Good afternoon. My name is Jason, and I will be your conference operator today. At this time, I would like to welcome everyone to the B2Gold fourth quarter and full year 2020 financial results conference call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you would like to ask a question during this time, simply press star, then the number one on your telephone keypad. If you would like to withdraw your question, please press the pound key. I would now like to turn the call over to Clive Johnson, President and Chief Executive Officer and Director. Thank you, Mr. Johnson. You may begin your conference. Thanks, Jason. Well, thanks for joining us, everyone. Welcome to our conference call to discuss our Q4 and year-end financial results for 2020. We had an analyst session after we put out our production numbers this year, which I think was very useful for everyone. This is a session where we're welcoming shareholders as well, and other interested parties. I would just ask the analysts, if you have detailed modeling questions, when we open up for Q&A, I would ask you to not do that in this forum. We're happy to discuss the strip ratio and Masbate in 2030 or whatever, in a separate call with you. We continue to be transparent and help you get your models right. Now we don't want to have those kind of detailed questions in this call. You can follow up with Ian, and he'll put you in touch with the right person to answer those detailed modeling questions. In terms of overview, obviously, we had a remarkable year in 2020 by any measure, in terms of operating and financial results, as you're going to hear from Mike. I do think it's, we've talked about it before, but I think we're very proud of what we've been able to accomplish, particularly at the time of COVID. We did a lot of things well this year, and I think the handling of COVID with our employees, all of our stakeholders is, I like to think, was very successful and all these countries have very different challenges and all these projects during COVID. I like to think it's a testament to our culture and our trust relationship we have with all of our stakeholders. The governments in these countries that we're in and our employees and the local people in the countries we're in, and the company all had one thing in common, which was we wanted to keep mining, keep employment up, pay our taxes, and do all the other great things we do during COVID if we could do it safely. It's been a great result, and I just want to shout out to all of our tremendous executive team, management teams at the mines, and all of our employees who really rallied together as all of us as part of the B2Gold family to do an excellent job during this very challenging time. You'll hear about the results of the year, and it leaves us in a tremendous position to continue to optimize production at our existing mines, continue to be in a very strong financial position going forward, and also, of course, continue with our dividend paying and the dividend, our strong dividend, and also our ability to utilize cash from operations to further grow the company. By looking a little bit forward now, there's a lot of things going to happen this year, and they're well laid out in the news release. We have the Gramalote feasibility study results should be out in April. If, as we're hoping, a positive study, then we would be calling that out for their development plan very shortly thereafter. AGA had an investor day yesterday, apparently, and they were very optimistic, as we are, about the project. I think it's an important part from apparently what they've said for their future in Colombia, wanting very much to be a good, strong partner. We have worked very well together. Things are going very well on site in terms of relocation, some of the other requirements we have to try and get boots on the ground in September if we have a positive feasibility study and a positive development decision. The partnership at this time, and for some time, has been very much on the same page. Additionally, coming up this year, it's detailed in the news release, Kiaka, we're cautiously optimistic at this point, I guess, about Kiaka. We'll see by the middle of the year, we'll have the results of an updated feasibility study. The reasons we're encouraged are not just gold price. It's really some of the things have happened. We did some more drilling and have a better resource model for it, is one. The other things are the potential for significant changes in terms of power, fuel and power costs, et cetera, looking at liquefied natural gas, then hybrid power combining solar and dual fuel haul trucks, et cetera. That gives us reasons to hope. Our internal models suggest that the economics of Kiaka could be quite attractive. We'll know a lot more about that by June. Those are the two key development projects. The other thing I think I'm going to talk a little bit about, and we can answer your questions in the question and answer period, but just to touch on exploration. Obviously, a very important part of our history and our success, both in terms of brownfields and greenfields over a long period of time. We do have a budget of $66 million for exploration this year. We've had some questions about that. I would just say that if we look back historically, and we should probably run the numbers one day, but if you look at the money spent on exploration and the resulting ounces we discovered out here in brownfields or greenfields, we've always had a track record of being very successful in utilizing this large exploration budget to pay back tremendously in terms of the ounces generated from it. This year, there's a lot of it for brownfields. There's up to $25 million of the exploration budget could be allocated for greenfields. There's a number of things we're excited about. I just want to point out that this is a marathon for us, and we've done it for the long term, and exploration over time has been a very important part of our ability to grow the company and continue to extend our mine lives. We will continue to be driven by geology, not geography, as we have been around the world in Bema and B2Gold. Some of the things we're now getting to look at, we've been pursuing for a while. Uzbekistan, we actually started pursuing that in 2007, in the pivot days, as a great opportunity for low-cost deposits. We have a joint venture there and very excited about the targets we're seeing there. In addition, of course, we have Finland, which we're about to be drilling in a very exciting zone there, which has significant potential, obviously. There's a number of other things we're working on, of course, the Anaconda area for potential major additions to our reserves or another potential discovery. We detail that in the news release as well. The Cardinal zone, which could add, potentially, in the near term, some additional throughput for the Fekola mill. There's other exploration opportunities we're working on that's part of the potential $25 million budget would be for other opportunities elsewhere in the world, which we'll be able to detail more as we go into the year. I just wanted to point out, to talk a little bit about that and the ongoing importance of exploration in our world. With that, I think I would just pass it over to Mike Cinnamond, our CFO, who's going to walk you through the financial numbers. As I said, we can open it up to questions after that. Thanks, Clive. I'll talk about the quarter fairly briefly and then just comment on the year-to-date, the overall results, given that that's our year-end reporting. I'll also discuss a few things on the cash flow as well. Firstly, on the quarter, we had revenues of $480 million. That was based on the sale of 257,000 ounces at an average price of $1,868 per ounce. Good gold prices that we saw in Q4. Actually, the highest Q that we saw, given what went on with gold during the year, was Q3 for gold prices. That $1,868 for Q4 is a little bit higher than we're seeing now for Q1 as we move into the new year. We pretty much sold what we produced in the period, so no significant timing changes there. On the production side, good production quarter, right on budget, basically. The total production, including our share of Calibre, the tradable ounces was 270,000 ounces. Pretty much right on budget. The total from our three operating mines was 256,000 ounces. Again, pretty much right on budget. Really nothing to comment on the individual site production other than they basically hit budget. Fekola, 159,000 ounces. Masbate, 58,000 ounces. Otjikoto, 40,000 ounces. When you take a look at that budget production, then look at how it flowed into cash costs. This is how we guided, I think, in Q3. On the cash costs on a total from all ops, including Calibre, cash costs were $473 per ounce produced, and that's about $50 higher than budget. Those higher-than-budget cash costs really mainly come from Fekola, because of some mining sequence changes during the year, and also some higher costs there, especially on the HFO side and on the labor side, related to dealing with the COVID, rotating sort of personnel costs there. Total cost per ounce at Fekola were $397 an ounce, which is just over $90 higher than budget. Masbate was $585, which is actually $47 under budget. Masbate continued to benefit, I think, from lower fuel prices at site and lower haulage and stripping costs. Just to remind you as well, the reason Fekola's fuel costs were actually over budget on the HFO side, they were about 11% over budget, was because the fuel costs in West Africa, they don't flow just for the general market. The government sets the fuel price there. It includes a bunch of costs to take it cross-border from the ports right into the country and some taxes. The government sets the price, and we haven't seen them follow the underlying market price in doing so during the year. Otjikoto, $520 an ounce. That was just slightly over budget, $14 an ounce. Mainly just due to mining sequence changes, because overall, Otjikoto did also see lower fuel costs, and they also benefited from a weaker Namibian dollar during the year. Moving to all-in sustaining costs for the quarter. Total, including our share of Calibre, $926 an ounce which is $190 per ounce higher than budget. This is pretty much as we guided, we thought was going to happen at the end of Q3. That's a combination of the higher cash costs of about $50 an ounce. Also, higher-than-budgeted sustaining capital in the period. Most of that was timing. A lot of it was fleet cost. In the period, we had about $19 million overall higher sustaining CapEx than we'd originally budgeted. A lot of that just rolled in from earlier quarters, and a significant portion of it related to fleet costs, either fleet purchases or our maintenance that had been deferred or delayed from earlier quarters in the year. Just going to comment now on the year's results. Firstly, on the revenue side, just under $1.8 billion in sales. Annual record for B2Gold. Sales of just over 1 million ounces at average price for the year of $1,777 per ounce. Excellent year in the sales side. On the production side, total including our share of Calibre, 1,041,000 ounces produced. From our three mines, 995,000 ounces. If you look at that consolidated production number, the 1.041 million ounces, that's right at the upper end of our guidance range of 1 million ounces - 1.55 million ounces for the year. You've got to look at that context as well. We dealt with COVID through the year at all sites. We dealt with it very effectively based on the production results you're seeing. Also, Calibre, for a period of time, had shut down their operations as they dealt with COVID in Nicaragua. We never changed our guidance, and in the end, we still came in at the upper end of that consolidated production range. The individual components of that from our site, Fekola, 623,000 ounces. That's above the high end of its guidance range of 590,000 ounces - 620,000 ounces. Masbate was 205,000 ounces, right in the middle of its range of 200-210. Otjikoto was 168,000 ounces, right in the range of 165-175. To comment as well on Masbate, not only did they deal with COVID, and some of the transportation challenges that were experienced earlier in the year when COVID first hit the Philippines, they also had an earthquake and a super typhoon, they still hit their range right in the middle. Very impressive performance at all sites. Commenting now on cash costs and all-in sustaining costs for the year. On a consolidated basis with our share of Calibre, $423 an ounce. Now, overall, that's $11 an ounce under budget. We did see some higher input costs at Fekola, that was offset by cost savings at both Masbate and Otjikoto. Individually, at Fekola, it was $320 per ounce produced. That was pretty much at the upper end of its guidance range of $285-$325 per ounce. At Masbate, $629 per ounce, well below budget by $57 an ounce. Like you say, they benefited from significantly lower fuel costs, and also haulage and stripping costs were lower than we anticipated. In Otjikoto, $453 an ounce, that's $46 an ounce under budget. Like I said, they benefited from lower input costs and a weaker Namibian dollar. When you translate that all into consolidated all-in costs, $788 per ounce sold, including our share of Calibre, and against a budget of $794. Just under budget. It was at the low end of the company's guidance range of $780-$820 per ounce. Fekola came in at $599, just under $600. That was just slightly above its guidance range of $555-$595 as a result of slightly higher input costs. Also to remember, when we do the budgets, we're basing it on a certain gold price, and the royalties that flow into this all-in sustaining cost calc are based on a much lower gold price than we actually saw in the year. At Masbate, $985 an ounce, pretty much on budget and within its guidance range of $965-$1,005 per ounce. At Otjikoto, $920 an ounce sold, which is well below the low end of its guidance range of $1,010-$1,050 per ounce. Excellent year operations-wise from all sites. Like I say, I think pretty much where we came out is how we guided in Q3 and when we put out the production release early in January. A couple of comments on some of the significant stuff going on at site. At Fekola, the expansion of the Fekola mill and the fleet completed by Q3 2020, came online in the quarter and operating very effectively, and I'm sure Bill's going to comment a little bit about how we see Fekola operating as we go forward. It did come in slightly over budget in the end by about $14 million. That was mainly due to COVID-related delays and higher labor costs. Overall, it ran smoothly. The new solar plant at Fekola, it was originally forecast and budgeted to be completed in 2020, but we actually suspended that for a while to give us more room in the camp to complete our labor rotations for the regular operation. It did recommence later in 2020 and is now scheduled to come online in installments through 2021. The first part of it turned on in this first quarter of 2021, should be fully complete by the third quarter. We did have a fire at the site, which destroyed some of the solar panels, we're just in the process of replacing those. That pushed out the completion date slightly to about the third quarter of 2021. At Otjikoto, Wolfshag Underground, development of that is underway. Portal development started basically near the end of the third quarter. We are about $11 million under budget for the full year 2020. Those costs will just be pushed into 2021. We're still on target to have the underground development completed and bring it into the production schedule in early 2022, as originally forecast. There's a power line connection at Otjikoto where we're going to connect our solar plant to the national grid. Because COVID delays, we've pushed that into this year, that will get done this year. We're about $6 million under budget as a result of that. At Masbate, basically, the machine just ran smoothly. There's no significant delays or CapEx variances at Masbate as we went through the year. In fact, what we did was we even accelerated a little bit of the CapEx there from 2021. Some of the fleet that we were going to buy early 2021, we actually completed in late 2020. At Gramalote, we were about $7 million under our share of the budget for the year, mainly due to COVID delays, we still got our exploration program completed, we're still on track to have the feasibility study completed in early April. Although we're under budget on the cost side, it didn't delay the key activities that we're pursuing there. As Clive mentioned, we are still revisiting Kiaka. We looked at that through the course of 2020. We're still on track to have an updated study for that by the end of the second quarter of 2021. A couple of comments maybe on fuel, a key component of our costs. We have still maintained our hedging program where we hedged up to 50% of the next year's fuel needs and 25% of the subsequent years' fuel needs. We did catch up with that through the course of 2020. That's the position we were in by the end of the year. That is benefiting us now in terms of mark-to-markets as we go through the first quarter, as we've seen fuel costs rise. One of the things that came up, I think when we did our production release as well for 2021, was there are some slightly higher customs and duties costs in Mali as we come out of our exoneration phase. We had a three-year exoneration post-startup of the mine activities there, and we've now reached that phase at Fekola, so we have to pay some more customs and duties on imports. There was a question about what impact around that was for Fekola, so we quantified that for you in the MD&A. It's approximately $15 an ounce for those of you that want to plug that into your models. A few comments now on the income statement side. We talked about revenues and costs. On the G&A side, we're about $10 million under where we were last year. A lot of that is to do with, there's just a lot less travel and less consulting costs in the current year, again, as COVID certainly restricted a lot of what we would normally do. Masbate impairment reversal, there's a significant item in the P&L there, $174 million that we recorded earlier in the year, but just to remind you, that's in there for the full year. That's the reversal of any remaining impairment that we've historically taken at Masbate. We're equity accounting our share of Calibre results, so we had a pickup during the year of approximately $22 million related to that. We do have a significant investment in Calibre shares. We took Calibre shares as part of the deal, so they've currently got a market value of somewhere around $140 million. On the tax side, I know that quite a few of the analysts, you've definitely had questions on taxes. The total income tax charge recorded on an accruals basis for the year was $310 million. We're taxable at all sites now. We don't have accelerated write-offs of any costs at any sites anymore. We're just paying taxes as we go. To remind you that that tax charge also includes the priority dividend at Fekola. I know the whole tax situation in Mali and how it's recorded and booked and paid, it is a little complicated. We've tried to lay it out for you in a bit more detail. It's on the news release on page seven, just explaining the cash taxes and how we pay them. We've also put some guidance in the MD&A for you on taxes on page eight, on Fekola dividends, how that all works on page 13. Hopefully, that'll help clarify it for any of you that still are a little confused by that, and we're also happy to answer any questions in a separate call if you want to follow up. Just to remind you on the tax side, $310 million charge for the year. That includes about $140 million that hasn't been paid yet. It'll be paid in 2021. The main components of that $140 are $75 million of remaining Fekola income tax liabilities and $50 million for payment of the 2020 Fekola priority dividend. Again, we laid that out in the MD&A, so hopefully it's clear for you now. For the total year, well, for the quarter, actually, net income was $174 million, or $0.16 per share attributable to our shareholders, and adjusted net income was $146 million, or $0.14 per share adjusted. Year- to- date, net income was $672 million, or $0.60 per share. Year- to- date adjusted, after we take out significant non-cash items, the main ones being the Masbate impairment reversal and deferred tax adjustments. Year- to- date, the adjusted EPS was $0.49 per share. Just a couple of comments on the cash flow statement. The first one's on operating cash flow, $197 million for the quarter or $0.19 cash flow per share. For the year, $950 million. That's a record for B2Gold, big number. To remind you guys, that's after we prepaid $50 million of our Malian taxes, we ended up with $950 million for the year, which is approximately $0.91 per share. The only other couple of comments on the cash flow statement, I kind of alluded to some of the CapEx. In total, our CapEx, we were about $40 million less than budget for the full year, which is a bit less. We're slightly further under budget than we thought at the end of Q3. The main components of that underage are we had less deferred stripping at both Fekola and Otjikoto in total of $28 million. Loulo-Gounkoto underground, as I mentioned, $11 million under, and Loulo-Gounkoto powerline, $7 million under. That was offset by some of the overruns in the expansion, as I discussed, and some lower exploration costs. We were approximately $7 million under on exploration, a lot of that was greenfield that we didn't get to this year because of some of the restrictions that we faced. We're hoping to get to it next year, as Clive alluded to in his opening remarks. For the year, we ended the year $480 million cash, we have the full amount of our $600 million revolving credit facility available at our disposal. I think that's the summary of the financial highlights that I wanted to touch on. Thank you. Thanks, Mike. Just something I neglected to mention in my opening remarks was just on strategy. I think it's pretty clear from the news release and from the recent calls we've had, our strategy remains really the same, which is obviously to maintain our strong financial position, as we said, and the ability to pay a dividend and advance our growth projects. Between the growth projects, the potential we have at Gramalote, Kiaka, the Anaconda area, et cetera, and all the exploration funding we're doing for both brownfields and greenfields, we're pretty confident in our ability to grow shareholder value in this company over the year without having to aggressively pursue M&A. Obviously we'll look at M&A, and we've all had a big haircut from the highs that we were at, so other companies have as well. For us to do M&A at this point with everything we've got going on that we think potentially could add a lot of shareholder value, it would have to be something extremely compelling, even though the unrealistic expectations of certain companies have had to come down because of certain opportunities, because of the gold price. We'll see. We're always looking. At the end of the day, we're quite ambivalent at this point about M&A, which is a good place to be, I think, given what we have on our plate. If something comes along that makes sense and we think adds value for our shareholders, of course, you know us by background, we'll definitely have a hard look at it. I think with that, we'll move to open up to questions. Certainly. At this time, if you would like to ask a question, please press star, then the number one on your telephone keypad. To withdraw your question, press the pound key. We will pause for just a moment to compile the Q&A roster. Your first question comes from the line of Tyler Langton from JPMorgan. Your line is open. Hey, good afternoon. Thanks for taking my questions. Yeah. Just on- Hi, Tyler. Yep. On Cardinal, I know you mentioned sending some material to get processed at the mill in Q2. I guess, do you have a sense, after you come out with the resource, when you know what Cardinal could contribute this year to production at Fekola? Bill? Yeah, sure. Good question. Maybe we should have talked about it a little bit. Just to remind everybody why we are discussing Cardinal at all at this phase, because there is a chance really to create quite a significant resource there. It was basically discovered when we were doing condemnation drilling. There is a very close to surface exposure of the ore body or of the vein. I think everyone's aware that the expansion, which we completed in September of 2020, has gone off probably even better than we had hoped, and we have done some throughput trials and showed that while our budget is at 7.75 million tons per annum, we have the ability to, at a minimum, run at eight million tons per annum in 2021 based on the ore composition that we are seeing. We have this extra capacity. As opposed to running low-grade material, campaigning low-grade material through the mill in 2021 on top of that 7.75 million tons per annum, we looked at alternative sources, and of course, the closest source is the Cardinal resource. The Cardinal resource, they're going to continue to drill on it, and the resource which is coming out isn't really focused on near surface exposure. What we've done is we've taken what the inferred resource that the geologists have created, and we've now put a grade control pattern across that and created our own kind of mini resource for near-term open pit success in 2021. As part of that, we've approached the government and asked for the ability to bulk sample it, and that obviously does a couple things for us. Obviously, it increases the ounce profile from the mill. The question you asked was, how much? We think with the low grade, if we were just putting low grade through that additional 250,000 tons, we're probably at 10,000 ounces. With the Cardinal resource near surface exposure, we think that we're going to be somewhere in that 20,000- 25,000 ounce range minimum that we'll be able to add onto that. Remember, that's just at adding 250,000 tons. Certainly, we think that that's the bottom case now, because we know we're going to run at 8 million-plus it looks like. Now the question is what do you do with the rest of that? We've got additional capacity there, which could come from Cardinal. Additionally, we've got the Menankoto area, or the Anaconda area, which has also got some saprolite surface exposure. We're looking at some high-grade pockets there, and potentially in 2021, bulk processing some of that as well. You could see some additional ounces from there as well in 2021. All of these things we're working through, but the short answer to your question on Cardinal is it looks like 20,000- 25,000 ounces, but with significant upside on top of that. Sorry, just to clarify, and that would largely come, I'm guessing, in the second half of the year? That's the funny thing, right? We don't necessarily think it's going to come in the second half of the year. We are pushing very hard. Actually, Randy Reichert, our VP of operation, is at Fekola right now laying out mine plans and what does that look like. Certainly, when we did our optimization on the mining side, we optimized on basically hauling from the Fekola pit. We've got the issue of how do we truck this stuff? It's only 500 meters, but how do we truck it to the mill? We're in the process of trying to set up maybe a small contract miner service for 2021 until we get our head around it. Ideally, we would actually see it in Q2. Got it. Okay. Just, obviously we've seen a lot of inflation in sort of oil, diesel, steel, freight, and I guess when you come out with the studies for Gramalote and Kiaka a little bit later, should we assume that they'll kind of reflect this current level of cost? Just kind of wanted to, I guess, get a better understanding around that. When you say reflect this current level of cost, I don't understand what you're asking. Oh, just meaning kind of like, I guess, current prices for oil, diesel, steel. Will these studies kind of be based on more of these current prices that we're seeing now? Would they be a little bit in the past? Just trying to get a sense for that. No, I think you're aware we updated. AngloGold did a PEA, or sorry, a PFS in 2017, which we updated into a PEA, and that's because of the inferred versus indicated question in 2020. Right? We certainly updated at least at a very high level in 2020. As part of the feasibility, these will have full feasibility costs in it. We've gone out for quotes for sure. Got you. Okay. Thanks so much. Thanks, Tyler. Your next question comes from the line of Ovais Habib from Scotiabank. Your line is open. Thanks, operator. Hi, Clive and B2 team. Congrats on a good quarter and thanks for taking my questions. Thanks, Ovais. I was working with Ron Cardinal, which I think Bill kind of gave a good overview of. I'm guessing the reason why it's brought into the near term where it was previously expected to come in around the Q4 time period was based on the fact that now you're just doing that grade control drilling, and that's given you confidence to bring it into production earlier. Is that how I should be thinking about this? Well, it really, Ovais, you could say yes, but the real answer, if I'm being completely honest, is we have this extra capacity where we know that we're shoving low grade in right now, right? We're just doing whatever we can to bring higher grade material into the mill. Yeah, it could be Q4. Originally, we had talked about potentially swapping Anaconda bulk sample and Cardinal bulk sample. Because the grade control drilling is being done and everything, we feel pretty good about bringing it in even sooner. I know conservatively, I should say that it's going to happen in the second half of the year, but when I'm being honest with you, we are out there grade controlling it right now. Perfect. Just in terms of metallurgy and just having that kind of information in your hand, all that has been done previously already? Yeah, well, I'll let John answer that, but the short answer is yes. We feel very confident about what we've got there. Just remember, this also, we think there's a much larger resource there, and maybe Tom can comment on that, which will eventually come out. Certainly doing this bulk sample, which is one of the key things for doing this bulk sample, will give us a real good handle on how this material interacts with what we've already got there and how it works its way through the mill. Right. Thanks for that, Bill. John, do you want to comment at all on the metallurgy for Cardinal? Yeah, sure, Bill. The metallurgy's very similar to Fekola. We've done testing on representative samples, and it responds very similarly to the Fekola ore. We're confident that we'll get similar recoveries as Fekola on Cardinal. Got it. Thanks, John. My next question is for Tom. In regards to the exploration budget, specifically for greenfields exploration, is there one specific project or region that you're particularly excited about? Or how should we be looking at where you guys are going to be focusing on with this exploration budget? Yeah. First of all, I'll just make a comment, and Clive has said this, and I'll say this, I'll repeat it, is it's a pretty big budget, but it's a culmination of many, many years of project generation and talking to juniors and talking to governments and going out and looking at things, and slowly we've accumulated these early-stage projects. If I had to say there was one area I was more excited than the other, it's kind of a difficult question, but I'm very encouraged by what we're doing in Uzbekistan right now. That's been a project dear to my heart and dear to our hearts because we've worked on it for so many years to generate this. If we look at what we're doing in Finland, we're drilling next to a new discovery by Rupert, and we're excited what we see on our own property. On the other ones, right now, I'd just rather keep those to myself for now because we're still generating things that we plan on drilling later this year. Okay, thanks, Tom. That's it from me, guys. Thanks, Ovais. Your next question comes from the line of Josh Wolfson from RBC Capital Markets. Your line is open. Thanks. First a question on the tax side of things. Thank you for the additional disclosure. I noticed that the commentary and the call information that the priority dividend would be paid after tax. In the cash flow statement this quarter, there was still a distribution to non-controlling interests, I guess, of $9 million. What would that be related to, and is that expected going forward? Well, the priority interest that we have, we do have interest in Namibia, right? We have a 10% holder and owner in Otjikoto. There are some payments made to them. Okay. Is it safe to assume that the full 20%, whatever you want to call it, the free carried and the equity interest for Fekola, that will be captured in the taxes line, not the distribution to non-controlling interest line? No, it's split. The first 10% at Fekola, the priority dividend will always be reflected in operating activities. It's recorded as a tax charge and paid within operating cash flows. The second 10% is just an ordinary dividend, and it will be reflected as a payment. Okay. Thanks for clarifying. On Gramalote, I guess two questions. With some of the commentary from Anglo earlier this week, is it safe to assume that the ownership is unlikely to change at this point? A follow-up on this sort of open Gram claim that's under review by the ministry there, what does that mean for the outlook of the asset and timelines? I'll answer the first part of that. Everything the AGA has said to us, and they reiterated again yesterday on their investor call, is that they're keen on Gramalote as a project. They also think it's very important for them. The Quebradona project and other things that they want to do in Colombia, they're a bit behind Gramalote in timing. They see it as very important to be involved in a successful joint venture with us as operator to show the government of Colombia what the potentially first significant open-pit gold mine in the country looks like and how well we're going to do it in a great part of the country to be in Antioquia. I think at this point in time, I would be quite surprised if there was any ownership change. As you know, we've talked about it before. Based on our agreement, if the AGA decides after we submit a development plan that they don't want to fund, we have the opportunity to purchase their producing interest on their market terms based on the feasibility study economics. They also have the option to go down to 30% within the agreement as well. Also, of course, we would have the opportunity to bring another partner in if we so desired. I think there'd be a long list of companies if the economics are what we're hoping to see, that would like to partner up with B2Gold in Colombia, having our team build the mine. I'd be surprised at this point in time. Things can change, but AGA is really committed to Colombia, and from what they're saying, they want to be part of this project subject to feasibility and their development decision. Second part of the question, who wants to handle that? If you want, I can do it. I assume you're talking about the Zante claim? Yes. Okay. Yeah. I don't know if you know the background of it, but basically the way it works in Colombia is when they did their cadastral layout, originally, it was all done in paper copy, and then they switched over to an electronic copy. During that, some of the claims didn't line up when they put them in the computer. Zante kind of jumped in there and said that they would lay claim to a small portion of that. The government has rejected that outright. They've said that that's not the case, and there's really not an open area, and even if there was an open area, that small area, you could never develop it anyway. They don't think that it's a real thing. Zante has filed a suit against the government of Colombia saying that they don't agree with that. The government themselves say it's without merit. We've asked to join that case as Gramalote, as an interested party, obviously. Once again, I think our internal view is that there's no merit to this case at all. It's just got to play itself out. In the absence of this being resolved, is there a way that you can sort of just continue with construction advancement, or does this have to be solved first? Well, I'll answer it from a non-legal perspective, and then they can correct me, but my understanding, the government wants this project to go forward expeditiously, right? They're pushing us even harder than we're trying to go. I don't see any way where the government tries to stop us from developing this project. Legally, what that means, I guess that's a question for Roger and or Randall. Great. Thank you very much. Hey, Josh, just to follow up on your first question, I was just trying to remember the timing of the call, is that we did make the very first ever dividend, ordinary dividend payment to the Malian government. We actually made it just before the end of the year. Part of that $9 million that you're referring to, there's about half of that is the very first government share under those ordinary dividends. For some reason, I had it in my mind it was early January, we actually did it just before year-end. Okay, thanks for clarifying. That's great. Okay. Thanks. Your next question comes from the line of Don DeMarco from National Bank Financial. Your line is open. Hello. Hi, Clive and team. Thanks for taking my call. First question is for Bill. Bill, at Fekola, you mentioned before you were testing higher throughput rates in December. I was wondering if you could give us an update on how that's going. I heard you say earlier it looks like maybe you can do 8 million tons per year. What are you finding based on your testing you've done so far? Can it go higher or where are you at? Yeah. Now John's going to kick my butt for saying it, but yes, we think that we can go higher, right? We're currently running even above 8 million tons per annum. With that being said, we need to caution everybody, right? It was designed for 7.75. We've already put out 8 million. We're running above that right now, but we don't have any experience, right? I think everybody is telling me to just hold off, and we're happy to say 8 million without putting the upper number on there. It has the potential to go higher. That takes into things like maintenance and how do you layer your critical spares and your downtime and all these things that we really have to look at and that we don't have our head around yet. I'm a bit loath to give an upper bound. Okay. Fair enough. The guidance for 2020 calls for 7.75 million tons per year run rate. When you mention Cardinal to add on additional 250,000 tons, to get 25,000 ounces, I just ran some math here. It looks like you'd be grading about 3.3 grams per ton, which would be well above the guidance grade of 2.3. Is that right? You're sort of thinking to get that 25,000, you'd be topping 3 grams per ton from Cardinal? Yeah. I would say yes, but maybe Randy can correct me. Okay. It sounds as though if you're going to get to eight, 250,000 tons is probably going to be hitting capacity, or is there any other opportunity to bring on something else from Anaconda? I think that was mentioned maybe in previous calls. Yeah. From Anaconda, there absolutely is a potential, but remember, that's in a separate license area, so that has its own set of issues. What we're doing there is we're doing an internal study right now to see what that looks like. Once again, Randy Reichert is managing that study, with the intent not only to take a bulk sample from Anaconda, because we don't see this as a short-term issue. We believe, once again, there's a pretty significant resource at Anaconda, but they need time to drill it. Really in 2021 and 2022, which other people have noticed that we have a bit of a dip in 2022 as well, we have the potential to add some ounces from Anaconda. The plan is to permit a bulk sample, because remember, a lot of that is saprolite. You get into the issue on not only is it 8 million tons or is it higher than that? It's can you add saprolite on top of that? What's the percentage? We want to take a big bulk sample again from Anaconda, and we think that'll happen in the second half of the year as a test, and then that'll really tell us what's going to happen in 2022. The answer is yes, additional ounces potential from Anaconda, which I talked about previously. In 2022, we can once again see additional ounces in that regard. Okay. Thanks for that, Bill. Maybe just one final question on Gramalote. You've got this FS that's coming out in April. We look forward to that. In terms of a go-forward decision, are you going to wait until, say, after the Kiaka FS in June, or are you going to take your time? How will, say, for example, Tom mentioned he's encouraged by what he's seeing in Uzbekistan. Is there anything else in your pipeline that could potentially delay a go-forward decision on Gramalote? No, I would say not at all. I mean, Gramalote is first in the queue for sure, ahead of Kiaka, and very much so if we get the results in the study we're looking for and go with the drum plan, that's our top priority. I think it's really important to realize that the good news is that the local people, the local government in Antioquia, local community, and the federal government, everyone wants this mine to go ahead as fast as possible. They've made it very clear to us. It's in our pipeline for a reason, because it's ready to go, and we're looking forward to some things in the feasibility study, getting going right away on it. Also, it's very important with your social license of expectation here. There's a lot of expectation out there, many years with Gramalote, where the people and the government saying, "Okay, come on, when are you going to start construction?" We wouldn't be driven only by that criteria, but you've got a willing government, a willing population, a really good joint venture. A lot of good work's been done, and we've got our construction team chomping at the bit to get on the ground. As importantly as all of that, or more importantly than all of that, it's what we expect it to be. This is a significant addition of over 200,000 ounces a year to B2Gold, and it could be funded over the next two and a half years. Our share of capital, which is estimated to be around $450 million, and some of that would be a fleet, so it might be less than that. You could pay for the fleet over five years. We could clearly, from our current projections, fund our share of capital over about a 2.5 year period from cash from operations. No, it's ahead for sure. Kiaka, and once again, Kiaka, you've got a government of Burkina Faso that's very keen, like all governments today, almost all governments in the world, on a need for investment, and gold mining is becoming and proving itself during COVID to be an excellent investor in this country. I think in the case of Burkina Faso as well, we're working closely with the government. We have guys down there next week meeting with them to talk about what the taxes are going to be like to try and really advance our feasibility study for a view of that in the middle of the year. We've always said we're never going to split our construction team and build two mines at the same time. That's one of our keys to our success and this remarkable team being focused. We talked a bit about it before, and Bill and his guys are looking at it. Let's say we get positive studies on both of them. We could bring a partner in for Kiaka. We could sell the asset, of course. We're also looking at the idea, if it's as attractive as we think it may be, based on the internal results subject to taxation, et cetera, Bill and his guys are talking about sequencing. Could you have the Earthworks crew, for example, which would start in Gramalote, hopefully as early as September, would you have that crew ready to go from Gramalote to go to Kiaka potentially, as the mill construction team comes into Gramalote, and then subsequently they move on. Can you sequence them in? We're looking at that. I wouldn't rule anything out. I know some people will freak out and go, "Oh my God. Look at all this capital that B2Gold's going to spend over the next three years." Let's not make too many assumptions on that. We have many alternatives. Gramalote, we want to go forward with it based on this positive study, we expect with our partner. At Kiaka, there's a whole bunch of alternatives if it's as good as we think it could be and why wouldn't we want to continue to grow the company for our shareholders by considering that either in a joint venture with someone else or doing it ourselves. We've had a pretty remarkable track record over the last 13 years of growing through acquisition, and exploration, et cetera. Here, these are two assets we own with very little value on our share price for them, which is understandable at this point in time. I think we're never going to be reckless, but we'll continue to aggressively grow the company, and it's hard to argue against the track record of success we've had at doing that. We're not going to wake up stupid next week and then make a silly decision about the development of this company, in my view. We'll continue to be very disciplined about how we do it. It's great to have these assets. Some people look at it and go, "Oh my God, look at the capital expenditure they have." Well, that's way ahead of the game right now. At the end of the day, we're not saying, "Just trust us," but we'll come up with a plan for the assets that we think will please our shareholders and not take on too much risk. Okay, great. That's very helpful. That's all for me, and congratulations on a strong 2020. Okay. Thanks a lot. I appreciate it. Your next question comes from the line of Carey MacRury from Canaccord Genuity. Your line is open. Hi, good morning, guys. Maybe just another question on Cardinal. You talked about sort of the potential impact on 2021. Just looking beyond 2021, is the goal of Cardinal to sort of sustain that 500,000 ounces at Fekola longer, or could you increase production over the next couple of years? Well, that really gets into what the ultimate resource looks like, which I don't think there's an initial resource coming out, but the ultimate resource, I think, is still a ways away from being developed. I would probably turn that over to Tom. Tom? Yep. Can you guys hear me? Yep. Yep. Yeah. The resource that the guys are doing their grade control on right now is all when we complete the resource, which will be in a couple of weeks here, it's going to be inferred. We're probably going to leave the bulk of that resource at inferred. Our exploration drilling for this year is we've got some tight drilling in where the ore shoots are, to try and follow those down plunge. We've got some drilling set aside for deeper exploration, and we've got a little bit of a more sort of grade control style drilling within the exploration budget. For this year alone, we've got close to 12,000 meters of diamond and about 6,000 meters of RC drilling planned for Cardinal. We still see it as an exploration bet, but from my perspective, it's still early on. Cardinal was just found last year, basically, and now we're starting to mine it. I'm not complaining, I'm just saying that we're very early on, and so the ultimate size is still yet to be determined, but it's part of our active exploration program. I don't know if that answers your question. Well, that's helpful. Beyond the bulk sample, there's no sort of imminent plan to keep it into the mine plan in the near term? Is there going to be, like, a bulk sample and then a bit of a break, or is it you can kind of just keep mining it as you go, as you get out in front of the exploration? No, I didn't say that. The inferred model that we're going to have is going to be incorporated into the planning by the mining department. We don't plan to turn that into all indicated. They're already doing grade control drilling on it, and we'll continue to follow that, and we'll continue to drill it deeper. Okay, great. Thank you. We're hoping it's in the mine plan going forward, right? We hope it continues on. Bill? Yeah, for sure. Once again, I hate saying that because as Tom just pointed out, we're talking about an inferred resource that, quite frankly, we haven't even seen the latest update on. Absolutely. It's 500 meters from the edge of the existing pit, so it is in an ideal location, and we will take that as soon as it becomes available. Great. Thank you. Thanks. Your next question comes from the line of Anita Soni from CIBC World Markets. Your line is open. Hi, good morning, guys. Thanks for taking my question. The only one I have remaining is about the Cardinal. Just to be clear, the 20,000 to 25,000, is that within your guidance incorporated already, and in terms of the production? Secondly, in terms of cost, would that higher grade material have a beneficial impact on the cost, or is that more just tied to the strip ratio? Yeah. The first part is, no, it's not included in our existing guidance. Any guidance we put out, even our five-year guidance that I think we did at Investor Day last year, does not include any of our inferred or upside sources. What we put out was 7.75 million tons per annum throughput at Fekola with no upside from Cardinal. As far as cost, I think, once again, because we don't even know what the contract rates or anything like that, I'm a bit loath to say about that. You're talking about just a small percentage versus the 500,000 ounces we're already producing. Okay. All right. Thank you. There are no further questions. I turn the call back to Clive for closing remarks. Okay. Well, thanks, everyone. Good questions. As I mentioned at the outset, if you have further detailed modeling questions, we're here to share and be transparent and help with the models, so don't hesitate to reach out if there's other questions you would like to ask. We're very excited about the year coming up, or this year, and we look forward to reporting back to you as we get exploration results and other developments, like feasibility studies over the next period of time. We'll have a lot of news flow for you. Thanks, everyone. That concludes today's conference call. You may now disconnect.