B2Gold Corp (BTG) 2025 Q3 法說會逐字稿

Thank you for standing by. This is the conference operator. Welcome to B2Gold Corporation's third quarter 2025 financial results conference call. (Operator Instructions) The conference is being recorded (Operator Instructions).

感謝您的耐心等待。這是會議接線員。歡迎參加B2Gold公司2025年第三季財務業績電話會議。（操作說明）會議正在錄製（操作說明）

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

現在我謹將會議交給 B2Gold 的總裁兼執行長 Clive Johnson。請繼續。

Thank you, operator. Good morning or afternoon or evening, everyone. Thanks for joining the call. We're here to talk about the financial results of the third quarter of 2025. We had a strong operational and financial quarter. Fekola, Masbate and Otjikoto mines all came in ahead of expectations in the third quarter on the production side, resulting in lower-than-expected cash operating cost per ounce.

謝謝接線生。各位早安/下午好/晚上好。感謝您參加通話。我們今天來討論2025年第三季的財務表現。我們本季營運和財務業績表現強勁。Fekola、Masbate 和 Otjikoto 礦場在第三季的產量均超出預期，導致每盎司黃金的現金營運成本低於預期。

On October 2 of this year, we announced that we achieved commercial production at our newly constructed Goose mine. This milestone comes just three-months after the inaugural gold pour, and we look forward to many years of successful operations; in Nunavut in close collaboration with our partner with our partners Kitikmeot Inuit Association.

今年10月2日，我們宣布我們新建的鵝礦將實現商業化生產。距離首次黃金澆鑄僅三個月，我們就迎來了這個里程碑。我們期待未來多年在努納武特地區與我們的合作夥伴基蒂克梅奧特因紐特人協會緊密合作，取得成功。

At Goose, third quarter production was impacted by the previous disclosed crushing capacity shortfall and a temporary delay in accessing higher grade from Umwelt underground. We are now in the higher-grade. To ensure a consistent feed of crushed ore to the mill, the company has implemented the use of supplemental mobile crushing capacity.

Goose礦第三季的產量受到了先前揭露的破碎能力不足以及從Umwelt地下礦開採更高品位礦石的暫時延遲的影響。我們現在升上更高年級了。為了確保向選礦廠持續供應碎礦石，該公司已實施使用補充移動破碎能力。

Permanent modification and modifications are in progress and are expected to be implemented in 2026. Continued use of the mobile crusher will assist in operating at higher throughput until these modifications are implemented. We expect to be at design capacity of 4,000 tonnes per day by the end of the year. Underground mining of the Umwelt deposit commenced in late October 2025 and will be a strong contributor of high-grade ore at Goose over the next few years.

永久性修改和變更正在進行中，預計將於 2026 年實施。在這些改進措施實施之前，繼續使用移動式破碎機將有助於以更高的產量進行作業。我們預計今年底將達到每天4000噸的設計產能。Umwelt礦床的地下開採於2025年10月下旬開始，並將在未來幾年為Goose礦提供大量高品位礦石。

In Namibia, B2Gold announced a construction decision on the Antelope underground deposit. Production from Antelope is substantial to increase Otjikoto mine gold production, leveraging the low-cost platform and extend the life of the mine into the 2030s. In this strong gold price environment, B2Gold is well positioned to take advantage with annual gold production of approximately 1 million ounces this year with both capital spending at Goose now complete, the company is set up well to add significant shareholder value over the coming years.

在納米比亞，B2Gold宣布了對羚羊地下礦床的建設決定。Antelope 的產量足以提高 Otjikoto 礦場的黃金產量，利用低成本平台，並將礦場壽命延長至 2030 年代。在當前金價強勁的環境下，B2Gold 憑藉其今年約 100 萬盎司的黃金年產量，以及 Goose 礦區的兩項資本支出現已完成，已做好充分準備，在未來幾年為股東創造顯著價值。

Before I turn it over to Mike to give us more financial detail, I just want to talk a little bit about the political situation in Mali. We've had some news come out, I think what I think are some responsible headlines from some of the media talking about that it's imminent that a terrorist group organization is going to take over Bamako in the country of Mali.

在把麥克風交給麥克，讓他給我們更多財務細節之前，我想先簡單談談馬裡的政治局勢。我們看到了一些新聞，一些媒體的標題也相當負責任，報導一個恐怖組織即將佔領馬利首都巴馬科。

We think that is completely erroneous, and it's a great exaggeration of the situation. Yes, there have been some fuel challenges, particularly in Bamako, but we continue to run the mine as we have for many years now and haven't missed any mining due to any kind of political situation or turmoil associated with that. So the mine continues to run well.

我們認為這種說法完全錯誤，是對實際情況的極大誇大。是的，燃料供應方面確實遇到了一些挑戰，尤其是在巴馬科，但我們像多年來一樣繼續運營礦山，從未因任何政治局勢或與之相關的動盪而中斷過任何採礦活動。所以礦場繼續正常運作。

We're 500 kilometers from Bamako. And we look at the situation that the government still enjoys popular support from the population. And they see these organizations that are cutting off fuel to Bamako as foreigners. This is not the bad of the people of Mali from our understanding from the intelligence that we have received. So operations continue. It's nice to see some support from other governments in the United States and others.

我們距離巴馬科500公里。我們注意到，政府仍享有民眾的廣泛支持。他們認為這些切斷巴馬科燃料供應的組織是外國人。根據我們掌握的情報，這並非馬利人民的邪惡行徑。所以營運仍在繼續。很高興看到美國和其他一些國家的政府給予支持。

The US came out and posted -- they supported Mali military and said they're looking forward to closer collaboration, working on intelligence together. There's no Western company that wants to see Mali fall into other hands, and there's a lot of international support gathering. So we're very confident of our ability to continue to produce in Mali and work very closely with the Mali government.

美國公開表態支持馬利軍隊，並表示期待與馬利軍隊加強合作，共同進行情報工作。沒有哪家西方公司希望看到馬利落入他人之手，而且國際社會正在積極提供支持。因此，我們非常有信心繼續在馬利生產，並與馬利政府密切合作。

We're expecting the permit for our regional mining and trucking at the Fekola mill. That's imminent. And we received not that long ago the permit to go underground at Fekola. So we think we're on track there. And once again, we're not impacted by any of the things going on in Mali right now, and we're disappointed to see this irrational or not true headlines that are running around and lasted little while.

我們正在等待費科拉工廠區域採礦和運輸許可證的發放。那件事即將發生。不久前，我們也獲得了在費科拉進行地下作業的許可。所以我們認為我們在這方面進展順利。再次聲明，我們並未受到馬利目前局勢的任何影響，我們對這些流傳甚廣、持續時間很短的非理性或不實的標題感到失望。

And clearly, that's hurt the value of B2Gold. With the benefit of time, I think we'll see that this is a situation not impacting the mine.

顯然，這損害了 B2Gold 的價值。隨著時間的推移，我認為我們會發現這種情況不會對礦場造成影響。

With that, I'll hand it over to Mike to give us a financial summary of the quarter.

接下來，我將把發言權交給麥克，讓他為我們做個季度財務總結。

Thanks, Clive. As Clive said, financially, it was a strong quarter. I mean GAAP earnings were $0.01 per share, but they were impacted by several noncash derivative mark-to-market adjustments. And after adjusting for those onetime items, the company's earnings per share were $0.14 per share of adjusted earnings. And clearly, you can see that benefiting from the strong average gold sales price that we saw in the Q and continues now.

謝謝你，克萊夫。正如克萊夫所說，從財務角度來看，這是一個強勁的季度。我的意思是，以 GAAP 計算的每股收益為 0.01 美元，但受到幾項非現金衍生性商品市值調整的影響。在扣除這些一次性項目後，該公司每股收益為調整後每股收益 0.14 美元。顯然，我們可以看到，這得益於我們在第一季看到的強勁的黃金平均銷售價格，而且這種趨勢仍在持續。

The company recorded revenue of approximately $783 million in Q3, and that included $144 million related to the delivery of just over 66,000 ounces under the company's gold prepay obligations. And by the end of October, we had another delivery into those obligations. So we've now delivered into 1/3 of what we own there, and that leaves us just under 200,000 ounces that we'll need to deliver into by the end of June.

該公司第三季錄得約 7.83 億美元的收入，其中包括根據公司黃金預付款義務交付的 6.6 萬多盎司黃金所產生的 1.44 億美元收入。到十月底，我們又履行了這些義務。所以，我們現在已經交付了我們在那裡擁有的三分之一的黃金，這意味著到 6 月底，我們還需要交付不到 20 萬盎司的黃金。

So we're in good shape there. Operating cash flows totaled $171 million in the third quarter and or before working capital adjustments, $180 million, which is another strong result, and it highlights the continuing cash-generating potential of our assets and the strong gold price environment. Balance sheet-wise, we continue to remain in a strong financial position with cash and cash equivalents of $367 million at the end of the quarter.

所以，我們那邊情況良好。第三季經營現金流總計 1.71 億美元，不計營運資本調整則為 1.8 億美元，這是另一個強勁的業績，凸顯了我們資產持續的現金產生潛力以及強勁的黃金價格環境。從資產負債表來看，我們依然保持著強勁的財務狀況，截至季末，我們擁有現金及現金等價物 3.67 億美元。

During the quarter, we drew down -- as we disclosed last time, we drew down $200 million on the revolver. That just helped us manage through some of the working capital timing differences that we have, especially as we deliver in the prepaid. So we'll continue to do that. But with these gold prices, we expect to repay some or all of it by the year-end.

本季度，我們提取了——正如我們上次披露的那樣，我們從循環信貸中提取了 2 億美元。這有助於我們應對一些營運資金時間上的差異，尤其是在我們進行預付款交付時。所以我們會繼續這樣做。但以目前的金價，我們預計到年底前可以償還部分或全部債務。

So I'd say, overall, we maintain excellent financial flexibility to deliver to the prepaid, complete our other sustaining growth initiatives, continue to fund the healthy exploration programs that we have and I think continue to return capital under our share buyback plan. So I think that's the summary that I want to touch on in the financial sections.

因此，總的來說，我認為我們保持著良好的財務靈活性，能夠履行預付款，完成其他持續增長計劃，繼續為我們現有的健康勘探項目提供資金，並且我認為我們將繼續根據股票回購計劃返還資本。所以，我想在財務部分重點談談這方面的內容。

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

接下來，我將把發言權交給比爾，讓他報告一下專案運作。

All right. Thanks, Mike. So at Goose having key commercial production, the focus now moves to steady-state operations and consistent performance at nameplate capacity. We've identified the source of the crushing issues that impacted performance early in Q3 and have made a temporary fix to the use of the mobile crushing unit.

好的。謝謝你，麥克。因此，對於擁有關鍵商業生產的 Goose 公司來說，現在的重點是穩定營運並在額定產能下保持穩定的性能。我們已經找出了第三季初影響業績的破碎問題的根源，並暫時解決了移動破碎裝置的使用問題。

Permanent optimization to the primary crusher and secondary grinding circuits and the installation of the surging capacity are being engineered and designed with a finalized study and remediation plan in December '25. Use of the mobile crusher is expected to continue until the modifications are implemented. Due to the shortfall of the crushing capacity and temporary delays in accessing the higher grade ore at Umwelt underground, B2Gold has revised its 2025 gold production guidance for the Goose mine down to between 50,000 and 80,000 ounces.

正在對一級破碎機和二級磨粉迴路進行永久優化，並安裝緩衝能力，最終研究和補救計畫將於 2025 年 12 月完成。預計移動式破碎機的使用將持續到改造完成為止。由於破碎能力不足以及在 Umwelt 地下礦開採高品位礦石的暫時延誤，B2Gold 已將其 2025 年 Goose 礦的黃金產量預期下調至 50,000 至 80,000 盎司之間。

Underground mining of the Umwelt deposit commenced in late October '25, and the company expects underground operations to ramp up quickly through the final months of 2025, setting the operation up well for the first full operating year in 2026. The company reiterates the near-term and gold and long-term gold production estimates at the Goose Mine, which includes a production forecast of approximately 250,000 ounces of gold in 2026 and approximately 330,000 ounces of gold in 2027.

Umwelt 礦床的地下開採於 2025 年 10 月下旬開始，該公司預計地下作業將在 2025 年最後幾個月迅速增加，為 2026 年的第一個完整營運年度做好充分準備。該公司重申了 Goose 礦場的近期和長期黃金產量預測，其中包括 2026 年黃金產量約為 25 萬盎司，2027 年黃金產量約為 33 萬盎司的預測。

And average annual gold production for the initial full six-years of operation of approximately 300,000 ounces based only on existing mineral resources. Significant construction activities for the first nine-months of 2025 included completion of the mining in the Echo pit and commissioning of the pit as a TSF to include construction of the winter deposition infrastructure.

根據現有礦產資源，前六年營運期間的平均年黃金產量約為 30 萬盎司。2025 年前九個月的主要建設活動包括完成 Echo 礦坑的採礦工作，並將礦坑調試為 TSF，包括建造冬季堆場基礎設施​​。

Mining of the Umwelt open pit commenced ahead of schedule with full ramp-up achieved during the second quarter of 2025. Development of the Umwelt underground continued, including development of Fresh Air Raise 1 and 2 to support stope ore production in the fourth quarter of 2025, continued dewatering of the future site of the Llama pit, commissioning of three large glycol heating systems, excavation and construction of foundation for the arctic corridor for the camp and construction of mechanically stabilized earth wall for the reclaim tunnel.

Umwelt露天礦場的開採工作提前開始，並在2025年第二季全面投產。Umwelt 地下礦場的開發繼續進行，包括開發 Fresh Air Raise 1 和 2 以支援 2025 年第四季度的採場礦石生產，繼續對 Llama 礦坑的未來場地進行排水，調試三個大型乙二醇加熱系統，挖掘和建造營地北極走廊的基礎，以及建造用於回收隧道的機械加固土牆。

In Mali, the site continues its strong performance in 2025, exceeding gold production expectations again in the third quarter. Cash costs per ounce were also lower than expected. Of note, Fekola underground is also performing above expectations despite operations commencing earlier in Q3 on July 30, 2025. At Masbate, the operation continues to perform well with a world-class safety record.

在馬裡，該礦址在 2025 年繼續保持強勁表現，第三季黃金產量再次超出預期。每盎司現金成本也低於預期。值得注意的是，儘管費科拉地下鐵路於 2025 年 7 月 30 日才開始運營，但其營運表現也超出了預期。在馬斯巴特島，該礦場運作持續良好，並保持著世界一流的安全記錄。

Mine throughput has significantly outperformed expectations in 2025, and we anticipate consistent production in the fourth quarter. At Otjikoto, open pit and underground mining went very well in the third quarter with production also exceeding expectations. During the third quarter, the company approved a development decision for the Antelope deposit.

2025 年礦山產量已大幅超出預期，我們預計第四季度產量將保持穩定。在奧吉科托，第三季露天和地下採礦進展非常順利，產量也超出了預期。第三季度，公司批准了羚羊礦床的開發決定。

The company has also completed further optimization and believes preproduction capital costs can reduce from $129 million in the PEA to $105 million. Production from the Antelope has the potential to increase Otjikoto mine gold production to approximately 110,000 ounces over the life of the Antelope underground mine.

該公司還完成了進一步的優化，並認為生產前資本成本可以從初步經濟評估的 1.29 億美元減少到 1.05 億美元。羚羊礦的生產有可能使奧吉科托礦的黃金產量在羚羊地下礦的壽命期內增加到約 110,000 盎司。

With that, I'll turn it back over to Clive for an intro to Q&A.

接下來，我會把時間交還給克萊夫，讓他為大家介紹問答環節。

Thanks, Bill. Operator, we're ready for Q&A.

謝謝你，比爾。操作員，我們已準備好進行問答環節。

(Operator Instructions) Ovais Habib, Scotiabank.

（操作說明）Ovais Habib，加拿大豐業銀行。

Congrats on a good quarter. A couple of questions from me. Just starting off with Fekola. Fekola underground seems to be ramping up really well. What are the kind of grades you're expecting going into 2026? And is there a target that you have in mind in terms of ore tonnes mined and kind of grade on the Fekola underground?

恭喜你本季業績出色。我有幾個問題。剛開始使用Fekola。Fekola 地下工程似乎發展勢頭良好。你預計2026年能取得什麼樣的成績？你們對費科拉地下礦的礦石開採噸數和品位有目標嗎？

Yes, I don't have what the exact grade is, but I think we were targeting about 4.5 grams is what I remember, 4.5 grams and a throughput of about 1,500 tonnes a day. So you can do the math on what it's going to be. It's something like that. And remember, those are replacement ounces of low grade.

是的，我已經記不清確切的等級了，但我記得我們當時的目標是每克 4.5 克，日產量大約是 1500 噸。所以你可以自己算結果會是多少。差不多就是這樣。請記住，這些是低等級的替代品。

And Bill, in terms of the development rates into Fekola underground, is that all progressing well and kind of confident in terms of what you guys are going to be producing in 2026 then?

比爾，就費科拉地下礦的開發進度而言，一切進展順利嗎？你們對 2026 年的產量有信心嗎？

Absolutely. So the contractor is Byrnecut, the same contractor we've had in Namibia, very good relationships and the development has actually been on or at schedule really the whole way.

絕對地。所以承包商是 Byrnecut，也就是我們在納米比亞的同一家承包商，雙方關係非常好，而且整個開發過程實際上都按計劃進行。

Good stuff. And then just moving on quickly to Fekola regional permit. I know we are expecting the permit by the end of 2025. In terms of any sort of predevelopment or anything that you guys can do prior to that? Or basically, you guys are just ready as soon as the permit comes in, you start pre-stripping and then start bringing the ore?

好東西。然後迅速進入費科拉地區許可證的申請階段。我知道我們預計在 2025 年底前獲得許可證。就前期準備或其他方面而言，你們在此之前可以做些什麼？或者說，你們是不是一拿到許可證就開始預剝離，然後就開始運礦石？

We are, in fact, pre-stripping some. We've been given approval to go out and do some clearing and grubbing. So all of that is happening. Obviously, we're hiring people, getting the equipment. So really, we're putting a little bit of money at risk, knowing that everything we've been told that the permit is coming.

事實上，我們正​​在預先剝離一些部分。我們已獲準外出進行一些清理和除草工作。所以這一切都在發生。顯然，我們正在招募人員，購買設備。所以實際上，我們是在冒一點風險，但我們一直被告知許可證一定會拿到。

Got it. And then just moving quickly to Goose. Underground grades seems to be picking up as kind of we're going into Q4. Are development rates also picking up as well? And again, I think this is kind of a question that has come up in other mining operations as well. Do you have the right people and kind of equipment in place right now?

知道了。然後迅速切換到鵝。隨著我們進入第四季度，地下鐵路的運力似乎正在回升。開發速度也在加快嗎？而且，我認為這也是其他採礦作業也出現過的問題。你們現在是否擁有合適的人員和設備？

Yes. We have the right people for sure. Remember, this is remote mining, remote stope mining. So it is a specialized skill. And we do have the right people on site now, and we see that it will be coming up as planned.

是的。我們肯定找到了合適的人選。記住，這是遠端採礦，遠端採場採礦。所以這是一項專門技能。現在我們已經安排了合適的人員到現場，我們相信工程會按計劃進行。

Anita Soni, CIBC World Markets.

Anita Soni，CIBC World Markets。

I just wanted to ask a few questions on Goose. And I just want to understand the key drivers of the cost increase into -- obviously -- sorry, into the fourth quarter. Obviously, there's lower tonnes are going to be pushed and that's going to impact the numbers. But how do you expect that to evolve into next year? I mean you maintained the production guide for next year.

我只是想問幾個關於Goose的問題。我只是想了解成本增加的關鍵驅動因素，尤其是在——很抱歉——第四季。顯然，產量會降低，這將對產量數據產生影響。但你預計明年情況會如何發展？我的意思是，你們維持了明年的生產計畫。

So I'm just trying to get an understanding on what we should be thinking about on costs? Are they going to be as indicated previously? Or will there will be some impact?

所以我想了解我們在成本方面應該考慮哪些因素？它們會像之前預測的那樣嗎？或者說，會產生一些影響嗎？

So it's Mike. Just on the cost, Anita, for the fourth quarter, we guided that the per ounce costs are a little higher. You're right, then we had before. We've left the production costs that were in the budget for Q4 there, but we reguided down the ounces to 45,000 ounces just on the basis that we're a little later getting into the higher-grade stopes and the total production for the Q.

原來是麥克。安妮塔，就成本而言，我們預計第四季每盎司的成本會略高一些。你說得對，我們之前確實有過。我們保留了第四季度預算中的生產成本，但將黃金產量預期下調至 45,000 盎司，原因是我們在開採高品位礦段的時間稍晚，導致第四季總產量下降。

So I don't think those are reflective of the cost going forward. This is just a function of the continued ramp-up. And then on the cost, as we look forward, the 250,000 that Bill was talking about and beyond into the later years of the mine life. We don't have any change to those right now. We're doing the budget for next year and then also an updated sort of upside like mine case as well that we're looking at.

所以我認為這些並不能反映未來的成本。這只是持續成長過程的一個結果。至於成本方面，展望未來，比爾提到的 25 萬美元以及礦場營運後期階段的成本都將受到影響。目前我們對此沒有任何改變。我們正在製定明年的預算，同時也考慮一些潛在的利多因素，例如我的案例。

So I think we don't have anything new to put out on those at this point. But certainly, the key message is these Q4 ones are ramp-up ounces. So the cost related to those shouldn't be extrapolated into anything in the future. And we've tried to be relatively conservative in that guidance. We had to re-guide it down just for the fourth quarter.

所以我覺得目前我們在這方面沒有什麼新的消息可以發布。但可以肯定的是，這些第四季的產量是逐漸增加的。因此，與這些相關的成本不應推斷到未來的任何事情。我們在製定指導方針時一直盡量保持相對保守的態度。我們不得不重新調整路線，只在第四季才改變路線。

So we've tried to be conservative in that guidance and give a chance to meet or even beat it for the Q.

因此，我們在製定指導方針時力求保守，並給 Q 一個達到甚至超越目標的機會。

Okay. And sorry, could you just -- Bill, could you just give me an idea of what's actually going on with the delay accessing on well? Like what was the reason for the delay?

好的。抱歉，比爾，您能告訴我一下，為什麼訪問油井時會出現延遲？延誤的原因是什麼？

The reason for the delay was lack of equipment parts for Sandvik and then operators to run it. And so it's one of those things that you assume in Canada, these things come on a very set schedule, and it just didn't happen. And so we have rectified the situation. We do have the people on site now, and we do have the appropriate drilling media. So it's been solid.

延誤的原因是山特維克設備缺少零件，以及操作人員短缺。所以，在加拿大，人們通常會認為這些事情會按照既定的時間表進行，但這件事並沒有發生。因此，我們已經糾正了這種情況。我們現在有人員在現場，也有合適的鑽井介質。所以一直都很穩定。

Don DeMarco, National Bank.

唐‧德馬科，國家銀行。

Maybe first off, at Goose, you're looking at some different options regarding the crushing, the optimization of the crushing. Among the options that you're considering, we look forward to the results of your report and so on. But what's the potential magnitude of these range of solutions just to get away from that mobile crushing.

首先，在 Goose，你會看到一些關於破碎、破碎優化的不同選擇。在您考慮的眾多方案中，我們期待您的報告結果等等。但是，僅僅為了擺脫這種移動式粉碎機，這些解決方案的潛在規模究竟有多大？

Yes. So we talked before. Remember, the initial one when we were in Denver was the concept of really kind of a very small change. Obviously, we've disappointed on it. And so we've got a third-party consultant coming in that will deliver a report in December. So I really don't want to once again tell you a number and then have to walk it back. But it's still a small magnitude compared to fixing it and getting the throughput.

是的。我們之前聊過。請記住，我們最初在丹佛時的想法，其實只是一個非常小的改變。顯然，我們在這方面令人失望了。因此，我們請了一位第三方顧問，他將在 12 月提交一份報告。所以我真的不想再一次告訴你一個數字，然後又不得不收回。但與修復問題並提高吞吐量相比，這仍然是一個很小的量級。

Okay. And I guess, like whatever you decide, I mean, you got the sea lift coming up and decisions to be made to kind of sequence with that and you'd have things on the ground as needed, I would imagine.

好的。我想，無論你做出什麼決定，我的意思是，海上運輸即將開始，需要做出一些決定來配合運輸的順序，我想你也會根據需要安排地面物資。

That's correct.

沒錯。

Okay. So in Mali, the regional permits, we're looking forward to year-end to have them. The time frame for getting these permits has been somewhat fluid. What are the reasons behind that? I mean you guys have a good line of communication with the government. You've been out there a number of times. Is it a different priority for the government? I mean from your point of view, what's the reason for the pushing back the schedule multiple times?

好的。所以在馬裡，我們期待年底能拿到區域許可證。獲得這些許可證的時間安排一直不太穩定。背後的原因是什麼？我的意思是，你們和政府之間溝通管道很暢通。你已經去過那裡好幾次了。政府的優先事項是否有所不同？我的意思是，從你的角度來看，多次推遲日程安排的原因是什麼？

Well, I think we're in the bureaucracy of Mali in terms of winding its way through various approval levels. Our understanding most recently is that it's -- we're in the final stages of approval, and we expect that definitely before the end of the year and maybe quite imminently.

嗯，我覺得我們現在就像身處馬裡的官僚體系中，需要經過各種審核層級。我們最新的了解是——我們已經進入審批的最後階段，我們預計肯定會在年底前完成，甚至可能很快就會完成。

Okay. Well, we'll look forward to that. And then -- but I see in the report, too, that you're going to start right away with the stripping once you get that and other prep work and look forward to seeing all that production reflected in guidance next year. So that's all for me.

好的。好的，我們很期待。然後——但我從報告中也看到，一旦完成剝離和其他準備工作，你們將立即開始剝離工作，並期待明年在業績指引中看到所有這些產量的體現。這就是我全部的內容了。

As Bill said, we've already started some prep work, let's say.

正如比爾所說，我們已經開始做一些準備了。

Carey MacRury, Canaccord Genuity.

Carey MacRury，Canaccord Genuity。

Maybe a question for Mike. You drew down $200 million last quarter, and I see you paid off $50 million. Do you anticipate needing to use the credit facility as you go through these prepay payments?

或許可以問麥克一個問題。你上個季度提取了 2 億美元，我看到你還了 5000 萬美元。您預計在進行這些預付款的過程中是否需要使用信用額度？

I think you'll see us -- like you said, I think if gold prices stay where we see them right now for the fourth quarter, then we expect that we'll have paid down a substantial part of that line, if not all of it by year-end. I think you'll see us utilize it a little bit as we move through Q1 and Q2 just to manage the timing of the prepaid deliveries and the fact that we already got the cash for those.

我想你會看到我們——就像你說的，我認為如果金價在第四季度保持目前的水平，那麼我們預計到年底我們將償還大部分債務，即使不能全部償還。我認為你會看到我們在第一季和第二季稍微利用一下這個功能，以便管理預付貨款的交貨時間，因為我們已經收到了這些貨款。

But after that, the line be repaid and it's off to the races. So I think we'll use it as a temporary inter-quarter thing and it's a relatively small draws. And then as we move forward, we're into these cash flow harvest years.

但之後，這筆錢就會被償還，然後一切就順利開始了。所以我認為我們會把它當作一個臨時的季度間措施，而且抽籤的規模相對較小。然後，隨著時間的推移，我們將進入現金流收穫的幾年。

And then just maybe on CapEx at Goose. I mean Q3 CapEx seemed a bit higher than what we were expecting. Maybe that's just seasonality in Nunavut. But any guidance on what we should be expecting for growth capital at Goose for Q4?

然後或許會用於 Goose 的資本支出。我的意思是，第三季的資本支出似乎比我們預期的要高一些。也許這只是努納武特地區的季節性現象。那麼，對於 Goose 第四季的成長資本，您能否提供一些指導呢？

Yes. So I'd say if you look at the budget that we put out for half two, it was $176 million. And we didn't give a split, but it was heavily weighted to Q3. So the budget was roughly $130 million for Q3 and then $45 million, $46 million for Q4. So in Q3, the recorded CapEx in the financials was $157 million, but that includes -- we ended up capitalizing a bunch of site general costs and commissioning costs just because of the timing of the ramp-up, which are -- they were budgeted as operating costs.

是的。所以，如果你看一下我們第二年上半年的預算，那就是 1.76 億美元。我們沒有給出具體劃分，但第三季佔比非常高。因此，第三季的預算約為 1.3 億美元，第四季的預算約為 4,500 萬美元或 4,600 萬美元。因此，第三季財務報表中記錄的資本支出為 1.57 億美元，但這包括——由於產能爬坡的時間安排，我們最終將許多現場一般成本和調試成本資本化，而這些成本原本是作為營運成本預算的。

And so we ended up capitalizing them so they flow through the CapEx line. Like-for-like, the hard assets in the budget, we were $120 million versus the budget of $131 million plus these site G&A costs. So on the capital front, the pure CapEx front that we budgeted we're pretty much on budget. Q4, we did add $15 million to Goose's capital budget. So it's gone from $45 million to $60 million.

因此，我們最終將它們資本化，使它們計入資本支出。在同等條件下，預算中的硬資產為 1.2 億美元，而預算為 1.31 億美元，再加上這些場地一般管理費用。因此，在資本方面，我們預算的純資本支出方面，我們基本上符合預算。第四季度，我們為 Goose 的資本預算增加了 1500 萬美元。所以金額從4500萬美元增加到了6000萬美元。

And that really is to factor in some -- there's still quite a few folks on site that are gradually being wound down, but there are a few more people on site than we thought for a little longer. So we added that $15 million. So the way to think about Q3 is if you look at the capital and operating costs, we were pretty much right on budget. It's just to split how we ended up.

這確實需要考慮一些因素——現場還有不少人正在逐步離開，但現場的人比我們預想的要多一些，而且這種情況還會持續一段時間。所以我們追加了1500萬美元。所以，看待第三季的方式是，如果你看一下資本成本和營運成本，我們基本上都在預算之內。只是為了弄清楚我們最終的結局。

We capitalized some of the site G&A and some of the commissioning costs that we didn't expect. But that was just a reallocation of cost from 2 areas of the budget. And then Q4, yes, adding $15 million for CapEx for Q4. So it goes from $45 million to $60 million.

我們將一些意料之外的場地一般管理費用和一些調試費用資本化了。但這只是預算中兩個領域的成本重新分配而已。然後是第四季度，是的，第四季度資本支出增加了 1500 萬美元。所以金額從4500萬美元增加到6000萬美元。

This concludes the question-and-answer session. I would like to turn the conference back over to Clive Johnson for any closing remarks. Please go ahead.

問答環節到此結束。我謹將會議交還給克萊夫·約翰遜，請他作總結發言。請繼續。

Thanks, operator. As we said at the outset, a strong quarter operationally and financially, and we look forward to progressing ramp-up at Goose and continuing our strong performance at the other operations. So if you have any follow-up questions, feel free to reach out to Michael McDonald, and he can put you in touch with the right party to answer your questions. So thanks for joining us today.

謝謝接線生。正如我們一開始所說，本季營運和財務狀況強勁，我們期待 Goose 工廠的產能提升，並繼續在其他工廠保持強勁的業績。如果您有任何後續問題，請隨時聯繫邁克爾·麥克唐納，他可以幫您聯繫到合適的負責人來解答您的問題。感謝您今天收看我們的節目。

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

今天的電話會議到此結束。您可以斷開線路。感謝您的參與，祝您有個愉快的一天。