We were hoping to produce 2024 as we start trucking ore from the Fekola complex in the North Anaconda area, down to the Fekola mill. So we've been working with the government. We're hoping to get clarity from the government quite soon and move on to starting to truck that ore later this year. But we haven't put anything on 2024. We're starting that up in 2025, which could add 80,000 to 100,000 ounces to the annual gold production, significant amount of that, of course, to the benefit of the government of Mali. So we've had some positive meetings and we think we're closing in on understanding the implications of the 2023 mining gold, which code has grandfathered under the 2012 code. It's a very important, but the regional projects are subject to the new code because those are exploration licenses right now that need transfer.

So going into 2024, we are in an extremely strong financial position. And we were going at the end of the year, and subsequent to the year-end, we've completed a prepayment of gold revenue financing, which is an excellent way to further strengthen our financial position, given the large capital expenditures that we have this year from some of the things I talked about, but also obviously boost construction as well. So that financing was an excellent financing. It's around 3% cost of capital, and it is from any of our gold mines. And it represents about we paid back in 2025 and 2026, and it represents about 11% of our gold production during those years. And it was done at around 2020 price of gold. So I think a very effective financing. You've seen us do it before, back in the day when 2014, we pioneered this from the financing for the industry, which has subsequently been done by numerous companies.

But it is an excellent way to maintain a very strong balance sheet. And when you have significant capital expenditures coming, it's a cheap form of financing and exposes very little of our gold in terms of a small percentage of production being locked in those years. So 2025, we were looking to bounce back to another very strong year. Because of having the capital spends finished. Some of these are doing Fekola, et cetera. Goose schedule -- on schedule, start production in the first quarter of 2025. And we should set record gold production again in 2025 with Goose coming on and then better production, more with trucking ore better grade at Fekola getting into 2025 and much less capital expenditures across the Board. So I think with that, I'll pass it over to Mike to give you an overview of 2023, again, another very strong year for the company.

And after Mike does his thing, then Bill, who's up at Goose, is going to give you a Goose update snowstorm dependent. He's still in this connection. And then we're going to open up for questions. So with that over to you, Mike.

Mike Cinnamond: Okay. Thanks, Clive. So we're going to start just the quarterly results, revenue for the quarter $512 million. We averaged just under $2,000 an ounce, $1,993. So thank you gold price. It's a good quarter and a good year for the gold price. I think for the full year, we came in $1.9 billion at an average price of $1,946 an ounce, which, when you think about the fact that we budgeted at $1,700 an ounce, that's a good result. Production wise for the quarter, gold produced from our operating mines, 271,000 and then 289,000, if you include our share of Calibre and I think production played out like we thought for Q4, the big winner was Fekola 143,000 ounces versus 109,000. And that's really Fekola as expected; we had some changes in timing there between Q3 and Q4 just with some delays.

At the end of Q3 and getting into Fekola's Phase 6, but we got in there in Q4, we got the grade we were expecting, kind of like we did the year before. And Fekola beat budget significantly by almost 35,000 ounces. And then if you look at Otjikoto for the quarter, I think for Otjikoto 81,000 ounces just a couple of thousand ounces higher than budget. But that's actually a quarterly record for Otjikoto. And it just reflects the fact that we got into the good grade. Both in the Otjikoto pit and the Wolfshag underground mine. Then looking at the full year pictures, again, kind of how we guided it, I think at Q3 total, including our share of Calibre 1,061 million ounces, which is in the upper half of our guidance range. And I would say again that that on a consolidated basis is a record annual production level for B2Gold.

Talk a little bit now about what that all meant on the cost side, again, not spending too much time on this, because I think really these results ruled out what we saw through the year and what we guided in Q3 and what we expected for Q4. So in the quarter, the big winners on the cash cost side were Fekola and Masbate, Fekola with that additional production that came through and ability to sell it, $605 an ounce, quite a bit, $67 under budget, then Masbate $910 an ounce, which was $71 under budget. And overall, we came in for all of the operations; we came in $633 an ounces, which was $20 under budget. Continuing to benefit, I think, from lower fuel prices against budget that we saw. And then production beats -- every mine beat production slightly for the year.

And when you look at the all-in sustaining cost side, it kind of mirrors what we're saying there. For all operations, including our share of Calibre $1,257 an ounce for the quarter, which was slightly above budget and it's really a function of two things. You've got the beat that we had on the cash cost side and then you got some CapEx that we were catching up on from prior quarters, particularly in Mali, where we had pretty significant CapEx year sustaining capital to get us ready to start moving into 2024 and beyond. So cost side, I'd say overall, when you look at total cost for the year, cash costs $654 an ounce. That's below our original guidance range for the full year, $670 to $730, so good result. Again, as we said, we thought we'd come out in Q4 at the end of Q3 and then all-in sustaining costs for the year, just $1,201 an ounce.

And that's right at the low end of our consolidated guidance range of $1,195 to $1,255 per ounce. So really more of the same as we saw as we went through the year and very solid results from the operations. Comments on maybe a couple of the other operations where they are and couple of things to comment on before we get into other results, so at Fekola Regional, as Clive mentioned, we're still waiting to get licenses there. But I would say that we had 18,000 ounces in there as part of regional production and the current year's budget for 2023. And even though we weren't able to get in and access that, the performance of Fekola meant that overall for Fekola complex. We still met our guidance range for Fekola overall. And we have continued to work on regional through the year.

We have -- we got most of the mining infrastructure, the roads, the warehouses, workshops, built through the course of 2023, and we're just finishing that in the first quarter of 2024. So we're really well-positioned, I think, in terms of any trucking scenarios there for regional. Just waiting now for receipt of a mining license. Gramalote, as you know, in the year we bought Anglo of 50% of the Gramalote Project, so we own that 100% now and we're working on an updated PEA for that that we expect to have by the second quarter of 2024. Thinking about smaller scale operation with potentially smaller mill and better recovery and cost profile, smaller CapEx upfront. Bill is going to give us a Goose Project update, so I won't dwell on that right now.

But just to highlight Otjikoto again, Otjikoto is coming near the end of its open pit mine life. It's scheduled to ramp down in 2025. But we did put out a news release in January just highlighting that we did have very positive exploration drill results from the Antelope deposit that we're looking at now. And we think that with further drilling has the potential to be developed as an underground mining operation which could help us change the mix of the mill feed blend. As we move into the stockpile phase of Otjikoto, we hopefully will have more high grade from an underground deposit at Antelope if that comes through. Now, I'm just going to talk a little bit about some of the other results for the period. So on the earnings side, net income for shareholders for the quarter was negative $113 million as a result of impairment charge or $0.09 negative share, year-to-date, $10 million or $0.01 per share.

Then adjusted net income once we removed the impact of any significant non-recurring non-cash items, $90 million for the Q, $0.07 a share or $346 million, $0.28 a share for the full year. In conjunction with that, and really reflecting how well the operations perform on the cash flow side, we had $714 million operating cash flow for the period, sorry, for the full year, including $205 million for Q4, and for full year cash flow from operations per share was $0.58, so again, very good performance by the site and getting that done. We found some good uses for it through the year. We -- if you recall some of the things we spent it on, we had the dividend, so we've got our $0.04 per share, USD per quarter dividend that turned in $186 million dividend payment for the full year.

I remember, too, that as part of the Back River acquisition, there were certain financing obligations that we thought, because we believe in the future upside of that project that we wanted to buy out at inception. So that cost us just under $112 million earlier in the second quarter. And then on the investing side, a total for the full year of $845 million, which really reflects significant capital investment of Fekola as we continue to advance projects like the TSF, the Fekola underground, the Fekola solar Phase 2, and then, of course, the Goose Project as we came into that, and we've been working hard on that, and Bill will give us an update there. We did finish the year with $306 million cash in the bank, and that included drawing down on the line for $150 million in Q4 just in advance of some of the anticipated later Q4 expenses early Q1 expenses.

As Clive mentioned, we did do a prepaid financing early in Q1. So with that, we used a portion of that $500 million prepaid financing to pay down the outstanding balance on the line just a little later in January, early Feb. So that where we sit today is we've got the full $700 million line available, and we -- I'm catching the bank from the results of the prepaid financing as we move through the first couple of quarters, development continuing construction at various sites. One thing I will highlight, most significant transactions impacted Q4, so we did have an impairment for the Fekola Complex of just over $200 million, maybe a couple of comments on that. As we've mentioned through the year, there was a new 2023 Mali mining code that was enacted later in 2023 in the country.

However, it was put into law, but there's an accompanying draft implementation decree which is currently out for industry comment. We provided feedback along with the other big Mali mining houses. It's not enacted yet, and exactly how some elements of the new code will be applied remains outstanding, could be subject to change. But we are where we are at this point in time. With that mining code being out there, what it did prompt us to do was examine later in the fourth quarter what were our plans for the Fekola Regional licenses. As we discussed previously, we thought about whether there is a -- we can build a second mill, oxide only mill at Fekola Regional, or whether we should look at a trucking scenario. As I mentioned, we already have that road infrastructure built, so should we look at a trucking scenario to the Fekola mill?

And I think given the uncertainties about the new code and what we saw was in there, it's not as attractive for things like the tax and royalty regime and some new funds that they've built in there. We did a comparative analysis and we decided that for now, certainly, that trucking aboard from Fekola Regional to Fekola mill is the optimal scenario. In that trucking scenario, we see it's optimal because it really eliminates any significant mill CapEx exposure if we wanted to build, a mill while at the same time providing close to the similar cash flows from just trucking it down there and less capital upfront. So in looking at that, having done that trade-off and that analysis, that also prompted us then to update our current high level Fekola Mine and Fekola Regional mine plan, how we see production profiles coming from those.

I'd highlight again that these are point in time estimates are the best estimates we have right now. It doesn't take into account future changes in variables, finalization of the 2023 code, production changes, cost changes, or further exploration success. We're still lots of plans to drill there and further define the oxide and even more importantly, perhaps the sulfides below those oxides to see how they can benefit both Fekola Regional production and Fekola production per se. And by looking at those new mine plans, they triggered an impairment review process. And key to highlight here, I think is that because both mine plans assumed that we will process or from both Regional and Fekola at the Fekola mill, we had to look at them jointly and for accounting purposes, they're treated as one combined cash flow generating unit.

So Fekola is the combination of the two. So we looked at that, looked at the plans, and the most significant impact in there is that the new regional licenses are all under the 2023 code, so they have to bear the regime that's under that current code as we know it, including the higher taxes and royalties. And overall, this resulted in a non-cash net impairment charge of just over $200 million for the combined Fekola Complex cash generating unit. And like all impairment assessments, we made our best estimates of a number of variables. You look at gold prices, appropriate discount rates for the country, and the 2023 code impact on them, and obviously for Regional, we looked at that, that was fully impacted by 2023 code. And for Fekola mine, we assumed that all stabilized factors under the 2012 code are still stabilized.

So that's our scenario. I can speak for each company in Mali because everyone has a slightly different scenario and where they are in their project life and new projects. For us, the most significant issue here is that we have new projects that we know would be pulled in under the new code. So I think those were the main items I was going to highlight. And if anyone has any questions, I'd be happy to answer them.

Clive Johnson: Sorry, do you want to --

Mike Cinnamond: Yes, we'll go to Bill first, then we'll open it up for questions. So, Bill, do we have you on the line?

Bill Lytle: You do? How do you hear me?

Mike Cinnamond: Fine.

Bill Lytle: Yes. Okay, so this is reporting in from the North Pole. I'm actually at the Goose site right now in anticipation of the winter road opening up. And so I am happy to say that the sides are point. They can see the stacks off of each other's equipment. So we anticipate that pending good weather for the next 48 hours, that the road will open up, that will not be fully opened up, but certainly the first lighter load to come down the road. So what we're doing now is we're in the process, on the MLA side of loading trucks ready to go. And so we can anticipate certainly this weekend that we will be seeing on the road. Everyone remembers that's in a good space. We've got double the number of trucks that we've had since last year and double the capacity.

So we think we're in really good -- all of the winter road equipment. Additionally here, the mill rights are in the mill, installing the mill, we've always -- remains three to four months. Most of the buildings are now completely putting in generators in the underground. The open pit is operating. The underground is looking good. The camp Phase 2 is getting ready to go. So that'll be some of the first pieces of equipment that come down the road. The Phase 2 camp, which will allow us to get to 500 beds. Just on costs, I don't have the latest numbers, but what I will tell you is that if you remember, we've pretty much de-risked the project because we've ordered all of the stuff, obviously, which is coming down the 2024 road. We're in the process of ordering –[Technical Difficulty] shipping stuff basically on budget, which I think January, and we anticipate not seeing any mature scope or to budget.

I don't know. Clive, there's anything else you want me to talk about?

Clive Johnson: I guess maybe just highlighting. You just did. But the fact that we've spent a lot of the capital and ordered a lot of equipment for the next year-and-a-half, so we've actually de-risked the project. But does anyone know how much money we've spent on the capital, estimated capital cost for Goose and how much that we've spent?

Mike Cinnamond: Well, cash spent to the end of the year was approximately $715 million for the Goose CapEx in total, including Sabina's share that they'd spent and what we spent post-acquisition.

Clive Johnson: And what -- how do we have left to spend our recent budget?

Mike Cinnamond: Well, we've got -- we’ve given the budget estimate for CapEx for $1,050 for the main project, plus the funding of the development of the open pit and undergrounds, and also for some of the working capital funding that we think we need.

Clive Johnson: So Bill, I guess just to remind people about the schedule of the ice road starting here shortly, but how many weeks we have and how many weeks we think we have on that ice road and when do we think it'll wrap up or we'll have utilized it to the maximum.

Bill Lytle: So some of the numbers that we'd always talked about kind of a maximum of 3,000 containers, but we actually, that down [Technical Difficulty] 2,200 containers. That includes [Technical Difficulty] as I said, will be open and there will be open this weekend. And we have April or into the first week of May, assume that we're running 50 trucks or 48 trucks. What you're going to see is that we've got more than double the capacity to bring the load down the road. So ping is very good as far as bringing this.

Clive Johnson: You're bringing up a bit, Bill, but thanks for that. Just another couple of things to remind you of, we still have obviously as a company, one of our priorities and one of our great strengths is also exploration and our exploration success not only in finding more gold around our existing operations or mines or acquisitions we've made, but also making additional discoveries as a group, as a company over a long period of time. So we have an aggressive exploration button program. We have Victor King and Andy Brown with us here, if there's questions on exploration, we are pulling back on exploration in Maui. Mike mentioned we've far from realizing the ultimate value of the Fekola Complex. There's lots and lots of targets, lots of zones we've hit that are open.

We are drilling frankly. We've cut back dramatically on the drilling there because we don't understand yet the full implications of the 2023 code and understanding whether it might be an option to build a second mode down the road, et cetera. But trucking looks like the option. We're pursuing that, as we said, and hopefully we'll be able to start that sometime later this year. But the expiration, why would you go on and draw off lots more additional ounces when it's not clear whether they're economic, i.e. the second mill potential? So -- but we will get back to that if we forget where we want to get to with the government. I'm understanding that the 2023 code as written is going to be very detrimental to the future of the gold mining industry in Mali, because it will make it -- from being a very attractive company for foreign investment over many decades, make it one of the lesser attractive companies.

We have choices where we spend our money. Gramalote for example, if we get a good result in the study in the middle of the year. That could be a good project with owned 100% by beach of gold. But same expiration remains a priority to Goose expiration. I haven't seen Tom and Vic and Andy these guys as excited about an expression upside maybe since Cooper or some of the days at Fekola. But we have numerous targets, a big budget there. And we always knew the acquisition. We don't pay for ounces. That might be there in our acquisitions, but we think there's going to be a lot. We've already had one very good result. By drilling the deepest hole ever drilled on Umwelt and that was a really good result. I think it was 20 meters of 18 grams underneath the 100 meters below the deepest hole before wide open.

And there's many other zones as well. So I think with that we'll open it up to questions. Okay. Well, while we wait --

Operator: Yes, I can still hear you.

Clive Johnson: Okay. While we wait --

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