Latest / Kitco MINING / B2Gold Targets 300,000 Oz as Goose Mine Ramp-Up Advances | Mike Cinnamond

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B2Gold Targets 300,000 Oz as Goose Mine Ramp-Up Advances | Mike Cinnamond · Kitco MINING

• 0:00
  SPEAKER_01: Kitco Mining on-site coverage of Mining Forum Americas is presented by Metalla Royalty and Streaming.
• 0:10
  SPEAKER_00: A new head at B2Gold.
• 0:12
  SPEAKER_00: Hello and welcome to Kitco Mining with me, Paul Harris, here at the 2026 Mining Forum Americas.
• 0:17
  SPEAKER_00: Joining me now is Mike Cinnamon, president and CEO of B2Gold.
• 0:21
  SPEAKER_00: Mike, welcome to Kitco.
• 0:22
  SPEAKER_02: Thanks very much.
• 0:23
  SPEAKER_02: Glad to be here, Paul.
• 0:24
  SPEAKER_00: Now B2Gold is a multi-asset gold producer.
• 0:27
  SPEAKER_00: You're the new CEO.
• 0:28
  SPEAKER_00: You took office in June the 4th, although you've got a long history with the company.
• 0:32
  SPEAKER_00: The priority will be getting the goose mine ramped up towards production and the company back towards that one million ounces per year gold production mark.
• 0:41
  SPEAKER_00: It'll be impossible to replicate your predecessor, Clive Johnson.
• 0:45
  SPEAKER_00: So what is the direction of B2 Gold under your leadership?
• 0:50
  SPEAKER_02: Well, I I think I think you're right that it's impossible to replicate Clive, and they're very large size 13 shoes to fill, I would say.
• 0:57
  SPEAKER_02: But I think we're very pleased that we've we've been able to do uh move ourselves forward and transition and and and people from within have been able to take over some of the key roles.
• 1:07
  SPEAKER_02: So for myself as CEO, uh Michael McDonald moved from VP IR Corp development to CFO, so great to have an internal person do that.
• 1:15
  SPEAKER_02: And we got Kelvin, our chairman, who graduated to executive chairman.
• 1:19
  SPEAKER_00: Kilva Dushinski.
• 1:20
  SPEAKER_02: Dusinsky, yes.
• 1:21
  SPEAKER_02: So I think I think when you look at those things that we that they were important to us.
• 1:25
  SPEAKER_02: We planned this transition for quite a long time.
• 1:27
  SPEAKER_02: Market-wise, you see it near the end when we talk about the plan, but you know, we've obviously planned for a long time.
• 1:33
  SPEAKER_02: Important to us is the culture of B2 that we maintain that spirit of B2 and that entrepreneurial spirit that Clive and a lot of the other senior guys who were around for a long time at Bima and B2 that they created.
• 1:44
  SPEAKER_00: Well, let's talk a little bit more about talent, if I may, because uh throughout the years and the many interviews I did with Clive, he always stressed that one of the company's strengths was the fact that the core team had stayed together since the BEMA gold days.
• 1:56
  SPEAKER_00: Um, other members of the team have also retired in the past couple of years.
• 2:00
  SPEAKER_00: What talent challenges does that present for you and how are you planning to sort of feel that or or continue that?
• 2:06
  SPEAKER_02: I think what we what's happened is yeah, you you you have had the the original founders.
• 2:10
  SPEAKER_02: I think the original key management executive, Bima, became the founders of B2.
• 2:15
  SPEAKER_02: Um, there's only really one or two left now from that original team.
• 2:19
  SPEAKER_02: But what they've done is they've brought they've brought on their own people and their own team.
• 2:22
  SPEAKER_02: I got brought in as a finance person 13 years ago, and I've been around the company since then.
• 2:28
  SPEAKER_02: And and it's the same in the other departments.
• 2:30
  SPEAKER_02: So yeah, perhaps you don't have all the original team, but as it's evolved, people have brought people forward.
• 2:36
  SPEAKER_02: And so I I feel very confident in the team that we have.
• 2:39
  SPEAKER_02: We've got very good people, and we've added some excellent new hires uh in certainly filling some of the the VP roles that that became vacant.
• 2:48
  SPEAKER_02: We've got Rebecca Hanari and as VP Corporate Development IR doing a great job.
• 2:53
  SPEAKER_02: Um we've got new person uh in the legal person, Jacqueline, and and we're continuing to strengthen our team.
• 2:59
  SPEAKER_02: So I feel good about it.
• 3:00
  SPEAKER_02: I think the team is driven and motivated, and but they have they're the right fit for a company.
• 3:05
  SPEAKER_02: They've got that um entrepreneurial culture as well.
• 3:08
  SPEAKER_00: Having uh a finance person take over as the head of a company is often uh a sign of maturity um and growth and development.
• 3:16
  SPEAKER_00: Is there a danger that perhaps the the entrepreneurial spirit that has has has driven the company up to this point um that is gonna be perhaps a little bit more difficult to maintain?
• 3:25
  SPEAKER_02: No, I don't think so.
• 3:26
  SPEAKER_02: I think I I hope not.
• 3:27
  SPEAKER_02: I I I feel like I've been imbued with that spirit in the time that I've been here.
• 3:31
  SPEAKER_02: If if you but you know, I think we also have to be very realistic about what our approach is got to be in the short term and and and the longer term.
• 3:39
  SPEAKER_02: So you mentioned at the start what are our key objectives for for the the next year.
• 3:44
  SPEAKER_02: So well, we've been very clear the really execution of things that already started.
• 3:49
  SPEAKER_02: Like they were we started them when Clive was still here, but we must execute them.
• 3:53
  SPEAKER_02: So um the first one, and please say we we achieved was we delivered into the prepaid.
• 3:58
  SPEAKER_02: So we had that prepaid financing that that um was restricting our access to free cash flow.
• 4:04
  SPEAKER_02: And so we delivered it the last of those ounces in June, so that's done.
• 4:07
  SPEAKER_02: Then big focus for us was to get Fuca regional online, and we managed to get the Fucola regional permit.
• 4:13
  SPEAKER_02: Uh we announced it in early August, so again, very positive, I think.
• 4:17
  SPEAKER_02: And then also Goose primary objective at Goose is to get our goose mine up in Nunavut up and fully running at steady state, 300,000 ounces per year and 4,000 tons per day operation.
• 4:29
  SPEAKER_02: So those are all things that are key to what we're doing right now and to realize the kind of cash flow potential that we have, and then we can be more entrepreneurial and decide what the next thing is.
• 4:40
  SPEAKER_02: One, when we have that sort of, I think the share we rate that comes with executing those things, and two, when you have the kind of significant free cash flow that we see coming in the next few years.
• 4:50
  SPEAKER_00: Okay.
• 4:50
  SPEAKER_00: I want to sort of unpack some of those things because you you covered quite a lot of ground in a couple of sentences there.
• 4:55
  SPEAKER_00: With the the goose ramp up, there that development has had some challenges or many challenges.
• 5:00
  SPEAKER_00: Um what is the outlook there?
• 5:02
  SPEAKER_00: When are you going to be sort of there and having it operating as you want it to?
• 5:06
  SPEAKER_02: Yeah, we're we're on our way.
• 5:07
  SPEAKER_02: Um I always say we put a news release out two days ago, and and one of the things we gave in there was an update on the goose crusher remediation process.
• 5:16
  SPEAKER_02: So where we are is we we'd identified that the crusher needed upsized.
• 5:20
  SPEAKER_02: Uh, we tried to run it as design, but it wasn't it was the scale wasn't fit for purpose.
• 5:24
  SPEAKER_02: So we decided we'd upsize it.
• 5:26
  SPEAKER_02: Uh we also had a small fire, unfortunately, in the circuit in April of this year.
• 5:31
  SPEAKER_02: And uh so what we planned to do was one uh fix the fire damage and do phase one of the remediation in this third quarter, which we've almost finished.
• 5:41
  SPEAKER_02: And then we've got a second phase where we'll complete the remediation process in Q2 of next year.
• 5:47
  SPEAKER_02: So at the end of this phase one, which we'll have commissioned by mid-October, we'll have the permanent crushing circuit running at um 3,200 tons per day.
• 5:55
  SPEAKER_02: And once we finalized uh phase two in Q2 of next year, we'll be at our steady state rate of 4,000 tons per day.
• 6:02
  SPEAKER_02: That'll be the permanent fix.
• 6:04
  SPEAKER_02: And then we'll be able to run the mill at 4,000 tons per day as well, which is which is nameplate for goose.
• 6:09
  SPEAKER_02: So we have a plan, we've communicated the plan, the plan's being executed, and I feel very confident that we're on our way to achieving what we need to achieve.
• 6:18
  SPEAKER_00: One of the things that has characterized B2 Gold over the year over the years is making um acquisitions with a lot of exploration upside, and and Goose is no different to that.
• 6:28
  SPEAKER_00: So maybe we can touch a little bit on how you're advancing on the exploration potential at the sort of back river project, which goose is part of.
• 6:35
  SPEAKER_02: Yeah, well, look forward to you're gonna have an accountant talk about geology now.
• 6:40
  SPEAKER_02: So I think hold on.
• 6:42
  SPEAKER_02: So but I think when you look at the release that that we put out uh earlier this week, we were very pleased with the results in there for a couple of reasons.
• 6:50
  SPEAKER_02: And really the exploration focus in there was in two main areas.
• 6:53
  SPEAKER_02: One was uh expiration at the main goose mine, and then secondly, our regional play.
• 6:59
  SPEAKER_02: We also announced some results there.
• 7:01
  SPEAKER_02: So at the goose mine, um really the the core part of our exploration activities so far this year were to do infill drilling for the underground at a number of the deposits there.
• 7:12
  SPEAKER_02: So Lama, Goose Main, Echo.
• 7:16
  SPEAKER_02: And what what we found that that infill drilling is that we're we're happy we've got great, like great grades, good widths, and it really reaffirmed our confidence that what we currently have as inferred, we should be able to bring in to indicate it in our mine plan.
• 7:29
  SPEAKER_02: And so we had that at Lama, and we've also had that at Goose Main through a number of zones, including Navoyuk, Hook, and a new zone, a new discovery that we have called Tatuk.
• 7:39
  SPEAKER_02: And just take a step back, when you look at our reserve plan that we have out there, there's only one underground uh pet our underground development in that reserve plan, and that's for um Umwalt.
• 7:53
  SPEAKER_02: Now, with these results and our ability to bring them into reserve plan, we think we can demonstrate to the market that we can actually have four underground areas, right?
• 8:00
  SPEAKER_02: So it could be Llama, could be ACO, um, could be Umwalt as we currently have, and then also Goose Main.
• 8:06
  SPEAKER_02: So we're excited about that.
• 8:07
  SPEAKER_02: One to show the market what we've always thought was there.
• 8:10
  SPEAKER_02: So one of the reasons we bought it was we thought it's gonna be a long life under underground operation.
• 8:15
  SPEAKER_02: And then secondly, just to comment on Tattooq, that's a brand new discovery for us.
• 8:19
  SPEAKER_02: So when we look at that iron band formation and how it how we think it folds and moves, that hole actually confirms our interpretation of that.
• 8:28
  SPEAKER_02: That's a brand new discovery for us.
• 8:30
  SPEAKER_02: So maybe it's only one hole.
• 8:31
  SPEAKER_02: And when you look on a long section, it doesn't look that different, but really it it's a big staff for us.
• 8:36
  SPEAKER_02: It it it proves our theory that you can see it going down plunge here.
• 8:40
  SPEAKER_02: And so that that's great, and you'll see us do more follow-up drilling on that.
• 8:44
  SPEAKER_00: What is the potential aim of what the exploration at uh back river is that to maintain that sort of 300,000 ounces a year production for for many, many more years?
• 8:53
  SPEAKER_00: Do you potentially see the production to sort of perhaps develop other mines to increase the production, the output there?
• 8:59
  SPEAKER_02: Yeah, that so one we we look at it as a district, right?
• 9:02
  SPEAKER_02: So I think that's to your point.
• 9:03
  SPEAKER_02: Certainly at at the goose main mine.
• 9:06
  SPEAKER_02: So right now the reserve plan has a nine-year mine life.
• 9:10
  SPEAKER_02: Continuing to prove out and delineate these underground portions of the mine helps us see a position where we internally think it's got a 15-year mine life, but we can't show it in the reserve plan, but in our internal operating plans we can.
• 9:22
  SPEAKER_02: Uh so because we think it continues downplunge underground, we're not going to drill all of that out from surface anytime soon.
• 9:29
  SPEAKER_02: So I think you'll see us continually add years to the online plan as we move forward.
• 9:34
  SPEAKER_02: But the other potential to add and potentially upscale uh would be if you look at what we have in the district, right?
• 9:41
  SPEAKER_02: So in the back of river district, we have a number of targets we're interested in.
• 9:44
  SPEAKER_02: The most the most advanced is George.
• 9:47
  SPEAKER_02: And George, we already have an uh indicated resource of 400,000 ounces and an inferred resource of 1.2 million ounces.
• 9:55
  SPEAKER_02: So big focus for what we've been doing this year is just to see can we can we prove the continuity of that mineralization?
• 10:03
  SPEAKER_02: Can we expand it?
• 10:04
  SPEAKER_02: Can we get ourselves in a position where we can actually get a resource that we we could do a desktop mine plan on and see if maybe that's the next thing that we permit.
• 10:13
  SPEAKER_02: And then we have to decide how do we mine that?
• 10:14
  SPEAKER_02: Do we build the infrastructure at George because it's further away, or would that be something that we would try and do some sort of bulk mining and then take stuff down to the to the goose mill?
• 10:24
  SPEAKER_02: And maybe in that scenario, there's potential that you'd expand the mill.
• 10:28
  SPEAKER_02: But as we currently stand, the key focus is to get goose up and running at 4,000 tons per day, and then we'll see how we feed it and how we would extend that mine life.
• 10:37
  SPEAKER_00: Okay, thank you, Mike.
• 10:39
  SPEAKER_00: Well, while we're talking about Northern Canada, I want to bring up the uh the None of it alliance that you signed uh I think in April this year with um Agnico Eagle Mind.
• 10:46
  SPEAKER_00: What are your expectations from that?
• 10:48
  SPEAKER_00: What what can that do for B2Goal?
• 10:51
  SPEAKER_00: Because uh Agnico's Arctic operations, they're in quite a different part of Canada.
• 10:55
  SPEAKER_02: Yeah, well, I think together you're stronger, right?
• 10:58
  SPEAKER_02: So this is a collaboration agreement, it's a technical agreement to to share knowledge and best practices across kind of the whole kind of spectrum of how you operate there.
• 11:08
  SPEAKER_02: They've been there for a long time, Agnico, and they've got a great team, they've been successful, and they're willing to share knowledge.
• 11:14
  SPEAKER_02: And we equally historically we built two mines in northern Russia.
• 11:18
  SPEAKER_02: We we've operated in the in the Arctic before.
• 11:21
  SPEAKER_02: So I think we share best practices.
• 11:22
  SPEAKER_02: Together we're stronger, and and that that's really the goal there.
• 11:26
  SPEAKER_02: You know, what can we do uh logistics-wise, for example, what are best practices there?
• 11:32
  SPEAKER_02: Because these are these are all logistical exercises, these mining operations up north.
• 11:36
  SPEAKER_02: What can we do community-wise?
• 11:38
  SPEAKER_02: Because there's a lot that we think we can help with, and we really want to be involved up there with the the communities up in the north.
• 11:46
  SPEAKER_02: And I think doing that together is is is a way better proposition than trying to do it individually.
• 11:52
  SPEAKER_00: Okay, I think one of the things for me that was a highlight of uh um Clive's management was the the the launch of the rhino bar to help rhino conservation in in Namibia.
• 12:02
  SPEAKER_00: Will we see a polar bear bar?
• 12:03
  SPEAKER_02: Well, we can think about it.
• 12:04
  SPEAKER_02: I mean, you're right, the the rhino bar was a great success.
• 12:07
  SPEAKER_02: I was involved with that too, and I know globally we would that had great uptake and it really it really brought attention to a very important cause.
• 12:16
  SPEAKER_02: So we don't have any immediate plans for the polar bar, but I must say it's a great idea.
• 12:20
  SPEAKER_02: So maybe watch this space and see how we go.
• 12:22
  SPEAKER_00: Okay, well, let's hope so.
• 12:23
  SPEAKER_00: Uh let's move on to FECOLA and the regional exploitation permit.
• 12:26
  SPEAKER_00: That was something that's uh uh the company's been talking about for a long time in in terms of the potential that uh could unlock.
• 12:33
  SPEAKER_00: So now that you have that, what does that mean for the company?
• 12:38
  SPEAKER_02: Well, I think for firstly it's an important step to receive the permit.
• 12:41
  SPEAKER_02: We were confident we'd get it, and I I think it took a long time, so there were maybe some doubts forming in the market that it was coming.
• 12:48
  SPEAKER_02: So it was great to show that Mali's open for business, and I think that's what it represented by receiving it.
• 12:54
  SPEAKER_02: I think the in receiving the permit, it's clear the government, you know, they they were they were working through a new code, they put a new code in place, they put new levels of uh administration over it, new mining commissioned oversee it.
• 13:06
  SPEAKER_02: So I think the gov government showed that they're confident now that they got their infrastructure set up.
• 13:10
  SPEAKER_02: So we got our permit, we've seen some more expiration permits renewed.
• 13:14
  SPEAKER_02: So I think Mali's moving forward, but they see mining as a very important industry.
• 13:18
  SPEAKER_02: For us, the importance of regional is that it really lets you unlock the value of Fucola complex.
• 13:24
  SPEAKER_02: We're gonna toll mill regional material through the Fucola mill, and so having regional material, combining it with uh Fucola ore flows, we're able to extend the life of that Fuca mill and we can see it well out into the next decade when we look at bringing in in regional at these prices.
• 13:40
  SPEAKER_02: So the core thing for us now, now that we have the permit in hand, is to get bring to get regional up and running.
• 13:48
  SPEAKER_02: So we took it out of this year's guidance because I think we we knew that permit timing-wise, we weren't going to get ramped up in time to start producing.
• 13:56
  SPEAKER_02: But our plan now is for 27 that we'll ramp it up and be at full production levels by the end of 27.
• 14:04
  SPEAKER_02: And we see regional as adding an average of approximately 150,000 ounces a year when it's at steady state.
• 14:10
  SPEAKER_02: There'll be some years that are higher than that and some years a little lower, but overall it's a great mix and it helps blend with FuCola when you have some of those larger stripping years that you can bring regional material in.
• 14:21
  SPEAKER_00: I mean that that's quite a significant contribution, 150,000 ounce a year from uh from the regional.
• 14:25
  SPEAKER_00: Well, let's uh talk a little bit now about uh what may be the next development project, and that's Gramolotti in Antiochia in Colombia.
• 14:32
  SPEAKER_00: Um, you put out a feasibility study, you're currently uh adjusting the permit.
• 14:36
  SPEAKER_00: You already have a permit there for a larger operation, you're now planning a smaller operation, a smaller development, so you've got to adjust the permits.
• 14:43
  SPEAKER_00: Colombia, uh a new government has recently taken office.
• 14:46
  SPEAKER_00: A lot of very, very positive pro mining noises coming out of the government.
• 14:50
  SPEAKER_00: I've uh spoken with a number of companies that are active in Colombia and uh they're elated, I think would be the word.
• 14:57
  SPEAKER_00: Um, what what's your view of of Colombia and how is that evolving given that uh now seems to be a very positive environment for mine development in the country?
• 15:06
  SPEAKER_02: Yeah, well, the we have the Gram Melotti, which is uh an advanced development project.
• 15:11
  SPEAKER_02: I think we have a feasibility out that's been out on it for a couple of years.
• 15:14
  SPEAKER_02: So our project there, we're we're continuing to advance.
• 15:18
  SPEAKER_02: We we've got permit modifications in process, which and I I would say to your point, the the calendar for that and the feedback from the state so far as we go through our process is good.
• 15:28
  SPEAKER_02: There that it's been timely, the responses, and we're working our way through it.
• 15:32
  SPEAKER_02: And we're also de-risking it by continuing to do resettlement there so that that we can actually um action the commitments we've made already with the the government.
• 15:41
  SPEAKER_02: So by the time we get to mid-next year, we'll have Gram Lati in in great shape and and we can make a decision how we proceed.
• 15:49
  SPEAKER_02: But to your point about Colombia as a mining jurisdiction, now yeah, I think we see positive things there.
• 15:55
  SPEAKER_02: I I think for us, we we've had a mining permit for many years.
• 15:58
  SPEAKER_02: This is just a modification.
• 15:59
  SPEAKER_02: So there's always been positive support in Antiochia, I think, for us to or for Gram Lati to move forward.
• 16:06
  SPEAKER_02: It's easier now that we own it 100%.
• 16:08
  SPEAKER_02: It used to be a JV with AGA, but now we own it 100%.
• 16:10
  SPEAKER_02: So a bit more nimble in decision making when there's only one partner involved.
• 16:14
  SPEAKER_02: And I think, yeah, the in after the election, I think you you do see more positive positive sentiments coming out of Columbia in support of the mining industry.
• 16:23
  SPEAKER_02: So I agree that I think all sentiments seem positive.
• 16:26
  SPEAKER_02: And we're certainly we like Gramoletti as a project, it's great optionality for us.
• 16:31
  SPEAKER_02: I think it it could be the next thing that we do, but I think it's a wait and see.
• 16:34
  SPEAKER_02: Let us get through the de-risking phase and into the middle of next year, and then we'll decide what we do next.
• 16:39
  SPEAKER_00: The the early the earlier iteration of the Gramolotti project, the one that has been permitted, was for a much larger operation, which was uh always sort of marginal.
• 16:50
  SPEAKER_00: Obviously, we're in a much higher gold price environment now, so at least$2,000 per ounce higher than when that original permit was granted.
• 16:57
  SPEAKER_00: Is is there a temptation, perhaps, given that we're in a higher price environment, and that looks set to continue, to continue with that earlier, bigger iteration?
• 17:06
  SPEAKER_02: No, when we we looked at multiple iterations when when we looked at whether or not we scale the project back.
• 17:12
  SPEAKER_02: So we're we're I think we're happy with six million tons per day.
• 17:16
  SPEAKER_02: I think that makes sense.
• 17:17
  SPEAKER_02: The 14 was a very large-scale project.
• 17:20
  SPEAKER_02: Um, you know, it doesn't mean that you couldn't scale it up in the future, but I think for now we we we gotta op I think we've optimized what we think it is for now, and you'll have a longer mine life.
• 17:30
  SPEAKER_02: And it doesn't mean that you've sterilized some of those ounces it would otherwise have flowed through faster with a bigger mill.
• 17:36
  SPEAKER_02: I think the optionality is still there to expand the mill if we want to, but I think we have to stick to our knitting and just get ourselves to a de-risk point with the scalar project we have right now.
• 17:45
  SPEAKER_00: Okay, thank you.
• 17:46
  SPEAKER_00: Now, um obviously you have a finance background.
• 17:48
  SPEAKER_00: Uh what are your aims in terms of the current the company's balance sheet?
• 17:52
  SPEAKER_00: Debt, cash balance, shares outstanding, dividends, buybacks, things of that nature.
• 17:56
  SPEAKER_02: Yeah, well, one is we want to strengthen the balance sheet.
• 17:59
  SPEAKER_02: So I think delivering into the prepaids is a big step.
• 18:02
  SPEAKER_02: That's that's the last of those done.
• 18:03
  SPEAKER_02: There are some callers still left on that will have finally delivered into by uh early January next year.
• 18:09
  SPEAKER_02: So then then we'll be unhedged in terms of goal price and and you know all all sales will be open to increases in gold price.
• 18:16
  SPEAKER_02: Uh balance sheet wise, we we want to keep strengthening the balance sheet.
• 18:20
  SPEAKER_02: I mean, we're we're almost we've got a convert out there, but that's our really our only large primary piece of that.
• 18:25
  SPEAKER_02: We've got a revolver that I think by the time you see get to your end, we'll be we'll be on drawn in that revolver, so we'll have an 800 million undrawn capacity right there.
• 18:34
  SPEAKER_02: And just we just continue to strengthen the balance sheet.
• 18:37
  SPEAKER_02: You know, that we're in we're coming into this, we're at this inflection point for our company, but there's a lot of free cash flow coming in.
• 18:43
  SPEAKER_02: We put the investment years in, like we had three big investment years, and now we're at the point where we used to see the benefit of that.
• 18:48
  SPEAKER_02: So part of part of what we'll do with those funds is to to reinvest in some of the organic growth projects that we have at existing sites, you know, we'll and and we'll consider what we do with Gram Lotti, as I said, later next year.
• 19:00
  SPEAKER_02: But a big part of it that we're already doing is returning capital to shareholders.
• 19:04
  SPEAKER_02: So if you see what we've done in the six months to the half year already is more than 225 million we've already returned.
• 19:11
  SPEAKER_02: That's that's more than double what we did in the whole of last year in the first six months.
• 19:15
  SPEAKER_00: Most of that has been buybacks.
• 19:17
  SPEAKER_02: Uh the the largest component of it's been buybacks.
• 19:19
  SPEAKER_02: We we do have a dividend uh rate, which I think you know, two cents a share record.
• 19:25
  SPEAKER_02: I think we'll continue to do that.
• 19:26
  SPEAKER_02: Um but I think I think on the the share buyback program we'll continue to execute on that.
• 19:32
  SPEAKER_02: We see that that is the best way to be opportunistic.
• 19:36
  SPEAKER_02: We believe in our cash flow story that we're going to generate significant increased free cash flow per share as we go forward.
• 19:43
  SPEAKER_02: If we see weakness in our share price, then what better way to use your funds and to buy back your shares and and and support your own thesis that you're undervalued?
• 19:52
  SPEAKER_00: I think, yeah, looking back over the past few years, B2 Gold shares have been undervalued compared to similar-sized companies.
• 20:00
  SPEAKER_00: For some reason, the market has never perhaps really taken to B2 Gold.
• 20:04
  SPEAKER_00: And so the thesis of buying back the shares, I think, is a very, very strong one.
• 20:08
  SPEAKER_00: What do you think is uh missing or or what the market is missing regarding the B2 story that means it doesn't necessarily enjoy the valuation that similar companies do?
• 20:19
  SPEAKER_02: I think there are a few factors.
• 20:20
  SPEAKER_02: I and I I think the market does know, or we know what some of them are.
• 20:23
  SPEAKER_02: One is one is um the having operations in in West Africa, in Mali, where there was delays in the FACOLA permit and some uncertainty as to what would happen there.
• 20:33
  SPEAKER_02: I think we've demonstrated that that has moved forward, so I think that's a positive.
• 20:38
  SPEAKER_02: Uh second one is execution of at GUS.
• 20:42
  SPEAKER_02: We we did take longer and it did cost more than we originally thought.
• 20:45
  SPEAKER_02: And so we have to accept that we have to to to demonstrate show the market that we can deliver there, and that's why when you asked me about how we're progressing, I'm very happy with the progression on our plan.
• 20:55
  SPEAKER_02: We we showed people what our remediation plan was and we're executing it.
• 20:59
  SPEAKER_02: Um, I think another one uh that people maybe underestimate is the organic growth potential in our exploration potential.
• 21:08
  SPEAKER_02: I think I think there's significant expiration potential in our assets.
• 21:12
  SPEAKER_02: If you look at what's happened, well, we talked about goose and and what we're doing there to bring underground more into the minepline and what we hope to do as we continue forward.
• 21:22
  SPEAKER_02: But if you look at our other sites at Ojukoto in Namibia, uh there with this gold price word, is there's there there's potential for a pushback there at the Ojo Koto pit.
• 21:31
  SPEAKER_02: And what that would do, that could free up to half, that could produce up to half a million ounces, low-grade ounces, but those ounces we could use to continue to feed the mill while we pursue antelope, which is our high grade discovery there.
• 21:45
  SPEAKER_02: In antelope, we continue to find more resources there.
• 21:48
  SPEAKER_02: So if you can have a high grade source of our low-grade source of ounces to blend with that high grade underground mix, you get to prolong that that mine life.
• 21:56
  SPEAKER_02: So that's that's key for us, and we've been talking a little bit about that.
• 21:59
  SPEAKER_02: And hopefully we can give more updates on that later this year, early next year.
• 22:04
  SPEAKER_02: And then if you look at other open pit operations that we have, like Gramiloti, they Gramaloti's got multiple open pits.
• 22:11
  SPEAKER_02: There is certainly scope at a higher goal price to expand those pits.
• 22:14
  SPEAKER_02: That Gramlot are sorry, Mesbadi needs more uh work on it, I think, just to see how we move forward there.
• 22:23
  SPEAKER_02: But I think we will we will work on that and do some more study work there so that by mid next year again we'll have an idea.
• 22:30
  SPEAKER_02: Is Mesdad does Mesbadi have that expansion potential?
• 22:34
  SPEAKER_02: And I think those are things that aren't in the market price of the share that potentially we could see some turn when when when you see us come out with more information.
• 22:43
  SPEAKER_00: Well, it's great to hear there's a lot going on and potentially a re-rate around the corner.
• 22:46
  SPEAKER_00: Congratulations once again on your promotion.
• 22:49
  SPEAKER_00: Mike Cinnamon, thank you very much for joining me today.
• 22:51
  SPEAKER_02: Thanks very much.
• 22:52
  SPEAKER_02: It's a pleasure.
• 22:52
  SPEAKER_02: Thank you.
• 22:53
  SPEAKER_00: And we have more to come from the Mining Forum Americas here in Colorado Springs.
• 22:57
  SPEAKER_00: So stay tuned and hit that subscribe button.
• 22:59
  SPEAKER_00: I'm Paul Harris, and this is Kitco Mining.
• 23:02
  SPEAKER_01: Kitco Mining on site coverage of Mining Forum Americas is presented by Metalla Royalty and Streaming.