Mike Cinnamond: Yes, I think there’s maybe two things. We acquired the Hackett River Royalty that’s an asset from our perspective. And we all did that as part of the purchase price. And then the other part was we inherited Wheaton’s or the Sabina’s gold stream obligation with Wheaton. And if you recall, when we did the acquisition, in addition to unwinding a couple of other things, we bought back the max that we could of that stream obligations, we bought back 130.
Clive Johnson: And in our production world, it’s a small stream in our production world. And we’re comfortable to have a relationship with Wheaton. In terms of other royalties, we’re not in the royalties business. And if we have an opportunity to realize, to sell the royalties, reasonable levels we were open to doing that for sure.
Mike Cinnamond: Yes. And Anita, if you want a bit more detail on the stream, it is in the financial notes. If you look at note 18, we kind of laid out how the gold stream works and what we initially acquired and what we bought back. So if you need any more detail, note 18 pretty much gives you that information.
Anita Soni: Okay. All right. Thank you very much. That’s it for my questions.
Clive Johnson: Great. Thanks.
Mike Cinnamond: Excellent.
Operator: The next question comes from Don DeMarco of National Bank Financial. Please go ahead.
Don DeMarco: Thank you, operator, and good morning, Clive and team. I’ll start off first question at Goose; we know that the winter ice road is expected to finish up tomorrow. Just interested in your comments on construction, was it completed without incident? No concerns on temperature. Is there anything you would do differently next year?
Clive Johnson: Let’s try see how it goes, Peter, back up for backup. Go ahead, Bill.
Bill Lytle: Can you hear me?
Clive Johnson: Sort of. But you’re very broken up. Peter, I know you were just there. Could you just talk about what we’re learning from this road construction and what, if anything, we would do differently next year? It seems like it’s been a very good success. What we’ve done with 160 kilometers — 158 so far, but road that we built.
Peter Montano: That’s right, Clive. So we had — we made a couple of changes this year. We staged some equipment at midway points. We had some forward camps, went forward from both ends and also had more equipment. more water trucks is one of the biggest changes that we made and also optimized some of the routes over a few of the lakes. Those work really well. And basically the initial schedule was built on the road being open March 1 fairly conservatively. Looks like, well, we are going to beat that. So we’ll have it open in a day or two. And so first of all, I want to say emphasize that the changes that we made from last year have been very successful. As far as further changes, this year with El Niño, we had a little bit of a challenge getting started with the warmer temperatures to start.
That’s not really anything that we can control. Other than that, it’s been a really nice construction season. So obviously, we’ll go back, we’ll compare notes during the warmer — during the summer and make any changes that we come up with. But all in all, we’re very happy with how this is going.
Clive Johnson: Yes. Just maybe a little color there at the end of the day, often people build a nice road starting from the ocean, in this case Bathurst Inlet. The ocean freezes last. So by moving the equipment last year to the middle and being able to start construction that way, we got well ahead of the schedule. What we have to have a better schedule to do that. So and also, some of the people involved here were involved with Kupol back in the duty days, where we built 470 km of ice roads to get everything from the Northern port of Quebec and Russia down to the Kupol site. So we have a lot of expertise in this. And, of course, then a lot was learned from last year what the ice road successes and the challenges that were faced by Sabina at the time. So I think the guy — well, the guys have done an excellent job, as we hope to see.
Don DeMarco: Okay. Thanks for that. And then just final question, a few weeks ago, you released an assays on the Antelope target at Otjikoto. I think you could add maybe 50,000 ounces a year beyond 2026. What do you need to see in the scoping study that’s pending Q1 2025 to confirm? And is there any other sort of high priority targets on the site that you’re interested in that could add additional extensions?
Clive Johnson: Well, the study will give us an economic view to what we’ve tapped into so far. And I’ll let Vic talk about the potential here. And so we haven’t got more assays back yet, but we’re very encouraged by what we’re seeing in the drilling. Vic?
Victor King: Yes. So the — it was also — the initial resource that we’ll put out will be on the Springbok Zone, which is one of several zones within the Antelope deposit. The Springbok Zone is about 3 kilometers south of the Otjikoto pit. It lines up the lineament that lines up Springbok, and the Otjikoto pit is run straight towards it. And we do have several hits between Springbok and the Otjikoto pit that we’ll obviously follow-up on and are going to be following-up on this year. So that potential is wide open 3 kilometers stride. Obviously, that needs to be drilled out. So there’s huge potential. There could be quite a few more Antelopes out there.
Don DeMarco: Okay. Great to hear. Thanks so much, Clive, and good luck with Q1.
Clive Johnson: Thanks, Don.
Operator: This concludes the question-and-answer session. I would like to turn the conference back over to Clive Johnson for any closing remarks.
Clive Johnson: Yes. Thanks, operator. Well, thanks you all for your questions and your attention today. Obviously, I guess maybe the elephant in the room or the rhino on the room is the fact that the performance of the gold equities, including ours, when we have very strong and looks like a pretty solid gold price, those are the challenges we face. I think we’ve presented our case here about 2024 and as a transitional year leading into getting back to some excellent years of very strong years in cash flow and an increase in production as we bring Goose on and do some of the other things we were doing in 2024. So at the end of the day, I’ve been doing this for a long time. I’ve never seen and the others agree the disconnect between the gold price and the gold equity.
So somewhere on the way here someone’s going to find some gold equities attractive and we’ll continue to tell our story. We’ll be at the BMO Conference with a tremendous amount of interest in having meetings at PDAC, et cetera. So we’ll be out there talking to people about how B2Gold is going to continue to be a very successful gold producer, very strong financially and ESG and continue to grow gold production as we move forward into 2025. So thank you all for your contribution and your questions and your time. Thanks, operator.
Operator: This brings to a close today’s conference call. You may disconnect your lines. Thank you for participating and have a pleasant day.
