Thank you, operator. Good morning, everyone, and thank you for joining us for B2Gold's Second Quarter 2026 Conference Call.

I think first business before we begin our discussion of the quarter, I want to address the trading halt that was implemented earlier this morning. Shortly before this call, we received confirmation that the government of Mali has granted the Menankoto exploitation permit.

Given the significance of this development and our obligation to ensure that all investors receive material information at the same time, we requested a temporary trading halt pending the dissemination of the news release, which I believe will go out shortly. This permit represents a very important milestone for the Fekola Complex, providing the framework to commence mining activities and within the Menankoto permit area and supporting the continued development of the Fekola regional deposit.

We appreciate the efforts of the government of Mali and all stakeholders involved in advancing this permitting process forward. That was the reason for the trading halt, and while we're very pleased to have received this approval, today's call will remain focused primarily on our second-quarter results and operating performance.

We will of course provide additional comments on the Menankoto permit during the call and take questions following our formal remarks. With that, I'd now like to pass the call over to Kelvin, our chairman, for some opening remarks.

Thanks, Mike, and good morning. You've now heard the great news out of Mali.

Before Mike and the team review that and the quarter in detail, I'd like to take a few minutes to provide a broader perspective on the principles that continue to guide our business. Before doing so, I'd like to acknowledge three important leadership milestones.

First, on behalf of the board, I want to thank Clive Johnson for his extraordinary contribution to B2Gold. From founding the company to building it into the international gold producer it is today, Clive's leadership, vision, and determination have been instrumental.

While he stepped down as chief executive officer, we're very pleased he'll continue to support the company as chair emeritus, and we look forward to benefiting from his experience and insight. I also want to speak to Mike Cinnamond's appointment as chief executive officer.

The board and I have tremendous confidence in Mike and the leadership team. This transition represents continuity more than a change in direction.

Mike has been deeply involved in the execution of our strategy and the development of our business over many years. We believe the company is in very capable hands, and we're excited about the leadership he'll provide in the next chapter of B2Gold's evolution.

This is also why we're pleased that Michael McDonald has accepted the role of chief financial officer. Michael has consistently stood out for his performance and acumen and had already begun the transition in the finance team with a view to succeeding Mike.

From the board's perspective, we couldn't be more comfortable with Michael in the role and with his ability to continue to collaborate closely with Mike, who understands the B2Gold CFO function better than anyone from his many years in the role. Our approach remains straightforward: we focus on delivering on the commitments we make.

Our strategy has never been about chasing short-term opportunities or reacting to market cycles. For my part, I look very forward to working even more closely with Mike and the management team with a focus on disciplined execution and delivering value.

In that respect, it's important to acknowledge that our recent share price performance has not met the standards we set for ourselves or the expectations of our shareholders. While we believe very strongly in the quality of our assets and people—this is a great team—we understand that shareholders are focused on results and they have every right to.

The board and management are fully focused on the work required to deliver the performance expected of us. Our operational culture remains the foundation of how we'll get there.

Over the years, we've established credibility with our shareholders, host countries, employees, and local communities by setting clear objectives and working diligently to achieve them. We are operators first, with a disciplined focus on safety, execution, continuous improvement, and creating value through the assets we own and operate.

We also believe in reinvesting in our business to create long-term value, whether it's sustaining our existing operations, investing in exploration, or advancing high-quality development projects. At the same time, we recognize that strong cash generation must translate into meaningful returns, maintaining a balanced approach between investing in future growth and returning capital to shareholders.

We recognize that our success is closely tied to the countries and communities where we operate. Being a preferred partner means more than operating safely and responsibly; it means working alongside our host governments and communities to create lasting benefits.

I think today's announcement from Mali underscores this point. Looking across our portfolio, we continue to see the benefits of this consistent approach.

Our focus is on executing reliably, delivering on our commitments, and generating the confidence that has always been earned through hard work and performance. With that, I'll turn the call over to Mike and the management team to discuss the second quarter results.

Thank you.

Thank you, Kelvin. The second quarter, it was an important one for B2Gold.

We delivered consolidated gold production of approximately 204,000 ounces, in line with expectations, and in particular with strong operating performances from Fekola, Masbate, and Otjikoto mines. While Goose production was impacted by the crusher fire in April, as previously announced, the team there responded exceptionally well, and repairs continue to progress now according to plan.

Our other key area of execution focus for 2026 is bringing Fekola Regional online. We had recent meetings in Bamako with Mali state officials and they had confirmed that there were no remaining obstacles to the approval of the Menankoto exploitation permit as all the required steps in the approval process had been completed and validated by their different ministries.

Now, as you've heard, the permit has been granted by the Council of Ministers in Mali. The issuance of Menankoto exploitation permit by the state of Mali allows us to move forward now on one of B2Gold's most important near-term growth opportunities.

Pre-stripping activities can now commence. Fekola Regional is expected to ramp up operations through the end of 2027 and to produce somewhere in excess of 150,000 ounces a year from 2028 onwards through the mid-2030s.

Then beyond Mali, we continue to strengthen our portfolio and balance sheet during the quarter. We completed the sale of our 70% interest in Fingo to Agnico Eagle for $325 million.

We repurchased 19 million shares under our renewed NCIB for $92 million and completed the final deliveries under our gold prepay contracts, which Mike will talk about a little more in a minute. While the second quarter reflected some temporary pressures on free cash flow from taxes, prepay deliveries, and elevated production costs, those headwinds are definitely expected to moderate.

With the gold prepay deliveries now behind us and all remaining gold sales now exposed to spot prices, we expect a meaningful improvement in free cash flow generation as we go forward. With that, I'll turn the call over to Michael McDonald for a discussion on our financial results for the second quarter.

Thank you, Mike. Second-quarter financial results on a consolidated basis finished in line with our expectations for the quarter.

Outperformance at Fekola, Masbate, and Otjikoto offset a tougher quarter for the Goose mine as it ramped up milling operations following the previously reported fire in certain areas of the crushing circuit in April 2026. Net income attributable to shareholders was $417 million in the second quarter or 31 cents per share, benefiting from the gain on the sale of our Finland properties combined with unrealized gains on derivatives.

After backing those gains and other non-recurring adjustments out, our adjusted net income attributable to shareholders was $41 million or 3 cents per share. It's important to note that our adjusted net income figures included approximately $71 million of realized losses related to our gold collar contracts during the quarter.

Without that impact, adjusted net income per share would have been just over 8 cents per share. The gold collar contracts conclude in December of this year, and B2Gold will go into 2027 completely unencumbered from gold prepayment and gold collar contracts.

Operating cash flow before working capital adjustments was $94 million during the second quarter. Assuming current gold prices remain, operating cash flow is anticipated to rise significantly into the second half of 2026 when compared to the second quarter, primarily due to the completion of the gold prepay contracts that finished in June 2026.

Free cash flow was negative $258 million during the quarter, in line with expectations when we released our guidance at the start of 2026. Free cash flow was impacted primarily due to elevated cash tax payments, including the priority dividend payment to the state of Mali related to their 20% ownership of Fekola, plus the impact of the gold prepay contracts, which affected just over 30% of ounces sold during the quarter.

On cash tax payments, the amount we paid in the second quarter of 2026 was just under 45% of what we anticipate paying for cash taxes in all of 2026, you will see the cash tax number moderate in the third and fourth quarters when compared to the second quarter. The negative free cash flow number also does not include the $325 million of cash proceeds received from the sale of our Finnish properties during the quarter.

Despite that, our balance sheet remains very strong. At quarter end, we held $287 million in cash and cash equivalents and had working capital of $405 million.

We are in a very strong financial position that will only get stronger over the coming quarters at these gold prices. Finally, we also continued to return capital to shareholders through our normal course issuer bid and common share dividends.

Year to date in 2026, we have now repurchased approximately 35 million shares for a total of $172 million. On top of that, in the first half of the year, we paid out $52 million in dividends.

Combined, that brings total shareholder returns in the first two quarters of 2026 to $224 million, which is over 4% of our current market cap. Those numbers are in spite of the impact of the gold prepayment contracts and the gold collar contracts.

As we finish out 2026 and enter 2027 completely unencumbered by those two financial instruments, we anticipate free cash flow to rise dramatically at current gold prices and should allow for increased shareholder returns as well. With that, I'll turn the call over to Bill for an operational update.

Thank you, Michael. From an operating perspective, the quarter was largely in line with expectations.

Consolidated production totaled approximately 204,000 ounces. Fekola, Masbate, and Otjikoto all exceeded expectations and demonstrated the consistency and reliability that investors have come to expect from those assets.

At Fekola, operations continued to perform well and our focus remained on the efficient operations of the Fekola and Cardinal pits while preparing for the commencement of mining at the Fekola Regional. With the issuance of the Menankoto exploitation permit, we now have a clear path forward for the development of Fekola Regional.

Just to think about that, remember we had previously received approval and constructed and prepared all the site infrastructure and all the roads, started the pre-stripping, and have hired all the necessary staff to begin mining. At Goose, the crusher fire in April affected production during the quarter.

Safety remained our highest priority and I'm pleased with the team's response to the event. Repair work and remediation activities are progressing as planned, with remediation and phase one of the crusher upgrades expected to be completed by the end of the third quarter.

In the interim, an additional mobile crusher has been sourced and was delivered to the site in July, we expect it to be operational in early August. The crushing capacity of the new mobile crusher in combination with the existing crushers already on-site is anticipated to be in excess of 3,000 tonnes per day.

Masbate and Otjikoto both delivered another strong quarter of operations, exceeding expectations, with solid operating performance at both sites expected to continue throughout the remainder of the year. The company has increased the production guidance for these operations.

As a result of year-to-date operating performance and our updated outlook for the remainder of the year, we have narrowed our guidance range across the portfolio. We now expect consolidated gold production of between 820,000 and 920,000 ounces in 2026.

The largest change relates to Fekola Regional based on the delays in issuance of the Menankoto exploitation permit, as well as narrowing of the production range at the Goose mine as a result of the fire which occurred in certain areas of the crushing circuit in April this year. These changes are partially offset by the previously mentioned guidance increase in both Masbate and Otjikoto.

Importantly, our consolidated cash operating cost guidance remains unchanged between $1,155 and $1,280 per ounce produced. We have also lowered our all-in sustaining cost guidance range to between $2,370 and $2,550 per ounce sold, and currently expect full-year results to be at or below the low end of that range.

Overall, we remain confident in our operating outlook and are focused on delivering a strong second half of the year. With that, I'll now turn the call back over to Mike Cinnamond.

Thanks, Bill. Thanks, everyone, for that overview of the quarter.

Obviously, pleased with the results and pleased with how we look as we look forward to the balance of this year. Obviously, receipt of the Menankoto permit this morning is a great step forward for us.

We'd said there were two key things we were going to execute on this year: one was to move Fekola Regional forward, now we're well positioned to do that, we could start moving ahead there; and then the second piece that we said was key was for us to get our fire damage repair work done and remediation work done at Goose on the crushing plant so that we can bring ourselves up to steady state of around about 300,000 ounces a year by mid-2027. I think you've seen in the materials we released that we've got a good plan for that now and that plan is well underway.

With that and those comments, I would open it up for questions.

Thanks. Morning, guys, and congratulations on a momentous milestone.

Maybe at Fekola, would you be able to just provide a bit more detail on kind of what changed with the most recent discussions in-country, and has anything kind of changed on the relationship in-country that prompted the issuance of the permits now?

I can comment on that. We've had several visits in the last few months to see the ministries, and I think the message was very consistent.

Over the piece, they put the new mining code in place. The agreements with each of the operating mining companies were negotiated, and then they've put some new layers of governance over how they oversee the whole mining activity in the country, and that included most recently creating the new mining commission that we talked about earlier this year.

Those layers of governance, they've also created a state mining company, SOMA, that oversees the interest of the state holds. I think the consistent message to us over the last couple of visits, that certainly this year, was that the state's been working hard just to harmonize how each of these ministries interact, who's responsible for which pieces of the '23 mining code as it relates to the operating companies and then obviously the Mining Commission that oversees that on an overall basis.

I think the message we got most recently when we traveled there was they've now harmonized all that. They're comfortable with that.

They've got the right structures set up and they're ready to move forward. We were in some ways the guinea pig, the first major new permit to be granted under the 2023 mining code.

It took some patience on both sides, ourselves and the state, to get there, but as you can see, we're now there. That's how I'd characterize it.

That's great. Then maybe just what's the timeline from here in terms of stripping and mobilizing and getting into ore at regional?

The guidance at the start of the year was about 80,000-ounce contribution given the permits at end of Q1 and stripping through Q2. Should we just take that guidance and shift that forward?

Just wondering how to think about the coming months and the ramp-up to the 150,000-ounce run rate.

I think we'll give some guidance for '27 when we do the budgets, how we see it ramping up, but I think the way to look at this year is we'll get in there now and fairly short order and we can start pre-stripping. That'll take us a few months, really, it'll take us to basically the end of this year, I think, to get up and running.

There's potential for some production near the end of the year, but I think, to look at it on a balance view, just I think we'll assume that we strip this year and then we'll ramp up next year through '27 with the goal of being ready by the end of '27 to be producing at a rate of 150,000 ounces a year from regional.

Great. Thanks.

Then maybe just last one at Back River. Can you just walk us through some of the challenges with the mobile crushers and what the ramp-up in tonnage looks like through the year, particularly through Q3?

Should we still expect relatively low tonnage until you're able to bring the newest mobile crusher online this month? Then I guess on the mining front, are we expecting a step change in grades as well through the balance of the year?

I'll pass this one over to Bill.

A few questions there. On the crusher ramp-up, what we're really talking about through Q3 and Q4 is in excess of 3,000 tonnes per day.

Then on the grade, I don't think you're going to continue to see the increase in grade. I think you'll see it drop back to kind of what we had forecasted before, primarily because we're in the process right now of creating stockpiles basically going into 2027.

Great. Thanks for the detail and congratulations on a pretty big milestone.

Hi, thanks for taking my questions. Just on the Fekola revised guidance for 2026, did that factor in getting the permit, I guess, today?

Or is there upside to the guidance, I guess, that's what I'm asking.

Do you want to take that one, Michael?

Yeah. No, I think the best way to think about it is that we're comfortable whether there is some minor production at the end of the year or if that officially starts in 2027.

We're comfortable with that range that we put out of 390 to 420. I would say just think about it as the complex will fall within that range, and whether or not we get a small amount near the end of the year, it won't affect the numbers materially either way.

Great. Then just switching gears to Goose, the new mobile crusher says it would be operational, I guess, now in early August.

Can you just tell us if it is operational, and just remind us what is the difference between this mobile crusher and the previous one in terms of any different technical specifications?

Over to you, Bill. Yeah.

The first part is we are commissioning even as we speak. There is a site on-team commissioning.

We think in very short order we'll be up to our main plate run rate. The difference is really that this is just a bigger Metso mobile crusher, very similar to what we'd had on-site before.

Basically, we've kind of twinned what we've got going on there. We just have more horsepower.

Got it. Then going into '27, is there an expectation that these mobile crushers would still be used or they'd just be redundant?

Good operational question. The answer is certainly in the first half of the year, the mobile crushers are going to be necessary as we ramp up phase two of the repairs for the Goose site.

Then after that, there is some discussion on whether or not you would use it as backup or would we in fact then supercharge some of our regional civil work that we have ongoing.

Got it. Great.

Thank you so much. Congrats on the permit.

Thanks, operator. Hi, Michael and B2Gold team.

Absolutely, congrats on the Fekola permit. This is a huge achievement, congrats to the entire team.

A lot of my questions have been answered, specifically to the kind of Fekola ramp-up as well as the Goose crusher. Just on the Fekola side and the regional side, obviously, there's some decent mineralization that was already delineated on the Snake area.

Is there more potential in terms of looking at additional satellite pits around the area? Is there a plan now that you have the permit to start some sort of an exploration program in that area as well?

Any sort of color on that would be great. I I can

a couple initial comments here. We do have some exploration work planned on on on regional for this year.

You'll see us we're just commencing that now, actually, just because rainy season's just finished. We will we will be doing some additional work.

I think there's definitely potential for more work to be done there, right? We but we have to develop plans based on what we know is there already.

In terms of any additional pits, I think we'll be able to give some more guidance later this year as to how we see regional rolling out over the next year.

Thanks for that, Michael. Just in terms of looking at Goose again, just in terms of more towards the underground, Bill, kind of how are things progressing on the underground side in terms of mining rates, in terms of just equipment that's already in place?

Are you comfortable with how things are progressing? What more do we need to see in terms of ramping that up?

No, Ovais, great question. We are comfortable for sure in what we're seeing.

We had projected that we had to get up to 12 meters per day of development. We're currently at just over 11.

We don't see any real issues, that things are coming along very well.

Okay. Thanks for that, Bill.

Appreciate it. Congrats again on the Fekola permit.

That's it for me, guys.

Thanks, Ovais.

Thank you, operator, and hello, Mike, Michael, and Bill. Thank you for today's update and absolute congratulations on getting the permit sorted out in Mali.

Just looking into 2027 and thinking about gold production that year with the moving parts around grades and volumes from Fekola and Cardinal open pits, from the Fekola underground, and now regional ramping up. Directionally versus 2026, it would seem we would be going higher from the current range of 390 to 420.

Could you maybe talk around some of the moving parts and just give us a sense of directionally where we should be thinking about Fekola production for 2027?

Michael, do you want to give a sort of overview?

Yeah. I can take that one.

I think for Fekola Complex, as you can imagine, with the point in time here now where we've got the permit for the past few years, when you look at our guidance for the Fekola Complex in '24 and '25, we've performed very well in spite of at the start of each year thinking that there would be some contribution from regional. Now we've obviously got the permit and we'll begin activities there, but Fekola still needs to go through the Phase 8 stripping campaign, which it currently is in right now, and that really unlocks what's a very robust and productive few years for the Fekola main pit.

Then you'll have regional ramped up and underground going as well. I think it's probably premature to speculate on '27 yet.

The team will work through in the budget process exactly what contribution we think we can get from each of the components, but I wouldn't bank that '27 will be higher than '26 just because we do need to get through the Phase 8 stripping at Fekola. I think the other moving parts, as you think about '27, though, is Goose will have a significant ramp-up into '27.

On a consolidated basis, we absolutely think that there's every chance as they go through the budget process that we'll be higher in '27 than '26 as a company. Fekola, we still have some work to do and we'll come out with more clarity on that with our guidance next year.

Thanks, Michael. Just thinking about the permits, over the next call it three years, are there any other additional permits needed in order to mine any of the deposits at Fekola?

Then in that same thought, maybe you could just address whether you would think going forward now there's an understanding and the permitting process should be much more streamlined now at this point?

Maybe I'll pass this one over to Randall, I think?

I think the one permit that you would recognize that we're going to need to obtain would be the Dandoko permit, and that's a process that will start on the exploitation side probably later next year for 2028. Yes, agree that the establishment of the governance that is in Mali now, we have full confidence that the process will be much smoother going forward.

Okay. Then

if I could just ask another on the sustaining capex. If we just talk about the sustaining capex guidance in terms of millions, the original guidance from February was about $540 million between deferred stripping, underground development, and maintenance, plus there was about $27 million for sustaining exploration.

Given that your all-in sustaining cost guidance is expected now to be lower than the original guide, what level of absolute sustaining capex would you advise we be modeling versus that original 540? Was there any change to the $27 million of sustaining exploration?

I can take that one. You've seen with some of our disclosure that basically all the sites outside of Goose are under where we expected they would be from a sustaining capital perspective.

They need to get through the year, and sometimes the phenomenon that you see is that sites end up catching up, which we have disclosed we anticipate for their sustaining capital balance. It's been a good trend in the first six months of the year, there is a chance we could come in a bit lower on Fekola, Masbate, and Otjikoto.

For Goose, as you can appreciate, with the impacts of the fire, sustaining capital will probably be higher than what we would have anticipated at the start of the year. It should overall net out to close to what we thought within your numbers at the start of the year.

Great. Thank you.

Thank you very much. I recognize you had maybe an hour to go through a lot of questions that were asking on the numbers in 2027.

I'll ask it maybe a slightly different way. The grades for Fekola based on the updated guidance sort of look maybe the low ones.

When we think about 2027 and that Phase 8 stripping campaign that was discussed, should we expect the grades next year versus the back half of this year to be flat or will they decline during that stripping campaign?

Bill, can I pass this one over to you on the Fekola expected grade for '27?

Once again, you hit it right on the head. We're still kind of working through what we're going to be able to get in from the regional versus what we're going to be able to get in from Fekola proper.

I don't really want to comment on exactly what I think the grade is going to be for 2027.

Okay. I figured I'd ask anyways, but we're all very excited.

Then just on the Fekola Regional capital, it looks like you spent roughly $40 million so far year to date. What should we think about the remaining capital requirements in the back half of this year and maybe for 2027 during ramp-up?

I can comment on the back half of the year. What you'll see is clearly as we begin stripping, you'll see some deferred stripping capital that flows through in the back half of the year.

I think you can kind of anticipate that what we did in the first half is representative of what will happen in the second half. The first half was more equipment purchases, where the second half will be more the deferred stripping capital to get down into the ore.

Then I think for '27, again probably the answer is it's premature at this stage. I think as Bill and the team go through their budgeting process and we look at what contribution we can get from regional in '27, then we'll have a better estimate of sustaining capital and growth capital for regional at that point.

Right. Just on Goose, following up on one of the responses earlier about the third quarter grades not being maybe as high due to stockpiling.

Could you guys maybe discuss a bit more behind why that would be? I would think typically, if you were stockpiling, you would stockpile the lower-grade material.

Maybe is there something behind that in terms of what the strategy is into next year?

Yeah. The grade is going to be plus 8.

I guess what I was thinking of when I answered last time, over Q2 we had some very high, high grade come through. We are going to see plus 8 grams, and certainly we're going to be in line with what we had projected previously.

When I was talking about stockpiling for the mobile crushers, we want to make sure that as we get into the phase two ramp-up that we want to have material which will be able to carry us through Q1 and Q2. How do we get through the wintertime with the appropriate amount of material with the mobile crusher?

Great. Thank you very much.

Thanks, Josh.

Thank you, operator. Good morning and congratulations on the news of the permit.

I'll start off with Fekola. How does Fekola fit into the company strategy?

Given the delays on the permitting, there was some uncertainty. Does the news of the award of the permit and your relationship with the state right now, does that restore Fekola as a cornerstone asset?

I would say, Don, Fekola always was a cornerstone asset. If you look at it, it's been a great asset for us over the years since we operated, world-class mine.

We've had great success there. It's run well through since we started it up, through COVID, through some of the political changes that we saw in the country.

We're just delighted to get this permit. It lets us make long-term plans now.

It lets us optimize how we can mix the mill feed from Fekola and from regional. Has potential to extend Fekola's mill life.

It took us a little longer, I think, to get this permit than we'd originally anticipated, as but we're very happy that I think we've worked closely with the state. We're happy now that they've gone through their process and hopefully this opens up more opportunities for new permits for other mining companies in the country.

It's still a cornerstone asset for us. It's been historically half of our production.

We can see ourselves getting back to that half a million ounce dates from the complex. It's an important asset.

Mike, with this, does it mean that you might also step up exploration regionally? I suspect that was probably largely put on hold until the permits were received.

I think there'll be some more regional focus now, especially looking for further sulfide material on the regional permit because Fekola is primarily a sulfide mill.

Great. On the share repurchases, the valuation right now is discounted versus peers.

In light of this, what's your plan for share repurchases over the next 12 months? Do you plan to get a little bit more aggressive in the near term to take advantage of this dislocation?

Do you want to take that one, Michael? Yeah.

No,

we would absolutely agree with the statement that we feel that our current market valuation does not reflect the true underlying value of our business. Absolutely share repurchases with the free cash flow that we estimate at these gold prices we will be able to achieve over the coming sort of 12, 24 months will absolutely be on the agenda.

These are discussions we have every quarter with our board and with our management team, but absolutely that's a tool we will utilize moving forward based on where we trade today and even in the future when we hopefully believe we will trade higher.

Okay. Thanks for that, Michael.

Moving over to Goose then. I heard Bill say that you're going to use the crushers into next year and so on, and I appreciate all the color that you've given on Goose, but I'm wondering, can you give us a sense of the progression of the throughput rates over the next 12 months?

Is there any early color on Goose costs or production in 2027? I think we've deviated quite a bit from the tech report at this point.

Yeah.

I'll give the throughput by quarter. As we ramp up into Q3, we're plus 2.5 thousand tonnes per day.

Then in Q4, we're more than 3,000 tonnes per day. Then in H1, we're once again, H1 2027, we're more than 3,000 tonnes a day, and then in H2, we're going to be at 4,000.

That's our plan, to be at run rate at the end of Q2. As far as the costs, I'm not aware what guidance we've given on that, Michael, maybe you can answer?

Yeah. I think, Don, you're right in the sense of we're probably deviating a bit from the tech report just with how the ramp-up's gone relative to when that report went out.

I think it's a bit premature to speculate on it, but we absolutely believe it's a large growth year next year from a production base of what we'll achieve this year. Maybe wait for the guidance to come out early next year.

Okay. Just as a segue to that, saw Goose AISC guidance remained unchanged despite the elevated figure that you had in Q2.

Should we just take this as kind of a confidence that you're going to restore to lower-cost run rate in H2?

Yeah. 100%.

I think you'll see is as what Bill has described to end the year, we should be able to have the main crushing circuit back up and running and there's some very good grade that's anticipated to go through the mill through Q4. I think that should give a good representation of what we can achieve in the first half of next year.

Then the second half of next year will be at that 4,000-tonne-per-day average, and that will give a really good estimate into what we think the next few years will look like because that will be steady state for the Goose mine.

Great. Thanks, Michael.

That's all for me. Congrats again and thanks for taking my questions.

Thanks, Don.

Good morning, guys, and I'll follow the theme and congrats on the permit. Just switching to Goose and exploration, a year or so ago, you cut the reserves there with the pick of you of tightening up drill spacing.

I know you've got six million ounces of reserves there. Just wondering if we should be expecting some of those ounces to start coming back into reserves at the end of this year?

We've got Vic King here, I'll pass that one over to Vic.

Yes. Significant part of our budget is deeper drilling, infill drilling, particularly at the Llama deposit.

The aim of that is to actually convert what was downgraded to inferred subsequent to acquisition back into indicated and obviously that'll convert to reserves. In terms of exploration, we have what we call the Llama Gap at Llama, which we're moving and working towards where we can fill the gap and add ounces.

I think those will be fairly marginal this year in what we'll add during the course of this year. Then obviously the potential for down-plunge extension at both Llama and Umwelt and also what we call the Nuvuyak deposit, which is another deep deposit, but very good grade, will all add to the picture at Goose.

How many drills do you have working there, if I can ask?

Six.

Six, okay. Then just switching to something maybe longer term, with the Fekola permit now and getting Goose up and running at full capacity next year, just wondering how things are going with Gramalote?

Or just how you're thinking about that project? Is that something that you would look at potentially starting next year or rather work on capital allocation in the meantime?

I think we're progressing things at Gramalote. We'll continue to derisk it.

We've got the permit modifications, which are ongoing. That process is going well from the most recent updates I saw.

Then we're also progressing the resettlement program, as you saw in our budget. That's going to take us into first half of next year, Carey, anyway.

Then we can step back and see where we are. In the meantime, the other key focus is to continue to execute on our two top priorities for this year.

Great. That's it for me.

Thanks, guys.

Good morning, Mike, Mike, and Bill, and congratulations on receiving this permit. I know we're all very happy for you.

Just a question on the throughput levels at Goose this quarter. I think, Bill, you said that 3,000 tonnes per day in Q3.

Prior to the mobile crusher being installed, what has the throughput been operating at since the beginning of Q3? I assume it was somewhat similar to what it was operating at in Q2.

Was it better than that?

It's kind of dribs and drabs right now as we move stuff in and out. The answer is we can in fact on some days run as much as 4,000 tonnes, but then you get a jam up.

As we're in the process of fixing the entire line. We've kind of been in that 1,500 tonnes when we're running, 1,500 to 2,000, but obviously we'll be ramping up here relatively shortly to much higher numbers.

Okay.

I think I've got some clarity on the grades already from other questions. Could you also remind me, with the regional permit, it's the 2023 code, but what additional taxes and royalties would be on that rather than what we're seeing in the main permit?

I know we're up at royalty rates that are kind of in the 17% zone, but is there anything additional with this regional ore for that ore that we should be modeling in?

I'm delighted to pass this over to our new tax guy, Michael McDonald, but I can comment on it.

I always love a tax guy.

You want me to comment on it? I think the primary differences that we saw overall when we move from one code to the other is that the income tax rate under the new mining code, it doesn't get that reduced mining rate for very long, like the 25% accommodation that you get in Fekola.

That's a significantly reduced period, you basically can assume it's going to be a 30% corporate income tax rate for regional. In additional, on the ISCP, which is the special tax, there was a bump of 2% versus what Fekola pays.

The royalty structures are basically the same between the two. Those are kind of really the primary differences.

I think I'd just add to that that on top of what Mike talks about, which is the corporate income taxes, we also classify the priority dividend that we pay within our taxes. Fekola proper has an effective rate of around 40% once you factor in the 20% priority dividend.

Then Fekola Regional will be higher than that as well, too, in the end once the final ownership structure is set. You're allowed to deduct the priority dividend from your corporate income tax, but yeah, it raises the effective rate of what we report within our financials and what flows through our current and deferred tax income line.

To clarify that again, the 20% interest in Fekola that state owns is a priority interest, it's characterized as a tax. In Fekola Regional, we expect the state to have 35% interest, so that will be and that higher amount.

Thank you. Then I think the last question I had was on some of the costs at Goose.

There was, I think, $16 million to purchase this mobile equipment that was shipped and is being installed right now, and then $11 million for the installation. I was just trying to understand where those costs were, were they flowing through in the total cash costs or were they coming in through another line and excluded from total cash costs in ASIC calculations?

This is at Goose.

The fire remediation costs will flow through our sustaining capital, so that would flow through your all-in sustaining costs. Then the phase one and phase two capital would flow through our growth capital line, it would not be included.

Okay. All right.

None of these costs went through your like I'm I'm just talking about the down like the, the obviously your processing facility was Did you capitalize any costs related to the fire, or sorry, did Sorry, you removed some of the costs from the fire out, right? Because that that's originally, I think we were talking much higher cash costs this quarter

than

what, yeah.

Anita, if you look within our financial statements, yeah, there's a line, other cost of sales, that was just under $16 million in the quarter, and that was costs related to the downtime that we experienced in Q2, and that was excluded from our per-ounce costs.

Okay. All right.

That 16 and 11 I was talking about with the purchase and that won't flow through the cost, like the 11 million to install will not be included in the cost as well, right? Total cash cost.

All right. That's it for my questions.

Thanks and congratulations again.

Thanks, Anita.

Thank you very much, everyone, for all your questions. If there are any additional follow-up questions, obviously, feel free to reach out.

In conclusion, for today, I just want to say we're obviously delighted about the news, delighted for ourselves, delighted for our investors, our shareholders, stakeholders, delighted for, I guess, the state of Mali as well, that we can all move forward. We think this is very constructive.

It just helps move us along again back to those two key things that we said we were going to do. You've heard on this call how advanced our plans are for Goose and all the remediation work and the upgrade work that we're doing.

We've got a good plan to do that and we're going to continue to focus very clearly on executing that. Then at regional, we're pretty much ready to go, to get going with the stripping activity.

We're excited to do that. We've been poised to do that for a while, now we have the chance to actually get out there and make it happen.

I know there's been a wait for that, but now here we are. Excited for that, very optimistic for the future here as we move the company forward and growing.

Thanks, all, for your attention today and your good questions, and look forward to talking to you all in due course. Thank you.