致力於完成此事。請記住，這——他們在這件事上也有很大利益。因此，他們希望盡快合法地為我們獲得許可證並讓我們開始行動。

Okay, great. Thanks for that -- yeah, go ahead. Thank you.

好的，太好了。謝謝——是的，繼續吧。謝謝。

Maybe just to add a little bit -- if I can just add a little bit to that, similar to one of the questions you've asked about further negotiations with the government to get the permit for the regional. There is no further negotiations. We're enacted the terms negotiated in the MOU last September to sort of clarify that. We're not in a negotiation mode. We're just getting the permit done and working closely with the government to do it.

也許只是補充一點——如果我可以補充一點的話，類似於您提出的關於與政府進一步談判以獲得區域許可的一個問題。沒有進一步的談判。我們已實施去年 9 月在諒解備忘錄中協商的條款，以澄清這一點。我們目前還沒有進入談判模式。我們正在辦理許可證，並與政府密切合作。

As Bill touched on, revenue side for the government of Mali, which obviously they other thing (inaudible) the fastest way for them to get revenue from gold mining, would be to get us that permit because they own 35% of the regional. So they're on the same page as us wanting to get that permit and get going with this, as soon as possible.

正如比爾所提到的，對於馬利政府來說，收入方面，顯然他們的另一件事（聽不清楚）從金礦開採中獲取收入的最快方式就是給我們頒發許可證，因為他們擁有該地區 35% 的股份。所以他們和我們一樣，希望盡快獲得許可並開始實施。

Okay. That helps. That certainly clarifies things because that would have been our impression as well. So that's encouraging for the future. But sticking with Fekola then in Mali. So I saw production is up 35% quarter-over-quarter, grades are elevated. So Bill, do you expect this to continue into H2? What was some of the drivers here in Q2?

好的。這有幫助。這確實澄清了一些事情，因為這也是我們的印象。這對於未來來說是令人鼓舞的。但當時在馬裡，他一直堅持與 Fekola 合作。因此，我看到產量比上一季成長了 35%，品質也提高了。那麼比爾，你預計這種情況會持續到下半年嗎？Q2 中的一些驅動因素是什麼？

Well, some of the drivers really revolved around being -- finding additional ore kind of on the margins of what -- where the resource model was. And it was -- quite frankly, it wasn't higher-grade ounces, but it was ounces -- it was tonnes that would have been considered waste that we ended up being able to process through the mill. We also had a very good run with the mill. The mill had a very good quarter. And those were the two main things.

嗯，一些驅動因素實際上圍繞著——在資源模型的邊緣尋找額外的礦石。而且 — — 坦白說，這不是高品位的盎司，而是幾盎司 — — 幾噸原本會被視為廢料的礦石，我們最終卻能夠通過工廠進行加工。我們的工廠也運作得非常順利。該工廠本季業績非常好。這就是兩件主要的事情。

So, obviously, I can't predict what's going to happen outside of the resource model in Q3 and Q4, but the mill is kind of firing on all cylinders. And one of the things that we've been very open about is that, even if we don't get tonnes or get ounces from the regional stuff into the mill in 2025, we still feel very comfortable with our range that we put out there. And so that obviously would mean that we're going to get additional ounces from somewhere else.

因此，顯然，我無法預測第三季和第四季資源模型之外會發生什麼，但工廠正在全力運作。我們一直非常坦誠的一點是，即使到 2025 年，我們的區域產品產量達不到幾噸或幾盎司，我們仍然對我們目前推出的產品範圍感到非常滿意。所以這顯然意味著我們將從其他地方獲得額外的盎司。

That was the pre-stripping.

那是預先剝離。

Yeah, Clive, it's actually a good point. Even if we get the permit in kind of, let's say, August or September, there is still a pre-stripping campaign, which we have to do before we can start trucking tonnes down to the mill.

是的，克萊夫，這確實是一個很好的觀點。即使我們在八月或九月獲得了許可證，我們仍然需要進行預先剝離活動，我們必須先完成這項活動，然後才能開始將木材運送到工廠。

Okay. And then just for a final question, shifting over to Goose. I see that the ASIC for Goose is lower than what it was in the tech report by a bit. What are some of the efficiencies that would explain this delta -- favorable delta? And is there a read-through for lower cost at Goose in 2026 versus the technical report? Or is some of the CapEx that you kind of pushed forward also provide read-through for lower ASIC in 2026?

好的。最後再問一個問題，請 Goose 發言。我發現 Goose 的 ASIC 比技術報告中的低一點。哪些效率可以解釋這種增量──有利的增量？有沒有關於 2026 年 Goose 成本相對於技術報告更低的解讀？或者，您推動的部分資本支出是否也為 2026 年的較低 ASIC 提供了讀取？

Yeah. Maybe I'll talk and then I'll let Mike correct me. So when we wrote the technical report, really, the information we had was what was created by Sabina for the feasibility study and the actuals we had during construction, right? And so in construction, there's all these inefficiencies where you're flying stuff in, you've got the wrong crew. What we've seen as we've now been able to tighten that up and particularly around the mining side is that we're probably a little bit worse than what Sabina had promised the world, but a lot better than what we had seen as kind of a developer.

是的。也許我會先說，然後讓麥克糾正我。因此，當我們撰寫技術報告時，我們實際上掌握的資訊是 Sabina 為可行性研究創建的資訊以及我們在施工期間掌握的實際情況，對嗎？因此，在建築業中，存在著各種低效率的問題，例如空運貨物，或是選擇了錯誤的施工隊。現在我們已經能夠加強這方面工作，特別是在採礦方面，我們發現我們可能比 Sabina 向世界承諾的要差一點，但比我們作為開發商所看到的要好得多。

And so I do believe that the costs that we're now presenting on the mining side, in particular, and hopefully on the milling side will carry through. And we're going to see those -- I think -- I can't remember what we said they were ultimately going to be our all-in sustaining costs, but they were coming down, and we do see those as real.

因此，我確實相信，我們現在提出的採礦方面的成本，特別是銑削方面的成本，將會持續下去。我們將會看到這些——我想——我不記得我們說過它們最終將成為我們的全部維持成本，但它們正在下降，我們確實認為這些是真實的。

Okay, thanks for that.

好的，謝謝。

I'll only add part of the -- part of the impact in '25 numbers is we're using post-commercial production, which is basically post September. So you have a production split there between Q3 and Q4, but you also have some of this CapEx that we pulled forward and accelerated. So it's already incurred. So that has some impact on the post-commercial production numbers.

我只想補充一點——25 年數據的影響部分在於我們使用了後期商業製作，基本上是在 9 月之後。因此，第三季和第四季之間存在生產分割，但我們也提前並加速了部分資本支出。所以這已經產生了。所以這對商業化後的產量有一定影響。

Okay. Great, thank you. That's all for me. Good luck with the rest of the quarter.

好的。太好了，謝謝。對我來說就這些了。祝福本季剩餘時間一切順利。

Carey MacRury, Canaccord Genuity.

凱裡·麥克魯裡（Carey MacRury），Canaccord Genuity。

Hi, good morning, guys and congrats on the quarter. Maybe just a question for Mike on the accounting around Goose now that you're ramping up production. Are we going to see OpEx starting from now at Goose or is that going to come after commercial production?

大家早安，恭喜本季取得佳績。鑑於你們正在加大產量，也許我只是想問 Mike 有關 Goose 會計的問題。我們會從現在開始在 Goose 看到 OpEx 嗎，還是會在商業化生產之後才會出現？

No. Yeah, you're right. Like in the new world order has been for a few years, all results will go through the P&L and all production reported decisions. So you will see everything from Q3 whatever production you have, whatever operating cost we have, whatever sales we have seen in the most financial results. So that will be (inaudible) current cost from our end post commercial production.

不。是的，你說得對。就像幾年來的新世界秩序一樣，所有結果都將經過損益表，所有生產都將報告決策。因此，您將從第三季看到一切，無論您有多少產量，有多少營運成本，有多少銷售額，我們在大多數財務結果中都看到了這一點。所以這將是（聽不清楚）我們商業化生產後的當前成本。

And that's baked in the OpEx guidance you've given us, I presume?

我想，這已經包含在您給我們的 OpEx 指導中了？

Yeah. It is in.

是的。它在裡面。

Okay. And then maybe just back on Fekola Regional, assuming the permit comes in the near future here, is that still an attractive area from an exploration focus? Or do you see better opportunities elsewhere, just given the economics of that area now?

好的。然後也許回到 Fekola 區域，假設許可證在不久的將來發放，從勘探重點來看，這裡仍然是一個有吸引力的地區嗎？或者，考慮到該地區目前的經濟狀況，您是否認為其他地方有更好的機會？

I'll get to answer the exploration upside. Yes. One of the areas that we see upside is the -- beneath the oxide resources that pretty much covered, and we have sufficient oxide ounces to keep us going there for quite a while. So the big push is to actually pursue higher grade fresh or sulfide material beneath the pits or -- beneath the oxide zones within the Fekola regional. And that's really where a lot of the oxide is.

我將回答探索的好處。是的。我們看到的優勢領域之一是——氧化物資源之下幾乎涵蓋了所有資源，而且我們擁有足夠的氧化物盎司來讓我們在那裡持續相當長一段時間。因此，最大的推動力實際上是在 Fekola 區域的礦坑下方或氧化帶下方尋找更高品位的新鮮或硫化物材料。那裡確實存在大量氧化物。

The other is looking at the underground, obviously, pursuing that as we develop the underground, we'll be able to drill down plunge. So there's nothing to suggest that, that is closed off. We'll certainly be pushing that forward. And there's also a potential for picking up parallel shoots to the main zone at Fekola underground as well. So that's really where the potential is.

另一個目標是研究地下，顯然，隨著我們開發地下，我們將能夠進行深入鑽探。所以沒有任何跡象表明，這是封閉的。我們一定會推動這項進程。並且也有可能在 Fekola 地下的主要區域找到平行支線。所以這確實是潛力所在。

On Dandoko, which is part of the Fekola regional, I think we've pretty much covered that. There's not a hell of a lot more there, but that's it really.

關於丹多科（Dandoko），它是費科拉地區的一部分，我想我們基本上已經涵蓋了這一點。那裡沒有太多東西了，但確實就是這樣。

Can you speak to your exploration budget?

您能談談您的勘探預算嗎？

Yeah, we have $62 million budget US or globally. Bulk of that is at Goose, just about half. And then obviously, ongoing drilling in Mali, pursuing extensions of the Antelope deposit in Namibia and also looking at potential for surface material in Namibia to complement and to help the throughput as we look down the road at Otjikoto.

是的，我們在美國或全球的預算為 6,200 萬美元。其中大部分是在 Goose，大約有一半。然後顯然，我們正在馬利進行鑽探，尋求擴大納米比亞羚羊礦床，同時也在尋找納米比亞地表材料的潛力，以補充和幫助提高奧奇科託的產量。

It needs more than just the stockpile to blend the high-grade ore material that we have there. So that's where it's at and then also pursuing new areas using and leveraging off our experience in Masbate in Philippines. We're looking at opportunities in within our movement, but that's all very early stage. I guess that's where we're at.

我們不僅需要庫存來混合那裡的高品位礦石材料。這就是我們現在所處的位置，同時我們也將利用我們在菲律賓馬斯巴特的經驗來開拓新的領域。我們正在尋找運動中的機會，但這一切都還處於早期階段。我想這就是我們現在的處境。

Okay. Great. Maybe one last question for me. Just on Gramalote again. Were you guys -- did the feasibility study kind of meet with what you're expecting?

好的。偉大的。這也許對我來說是最後一個問題。剛剛又回到了 Gramalote。你們－可行性研究是否符合你們的期待？

And I guess what I'm asking is, if we get through the permitting for the next 12 to 18 months, right in a $3,000 gold environment, how likely is this to move forward?

我想問的是，如果我們在未來 12 到 18 個月內獲得許可，在黃金價格為 3,000 美元的環境下，這件事有多大可能會取得進展？

Well, I think we -- like what we saw in the study, it didn't come as a surprise to us. There's been a ton of work done over the years by EGA and by ourselves and by the combined joint venture over a long period of time. We know 100%, of course, but there's a lot of technical work and a lot of studies that happen before really it's what it is.

嗯，我認為——就像我們在研究中看到的那樣，這並不令我們感到驚訝。多年來，EGA、我們自己以及合資企業長期以來已經完成了大量的工作。當然，我們 100% 知道，但在真正確定之前還需要進行大量的技術工作和研究。

So I think it's well defined. So we had expected the feasibility study to be close to the PEA. And I think when you look at that project with the potential to produce 240,000 ounces a year, the gain in Gramalote, there aren't many of those rounds. We own 100%. We don't buy it.

所以我認為它定義得很好。因此，我們預期可行性研究結果將接近初步經濟評估結果。我認為，當你看到那個每年有潛力生產 240,000 盎司的項目時，你會發現格拉馬洛特的收益並不多。我們擁有 100%。我們不買它。

We like the economics. And I don't know how you would -- if you don't build that, what are you going to do in terms of projects such as gold mines that you own, and we believe it's in a good jurisdiction. So at the end of the day, right now, I would say it looks very favorable, also a part of the upside of capital from the company.

我們喜歡經濟學。我不知道你會怎麼做——如果你不建造它，那麼你將如何處理你所擁有的金礦等項目，我們相信它處於良好的管轄範圍內。所以，總的來說，現在，我想說它看起來非常有利，也是公司資本上漲的一部分。

Okay, great. Thanks, guys.

好的，太好了。謝謝大家。

(Operator Instructions)

（操作員指示）

And at this time, there are no further questioners in the queue. And this does conclude today's question-and-answer session. I would now like to turn the conference back over to Clive Johnson for any closing remarks.

目前，隊列中沒有其他提問者。今天的問答環節到此結束。現在我想將會議交還給克萊夫·約翰遜，請他作最後發言。

Thanks, I think you asked good questions, and I think we covered a lot of ground there. One final question I have for the analysts, if anybody can figure out the market, I'd like to know how you can come up with a good quarter like that and see the stock down. That's a bit of a surprise, but the market always have surprises for us, I guess. So thank you very much for participating in the call.

謝謝，我認為你問的問題很好，而且我認為我們在這方面討論了很多內容。我對分析師的最後一個問題是，如果有人能弄清楚市場，我想知道你如何能取得如此好的季度業績，卻看到股價下跌。這有點令人驚訝，但我想市場總是會帶給我們驚喜。非常感謝您參加此次電話會議。

Today's conference has now concluded. Thank you for attending today's presentation, and you may now disconnect your lines, and have a pleasant day.

今天的發表會已經結束。感謝您參加今天的演講，現在您可以斷開線路，祝您有個愉快的一天。