B2Gold Corp. (BTG) Q3 2026 Earnings Call Transcript

Operator: Thank you for standing by. This is the conference operator. Welcome to the B2Gold Corporation's Third Quarter 26 Financial Results Conference Call. As a reminder, all participants are in a listen-only mode. And the conference is being recorded. After the presentation, Should you need assistance, I would now like to turn the conference over to Mike Cinnamond, President and CEO of B2Gold. Please go ahead.

Michael Andrew Cinnamond: Thank you, operator, and good morning. Good morning, everyone. I think this third quarter is-- it was a strong quarter for B2Gold, and I think it reinforces, the progress that we have made in strengthening the business over recent months. I mean, you saw we delivered solid operating results with more than a 193 thousand ounces of gold produced, and I think it puts us well on track to deliver our full production guidance. And also, based on that strong year to date performance, I am also pleased to announce that we are also lowering our consolidated all in sustaining cost guidance for the year by more than $100 an ounce at the midpoint. In the period, we generated $48 million of free cash flow and that reflects the improving trajectory of the business, I think, with the major construction and ramp up spending at Goose now behind us. And our gold prepaid commitments completed by the end of June this year, we are entering a period of increasing free cash flow generation for the company. I think that the third quarter also was highlighted by a couple of important achievements that As you know, the first 1 at Fekola, we received a Manan Koto exploitation permit. and since commenced stripping activities there. And this definitely represents an important step forward to bringing Fekola regional ore into the mine plan, which we have given guidance that we expect to commence in early 2027. At Goose, completion of the Phase 1 crushing circuit upgrades shortly after the quarter ended, that represents another important step in the ramp up of that operation. And those are the key objectives that we kind of laid out earlier in the year, and I am very pleased to see that we are making progress as we go there. So you will hear more from Bill and get more detail on the Fekola regional permit and the Goose crushing circuit plans shortly. in Bill's comments. And we also continued returning capital to shareholders. We distributed $59 million and share repurchases during the quarter, and that included $33 million. So we are continuing to pursue that program. I think as our free cash flow profile continues to grow, we will remain focused on a disciplined approach, I would say, to capital allocation. With balanced returns to shareholders with investment in our existing operations as well as we have talked about before, exploration opportunities. Across our portfolio. And actually, on exploration news, at the end of September, we released results from the ongoing exploration program at Goose. at the Back River District. And in addition, And those results, there were some excellent infill results at LAMA and Nuvuyak, which increases our confidence in the underground resource base there. But we also announced a discovery of high grade mineralization on the Western Limb of the Banded Iron Formation At Portage Nuvuyak. And this discovery, which is about. I think it is about a 150-meter down plunge, the known mineralization that the discovery has been named Tatuk. And the grade, the wet. The host rock of Tatuk intersection were very encouraging. I think. And it also signifies the first new discovery at Goose since we acquired the project. So very excited about that, and you will see us continue to pursue exploration there. Looking at the balance of the year, I think we expect an even stronger Q4. Driven primarily by Goose and where mill throughput is expected to benefit from the increased crushing capacity that we have now seen with the commissioning of phase 1 of the crusher upgrades. And when we look forward to 2027, we see several important catalysts that should really continue to strengthen both our production and our cash flow profile. We will have Fekola Regional is expected to begin contributing earlier in the year. Phase 2 upgrades at Goose are expected to further increase throughput around the midyear Development work at Antelope, post-Otjikoto that is progressing well. And we are also exploring opportunities for mine life extensions at Masbate. Using the lens perhaps higher gold price assumptions there. So there is still some work to do on that, but we are looking at that and hope we will pursue that as we go through next year. Final comment I would make. Yeah. I mentioned the prepays are delivered into by June already. And we have some remaining gold collar contracts, but the last of those is scheduled to roll off in January 2027. So I would say, overall, I am very pleased with the direction we are heading in as a business. We are delivering against our operational objectives. Financial flexibility, our balance sheet strength is improving. And as I just mentioned, we have several important catalysts ahead of us for 2027. So together, I think these position the company well to generate stronger free cash flow and to continue creating value for all our shareholders. So I will now hand over the call to Michael McDonald to discuss financial highlights for the quarter. So over to you, Michael.

Michael McDonald: Thanks, Mike, and good morning, everyone. Revenue for the quarter was $836 million by consolidated gold sales of approximately 195 thousand ounces. Ounces at an average realized gold price of $4.29 thousand per ounce. Importantly, as Mike mentioned, this was our first full quarter of sales at spot gold price following the completion of the gold prepaid deliveries in June 2026. A big milestone for the company. Net income attributable to shareholders was $49 million or $0.31 per share. Net income benefited from a $253 million impairment reversal at the Fekola Complex driven by the receipt of the Fekola regional permit in August of this year. As well as $40 million of unrealized gains on derivative instruments and $14 million in insurance recoveries. After adjusting those items and other nonrecurring impacts, adjusted net income attributable to shareholders was $183 million or $0.14 per share. A very strong result in what was always forecast to be the lowest gold production quarter for the year for B2Gold it is important to note that adjusted net income was also reduced by $47 million of realized losses related to our gold collar contracts during the quarter. Excluding those realized losses, adjusted net income would have been materially higher. The remaining gold collar contracts finished in January 2020 at which point B2Gold will be completely unencumbered by both gold prepaid and gold collar contracts for all of 2027. Operating cash flow before working capital adjustments was $387 million, or $0.29 per share during the quarter. While operating cash flow after working capital adjustments was $239 million. As expected, we are beginning to see the benefit from the completion of the gold prepay contracts, which allows us to fully realize prevailing gold prices on all ounces sold. Free cash flow for the quarter was $48 million. This result reflects continued investment in Goose as the operation advanced through ramp up. While also benefiting from stronger realized gold prices and improving operational performance across the portfolio. It is worth noting that Goose's all in sustaining cost this quarter were impacted by approximately 10 thousand ounces of production that had not yet been sold at quarter end. As well as approximately $29 million of cost associated with the mobile crusher purchase and fire remediation work. These included approximately $12 million for the mobile crusher and $17 million for remediation work related to the fire from earlier this year. Our balance sheet remains very strong. At quarter end, we held $294 million in cash and cash equivalents had working capital of $497 million and had approximately $705 million available under our revolving credit facility. This liquidity position provides significant flexibility as Goose continues to ramp up and as we advance growth opportunities across the business. Looking ahead, as Mike mentioned, we have lowered our consolidated all in sustaining cost guidance for the year to between $2.23 thousand and $2.31 thousand per gold ounce sold. The improved outlook reflects strong year to date operating performance across the portfolio, particularly at Masbate and Otjikoto, together with lower expected cost at Fekola. The improvement at Masbate primarily reflects the strong production performance we have seen throughout the year. Which has allowed the operation to benefit from greater fixed cost leverage on a per ounce basis. With that, cash costs have been lowered to $800 to $900 per gold ounce produced, $100 per ounce below the previously guided range, all in sustaining costs have been lowered to $1.25 thousand to $1.4 thousand per gold ounce sold. Where it was previously between $1.43 thousand and $1.58 thousand per gold ounce sold. Similarly, at Otjikoto, strong production performance has translated to lower unit costs. And we have reduced all in sustaining cost guidance by $200 per ounce. To between $1.63 thousand and $1.78 thousand per gold ounce sold. At Fekola, all in sustaining cost guidance is now $2.35 thousand to $2.5 thousand per gold ounce sold compared to the previous range of between $2.67 thousand and $2.82 thousand per gold ounce sold. The lower costs are mostly a factor of lower royalties paid as a result of a lower gold price than what we had assumed when we set guidance at the start of the year. It is a good position to be in at this stage of the year and reflects both the strong year to date performance of our operations and our confidence in delivering through the remainder of 2026. With that, I will now turn the call over to Bill for an operational update.

William Lytle: Thanks, Michael. From an operating perspective, the third quarter was largely in line with our expectations. We remain on track to achieve our full year production cost and capital guidance. Consolidated production totaled approximately 193 thousand ounces during the quarter. Strong performances from Masbate and Otjikoto together with continued improvements at Goose helped offset lower production at Fekola as mining activities progressed according to plan. At Fekola, production of approximately 78 thousand ounces reflected transition of open pit activities from ore to the Phase 8 waste stripping campaign that will continue through the rest of the year and the majority of next year. On August 7, we achieved a milestone with the receipt of the Menankoto exploitation permit. Which allows us to begin mining at Fekola Regional. Shortly after the end of the third quarter, stripping activities commenced at the Fekola Regional and we are now underway unlocking this important ore source for the Fekola complex. The company anticipates mining pre stripping activities and finalization of a tolling agreement will be completed in the coming months and ore production from Fekola Regional is expected to commence in early 2027. Following a ramp up year in 2027, continue to estimate production for Fekola Regional will add approximately 150 thousand ounces per year as steady state production levels from 2028 onward. At Goose, the team continued to execute on the repair and upgrade work on the fixed crushing plant. During the quarter, we successfully commissioned a mobile crushing unit which provided additional processing flexibility and supported increased throughput while working Phase 1 of the fixed crushing circuit upgrades continued. While that work was ongoing, Goose produced approximately 40 thousand ounces in the quarter. Importantly, shortly after quarter end, we completed the Phase 1 upgrade of the fixed crushing plant. With the Phase 1 upgrade now complete, throughput was averaging approximately 3.2 thousand tonnes per day following commissioning in mid-October and we expect those rates to continue to support Goose to delivering a significantly stronger Q4 to achieve our production guidance range. Beyond 2026, we are still on track for Phase 2 upgrades to the crusher in the second quarter of 2027. Just as a reminder, this will include a 10-week shutdown of the fixed crusher at which time we expect to feed the mill with stockpiled crushed ore. We plan to build this inventory over the winter using the mobile crusher, which is being winterized to support reliable operation throughout the Phase 2 upgrades. When complete midyear 2027, we expect the crusher to consistently deliver an average of 4 thousand tonnes per day going forward. This will be an important deliverable for us to be able to progress towards our targeted annual production of 300 thousand ounces per year at Goose. Masbate and Otjikoto both delivered another strong quarter of operations continuing the excellent through 2026. These operations remain key contributors to the company's production profile and cash flow generation. Across the portfolio, our teams remain focused on safety, operational discipline and cost and expect full year results to be within our guidance range.

Michael Andrew Cinnamond: And with that, Bill, I think we have lost you there. The line seems to have cut out. So I think Bill was for the benefit of the callers here, think Bill was reiterating that based on year to date performance and how we see the remainder of the year, we are we expect full year results to be within our guidance ranges as we put out there in our results. I think the other thing Bill was going to comment on was just a quick update on Gramalote project in Colombia. As we have said before, we are steadily working our way through kind of modifying our permits there, derisking it, doing the resettlement work that we expect. to continue, really, into the middle or even the second half of 2027. And until we have done that, which I think you can you can look to second half of 2027 when we will sort of finalize that stuff. we are not going to. that is when we will look to come back to whether a construction decision or at least what the next steps are for Gramalote. So that is kinda what you can expect. Second half of next year at some point. So overall, I think you, with Bill's comments, we are confident in our operating outlook for Fekola, Masbate, Otjikoto are all performing well. and Goose is entering the next phase of its ramp up following the phase 1 crushing upgrade. So we are really looking forward to a stronger Q4 and really solid finish to the year. So with those comments, I will turn them back to the operator. And thanks,, Bill and Michael for your comments. Operator, that. that is kind of concludes our initial comments, and that turn it back to you for questions.

Operator: Thank you. We will now begin the analyst question and answer session. If you are using a speakerphone, please pick up your handset before pressing any keys. The first question comes from Don DeMarco from Stifel. Please go ahead.

Analyst: Great. Thanks. Operator. Thanks for taking my questions. Just a little bit more would be helpful on the nature of this toll milling arrangement. I think by Bill's comments you said that sometime in Q1 of 2027 is when you would expect that to be finalized. I am just wondering, is this more of an administrative process at this point? Or is there anything sort of that guidance dependent and there is some sort of negotiation on terms still going on?

Michael Andrew Cinnamond: So I can address that 1. I think it is an administrative exercise. We have the agreements drafted. Just goes through the normal process. Think as you deal with the state, the various steps: set up a new company, in this case, put a tolling agreement in place for Fekola Regional. So I think we have given ourselves plenty of room to get that done. As you know, we took out regional guidance from 26, we expect it to start early 27. And we are currently working our way through each of the steps that you have to do to bring all that online with the state that is going as planned. So I think it is like, as you said yourself at the start, I think it is Yeah. Mainly an administrative exercise at this point. Okay. Great. And just as a follow-up, appreciate the answer on that. Just as a follow-up, we have had Goose temporarily at 3.2 thousand tonnes a day, it is going to stay there until middle of 2027. Just wondering if you have had continuous days operating above that. Is there any upside to that number? And how are you thinking about any potential weather related or temperature related disruptions or risks between now and the middle of 2027? Perhaps I will turn it over. I think there is a little bit of a problem with Bill's line, but we have also got Peter Montbault, our VP Ops, who is got responsibility for Goose on the line. So perhaps I will turn that 1 over to you, Peter. Yes. Thanks, Mike. And to answer the question, So the primary crusher now that it is we are done with Phase 1 that maintains 3.2 thousand tons per day consistently. And then we also have the mobile crusher still available, and that gives us some flexibility. Above that. Then the mill side has demonstrated that it is been tested up to 4 thousand tons per day a couple of different grind tests there and that is been successful. So really, that gives us the, flexibility that we need to get our 2026 targets and then also build stockpiles for next year. As far as winter goes, the phase 1 primary crusher that is an all weather facility so that has no issues now. And then the mobile crusher we have put a tent over that, so it probably will not get hit, the full capacity that we had during the summer season, but it will be operating consistently through the winter as well. Great. Thanks, Don.

Operator: The next question comes from Anita Soni from CIBC World Markets. Please go ahead.

Anita Soni: Hi, Mike and team. I just wanted to ask a question on the Fekola and the grade that you expect going into the back half of this year and into next year from the open pit. So I guess it was a little lighter than I was looking for this quarter, and I think that relates to you guys have not been able to pull regional ore. But is that specific with the 1.35 g/t? Is that kind of what we would expect even in Q4 or was that just specific to the sequence?

Michael Andrew Cinnamond: Well, I think, Bill is back on the line again. Bill, do you want to take that 1?

William Lytle: Yeah. it is hard for me to hear you guys. I do not know if you can hear me, but Peter, maybe once again, if you have got it handy, can you take it?

Anita Soni: I misspoke as well when I said 0.85, I meant 1.35 g/t in the open pit.

William Lytle: Okay. I can kind of hear. I am just looking Through real quick here. Are you there, Peter? Can you hear me?

Analyst: I can hear you, Bill, but I do not have that information at hand.

Michael McDonald: I can comment here. So, I think Anita, I think the grade that we put through or that we mined in the open pit and that we put through the mill should be consistent through Q4. Again, we had highlighted at the start of the year that the first half of the year was going to be stronger than the second half. So and then we revised. If you recall, we revised our guidance to a modified range once we took Fekola Regional out. So I think for Q4, you can assume very similar parameters to Q3 and that will get us to within our guidance range for the year. And then I think for next year as we get into 2027 we are just finalizing budgets at the moment right now. And so that is something that will be out more in February when we come out with our 2027 numbers.

Michael Andrew Cinnamond: Yeah. And maybe I would just add to that as well. As you know, we are in this predominant waste strip in Phase 8 of The Fekola pit now. So, you know, we are in that now, and we will be in that for the majority of 2027. When we are running mainly low-grade stockpile through the mill plus contribution initially certainly initially from Fekola Underground until we get regional online.

Anita Soni: Okay. Yeah. Alright. And maybe.

William Lytle: So maybe. So I can kind of hear now; 1.2 g/t is kinda what I think we are talking about for Q4. Okay. Yeah. Okay.

Anita Soni: So I think I had something like that for 2027, but not in Q4. And so, and then the other question I had was on Goose. Pretty good grades, delivered to the mill. And a lot of, you know, high grade areas in that pit and the underground cannot really even differentiate between what is underground, what is open pit. So, just can you give us an idea of what the Q4 open pit and underground grades would look like? I think you kinda need, even slightly better than the 7.3 g/t that you delivered this quarter to the mill to kind of hit the bottom end of the guide?

Michael Andrew Cinnamond: Yes. Once again, I will pass it over to Peter Montbault for that 1.

Analyst: Yep. So, your math is correct there. We do have some flexibility with the added crushing capacity that the mobile crusher has. So basically, we have got that 3.2 thousand tons per day as our baseline. And then we can vary that up as we need to manage the grade and the tonnage. Throughout the year. As far as the open pit and underground, they are basically going to be kind of similar to what we have seen before. The real difference is that it is going to be a full quarter of consistent production rather than the crushing circuit.

Anita Soni: Okay. And so that you said with the flexibility meaning that you can basically overmine and then selectively feed the mill some of the higher grade material to is that what you are implying?

Analyst: there is kinda 2 things. First of all, yes. On the mine, we can produce more and then selectively process the higher grades. But, also, we can we can also crush more by using some of the mobile crusher capacity and, increase throughput, as the mill can run at about 4 thousand tons a day is what it is demonstrated. We have that window between 3.2 thousand to 4 thousand a day that we can work with to manage the tonnes, grade, and ounces.

Michael Andrew Cinnamond: All right. Thank you. that is it for my questions. Thanks, Anita.

Operator: The next question comes from Don DeMarco from National Bank Financial.

Don DeMarco: Thanks, operator, and good morning, Mike and team. First question on Goose. I mean, I see that the AISC and the sustaining CapEx was elevated. Not surprising, I mean, you have got the crusher repairs, underground development, delayed spending and so on. But what would be a reasonable and maybe, Michael, for you, reasonable normalized annual ASIC and sustaining CapEx level once the operation reaches a design throughput?

Michael McDonald: Yeah. No, good question, Don. So I think for Q4, where you will see is an all in sustaining cost will be significantly lower than where we have been throughout the year. As we highlighted in Q3, if you normalized for selling what we had produced and if you had backed out some of those onetime costs that fell into sustaining capital related to the mobile crusher purchase in the fire, we would have been much closer towards the top end of our yearly range. And I think on your question around where the path forward is as the site ramps up the gold production on quarterly and annual basis, you truly see the large benefit from that larger production base. As you can imagine, Goose has a fairly steady fixed cost that it incurs throughout the year. So growing that production base, you get the benefit of scale. And I think we are absolutely targeting slightly just above $2,000 per ounce on a steady state basis. Based on the mine plans and the sequencing that we see moving forward.

Don DeMarco: Okay. Great. Just moving across the assets then, at Fekola, with Phase 8 waste stripping continuing through most of next year, and Fekola Regional ramping up at the same time, can you just discuss production variability quarter over quarter? Anita had talked about grades, but presumably, we are heading into a back end loaded year. But what would we expect in terms of variability by quarter?

Michael Andrew Cinnamond: Well, we will put that out as part of our guidance for next year, obviously. But I think what we have been saying is remember a ramp-up year for Fekola Regional. Right? So I think I think you can expect if we think steady state once we have it up and fully run-in post-2027, we will average somewhere at 150 thousand ounces a year. So think as a rule of thumb, you would probably take somewhere around half of that amount for next year for Regionals contribution as we ramp up. So but we will give guidance for the full year in early Feb.

Don DeMarco: Okay. And on that target, 150 thousand ounces annually, from Fekola Regional, what mining rates and grades support that target? And how much additional CapEx remains before you get to that steady state run rate in 2028 or beyond?

Michael Andrew Cinnamond: I will throw that 1 over to Bill. Bill, do you want to take that?

William Lytle: Once again, I would say Peter was involved in that study. I do not know if you have it handy, where we wound up on the mining rate and the grade.

Analyst: Yeah. I do not have that study available with me. Is that something we can get back to you on? Yeah.

Michael McDonald: it is Mike here, Anita; we can definitely get back on that 1. We have got. Mike has got some details. We can talk to him on the capital side. Yeah. Yeah. So I think, Don, you know, clearly, as we are doing waste stripping that, that is the most significant CapEx portion that we see in Q4. As you have seen throughout the year, we have purchased equipment for Fekola Regional But ultimately, you recall, we had done a lot of the CapEx investment and infrastructure build back in 2023. When we thought the permit would come imminently. So when you think about Fekola Regional moving forward, a lot of the capital would just be, equipment rebuilds, as the various fleets depreciates, plus there will be some capitalized stripping moving forward, but nothing of a significant quantity So really, as you think about Fekola next year, as Mike highlighted, phase 8 is a big stripping campaign, but then we get multiple years of a much lower strip ratio, much better grade, much more ore contribution. And then Fekola Regional stays at around 150 thousand ounces But then as you get into, the mid-2030s, as Fekola open pit starts to come down and Fekola Regional Open Pit starts to ramp up. So we look at it on a complex basis and there is variability on a sort of year to year basis. But happy to take that offline for further discussion if you want.

Don DeMarco: Okay. Do you guys plan on, publishing an updated mind plan at any time to kind of reflect some of these dynamic pieces and integrated parts?

Michael McDonald: Yeah, I think that is something that is absolutely on our radar. We recognize that the existing Fekola complex technical report is older. And obviously, it forecasted a different timing for the startup of Fekola regional. So it is absolutely on our radar to give an updated version to better give you visibility into what we see internally.

Don DeMarco: Okay. Well, we will look for that when it comes. that is very helpful. Thanks a lot, Michael and team. Good luck for the rest of the year.

Michael Andrew Cinnamond: Thanks, Don.

Operator: The next question comes from Fahad Tariq from Jefferies. Please go ahead.

Fahad Tariq: Hi, thanks for taking my question. I just want to clarify in the second quarter of next year when the Phase 2 upgrades at Goose are happening, I believe the last commentary was a 10-week shutdown. Should we still be modeling the 3.2 thousand tons per day that quarter? Thanks.

Michael Andrew Cinnamond: Peter, over to you on that 1, I think.

Analyst: Yes, thank you. Yes, good question there. Yes, so that is part of what we are doing with the mobile crusher is also starting to produce a crushed ore stockpile for use during that shutdown. Also it will continue to operate during the shutdown So it is not that the full stockpile needs to be available before the 10 weeks. Basically, the maximum would be about 200 thousand tonnes, but we really need far less than that. Then we would keep processing or keep crushing with the mobile crusher throughout that 10 weeks. Okay. Got it. And then To go back to your question, yes, 3.2 thousand would be a fair assessment in your model.

Fahad Tariq: Okay. And then just because the sealift just happened, can you talk a bit about the diesel prices that you, I guess, prepurchased for Goose? Relative to what your budget would have been at the beginning of this year? Thanks.

Michael Andrew Cinnamond: You wanna take that 1, Michael?

Michael McDonald: Yeah. Yeah. So ultimately, the Goose diesel purchase was made in Q3. It is at elevated prices, as everyone is aware, based on where global oil prices sit. I think the fortunate part for us was that. And we have highlighted this before is that operationally, the site is consuming less fuel than what was previously anticipated. So our actual cost this year to purchase and ship fuel to site was very similar to last year, but it was because the quantum that we purchased was less than last year. And so relative to what we did last year, it was probably around 50% to 60% higher and that is just based on the global move in fuel prices. That we saw. Based on where global prices sit at the moment of purchase. The time of purchase.

Fahad Tariq: Okay. Great. Thank you so much.

Operator: The next question comes from Carey MacRury from Canaccord Genuity. Please go ahead.

Carey MacRury: Hi. Good morning, guys. Just maybe another question on Fekola, just on the underground Can you just remind us how much tons you are pulling out from the underground? And has that fully ramped up to steady state at this point?

Michael Andrew Cinnamond: Bill, do you want to take that 1 on?

William Lytle: Yeah. So I will answer it and maybe Peter will correct me. I think we are around 4 thousand tonnes per day right now. And it has fully ramped up. And once again, the underground is really the highlight of the Fekola project right now, very high grades. Compared to the open pit. And, operating very well.

Carey MacRury: Can you just remind us of what the grade there looks like?

William Lytle: Oh, I think we are I think we are definitely around 3 to 3.5 grams.

Carey MacRury: Great. And then maybe just a question on cash taxes at Goose. Any thoughts on when those would be payable? I assume you have got a bit of a buffer there.

Michael McDonald: Yeah. Yeah. We do. And so, Goose, definitely, through the rest of the decade. A lot of it, as you can imagine, depends on what gold price gets realized. But based on what we see at $4 thousand gold, Goose will not be cash tax payable for around 5 years. So into the early 2030s is when it works through its losses and ultimately becomes cash tax payable.

Carey MacRury: Okay, great. And I know you are working through your through your budget, but just is there an outlook on cash taxes for 2027, is that going to be higher than this year, assuming $4 thousand?

Michael McDonald: If it is $4 thousand gold, I would imagine it would be lower because again, Goose will see a significant ramp up in its production, but it is not cash tax payable and so. Yeah. I mean, we gotta go through the budgets, but I would imagine it would be slightly lower just based on what we see preliminary for 2027. So likely, hopefully, a little bit less than $600 million for the year when you include withholding taxes as well too.

Carey MacRury: Okay. Great. Thanks, guys.

Michael Andrew Cinnamond: Thanks, Carrie.

Operator: This concludes our question and answer session. I would like to turn the conference back over to Mike Cinnamond for closing remarks.

Michael Andrew Cinnamond: Well, thanks to the team here. Thank you everyone for attending the call and for good questions. I think just to summarize again, I think we had a strong quarter. I was pleased with the results that we saw in line production overall better cost. We have lowered our all in sustaining cost guidance. For the year. So pleased with that. I think we are executing on the things that we said we were gonna execute on. As laid out earlier in the year, I think we have we have shown good progress there moving forward. So I am energized to see what we can do here in Q4, expecting a strong Q4 then, you know, a strong year in 2027 and beyond. As we put all of these actions into full force both at Fekola Regional and at Goose. So thanks again for your time and look forward to catching up with you individually. Thank you.

Operator: This brings to an end today's conference call. You may disconnect your lines. Thank you for participating and have a pleasant day.