Tanya Jakusconek: All right. So it would only go to that 60% should that option not be exercised is what you’re saying?
Maarten Theunissen: Yes. On the balance sheet. But the way that we think about it is we fund 60%. And we – so we have to pay for 60% of the cost of operating costs as well as capital and we get 60% of the gold.
Tanya Jakusconek: Yes. No, I understand. Okay. I was just wondering about the 70% and 60% for the reserves and other. Okay, that’s fine. And then just lastly, Maarten, to confirm, there’s another $84 million or is that about coming through to you this year. Is that from some of the asset sales on top of the cash flow?
Maarten Theunissen: Yes. Yes. There’s the gross asset – the proceeds from the remaining sales of the Bambouk transaction, we expect to get during the remainder of this year. There’s two components of it. The first one we expect to be in Q1 and then the second one later this year.
Tanya Jakusconek: We know how much we’re getting in Q1. It’s just to make sure, looking at the cash flows in and versus out, just want to get those right?
Renaud Adams: Yes. We expect that – it’s a little bit commercially sensitive, but it’s about half of the transaction.
Tanya Jakusconek: About half okay. Okay. That’s helpful. Thank you very much.
Operator: The next question is from Don DeMarco with National Bank Financial. Please go ahead.
Don DeMarco: Oh hi. Thank you, operator. Gentlemen, I think all my questions have been answered. Thank you
Renaud Adams: Thanks.
Operator: And we have a follow-up question from Anita Soni with CIBC World Markets. Please go ahead.
Anita Soni: Just a question on that. You touched on it with Carey’s question, but the minimum $150 million liquidity as a covenant of the RCF. Can you explain what that means? Like are you – can you fully draw the entire RCF and drop to zero. And then also – and then say you have $150 million left on that RCF. Can you drop down to zero and use that as cash?
Maarten Theunissen: Yes, we can. So our cash and cash equivalents, let’s say we spend and we get down to $150 million. In – from there on, we can draw on the credit facility up the full amount. So there’s about $37 million, $38 million of letters of credit issued under it. So there’s $387 million available. So of the $387 million, we can draw it fully. That $150 million doesn’t impact it. But let’s say, we draw the full amount. And then we have the cash on the balance sheet. We can’t spend below $150 million. So we always have to maintain the cash balance of $150 million. There is other items impacting that as well, of course, are the governance on the credit facility based on what we’re seeing now, the facility is available.
Anita Soni: Okay. And then just to catch what Tanya said. So about $80 million coming from the Bambouk assets probably evenly split between Q1 and Q2 in terms of the receipt of that money?
Maarten Theunissen: Yes, approximately, yes, yes.
Renaud Adams: We’d really like to close Guinea in Q1. This is what we’re laser-focused on as we speak with our partner, Managem, on that. That would come first for sure. And then Mali would follow somewhere in 2024. So this is really our target. Should we sleep, we’re good. I mean it’s not — but that’s our focus now, to try to close Guinea in Q1.
Anita Soni: Okay. So you’re still trying to close the deal in Q1, you said — and then you said in the other one on time in 2024. I’m not…
Renaud Adams: Yes. Mali was – correct. Mali would follow after. So – that’s why we mentioned ’24. So it may take a little longer. But the priority right now, the first one is to close Guinea first.
Anita Soni: And that – the one you’re trying to close is the $80 million total. No?
Renaud Adams: No, no. The Guinea itself represents about half of it not happen this year on a gross basis.
Anita Soni: Okay. All right. Thank you very much.
Renaud Adams: Thanks.
Operator: This concludes the question-and-answer session. I’d like to hand the conference back over to Graeme Jennings for any closing remarks.
Graeme Jennings: Thank you very much, operator, and thanks for everyone for joining us this morning. If you have any further questions, please reach out to Renaud or myself. Thank you all. Be safe, and have a great day.
Operator: This concludes today’s conference call. You may disconnect your lines. Thank you for participating and have a pleasant day.
