B2gold Corp Q4 FY2023 Earnings Call

Thank you for holding. This is the conference operator. Welcome to B2Gold Corporation's Fourth Quarter and Full Year 2023 Financial Results Conference Call. Please note that all participants are in listen-only mode and the conference is being recorded. Following the presentation, analysts will have the chance to ask questions. I will now hand the conference over to Clive Johnson, President and CEO of B2Gold. Please proceed.

Thank you, Operator. Hello, everyone. Thanks for joining us. We're here today, as the operator said, to discuss the fourth quarter 2023 financial results and also the full year of 2024. I want to start the call off by again extending condolences to all those at B2Gold for the tragic loss of life in Mali. On February 15, there was an armed attack on a convoy of our buses and unfortunately, four people were killed in the attack. We would like to extend our condolences to the families of those who passed and also our best wishes for the full recovery of the people that are in the hospital. We are with the government working on an extensive investigation of what happened in the incident that occurred about 300 km from the Fekola mine on the national highway, which is the route that many of the mines in the area and people in the area travel along. We have had a trouble spot there in the past. We have taken steps with the government to improve security, and we will continue to work with the government to enhance the security for our employees who are traveling to and from the mine. The investigation will help us understand the motivation of the attack and who the attackers were. With that report, which will be available shortly, we'll take some additional steps. The priority of B2Gold has always been our 6,700 employees and the safety of our people, including transportation. We have a top safety record on-site, one of the better track records in our industry, and we're proud of that. We consider safety to be our number one priority. In terms of talking about 2024, I'm going to hand off here shortly to Mike Cinnamond, our Chief Financial Officer, who's going to run through and give you a quick high-level overview because the news release is quite extensive. We'll talk about the record gold production in 2024, as well as the eighth consecutive year that the company has met or beaten its guidance, which I believe is a tremendous track record that we intend to continue into 2024 and beyond. As Michael discussed in the 2023 results, just to touch on 2024, we have stated for quite a while now that this is a bit of a transitional year with the construction of the Goose plant, but also with various capital expenditures that we have in Fekola. For example, we are building another new tailings pond and we are extending the solar plant. We anticipate lower production for this year because we didn't receive the permits from the government, specifically the export license from the government of Mali, in time to produce the additional 80,000 to 100,000 ounces we were hoping to produce. In 2024, as we start trucking ore from the Fekola complex in the North Anaconda area down to the Fekola mill, we have been in discussions with the government. We are hoping to get clarity from the government quite soon and move on to starting to truck that ore later this year. But we haven’t allocated any production to 2024 related to that; we are starting that up in 2025, which could add 80,000 to 100,000 ounces to the annual gold production, significantly benefiting the government of Mali. We've had some positive meetings and we believe we're closing in on understanding the implications of the mining code from 2023, which has grandfathered some older projects under the 2012 code. However, regional projects are subject to the new code since they are exploration licenses that need to be transferred. Going into 2024, we are in an extremely strong financial position. By the end of the year, subsequent to year-end, we've completed a prepayment of gold revenue financing, which is an excellent way to further strengthen our financial position given the large capital expenditures we have this year for some of the initiatives I discussed, but also obviously for construction as well. This financing was quite effective as it has a cost of capital around 3%, and it is secured by any of our gold mines. It represents about 11% of our gold production during those years and was based on gold prices from around 2020. I believe this is a very effective form of financing. You've seen us do this before; back in 2014, we pioneered this method of financing for the industry, which has subsequently been adopted by numerous companies. This approach helps maintain a very strong balance sheet, especially when significant capital expenditures are forthcoming. Looking into 2025, we expect to bounce back to another very strong year, as the capital expenditures will conclude with the projects at Fekola, etc. The Goose project is on schedule to commence production in the first quarter of 2025. We anticipate setting record gold production again in 2025 with Goose coming online and improved production from trucking ore with better grades at Fekola, thereby reducing capital expenditures across the board. With that said, I will pass it over to Mike to give you an overview of 2023, which was another very strong year for the company. After Mike presents, Bill, who is at Goose, is going to provide you with an update on the Goose project, weather permitting. Then we will open up for questions. So with that, over to you, Mike.

Okay. Thanks, Clive. To start with the quarterly results, revenue for the quarter was $512 million. We averaged just under $2,000 an ounce at $1,993. So thank you to the gold price. It was a good quarter and a good year for the gold price. For the full year, we reported $1.9 billion at an average price of $1,946 an ounce, which, considering we budgeted at $1,700 an ounce, is a strong result. In terms of production for the quarter, gold produced from our operating mines was 271,000 ounces, and this increased to 289,000 ounces if we include our share of Calibre. Production unfolded as we expected for Q4; the standout was Fekola with 143,000 ounces versus 109,000 ounces. Fekola performed as expected; we experienced some timing changes between Q3 and Q4 due to delays in Fekola’s Phase 6, but we achieved the expected grade in Q4. Fekola exceeded the budget by nearly 35,000 ounces. For Otjikoto in the quarter, we saw production of 81,000 ounces, which was slightly higher than budget and represented a quarterly record for Otjikoto. This reflects a good grade encountered both in the Otjikoto pit and the Wolfshag underground mine. Focusing on our full-year performance, we came in at a total, including our share of Calibre, of 1.061 million ounces, which is in the upper half of our guidance range, marking a record annual production level for B2Gold. Regarding the cost side, it's worth mentioning that for the quarter, the significant winners on cash costs were Fekola and Masbate, with Fekola achieving $605 per ounce, which was $67 under budget. Masbate came in at $910 per ounce, $71 under budget. Overall, our cash costs for all operations averaged $633 per ounce, which was $20 under budget. We continued to benefit from lower fuel prices against our budget as well. Every mine saw slight production beats for the year, and looking at the all-in sustaining cost side, our all-in sustaining costs totaled $1,257 per ounce for the quarter, which was slightly above budget due to factors including the CapEx we were catching up on from previous quarters, particularly in Mali. Overall, cash costs for the year averaged $654 per ounce, below our original guidance range of $670 to $730, so a solid result. All-in sustaining costs for the year were $1,201 per ounce, which is right at the low end of our consolidated guidance range of $1,195 to $1,255 per ounce. This follows the trends we saw throughout the year and reflects very solid results from our operations. Now to provide some comments on our other operations, we are still waiting for licenses at Fekola Regional. We included 18,000 ounces in our budget for regional production this year, but even though we were unable to access that, Fekola's performance ensured we still met our guidance range for the overall complex. We have made significant progress, with most of the mining infrastructure, roads, warehouses, and workshops built throughout 2023, which will be completed in the first quarter of 2024. Our position is strong for any trucking scenarios there for regional once we receive the mining license. Regarding Gramalote, we purchased the remaining 50% of the Gramalote Project earlier this year, bringing our ownership to 100%, and we are working on an updated Preliminary Economic Assessment (PEA) that we expect to release by the second quarter of 2024. We aim for a smaller-scale operation with a potentially smaller mill and better recovery and cost profile and smaller upfront capital expenditures. Bill will provide a Goose Project update shortly, so I will not discuss that further right now. I do want to highlight that Otjikoto is nearing the end of its open-pit mine life and is scheduled to ramp down in 2025. However, we did release information in January about positive exploration drill results from the Antelope deposit, which we are assessing now. We believe that with further drilling, it has the potential to be developed into an underground mining operation, which could enhance our mix of mill feed as we transition into the stockpile phase at Otjikoto, hopefully yielding additional high grades from underground deposits at Antelope. Regarding earnings for the quarter, our net income for shareholders was negative $113 million, reflecting an impairment charge of $0.09 negative per share. Year-to-date, we recorded $10 million or $0.01 per share. Once we adjusted for the impact of any significant non-recurring non-cash items, adjusted net income for the quarter was $90 million or $0.07 per share, and for the full year, it was $346 million, or $0.28 per share. Our cash flow from operations was strong, totaling $714 million for the full year, including $205 million for Q4. Cash flow from operations per share was $0.58, reflecting a strong performance by our site operations. We also provided a dividend of $0.04 per share, USD per quarter, resulting in total payments of $186 million for the year, which reflects the strong cash generation. Some of the expenditures included earlier buyout obligations related to the Back River acquisition, costing just under $112 million, as we anticipated the future upside of that project. For investing, we reported a total of $845 million for the full year, reflecting significant capital investments in Fekola, including projects like the Tailings Storage Facility, the Fekola underground, Solar Phase 2, and the Goose Project. We finished the year with $306 million cash on hand, including the drawdown of $150 million in Q4 in anticipation of expected obligations in Q4 and early Q1. As Clive mentioned, we did execute a prepaid financing earlier in Q1, with part of the $500 million used to pay down the line that we accessed just a bit later in January, early February. Where we stand now is that we have the full $700 million line available, and we are satisfied with the results from the prepaid financing as we progress through the first couple of quarters, while development continues at various sites. One last thing worth mentioning is that our most significant transaction in Q4 was the impairment for the Fekola Complex of just over $200 million. As previously discussed, a new Mali mining code was enacted later in 2023. However, the accompanying draft implementation decree is currently out for industry comment. We, along with other key players in the mining sector, have provided feedback. Current uncertainties regarding some parts of the new code have led us to reevaluate our plans for the Fekola Regional licenses. As discussed before, we considered either building a second mill at Fekola Regional or pursuing a trucking scenario. Given the uncertainties of the code's impact on the tax and royalty regime, we concluded that trucking ore from Fekola Regional to the Fekola mill is the optimal path forward. This analysis highlighted the potential to mitigate significant mill capital expenditures while still achieving satisfactory cash flows through trucking. As a result of these updates, we performed a review process for impairment, treating both mine plans as a combined cash flow generating unit due to their relation to the Fekola mill. This joint approach was necessary since the new regional licenses will adhere to the updated 2023 code, incorporating the new taxation and royalty structures. Ultimately, this led to a non-cash net impairment charge of just over $200 million for the combined Fekola Complex cash-generating unit, considering variables like gold prices, discount rates for the country, and the 2023 code's impacts on regional operations. All companies in Mali face similar situations, but for us, it's crucial to navigate these upcoming project changes under the new code. Those are the primary points I wanted to highlight, and I'm happy to address any questions anyone may have.

Sorry, do you want to continue?

Yes, we'll go to Bill first, then we'll open it up for questions. So, Bill, do we have you on the line?

You do? How do you hear me?

Fine.

Yes. Okay, so this is reporting in from the North Pole. I'm actually at the Goose site right now in anticipation of the winter road opening up. I am pleased to say that the sides are point. They can see the stacks off of each other's equipment. We anticipate that, pending good weather for the next 48 hours, the road will open up; it will not be fully opened up, but certainly the first lighter load can come down the road. What we're doing now is loading trucks on the MLA side, getting them ready. We can anticipate certainly this weekend that we will see trucks on the road. We're in a good space; we've got double the number of trucks we've had since last year and double the capacity. We're looking good in terms of all winter road equipment. Additionally, the mill rights are in the mill, their installation remains three to four months. Most of the buildings are now complete, and we are putting in generators underground. The open pit is operating and the underground is looking good. The camp Phase 2 is getting ready to go, which will allow us to get to 500 beds. Just regarding costs, I don't have the latest numbers, but I can tell you that we have de-risked the project by ordering all the necessary equipment, which is coming down the 2024 road. We're in the process of ordering and shipping stuff basically on budget, and we anticipate not facing any major disruptions or costs over the budget. I don't know if Clive, there’s anything else you want me to discuss?

I guess maybe just highlighting. You just did. But the fact that we've invested a lot in capital and ordered a lot of equipment for the next year-and-a-half, so we've actually de-risked the project. But does anyone know how much money we've spent on the capital, estimated capital costs for Goose and how much we have left in our recent budget?

Cash spent to the end of the year was approximately $715 million for the Goose CapEx in total, including Sabina's share that they'd spent and what we spent post-acquisition.

How much money do we have remaining in our recent budget?

Well, we've provided a budget estimate for CapEx of $1,050 for the main project, plus the development funding for the open pit and undergrounds, including some necessary working capital.

So Bill, I would like you to remind people about the ice road schedule starting here shortly. How many weeks do we have, and how many weeks do we think we have on that ice road, and when do we expect to utilize it to the maximum?

Some of the numbers we talked about forecast a maximum of 3,000 containers, but we actually have that down to about 2,200 containers. As I mentioned, the road will open this weekend, and we expect to operate until early May or into the first week of May, assuming we run about 50 trucks. We now have more than double the capacity to bring the loads down the road, so we're in a very good position moving forward.

I appreciate that, Bill, but thanks for the details. Just a couple of additional points to make. We have, of course, one of our company's priorities and great strengths is our exploration efforts and our success in discovering additional gold not just around our existing operations or recently acquired mines, but also in making new discoveries over an extended period. We have an aggressive exploration budget. We are working with Victor King and Andy Brown here, and we can answer any exploration-related questions you may have. We are scaling back exploration in Mali. As Mike mentioned, we have not yet realized the full potential of the Fekola Complex. There are many targets we have hit that are still open, and we have significantly cut back on drilling there because we don't yet fully recognize the implications of the 2023 code and whether building a second mill might be an option moving forward. However, we will re-engage in exploration as soon as we have clarity from the government regarding the 2023 code; it seems likely to negatively affect the gold mining industry in Mali. We do have options regarding where to allocate our resources; one potential project is Gramalote, for example, which could prove to be beneficial if we receive good results from the study during mid-year. That being said, exploration remains a top priority for the Goose project. I've not seen Victor, Tom, and Andy this excited about exploration potential in a while, similar to the early days at Fekola. We have numerous avenues to pursue, as we have a significant budget for exploration. We need to be cautious as we did not pay for ounces that may be available in our acquisitions. We believe there is a lot of potential. Just recently, we've encountered one very promising result; we drilled the deepest hole ever at Umwelt, which produced remarkable results of 20 meters at 18 grams, below the 100 meters from the deepest previous hole that was drilled. This zone remains wide open, and there are many other zones we will explore as well. With that said, we will now open up the floor to any questions.

Yes, I can still hear you.

Okay. While we wait for questions to come in...

Thank you for your patience. We will now begin the analyst question-and-answer session. The first question comes from Wayne Lam of RBC. Please go ahead.

Okay. Thanks, guys. Just a question on the sequencing of mining activity at Back River. I'm just wondering if you might be able to provide more detail on the increased spend there and the rationale in terms of the re-sequencing of upfront mining activity.

Bill?

Yes. I think Peter's on the line with me breaking up.

Yes. Peter's on the line. Peter?

Yes. Thank you for that question. Basically, there are a couple of things we've done here. First is, we're really focusing on the echo pit. That's going to be the initial mining facility, and we want to move forward with that. As for the underground mining at Umwelt, we've examined the development and the size of the resource and have determined that by moving to long hole stoping, we can not only optimize our mining method but also enhance material flow. This entails upgrading the fleet from 30-ton trucks to 50-ton trucks, as well as increasing the size of the scoops. Much of the capital you see there is represented by an investment in a larger mining fleet and physically larger equipment to kick off our production rates from underground and reduce mining costs.

Great. Thanks. Additionally, I am curious regarding the upcoming life of mine update there. Previously, you provided soft guidance indicating higher costs toward the $1,000 per ounce all-in sustaining cost. Given recent developments on the CapEx side, do you foresee any additional pressures that may actually lead to a higher update than that prior target?

Bill? I think we might have lost Bill.

Bill, would you like me to take this one?

Yes, sure.

We don't have the detailed cost analysis yet for operational expenses. There are some fuel costs and some maintenance expenses that have increased, leading to anticipated normal inflationary adjustments. However, we are offsetting these costs with a higher production rate. While we don't have final numbers yet, it is reasonable to expect some inflationary impact.

Great. Thank you. Lastly, I have a question about security challenges in Mali. It seems like historic issues have occurred much further to the east of Fekola operations. Have you seen that activity begin to shift further west? Given the recent incident, how are you reassessing your operations with regards to the transport of personnel to the site?

Yes. We maintain transparency and are open, but it is crucial to understand that we are currently engaged in an investigation with the government to decipher the motivation behind the attack, to identify the attackers, and to review our operational processes. We did implement additional safety measures, including having a vehicle at the front and a couple of vehicles at the back of the three-bus convoy. It's still too early to discuss a course of action. Predicting what we will do would be inappropriate. We need to confer with the government, gain more insight into the attack, and explore what measures we can take to enhance security, including some alternatives. We are committed to working with the government to ensure the safety of citizens traveling the national highway, which is crucial for everybody involved. We have 3,000 Malian employees at the mine, and their safety is our utmost priority. I trust it is a priority for the government, and they have been taking steps, together with us, to enhance safety as well. That's all we can report at this moment pending the investigation's completion.

Understood. I appreciate the response.

Can I add to that? Everything ongoing in Mali involves not just the government, but our employees too, as they are the ones who have to travel. They have been very cooperative in addressing this situation, which is a sensitive tripartite issue.

Yes, Bill, regarding the previous question on Goose cost estimates, I want to ensure we communicate accurately. Can you discuss where we are concerning the last estimates we provided, especially regarding all-in sustaining costs at Goose? We accounted for many inflationary factors in that estimate, would you agree?

Absolutely. Clive, our marketing reflects that the all-in sustaining cost is projected to be around $1,100. This estimate includes allowances for expected inflationary costs in those projections.

Let's move ahead to additional questions.

Certainly, the next question comes from Ovais Habib of Scotiabank. Please go ahead.

Hi, Clive and B2 team. First of all, please also pass on my condolences to the families of the deceased as well. On another note, congrats on a strong year, especially cash costs coming in below your guidance for 2023. Since we own Goose, I was going to start off with just asking in terms of how the underground at Goose is progressing as well as are you doing any drilling into the initial scopes that's expected to be mined out? So maybe we can start off there.

Peter, can you comment on the mining plans and then Vic can discuss our drilling efforts?

Yes. I'm sorry, I missed the initial part of that. Was this question regarding the Fekola or Goose mine?

For Goose.

For Goose, we have two options. The standing option, which effectively followed what Sabina had, was to target the lower Umwelt section. We are also working on the crown pillar section. That is our upside case, and we are pushing hard on that. Development is ongoing; we have had a few interruptions and typical operational interruptions during winter, but we are on schedule, and I have no concerns about having the stockpiles ready for the full startup.

We are not conducting drilling from underground at the moment, but the crown pillar area and the region that will be mined from underground is well covered by existing drilling from previous resource assessments. The focus of our drilling from here on will be extending the conversion of inferred resources to indicated resources on Umwelt and at Llama. We anticipate that over 56% of our drilling will target extending existing resources and addressing a multitude of other targets we’ve identified at Goose.

Perfect. Thanks for that. Moving on to Fekola and Fekola Regional. Clive, Mike, you provided a good overview regarding the strong relationships with the Malian government and their eagerness to advance these projects. My question is: Are you still in discussions with the Malian government, or have they reverted to internal discussions to determine how to implement this new mining code?

Yes, approximately six or seven weeks ago, as it's been a busy time, we had discussions with government representatives, clarifying our concerns regarding the 2023 code. Other mining firms have similarly raised their concerns. The responsibility is currently with the government; we reached a better understanding of specific issues and made tangible progress during those discussions. Now we await ideas from the government in response to the questions we raised. I guess there are significant discussions occurring among the Ministries of Mines and Finance, and we remain in a waiting pattern regarding the final form of the 2023 code and its implementation. As we await their feedback, we remain hopeful that our discussions with the government will lead to clarity on the rudimentary impacts of various aspects of the 2023 code and any negative effects those might have on future investments. We regrettably had to inform them that under the 2023 code, the second mill was now off the table. However, trucking the ore proved to yield better economics since we have quality oxide material to transport without blasting, breaking, or crushing. We have the road infrastructure already built, so we are prepared to proceed as soon as we receive the implementation permit. We strongly believe we will successfully navigate this route forward, but we remain in a holding pattern until we receive the final resolution regarding our inquiries with the government about the implementation of the 2023 code.

Thanks for that, Clive. That covers everything on my end. Appreciate your insights.

Thank you, Ovais.

The next questions come from Anita Soni of CIBC World Markets. Please go ahead.

Hi, Clive and team. Thank you for taking my questions. Apologies if you’ve covered this already; I've been hopping between different calls. I want to clarify that you did take a write-down at Fekola, which is attributed to the mining code implications. However, the specifics of this code are still subject to change, and I couldn't find that in the release last night. Could you provide any details on what you know about the revised mining code at this point?

I hesitate to delve into specifics at this moment, as the situation remains fluid. The ball is currently in the government's court; our discussions have clarified our apprehensions, as I'm sure other producers have shared theirs as well. Thus, I won't speculate at this time. I can confirm that we've had productive conversations and the government is more aware of our concerns regarding the potential negative future implications of the current code. But I must refrain from sharing any further details at this time; we won't negotiate on these conference calls and, respectfully, will get back to you as soon as we have a clearer view.

I appreciate that. Thank you. On a related point, you seem to be optimistic about the trucking option. Is that aspect of your plans what underlies the write-down you took? Is the impairment tied solely to the milling option instead?

Yes. Your observation is indeed correct. To clarify, we assessed the trucking option because it is integrated with the Fekola mill, which is why we regarded both the Fekola Complex and Regional as combined cash-generating units in this impairment evaluation. Therefore, looking at the combined cash flows is critical. The significant consideration is that Regional operates under the new 2023 code. That operation will experience the impacts of that code.

Yes, I can affirm that from our trip to Mali, the government reiterated their appreciation for B2Gold as one of the top foreign investors in the country. They expressed their respect regarding our approach to the project and our relationship with both the government and our employees. Overall, we seem to have a robust relationship with them. However, they firmly indicated their desire to see the trucking option implemented. They want movement on our side as well. They also require to realize revenue, making it a shared goal. They understand that we are poised to initiate operations and allowed us to build the necessary infrastructure, including roads, even without an exploitation license. We are ready to proceed, having established all necessary infrastructure. We align with the government on this issue as we both aspire to start hauling ore as soon as the sector receives clarity on the mining code and approval of the exploitation permit.

Thanks! That covers all my inquiries for now.

Great. Thank you.

The next question comes from Don DeMarco of National Bank Financial. Please go ahead.

Thank you, operator, and good morning, Clive and team. I'll start off with the first question at Goose; we know the winter ice road is expected to finish up tomorrow. Please share your thoughts on the construction. Was it completed without incident? Were there concerns regarding temperatures? Is there anything you'd approach differently next year?

Let’s see how it goes; Peter can back me up on this. Bill, can you share your thoughts?

Can you hear me?

Somewhat, but it's broken up. Peter, you were just there. Could you discuss what we learned from the road construction and whether we would implement any changes next year? It seems like it has been a success so far.

Absolutely, Clive. We made a few changes this year. We staged some equipment at midway points. We had two forward camps at both ends and deployed more water trucks. These adjustments worked very well. The initial schedule was predicated on opening the road by March 1, quite conservatively, but it appears we will surpass that, opening it within a day or two. I want to stress that our adjustments from the previous year have proven to be very successful. As far as further modifications, we've recently dealt with El Niño, presenting challenges due to warm temperatures; however, those are beyond our control. That said, it's been a nice construction season overall. We will assess and compare our observations during the warmer months and apply any necessary adjustments. Overall, however, we are extremely pleased with the progress so far.

Yes. Just adding some context, people often construct a substantial road starting from the ocean, as is typical; in this case, Bathurst Inlet. The ocean freezes last. By relocating the equipment to connect with the middle and initiating construction there, we have gained a significant lead on the schedule. Our strategy should be better laid out each following year. A lot of the personnel involved here were linked to the construction of Kupol many years ago, where we built a 470 km ice road to transport materials from the North port of Quebec to the Kupol site. We have substantial expertise on our side. The group has performed exceptionally well, given the challenges and successes during winter construction.

Thanks for your insights. For my final question, a few weeks back, you released assays on the Antelope target at Otjikoto, suggesting you might uncover an additional 50,000 ounces a year beyond 2026. What, from your perspective, needs to be validated in the upcoming scoping study slated for Q1 2025, and are there any other priority targets in the area you're keen on that could contribute further extensions?

The scoping study will offer us valuable insights into the economics behind the resources we've explored thus far. I'll let Vic provide comments on potential growth opportunities.

Concerning the initial resource output, we will present the data for the Springbok Zone, which is one of several zones within the Antelope deposit. The Springbok Zone lies approximately 3 kilometers south of the Otjikoto pit and is aligned with the lineament that extends toward the Otjikoto pit. Between Springbok and the Otjikoto pit, we have several mineral hits that we will be following up on this year, representing substantial potential. The possibilities for additional discoveries are significant, as there could be numerous deposits similar to Antelope.

I'm delighted to hear that. Thank you, Clive, and good luck with Q1.

Thanks, Don.

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

Yes. Thanks, operator. I appreciate everyone’s questions and attention today. The elephant in the room, or more likely the rhino, is the performance of gold equities, including ours. This has occurred while we see robust gold prices, but those are the challenges we face. We've clearly laid out our outlook for 2024, recognizing it is a transitional year as we move towards what I anticipate being an excellent period of strong cash flow, along with an increase in production, particularly with Goose coming online and enhancements we expect to implement in 2024. In my experience, I've never seen a disconnect this significant between gold prices and gold equities. At some point, potential investors will identify gold equities as attractive options. We will tell our story actively. We will attend the BMO Conference, expecting a keen interest from participants, and will also engage at PDAC, among other opportunities. We will continuously communicate how B2Gold intends to remain a leading gold producer with a solid financial base and a commitment to ESG while increasing production as we progress towards 2025. Thank you all for your contributions, inquiries, and time today. Thanks, operator.

This concludes today’s conference call. You may disconnect your lines. Thank you for participating, and have a pleasant day.