B2Gold Corp. (AMEX:BTG) Q2 2023 Earnings Call Transcript

Clive Johnson: Some Goose results.

Victor King: I’m sorry, the timing of the results. I guess because of the location, the turnaround is not great on assays. So we’re looking at 4 to 6 weeks at least. So having just started basically this week at Goose, we’re looking at probably another 2 months at least before we start seeing some of the results coming in.

Clive Johnson: From Goose.

Ovais Habib: Sounds good. And just shifting gears to the situation in Niger. Now B2 obviously doesn’t have any exposure in Niger. But Clive, maybe can you provide any color or thoughts on Niger? And any sort of impact to your brand portfolio?

Clive Johnson: Well, obviously, everyone is watching what’s happening there. I mean, we feel that our — for our circumstances in the — in Mali, we are working with the current government, and the government is popular. The coup a few years ago was a bloodless coup. There was dissatisfaction widespread amongst the people with the government of the day at the time. And I think if you talk to our people in Mali and many people in Mali, they feel that it’s — the government of Mali has done some good things for the people of Mali. So I think there’s some stability there, and they are heading into elections — committed to elections next year. So sometimes, the west misinterprets or misreads what’s happening in each of these countries.

I’m not an expert at Nigeria, and I really won’t comment much about that. At the end of the day, we’re hoping to see continued political stability, and we believe we will see that in Mali, I’m not a expert on all the other countries in West Africa.

Operator: Our next question comes from the line of Don DeMarco from National Bank Financial.

Don DeMarco: First question. At Fekola, Bill, you mentioned that there’s ore available to replace the 18,000 ounces that would have otherwise been trucked in. Would this replacement ore be comparable in terms of grade, operating cost and CapEx to the ore that would have been trucked in?

William Lytle: The answer is yes. The short answer is yes. It will most likely come from Cardinal or some of the kind of extensions of Fekola. So with it being closer than coming from Bantako, it has to be at or better the overall cost that you would see at Cardinal. So you should model it as the same.

Don DeMarco: Okay. And it seems like you’ve got some flexibility there with Cardinal, Fekola in general. If some of these trucking delays persist into Q1, do you also have the flexibility to replace what you might have otherwise trucked for a period of time?

William Lytle: Yes. And I mean, we are — so remember, we’ve always talked about the kind of flexibility. That’s the beauty of having all those licenses getting set up the way we are, to be able to mine for multiple pits. We still are projecting that in 2024, we will be trucking from the Bantako area, right? That’s still in our life of mine. So if that changes, which I can’t imagine at this time that it would. I mean, when we were just there meeting with the government. Now that they’ve kind of gone through the review of their mining code and are trying to sort of what they’re going to do with it, the technical guys are saying, we need to start moving this stuff as forward as fast as possible. So we absolutely see bringing some regional stuff in, in 2024 to the Fekola mill.

Don DeMarco: Okay. And while we’re talking about Fekola and Mali, you’ve been there firsthand with these negotiations. How would you describe the sort of the tenor of the meetings? And I mean, obviously, you have a long-standing positive relationship with the government there. Are you seeing, based on what — your engagement there, that this should continue?