Good afternoon, ladies and gentlemen. Welcome to B2Gold's First Quarter 2020 Earnings Conference Call. I would now like to turn the call over to Mr. Clive Johnson, President and CEO. You may proceed, Mr. Johnson.

Thank you, operator. Welcome, everyone, to the conference call today to discuss the first quarter 2020 financial results for B2Gold, as the operator said. I'm going to just say a few introductory words, and then I'm going to pass it on to Mike Cinnamond who's going to walk you through the results, the financial results; Bill Lytle is going to come on to give you operations and give you an update on what's happening operationally; and Tom Garagan is going to come on and tell you a little bit about what we're doing in exploration. In terms of overview, we've had an excellent, very strong quarter again with record gold production, gold revenue, cash flows and record low cash operating costs, $367 an ounce. So we're very happy with the quarter. And obviously, we're in challenging times these days with the worldwide impact of the COVID-19 virus. We've continued to operate extremely well through the time, and I do like to think it's due in part to jumping on -- the jumping on the seriousness of the virus very early on in Vancouver and in our sites. And also like to think it's because of the experience of our team and our great teams at the mines who have years and years of experience in managing through good times and bad. So we've done a very good job. And partly because of that, we are maintaining our guidance for 2020. In terms of strategy going forward, it's going to be very much the same. First and foremost, the health and safety of our people is our paramount concern and always our top priority. The other is to maximize -- continue to maximize our profitable gold production and look into our pipeline for growth [Indiscernible] from Bill about the expansion of…

Thanks, Clive. Just to check, can you hear me okay?

I can.

Yes. Okay. Well, as Clive said, it was a very good first quarter and then quite a few records -- results, records to comment on. Firstly, on the revenue side, revenue for the quarter was $380 million. That's a quarterly record on sales of 239,000 ounces, and we realized an average price of just under $1,590 an ounce, which is considerably higher, obviously, than the price we budgeted originally at $1,350. Also contributing to the increase against budget was we had approximately 5% more ounces sold in the period than we anticipated. Moving to production. Production from continuing operations was 251,000 ounces, and that was 17,000 ounces higher than budget, mainly led by Fekola. If you add in our share of our 34% attributable share of Calibre's Nicaraguan production of 14,000 ounces, our total gold production was 265,000 ounces, which is another quarterly production record for the company. If you comment to Caliber's number, we originally -- when we first put out production release, we had estimated Caliber's production at 12,000 ounces, but they've subsequently issued their production results. So it was actually 14,000. So 2,000 ounces higher than total production that we released about a month -- 3 weeks ago. Just to comment on some of the individual components of that. Fekola led the charge. Fekola had 164,000 ounces, which was 14,000 ounces ahead of budget. It's attributable to several factors, but mainly to the higher than budgeted grade that we mined from phase 4 of the pit. We also had some of the expansion fleet on-site early in the quarter and got that commissioned drilling. We had the benefit of that. And as everyone is aware, this is a year where we're executing the expansion plan, which included optimization of the pit designs in the mine plan and…

Thanks, Mike. Bill, can you give us a quick rundown on what's happening in operations?

Yes. How do you hear me, Clive? Mike was static in and out when he was talking.

There was a bit of static when Mike was talking, but there's a bit of static now. But go ahead, you sound pretty clear to me.

Okay. So very quickly on the operations. Mike covered a lot of the stuff, so I'm going to keep it relatively short. I guess the key takeaways that I want to speak about are: number one, we do continue to maintain guidance at all of our operating mines and our overall guidance for the year, as Mike said, and [Indiscernible] significantly impacted our operations, it hasn't impacted -- significantly impacted any of our operations. Also, B2Gold, very early on got in front of the pandemic. Early on in February, we made the decision that we were going to cease all necessary -- all unnecessary travel and have a stay at home order placed, and that has helped in us being successful in implementing our operational requirements. Just going through the operation [Indiscernible] at Fekola in Mali. Mali has had a restriction on the country since the beginning of April, and they've indicated that [Indiscernible]. An so we've been able to continue to operate and been able to continue to receive [Indiscernible] indicated we have expedited mining in phase 4, so we currently have a very large stockpile to get us through not only the second quarter but also through the second half of the year. So we continue to maintain our guidance at 600,000 to 620,000 ounces for the year. On the expansion. The expansion is kind of 3 parts. It's a full enterprise expansion. On the mining side, the mining fleet was ordered in June of last year, June of 2019 and at the beginning of Q1 2020, ahead of the pandemic. That mining fleet has been put into operation. And as I already noted, we've advanced the mining rate and have a very large stockpile to support [Indiscernible] expansion from 6 million to 7.5 million tonnes per annum.…

Go ahead. You're cutting in and out a bit. Are you done?

Yes, I'm done. I was stopping if there was anything you wanted me to add.

Okay. No, I think that's good though. Thanks. Just one thing I would add that I meant to mention at the front end. I think one of the keys -- one of the reasons for our success in dealing with COVID and the -- and continuing so well in our operations is our relationships with our employees and government. I think that we pride ourselves, as everyone knows, on our culture of fairness, respect and transparency and the way we treat people. And I think in times like this, the mutual trust we've earned and gained with our employees and the governments in which we work really comes to the forefront. So it's a great cooperation. Our employees have been amazing. And they wanted to work. The unions and our employees wanted to keep working if they could be safe. And the governments and the countries we're in wanted us to keep working if we could be safe. We have had in the past our critics talking about political risk in the areas that we are in the world, and we understand that. But I think it's important to point out that there's some positive things to be in countries that want you to be there. They want the tax revenue, and they want the good jobs if they could be safe and if you take care of the environment and if you're socially responsible and do the right things and deliver on the promises you make. So sort of the flip side of political risk sometimes is the fact that there are countries in the world that you're a very important part of the economy and you're important part socially and environmentally in what's happening. And I think that's the case for B2Gold. So I think a lot of our success in the normal times is due to that and our success in terms of the crisis and crisis management comes from our vast experience of doing this around the world for years, but it comes from the relationships we have with people. The governments where we are locally and federally trust us. We built trust relationship both ways with them, and our employees have a high level of trust they are out looking out for their interest. So I think those are some of the keys to our success. I'd now like to get Tom to give us a quick update on what's happening in terms of exploration. We continue to successfully explore around our mines and are looking for major discoveries, the cheapest ounces are always the ones you find, and we've done a lot of that, and then that continues. So over to you, Tom.

Thank you, Clive. Can you all hear me all right?

I can hear you well.

Okay. Good afternoon or good morning, everybody. Exploration for B2 has continued on at the mine sites at Mali, Masbate and Otjikoto through this time. The -- a lot of our grassroots exploration has been cut back to minimal field work or none at all due to limitations created by COVID, but we hope to get back going in some of those areas later on in the summer. In terms of exploration of Masbate, we've drilled 7,000 meters out of a 25,000 meter program so far. The focus of the program has been on drilling near the base pits as we see the pits have a great potential to get larger with the higher gold prices or continue to higher gold prices. So we're focusing on the bottom of those pit areas. At Otjikoto, we've drilled 4,000 meters out of a 14,000-meter budget. The focus on Otjikoto has been to drill [Indiscernible] on Wolfshag as well looking at the underground development coming into the area, we want to see what it looks like going down. We've had success so far in continued mineralization, and now we want to get a better handle on grain with tighter space drilling. We're also doing some grassroots drilling near the mine site on several other parallel sectors we see have potential. At Fekola, exploration has continued on through these times. So far this year, we've drilled about 5,000 meters of -- sorry, 10,000 meters of diamond drilling over 24,000 meters of RC drilling at the Fekola area. Focus has been mainly on 2 areas in our Mamba area to the north and related parallel structures at Anaconda and Adder. And then we've started to focus a lot more on the Cardinal area. In fact, we're shifting our exploration focus or some of our exploration focus to the Cardinal area. Cardinal area is just a little bit west of the Fekola pit, within 500 meters of the Fekola pit. In fact, an area that were originally planned for some waste area, we've had quite a bit of good success in that area and are starting to define a resource. So we're refocusing the drilling in that area with infill drilling and testing out where the edges of this is to see how big it can get. That will continue for the rest of the year, but we will continue with at least 1 or 2 drills in the Mamba area also. We also plan to start doing some met testing on the Cardinal ore in the near future. I have no other discussion. Over to you, Clive.

Thanks, Tom. Okay. I think operator we'll open it up for questions now.

[Operator Instructions] [Technical Difficulty] And your first question comes from Ovais Habib.

Clive, can you hear me?

Sure, Ovais.

Again, just want to say congrats on a good quarter. And also congrats on being able to maintain your guidance during these unprecedented times. So Clive, just my first question is on Fekola. Clive, how should we be looking at Fekola in the second half in terms of production and costs? I mean you've got the mill expansion kicking in, in Q3 or at the end of Q3 and you -- do you expect this high-grade coming from phase 4 to continue into the second half as well?

Yes. No, I don't think so. I'm going to pass it over to Bill.

Yes. No, Ovais, basically the whole concept is we pulled ounces forward to make sure that we had the ounces for Q3 and Q4. So at this time, we're not comfortable in saying that we're going to continue the grade through Q3 and Q4, that we'd like to say that we're going to meet guidance at this time until we know what's going to happen with the mill expansion.

Okay. And so I mean, what I'm trying to ask you is like, I mean, is there kind of low-grade stockpile that you guys have on-site that you guys can blend through in Q3 and Q4? Or is it just continuing to go through phase 4 and then into phase 5?

Yes, there's a lot of low-grade stockpile on site.

Okay. So just -- and then just moving on to Masbate, Bill. Obviously, the oxides at Masbate, I think we've talked about this in the past that they were supposed to end in 2017. And you guys have continued to mine these oxides into this quarter. Are these transition ounces that have turned into oxides or were not tested as oxides? And then do you expect these oxides to continue into the second half?

Bill?

Yes. There's -- yes, there the question of the day. The answer is, yes, there are some transition oxides, which have turned into oxide. But a lot of it is that we're mining through surface dumps, in some of the stock works from some of the old underground, which have been backfilled with material that's now basically considered ore. And so I can't answer that going forward. It's something that we continue to look at. What I will tell you is that some of it does come as a surprise, as upside, and that we continue to hold our guidance.

The next question comes from Geordie Mark.

Yes. Maybe some questions to Tom first. And in terms of Cardinal, can you give us an idea of reminders, you did mention last time that it was away from [Indiscernible] just a tighter mineralization there and it's more [Indiscernible]?

Tom -- you’re kind of breaking it up there, Geordie. But I think I got just a bit about Cardinal, asking about Cardinal. Tom, do you have a comment on that?

I couldn't hear Geordie very well. But in general, Cardinal is slightly different from portfolios hosted within a combination of die rates. And I guess you can call them black shales and they -- or mudstones zone or multiple zones associated with very intense alteration, disseminated sulfides, a little bit of copper and occasionally some visible gold. They're definitely a different style zone. They’re more sheer zone related. However, it's been pretty wide space drilled so far. So we're still learning about it. Was that your question, Geordie? I couldn't hear you very well.

Yes, that was. And maybe just sort of follow-on for Bill in terms of Fekola mining fleet and mining fleet capacity as you have today. Any thoughts in terms of changing with that mining fleet capacity gold price, where it is changing the effective strip ratio, stockpiling strategies given your bonding capacity that you've instituted?

I didn't get that question at all.

It’s all right. I was asking about…

I might just write these out, and we can take that offline.

Your next question comes from Chris Thompson.

Congratulations on an absolutely stellar quarter. And as I've said, it's really good you guys are holding guidance through a tough period. Just I've got one question. I guess it relates to the Snake deposits, obviously, within reach of Fekola there. Can you give us a sense of where we sit by way of the testing of the economics of these deposits?

Well, I guess I would say that, Chris, that we're looking at the saprolite. There's 800,000 ounces in that resource a little over Gram and the saprolite, they’ve just not gotten quite a bit bigger but it appears they’re getting bigger. And now we're getting some very nice hits on the lower -- the meat, as you know, on the sulfide both on Mamba and Anaconda. So right now, we're waiting to see a bigger dip, to be frank. So I think we would need to -- is this additional feed down the road for Fekola at some point in time in the mill, it's 20 kilometers away, as you know, or is this a stand-alone scenario. So we're really giving Tom the ability here at the time to aggressively drill these multiple targets that we've seen in those sulfides now and find out, one, how big does the saprolite get; and secondly, are we looking at potentially significant deposit in the sulfide or deposits in the sulfides as well. So I would think that as we go through the end of the year and into next year, we're probably going to start getting a bit of a better handle on that. Would you agree -- would you see that here the same, Tom?

Yes, Clive. That's pretty good. If I could add to that, we've had multiple hits in the sulfides. And certainly at Mamba, we've now seen at least 2 very good looking continuous zone and mineralization that have a plum. We're working on trying to interpret those plums and with the drilling that we're doing on saprolite, we continue to find other areas of saprolite mineralization. So I would say it's still early stage. And as Clive said, they've given us the chance to try and figure out where it's going and how big it could go before we hand it over -- hand the resource over to the engineers.

Great, guys. And just one more quick question maybe just on Masbate. Can you give us a sense of sort of steady-state run rate sort of the split between Main Vein and Montana?

Bill?

Steady state? Well, it's -- we're kind of changing that right now because as you know, originally, we were projected to be into -- or into Montana in February. And now we've gotten in there now. And so we're actually looking at that right now. So I wouldn't want to come right out and just say what I think the steady state split is going to be for the rest of the year until we get our revised mine plan up and running.

Your next question comes from Josh Wolfson.

Just a quick question [Technical Difficulty]

Yes. Hello, everyone. It's Ian MacLean here. We're obviously having a tough time with the line. [Operator Instructions]

Your next question comes from Carey MacRury.

Can you guys hear me?

Yes. I can hear you, Carey.

Yes. Okay. So maybe just another question on Fekola for Bill, $251 in the quarter. Is there anything sort of unusual in the quarter that we should expect to reverse in later quarters? And then secondly, any color on the cost, mining versus milling, et cetera, in terms of where you're seeing the productivity?

No.

No what?

And in terms of mining versus milling costs?

Yes. Well, no. I mean, certainly, we don't see anything as far as production. I mean, we're basically implement [Indiscernible] we went a little bit faster on phase 4 and a little bit slower on phase 5. We will see some of the capital expenditures that -- which were deferred in Q1 be pushed out. And I think that Mike had already commented on that, that basically we're not adjusting our capital costs down for the year. We're going to stay exactly what -- we're going to stay on budget for that.

Okay. Maybe I think the question Geordie was trying to ask was in terms of the mining fleet for the expansion, is that now fully deployed and up and running?

I didn't get that. I didn’t get what the question is. I'm sorry.

He's asking about the mining fleet. Is it fully up and running now, the new mining fleet?

Oh, okay. No. Sorry. I'm really struggling to hear on this line. So the answer is no. Phase 1 of the mining fleet is up and running. Phase 2 is arriving on site right now. We actually, literally, within the last week, have been receiving the next batch of 6040s and 789 trucks.

I would now like to hand the conference back over to Clive Johnson.

Okay. Well, thanks, everybody. Ian, maybe you can talk to whoever's set this call up and see if we can improve it next time or use somebody else. If we can put a man on the moon, we should be able to have an expletive conference call. Okay, thanks, everybody, for your participation. Stay safe. Have a nice day.

This concludes today's conference call. You may now disconnect.