Thank you for standing by. This is the conference operator. Welcome to B2Gold Corporation Second Quarter 2026 Financial Results Conference Call. As a reminder, all participants are in listen-only mode, and the conference is being recorded. After the presentation, there will be an opportunity for analysts to ask questions. To join the question queue, you may press star then one on your telephone keypad. You will hear a tone acknowledging your request. Should you need assistance during the conference call, you may reach an operator by pressing star then zero. I would now like to turn the conference over to Mike Cinnamond, President and Chief Executive Officer of B2Gold. Please go ahead. Thank you, operator. Good morning, everyone, and thank you for joining us for B2Gold's second quarter 2026 conference call. I think first business, before we begin our discussion of the quarter, I want to address the trading halt that was implemented earlier this morning. Shortly before this call, we received confirmation that the Government of Mali has granted the Menankoto Exploitation Permit. Given the significance of this development and our obligation to ensure that all our investors receive material information at the same time, we requested a temporary trading halt pending the dissemination of a news release, which I believe will go out shortly. This permit represents a very important milestone for the Fekola complex, providing the framework to commence mining activities within the Menankoto Permit area and supporting the continued development of the Fekola regional deposit. We appreciate the efforts of the government of Mali and all stakeholders involved in advancing this permitting process forward. That was the reason for the trading halt, and while we're very pleased to receive this approval, today's call will remain focused primarily on our second quarter results and operating performance. We will, of course, provide additional comments on the Menankoto Permit during the call and take questions following our formal remarks. With that, I'd now like to pass the call over to Kelvin, our Chairman, for some opening remarks. Thanks, Mike, and good morning. Well, you've now heard the great news out of Mali. Before Mike and the team review that and the quarter in detail, I'd like to take a few minutes to provide a broader perspective on the principles that continue to guide our business. Before doing so, I'd like to acknowledge three important leadership milestones. First, on behalf of the board, I want to thank Clive Johnson for his extraordinary contribution to B2Gold. From founding the company to building it into the international gold producer it is today, Clive's leadership, vision, and determination have been instrumental. While he stepped down as Chief Executive Officer, we're very pleased that he'll continue to support the company as Chair Emeritus, and we look forward to benefiting from his experience and insight. I also want to speak to Mike Cinnamond's appointment as Chief Executive Officer. The board and I have tremendous confidence in Mike and the leadership team. This transition represents continuity more than a change in direction. Mike has been deeply involved in the execution of our strategy and the development of our business over many years. We believe the company is in very capable hands, and we're excited about the leadership he'll provide in the next chapter of B2Gold's evolution. This is also why we are pleased that Michael McDonald has accepted the role of Chief Financial Officer. Michael has consistently stood out for his performance and acumen and had already begun the transition in the finance team with a view to succeeding Mike. From the board's perspective, we couldn't be more comfortable with Michael in the role and with his ability to continue to collaborate closely with Mike, who understands the B2Gold CFO function better than anyone from his many years in the role. Our approach remains straightforward. We focused on delivering on the commitments we make. Our strategy has never been about chasing short-term opportunities or reacting to market cycles. For my part, I look very forward to working even more closely with Mike and the management team with a focus on disciplined execution and delivering value. In that respect, it's important to acknowledge that our recent share price performance has not met the standards we set for ourselves or the expectations of our shareholders. While we believe very strongly in the quality of our assets and people, this is a great team, we understand that shareholders are focused on results, and they have every right to. The board and management are fully focused on the work required to deliver the performance expected of us. Our operational culture remains the foundation of how we'll get there. Over the years, we've established credibility with our shareholders, host countries, employees, and local communities by setting clear objectives and working diligently to achieve them. We are operators first with a disciplined focus on safety, execution, continuous improvement, and creating value to the assets we own and operate. We also believe in reinvesting in our business to create long-term value, whether it's sustaining our existing operations, investing in exploration, or advancing high-quality development projects. At the same time, we recognize that strong cash generation must translate into meaningful returns, maintaining a balanced approach between investing in future growth and returning capital to shareholders. We recognize that our success is closely tied to the countries and communities where we operate. Being a preferred partner means more than operating safely and responsibly. It means working alongside our host governments and communities to create lasting benefits. I think today's announcement from Mali underscores this point. Looking across our portfolio, we continue to see the benefits of this consistent approach. Our focus is on executing reliably, delivering on our commitments, and generating the confidence that has always been earned through hard work and performance. With that, I'll turn the call over to Mike and the management team to discuss the second quarter results. Thank you. Thank you, Kelvin. The second quarter, it was an important one for B2Gold. We delivered consolidated gold production of approximately 204,000 ounces, in line with expectations, and in particular with strong operating performances from Fekola, Masbate, and Otjikoto mines. While Goose production was impacted by the crusher fire in April, as previously announced, the team there responded exceptionally well, and repairs continue to progress now according to plan. Our other key area of execution focus for 2026 is bringing Fekola Regional online. We had recent meetings in Bamako with Mali state officials, and they had confirmed that there were no remaining obstacles to the approval of the Menankoto Exploitation Permit, as all the required steps in the approval process had been completed and validated by their different ministries. Now, as you've heard, the permit has been granted by the Council of Ministers in Mali. The issuance of this permit, Menankoto Exploitation Permit by the state of Mali allows us to move forward now on one of B2Gold's most important near-term growth opportunities. Mining pre-stripping activities can now commence. Fekola Regional is expected to ramp up operations through the end of 2027 and to produce somewhere in excess of 150,000 ounces a year from 2028 onwards through the mid-2030s. Beyond Mali, we continue to strengthen our portfolio and balance sheet during the quarter. We completed the sale of our 70% interest in Finland Properties to Agnico Eagle for $325 million. We repurchased 19 million shares under our renewed NCIB for $92 million and completed the final deliveries into our gold prepaid contracts, which Mike will talk about a little more in a minute. While the second quarter reflected some temporary pressures on free cash flow from taxes, prepaid deliveries, and elevated production costs, those headwinds are definitely expected to moderate. With the gold prepaid deliveries now behind us and all remaining gold sales now exposed to spot prices, we expect a meaningful improvement in free cash flow generation as we go forward. With that, I'll turn the call over to Michael McDonald for a discussion on our financial results for the second quarter. Thank you, Mike. Second quarter financial results on a consolidated basis finished in line with our expectations for the quarter. Outperformance at Fekola, Masbate, and Otjikoto offset a tougher quarter for the Goose Mine as it ramped up milling operations following the previously reported fire in certain areas of the crushing circuit in April 2026. Net income attributable to shareholders was $417 million in the second quarter, or $0.31 per share, benefiting from the gain on the sale of our Finland Properties combined with unrealized gains on derivatives. After backing those gains and other non-recurring adjustments out, our adjusted net income attributable to shareholders was $41 million, or $0.03 per share. It's important to note that our adjusted net income figures included approximately $71 million of realized losses related to our gold collar contracts during the quarter. Without that impact, adjusted net income per share would have been just over $0.08 per share. The gold collar contracts conclude in December of this year, and B2Gold will go into 2027 completely unencumbered from gold prepayment and gold collar contracts. Operating cash flow before working capital adjustments was $94 million during the second quarter. Assuming current gold prices remain, operating cash flow is anticipated to rise significantly into the second half of 2026 when compared to the second quarter, primarily due to the completion of the gold prepaid contracts that finished in June 2026. Free cash flow was negative $258 million during the quarter, in line with expectations when we released our guidance at the start of 2026. Free cash flow was impacted primarily due to elevated cash tax payments, including the priority dividend payment to the state of Mali related to their 20% ownership of Fekola, plus the impact of the gold prepaid contracts, which affected just over 30% of ounces sold during the quarter. On cash tax payments, the amount we paid in the second quarter of 2026 was just under 45% of what we anticipate paying for cash taxes in all of 2026. You will see the cash tax number moderate in the third and fourth quarters when compared to the second quarter. The negative free cash flow number also does not include the $325 million of cash proceeds received from the sale of our Finland Properties during the quarter. Despite that, our balance sheet remains very strong. At quarter end, we held $287 million in cash and cash equivalents and had working capital of $405 million. We are in a very strong financial position that will only get stronger over the coming quarters at these gold prices. Finally, we also continue to return capital to shareholders through our normal course issuer bid and common share dividends. Year to date in 2026, we have now repurchased approximately 35 million shares for a total of $172 million. On top of that, in the first half of the year, we paid out $52 million in dividends. Combined, that brings total shareholder returns in the first two quarters of 2026 to $224 million, which is over 4% of our current market cap. Those numbers are in spite of the impact of the gold prepayment contracts and the gold collar contracts. As we finish out 2026 and enter 2027 completely unencumbered by those two financial instruments, we anticipate free cash flow to rise dramatically at current gold prices and should allow for increased shareholder returns as well. With that, I'll turn the call over to Bill for an operational update. Thank you, Michael. From an operating perspective, the quarter was largely in line with expectations. Consolidated production totaled approximately 204,000 ounces. Fekola, Masbate, and Otjikoto all exceeded expectations and demonstrated the consistency and reliability that investors have come to expect from those assets. At Fekola, operations continued to perform well, and our focus remained on the efficient operations of the Fekola and Cardinal pits while preparing for the commencement of mining at the Fekola Regional. With the issuance of the Menankoto exploitation permit, we now have a clear path forward for the development of Fekola Regional. Just to think about that, remember, we had previously received approval and constructed and prepared all the site infrastructure and all the roads, started the pre-stripping, and have hired all the necessary staff to begin mining. At Goose, the crusher fire in April affected production during the quarter. Safety remains our highest priority, and I'm pleased with the team's response to the event. Repair work and remediation activities are progressing as planned, with remediation and phase one of the crusher upgrades expected to be completed by the end of the third quarter. In the interim, an additional mobile crusher has been sourced and was delivered to the site in July. We expect it to be operational in early August. The crushing capacity of the new mobile crusher in combination with existing crushers already on site is anticipated to be in excess of 3,000 tons per day. Masbate and Otjikoto both delivered another strong quarter of operations exceeding expectations, with solid operating performance at both sites expecting to continue throughout the remainder of the year. The company has increased the production guidance for these operations. As a result of year-to-date operating performance and our updated outlook for the remainder of the year, we have narrowed our guidance range across the portfolio. We now expect consolidated gold production of between 820,000 and 920,000 ounces in 2026. The largest change relates to Fekola Regional based on the delays in issuance of the Menankoto Exploitation Permit, as well as narrowing of the production range at the Goose Mine as a result of the fire, which occurred in certain areas of the crushing circuit in April this year. These changes are partially offset by the previously mentioned guidance increase at both Masbate and Otjikoto. Importantly, our consolidated cash operating cost guidance remains unchanged between $1,155 and $1,280 per ounce produced. We have also lowered our all-in sustaining cost guidance range to between $2,370 and $2,550 per ounce sold, and currently expect full year results to be at or below the low end of that range. Overall, we remain confident in our operating outlook and are focused on delivering a strong second half of the year. With that, I'll now turn the call back over to Mike Cinnamond. Thanks, Bill. Thanks, everyone, for the overview of the quarter. We're obviously pleased with the results and pleased with how we look as we look forward for the balance of this year. Obviously, receipt of the Menankoto Permit this morning is a great step forward for us. We'd said there were two key things we were going to execute on this year. One was to move Fekola Regional forward. Now we're well-positioned to do that. We can start moving ahead there. Then the second piece that we said was key was for us to get our remediation, fire damage repair work done, and remediation work done at Goose on the crushing plant so that we can bring ourselves up to steady state of around about 300,000 ounces a year by mid-2027. I think you've seen in the materials we've released that we've got a good plan for that now, and that plan is well underway. With that and those comments, I would open it up for questions. We will now begin the analyst question and answer session. To join the question queue, you may press star, then one on your telephone keypad. You will hear a tone acknowledging your request. If you're using a speakerphone, please pick up your handset before pressing any keys. To withdraw your question, please press star, then two. The first question comes from Wayne Lam with TD Securities. Please go ahead. Thanks, morning, guys, and congratulations on a momentous milestone. At Fekola, would you be able to just provide a bit more detail on what changed with the most recent discussions in country, and has anything changed in the relationship in country that prompted the issuance of the permits now? I can comment on that. I mean, we've had several visits in the last few months to see the ministries, and I think the message was very consistent. Over the piece, they put the new mining code in place. The agreements with each of the operating mining companies were negotiated, and then they would put some new layers of governance over how they oversee the whole mining activity in the country. That included, most recently, creating the new mining commission that we talked about earlier this year. Those layers of governance, they've also created a state mining company, SOPAMIM, that oversees the interest of the stakeholders. I think the consistent message to us over the last couple of visits, certainly this year, was that the state's been working hard just to harmonize how each of these ministries interacts, who's responsible for which pieces of the 2023 Mining Code as it relates to the operating companies and then obviously the mining commission that oversees it on an overall basis. I think the message we got most recently when we traveled there was they've now harmonized a lot. They're comfortable with that they got the right structures set up, and they're ready to move forward. We were, in some ways, the guinea pig, the first major new permit to be granted under the 2023 Mining Code. It took some patience on both sides, ourselves and the state, to get there. As you can see, we're now there. That's how I'd characterize it. Okay, that's great. Maybe just what's the timeline from here in terms of stripping and mobilizing and getting to ore at Regional? The guidance at the start of the year was about 80,000 ounce contribution, given the permits at end of Q1, and stripping through Q2. Should we just take that guidance and shift that forward? Just wondering how to think about the coming months and the ramp-up to 150,000 ounce run rate. Yeah, I think we'll give some guidance for 2027 when we do the budgets, how we see it ramping up. I think the way to look at this year is we'll get in there now in fairly short order, and we can start pre-stripping. That'll take us a few months, really, will take us to basically the end of this year, I think, to get up and running. There's potential for some production near the end of the year, but I think, to look at it in a balanced view, just I think we'll assume that we strip this year, then we'll ramp up next year through 2027. With a goal of being ready by the end of 2027 to be producing at a rate of 150,000 ounces a year from Regional. Okay, great. Thanks. Maybe just last one at Back River. Can you just walk us through some of the challenges with the mobile crushers and what the ramp-up in tonnage looks like through the year, particularly through Q3? Should we still expect relatively low tonnage until you're able to bring the newest mobile crusher online this month? I guess on the mining front, are we expecting a step change in grades as well through the balance of the year? I'll pass this one over to Bill. Okay. Yeah. A few questions there. On the crusher ramp-up, what we're really talking about through Q3 and Q4 is in excess of 3,000 tons per day. On the grade, I don't think you're going to continue to see the increase in grade. I think you'll see it drop back to kind of what we had forecasted before, primarily because we're in the process right now of creating stockpiles, basically going into 2027. Okay, great. Thanks for the detail, and congratulations on a pretty big milestone. The next question comes from Fahad Tariq with Jefferies. Please go ahead. Hi, thanks for taking my questions. On the Fekola revised guidance for 2026, did that factor in getting the permit, I guess, today? Or is there upside to the guidance, I guess that's what I'm asking. Do you want to take that one, Michael? Yeah. No, I think the best way to think about it is that we're comfortable whether there is some minor production at the end of the year or if that officially starts in 2027. We're comfortable with that range that we put out of 390 to 420. I would say just think about it as the complex will fall within that range, and whether or not we get a small amount near the end of the year, it won't affect the numbers materially either way. Okay, great. Just switching gears to Goose, the new mobile crusher said it would be operational, I guess, now in early August. Can you just tell us if it is operational? Just remind us, what is the difference between this mobile crusher and the previous one in terms of any different technical specifications? Over to you, Bill. The first part is we are commissioning even as we speak. There is a site on team commissioning. We think in very short order, we'll be up to our nameplate run rate. The difference is really that this is just a bigger Metso mobile crusher, very similar to what we had on site before. Basically, we've kind of twinned what we've got going on there. We just have more horsepower. Got it. Going into 2027, is there an expectation that these mobile crushers would still be used, or would they just be redundant? Good operational question. The answer is certainly in the first half of the year, the mobile crushers are going to be necessary as we ramp up phase II of the repairs for the Goose site. After that, there is some discussion on whether or not you would use it as backup, or would we in fact then supercharge some of our regional civil work that we have ongoing. Got it. Great. Thank you so much. Congrats on the permit. The next question comes from Ovais Habib with Scotiabank. Please go ahead. Thanks, operator. Hi, Michael and B2Gold team. Yeah, absolutely. Congrats on the Fekola permit. This is a huge achievement, congrats to the entire team. A lot of my questions have been answered, specifically to the Fekola kind of Fekola ramp-up, as well as the Goose crusher. Just on the Fekola side and the Regional side, obviously, there's some decent mineralization that was already delineated on the Anaconda Area. Is there more potential in terms of looking at additional satellite pits around the area? Is there a plan now that you have the permit to start some sort of an exploration program in that area as well? Any sort of color on that would be great. A couple initial comments there. We do have some exploration work planned on Regional for this year. You'll see we're just commencing that now actually, just because rainy season's just finished. We will be doing some additional work. I think there's definitely potential for more work to be done there. We have developed plans based on what we know is there already. In terms of any additional pits, I think we'll be able to give some more guidance later this year as to how we see Regional rolling out over the next year. Okay. Thanks for that, Michael. Just in terms of looking at Goose again, just in terms of more towards the underground build, how are things progressing on the underground side in terms of mining rates, in terms of just equipment that's already in place? Are you comfortable with how things are progressing? What more do we need to see in terms of ramping that up? No, Ovais. Great question. We are comfortable for sure in what we're seeing. We had projected that we had to get up to 12 meters per day of development. We're currently at just over 11, we don't see any real issues. Things are coming along very well. Okay. Thanks for that, Bill. Appreciate that. Congrats again on the Fekola permit. That's it from me, guys. Thanks, Ovais. The next question comes from Lawson Winder with Bank of America. Please go ahead. Thank you, operator, and hello, Mike, Michael, and Bill. Thank you for today's update and absolute congratulations on getting the permit sorted out in Mali. Just looking into 2027 and thinking about gold production that year with the moving parts around grades and volumes from Fekola and Cardinal open pits, from the Fekola underground, and now Regional ramping up, directionally, versus 2026, it would seem we would be going higher from the current range of 390 to 420. Could you maybe talk around some of the moving parts and just give us a sense of directionally where we should be thinking about Fekola production for 2027? Michael, do you want to give a sort of overview? Yeah. I can take that one. I think for Fekola complex, as you can imagine with the point in time here now where we've got the permit for the past few years, when you look at our guidance for the Fekola complex in 2024 and 2025, we performed very well in spite of at the start of each year, thinking that there would be some contribution from Regional. Now we've obviously got the permit and we'll begin activities there. Fekola still needs to go through the Phase 8 stripping campaign, which it currently is in right now, and that really unlocks what's a very robust and productive few years for the Fekola main pit, and then you'll have Regional ramped up and underground going as well. I think it's probably premature to speculate on 2027 yet. The team will work through in the budget process exactly what contribution we think we can get from each of the components. I wouldn't bank that 2027 will be higher than 2026, just because we do need to get through the Phase 8 stripping at Fekola. I think the other moving parts as you think about 2027, though, is Goose will have a significant ramp up into 2027. On a consolidated basis, we absolutely think that there's every chance, as they go through the budget process, that we'll be higher in 2027 than 2026 as a company. Fekola, we still have some work to do, and we'll come out with more clarity on that, with our guidance next year. Thanks, Michael. Just thinking about the permits. Over the next, call it three years, are there any other additional permits needed in order to operate or to mine any of the deposits at Fekola? In that same thought, maybe you could just address whether you would think going forward now there's an understanding, and the permitting process should be much more streamlined now at this point. Maybe I'll pass this one over to Randall, I think. I think the one permit that you would recognize that we're going to need to obtain, would be the Dandoko permit, and that's a process that will start on the exploitation side probably later next year for 2028. Yes, agreed that the establishment of the governance that is in Mali now, we have full confidence that the process will be much smoother, going forward. If I could just ask another on the sustaining CapEx. If we just talk about the sustaining CapEx guidance in terms of millions, the original guidance from February was about $540 million, between deferred stripping, underground development, and maintenance. Plus, there was about $27 million for sustaining exploration. Given that your all-in sustaining cost guidance is expected now to be lower than the original guide, what level of absolute sustaining CapEx would you advise we be modeling versus that original $540 million? Was there any change to the $27 million of sustaining exploration? I can take that one. You've seen with some of our disclosure that basically all the sites outside of Goose are under where we expected they would be from a sustaining capital perspective. They need to get through the year, and sometimes the phenomenon that you see is that sites end up catching up, which we have disclosed we anticipate, for their sustaining capital balance. It's been a good trend in the first six months of the year, so there is a chance we could come in a bit lower on Fekola, Masbate, and Otjikoto. For Goose, as you can appreciate with the impacts of the fire, sustaining capital will probably be higher than what we would've anticipated at the start of the year. It should overall net out to close to what we thought within your numbers at the start of the year. Okay, great. Thank you. The next question comes from Josh Wolfson with RBC. Please go ahead. Thank you very much. I recognize you have had maybe an hour to go through a lot of the questions that we're asking on the numbers in 2027. I'll ask it in maybe a slightly different way. The grades for Fekola, based on the updated guidance, look maybe the low ones. When we think about 2027 and that Phase 8 stripping campaign that was discussed, should we expect the grades next year versus the back half of this year to be flat, or will they decline during that stripping campaign? Bill, can I pass this one over to you on the Fekola expected grade for 2027? Once again, you hit it right on the head. We're still kind of working through what we're going to be able to get in from the regional versus what we're going to be able to get in from Fekola proper. I don't really want to comment on exactly what I think the grade is going to be for 2027. Got it. Okay. I figured I'd ask anyways, we're all very excited. Just on the Fekola regional capital, it looks like you've spent roughly $40 million so far year to date. What should we think about the remaining capital requirements in the back half of this year and maybe for 2027 during ramp-up? I can comment on the back half of the year. What you'll see is clearly as we begin stripping, you'll see some deferred stripping capital that flows through in the back half of the year. I think you can kind of anticipate that what we did in the first half is representative of what will happen in the second half. The first half was more equipment purchases, where the second half will be more the deferred stripping capital to get down into the ore. I think for 2027, again, probably the answer is it's premature at this stage. I think as Bill and the team go through their budgeting process and we look at what contribution we can get from regional in 2027, we'll have a better estimate of sustaining capital and growth capital for regional at that point. Okay. Just on Goose, following up on one of the responses earlier about the third quarter grades not being maybe as high due to stockpiling, could you guys maybe discuss a bit more behind why that would be? I would think typically, if you were stockpiling, you would stockpile the lower grade material. Maybe is there something behind that in terms of what the strategy is into next year? Yeah. The grade is going to be +8. I guess what I was thinking of when I answered last time, over Q2 we had some very high grade come through. We are going to see +8 grams, and certainly we're going to be in line with what we had projected previously. When I was talking about stockpiling, for the mobile crushers, we want to make sure that as we get into the Phase 2 ramp up, that we want to have material which will be able to carry us through Q1 and Q2. How do we get through the wintertime with the appropriate amount of material with the mobile crusher? Great. Thank you very much. Thanks, Josh. The next question comes from Don DeMarco with National Bank Financial. Please go ahead. Thank you, operator. Good morning and congratulations on the news of the permit. I'll start off with Fekola. How does Fekola fit into the company's strategy? Given the delays on the permitting, there was some uncertainty, does the news of the award of the permits and your relationship with the state right now, does that restore Fekola as a cornerstone asset? I would say, Don, Fekola always was a cornerstone asset. If you look at, it's been a great asset for us over the years since we've operated, a world-class mine. We've had great success there. It's run well since we started it up through COVID, through some of the political changes that we saw in the country. We're just delighted to get this permit. It lets us make long-term plans now, lets us optimize how we can mix the mill feeds, from Fekola and from regional, and has potential to extend Fekola's mill life. It took us a little longer, I think, to get this permit than we'd originally anticipated, as you know. We're very happy that I think we've worked closely with the state. We're happy now that they've gone through their process and hopefully this opens up more opportunities for new permits for other mining companies in the country. It's a cornerstone asset for us. It's been historically half of our production. We can see ourselves getting back to that half a million ounce pace from the complex. It's an important asset. Mm-hmm. Mike, with this, does it mean that you might also step up exploration regionally? I suspect that was probably largely put on hold until the permits were received. Yeah, I think there'll be some more regional focus now, especially looking for further sulfide material on the regional permit, because Fekola's primarily a sulfide mill. Okay, great. On the share repurchases, the valuation right now is discounted versus peers. In light of this, what's your plan for share repurchases over the next 12 months? Do you plan to get a little bit more aggressive in the near term to take advantage of this dislocation? Do you want to take that one, Michael? We would absolutely agree with the statement that we feel that our current market valuation does not reflect the true underlying value of our business. Absolutely, share repurchases with the free cash flow that we estimate at these gold prices we will be able to achieve over the coming 12, 24 months will absolutely be on the agenda. These are discussions we have every quarter with our board and with our management team. Absolutely, that's a tool we will utilize moving forward based on where we trade today and even in the future when we hopefully believe we will trade higher. Okay. Thanks for that, Michael. Another question, moving over to Goose then. I heard Bill say that they're going to use the crushers into next year. I appreciate all the color that you've given on Goose. I'm wondering, can you give us a sense of the progression of the throughput rates over the next 12 months? Is there any early color on Goose costs or production in 2027? I think we've deviated quite a bit from the technical report at this point. Bill, do you want to take that one? I'll give the throughput by quarter. As we ramp up into Q3, we're plus 2,500 tons per day. In Q4, we're more than 3,000 tons per day. In H1 2027, we're more than 3,000 tons a day. In H2, we're going to be at 4,000. That's our plan, to be at run rate at the end of Q2. As far as the costs, I'm not aware of what guidance we've given on that. Michael, maybe you can answer. Yeah. I think, Don, you're right in the sense of we're probably deviating a bit from the tech report just with how the ramp-up's gone relative to when that report went out. I think it's a bit premature to speculate on it. We absolutely believe it's a large growth year next year from a production base of what we'll achieve this year. Maybe wait for the guidance to come out early next year. Okay. Well, just as a segue to that, we saw Goose AISC guidance remain unchanged despite the elevated figure that you had in Q2. Should we just take this as kind of a confidence that you're going to restore to a lower cost run rate in H2? Yeah, 100%. I think you'll see, as what Bill has described, to end the year, we should be able to have the main crushing circuit back up and running. There's some very good grade that's anticipated to go through the mill through Q4. I think that should give a good representation of what we can achieve in the first half of next year. Then the second half of next year will be at that 4,000 ton per day average. That will give a really good estimate into what we think the next few years will look like, because that will be steady state for the Goose mine. Great. Thanks, Michael. Well, that's all for me. Congrats again, and thanks for taking my questions. Thanks, Don. Once again, if you have a question, please press star then one. The next question comes from Carey MacRury with Canaccord Genuity. Please go ahead. Good morning, guys. I'll follow the theme, and congrats on the permit. Switching to Goose and exploration, a year or so ago, you cut the reserves there. What's your thinking of tightening up drill spacing? I know you've got 6 million ounces of reserves there. Just wondering if we should be expecting some of those ounces to start coming back into reserves at the end of this year. We've got Vic King here, I'll pass it on over to Vic. Yes, a significant part of our budget is deeper drilling, infill drilling, particularly at the Llama deposit. The aim of that is to actually convert what was downgraded to inferred subsequent to acquisition back into indicated, and obviously, that'll convert to reserves. In terms of exploration, we have what we call the Llama gap at Llama, which we are moving and working towards, where we can fill the gap and add ounces. I think those will be fairly marginal this year, what we'll add during the course of this year. Then, obviously, the potential for down plunge extension at both Llama and at Umwelt and also what we call the Nuvuyak deposit, which is another deep deposit, but very good grade, will all add to the picture at Goose. How many drills do you have working there, if I can ask? Six. Six, okay. Then just switching to something maybe longer term, with the Fekola permit now and getting Goose up and running to full capacity next year, just wondering how things are going with Gramalote. Just how you're thinking about that project. Is that something that you'd look at potentially starting next year, or would rather work on capital allocation in the meantime? I think we're progressing things at Gramalote. We'll continue to de-risk it. We've got the permit modifications, which are ongoing. That process is going well. Those are the recent updates I saw. Then we're also progressing the resettlement program, as you saw in our budget. That's going to take us into first half of next year to carry anyway. Then we can step back and see where we are. In the meantime, the other key focus is to continue to execute on our two top priorities for this year. Okay, great. That's it for me. Thanks, guys. The next question comes from Anita Soni with CIBC Capital Markets. Please go ahead. Good morning, Mike, Mike, and Bill, and congratulations on receiving this permit. I know we're all very happy for you. Just a question on the throughput levels at Goose this quarter. I think, Bill, you said that 3,000 tons per day in Q3. Prior to the mobile crusher being installed, what has the throughput been operating at since the beginning of Q3? I assume it was somewhat similar to what it was operating at in Q2. Was it better than that? Yeah. Well, it's kind of dribs and drabs right now as we move stuff in and out. The answer is we can, in fact, on some days, run as much as 4,000 tons. Then you get a jam up. As you know, we're in the process of fixing the entire line. We've kind of been in that 1,500 tons when we're running, 1,500-2,000 tons. Obviously we'll be ramping up here relatively shortly to much higher numbers. I think I got some clarity on the grades already from other questions. Could you also remind me with the regional permit, what the taxation, it's the 2023 code, but what additional taxes and royalties would be on that ore rather than what we're seeing in the main permit? I know we're up at tax rates that are, sorry, royalty rates that are kind of in the 17% zone, but is there anything additional with this regional ore for that ore that we should be modeling in? Well, I'm delighted to pass this over to our new tax guy, Michael McDonald, but I can comment on that too. I always love a tax guy. Do you want me to comment on it? Yeah. I think the primary differences that we saw overall when we moved from one code to the other is that the income tax rate under the new Mining Code, it doesn't get that reduced mining rate for very long, right? The 25% accommodation that you get in Fekola, that's a significantly reduced period. You basically can assume it's going to be a 30% corporate income tax rate for regional. And in additional on the ISCP, which is for special tax, there was a bump of 2% versus what Fekola pays. The royalty structures were basically the same between the two. Those are kind of really the primary differences. I think I'd just add to that on top of what Mike talks about, which is the corporate income taxes, we also classify the priority dividend that we pay within our taxes. Fekola Proper has an effective rate of around 40% once you factor in the 20% priority dividend, and then Fekola Regional will be higher than that as well, too, in the end, once the final ownership structure is set. You're allowed to deduct the priority dividend from your corporate income tax. Yeah, it raises the effective rate of what we report within our financials and what flows through our current and deferred tax income line. To clarify that again, the 20% interest in Fekola that State owns is a priority interest, so it's characterized, it's taxed. In Fekola Regional, we expect the State to have 35% interest, that will be a net higher amount. Okay. Thank you. I think, the last question I had was on some of the costs at Goose. There was, I think, $16 million to purchase this mobile equipment that was shipped and is being installed right now, and then $11 million for the installation. I was just trying to understand where those costs were. Were they flowing through in the total cash costs, or were they coming in through another line and excluded from the total cash costs and AISC calculations? The fire remediation costs will flow through our sustaining capital, so that would flow through your own sustaining costs. The phase 1 and phase 2 capital would flow through our growth capital line, so it would not be included. Okay. All right. None of these costs went through your I'm just talking about the down, obviously your processing facility was, did you capitalize any costs related to the fire? Sorry. You removed some of the costs- Yeah from the fire, I believe. Yeah. Right? Yeah, because that's- Yeah. Originally, I think we were talking much higher cash costs this quarter. Yeah. more, yeah. Anita, if you look within our financial statements, yeah, there's a line, other cost of sales, that was just under $16 million in the quarter, that was costs related to the downtime that we experienced in Q2. That was excluded from our per ounce costs. Okay. All right. That 16 and 11 I was talking about with the purchase and that won't flow through the cost, like the $11 million to install will not be included in the cost as well, right? No. Yeah. Total cash cost. Okay. All right. Okay, that's it for my questions. Thanks, and congratulations again. Thanks, Anita. This concludes the question and answer session. I would like to turn the conference back over to Mike Cinnamond for closing remarks. Please go ahead. Well, thank you very much, everyone, for all your questions. If there are any additional follow-up questions, obviously feel free to reach out. In conclusion, for today, I just want to say we're obviously delighted about the news. Delighted for ourselves, delighted for our investors and our shareholders, stakeholders. Delighted for, I guess, State of Mali as well, that we can all move forward. We think this is very constructive. It just helps move us along, again, back to those two key things that we said we were going to do. You've heard on this call how advanced our plans are for Goose and all the remediation work and the upgrade work that we're doing, and we've got a good plan to do that, and we're going to continue to focus very clearly on executing that. At Regional, we're pretty much ready to go to get going with the stripping activity, so we're excited to do that. We've been poised to do that for a while. Now we have the chance to actually get out there and make it happen. I know there's been a wait for that, but now here we are. Excited for that. Very optimistic for the future here as we move the company forward and grow it. Thanks all for your attention today and your great questions and look forward to talking to you all in due course. Thank you. This brings to a close today's conference call. You may disconnect your lines. Thank you for participating, and have a pleasant day.