B2Gold(US:BTG)2023-05-10 20:50Financial Data and Key Metrics Changes - The company reported a total revenue of 249,000 ounces sold, exceeding budget expectations by 4,000 ounces [63] - Average gold price for the quarter was over $1,900, significantly higher than the budgeted $1,700 [67] - Total cash costs were $600 per ounce, which was $85 lower than budget, while cash costs for three operating mines were $576 per ounce, $88 lower than budget [71] - All-in sustaining costs totaled $1,060, which was $146 lower than budget [75] - Net cash flow from operating activities was $203 million, or $0.19 per share [85] Business Line Data and Key Metrics Changes - Fekola produced 166,000 ounces, benefiting from higher-grade material from Phase 6, with a grade of 2.47 grams per tonne [64] - Masbate produced 38,000 ounces, slightly ahead of budget, but with a lower grade of 0.95 grams per tonne compared to the previous year [69] - Otjikoto produced 38,000 ounces, also slightly ahead of budget, with expectations of higher grades in the second half of the year [70] Market Data and Key Metrics Changes - The company has increased its exploration budget to $84 million for the year, with an additional $20 million focused on Black River [88] - The exploration budget for Mali is over $34.5 million, reflecting a significant increase in exploration activities [124] Company Strategy and Development Direction - The company is focused on maintaining a strong operational performance while exploring new opportunities, particularly in the Back River project and the Fekola Complex [61][66] - Plans for the Anaconda Phase 2 study have been pushed to Q4 2023 to incorporate exploration successes and potential changes in project scope [91][92] - The company aims to integrate the former Sabina team to leverage their expertise and maintain project timelines [98][100] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in maintaining project schedules and highlighted the importance of logistics in project execution [100][108] - The company is optimistic about the potential for underground resources at Fekola, although it cautioned that extending the overall life of the mine may be unlikely [51][52] - Management noted the positive reception from local communities and stakeholders regarding the acquisition of Sabina and the ongoing projects [119] Other Important Information - The company has successfully retained key personnel from Sabina, ensuring continuity in project execution [120] - The logistics for the winter road have been improved, with plans for an earlier opening in February next year [106] - The company is exploring the potential for wind power to reduce emissions and operational costs in northern Canada [132] Q&A Session All Questions and Answers Question: Can you provide an update on the Anaconda Phase 2 study? - The study has been pushed to Q4 2023 to incorporate exploration successes and potential changes in project scope [91][92] Question: What is the status of the underground project at Fekola? - The underground project is currently in the exploration phase, with permits expected soon to proceed with development [49][50] Question: How is the company addressing logistics challenges? - The company has improved logistics by increasing the number of trucks and planning for an earlier opening of the winter road [106][107]