B2Gold(US:BTG)2023-02-23 21:08Financial Data and Key Metrics Changes - The company reported earnings attributable to shareholders of $253 million or $0.24 per share, with adjusted EPS of $0.25 based on adjusted net income of $264 million [20][28] - Cash flow from operations for the quarter was $270 million, or $0.25 per share, while for the year it was just under $600 million, at $596 million or $0.56 per share [20][28] - Consolidated cash costs from all operations, including the share of Calibre, were $468 per ounce, close to budget overall [31][32] Business Line Data and Key Metrics Changes - Fekola Mine produced 244,000 ounces in the quarter, 37,000 ounces higher than budget, marking a quarterly record [30] - Masbate produced 213,000 ounces, slightly below the revised guidance range of 215,000 to 225,000 ounces [71] - Otjikoto produced 162,000 ounces, slightly below the revised guidance range of 165,000 to 175,000 ounces due to timing issues with accessing the Wolfshag underground [71] Market Data and Key Metrics Changes - The company experienced a positive response from the Philippines government regarding foreign investment in mining, which is expected to enhance development opportunities [11] - The Fekola complex is expected to achieve production of 800,000 ounces in 2026, with ongoing developments in the Fekola regional standalone oxide mill scheduled for completion in Q1 2025 [4][26] Company Strategy and Development Direction - The company aims to maintain extraordinary financial strength while focusing on existing assets and growth opportunities, including the Sabina acquisition [9][41] - The strategy includes a phased approach to the Fekola regional development, with plans for a second mill to process satellite oxide material [51][52] - The company is not planning significant mergers and acquisitions in the near future, focusing instead on organic growth and exploration [41][100] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the operational performance and the ability to meet production guidance despite challenges in Q3 [69] - The company is optimistic about the potential of the Goose project and the overall growth profile following the Sabina acquisition [72][106] - The management highlighted a strong commitment to maintaining dividends while managing capital expenditures for ongoing projects [52][93] Other Important Information - The company declared a dividend of $0.04 per share for the third quarter, maintaining its dividend policy despite capital expenditure requirements [28][52] - The Gramalote project is undergoing a sales process, with updates expected in due course [75] Q&A Session Summary Question: What is the timeline for the Anaconda Phase 2 permitting? - The permitting process is currently underway, with a feasibility document expected by the end of Q2, which will facilitate obtaining a construction permit [79][80] Question: How does the company view its stake in Calibre? - The company is not currently interested in divesting its stake in Calibre, as it sees value in its existing operations and potential for further investment [90][100] Question: Can you provide an update on the Gramalote sales process? - The sales process for Gramalote has commenced, and the company is optimistic about the interest being shown [75][100]