John Hancock Financial Opportunities Fund Stock Price: Quote, Forecast, Splits & News (BTO)

Perplexity Finance

BTO

John Hancock Financial Opportunities Fund

BTO

Overview

Financials

Historical Data

$34.29

-$0.59

1.68%

At close: Jun 12, 4:00:02 PM EDT

$34.02

-$0.27

0.79%

After hours: 5:16:11 PM EDT

Financial information provided by Financial Modeling Prep. Options data provided by Unusual Whales. Live transcripts provided by Quartr. Reported revenue and EPS data from Earnings powered by FinChat.io. All data is provided for informational purposes only, and is not intended for trading purposes or financial, investment, tax, legal, accounting or other advice.

Market Cap: $677M
IPO Date: 8/16/94
CEO: Ms. Susan A. Curry
Fulltime Employees: 0
Sector: Financial Services
Industry: Asset Management
Country: US
Exchange: New York Stock Exchange

Peers

$0.00

Watchlist

$0.00

John Hancock Financial Opportunities Fund Stock Price: Quote, Forecast, Splits & News (BTO)

Change

-$0.59

1.68%

Financial Profile

Prev Close

$34.88

Market Cap

$676.96M

Day Range

$34.01 - $34.44

Open

$34.01

P/E Ratio

4.8

52W Range

$26.40 - $39.87

24H Volume

$928.81K

Dividend Yield

9.48%

EPS

7.16

Key Issues

Earnings

Report Date

—

Rev Estimate

—

Avg 1d Change

—

Report Period

Q1 2025

EPS Estimate

—

Implied Move 1d

—

Transcript

6m 42s

We just received some positive news in Valley from the government living up to the terms of the [indiscernible] That we signed in September. I'm going let Randall speak to that. Do the parts step forward? At Goose, the construction continues Those could have talked about that and talked about how when we're gonna transition to a construction project. Into operations. We're in the final stages, so as you will hear, [indiscernible] Wanna talk a little bit about catalyst going forward this year. There's a number of them. Obviously, the biggest ones is the completion of construction, commencement of [indiscernible] 180,000 ounces per year on an annualized basis. So that's obviously a priority combined with the 300,000 ounces. From Goose. That's a pretty good growth profile. This year, there's a couple of important studies coming up feasibility study of at Columbia will be completed by the June. It will be an position to announce that. If it's as positive as we're hoping for, then we'd be moving towards a development decision. Not that long after later on later on this year to decide if we're gonna go go forward. With starting to prepare for construction work. I've come a lot to you.

8m 23s

There's we already have a permanent place from the previous days of. We've got some strong support there. From the local governments and also at the federal level. So we are ahead of the curve in terms of [indiscernible] In addition to that, we'll continue to review opportunities. They'll be focused very early on exploration. We've got a $64,000,000 budget for this year for corporate And we've got a half of that, 32,000,000,000 is focused on Back River. Take us here, the information to answer any questions you might have about an expiration to factor half of our budget. Is focused on Back River gives you an indication of what we think we'll be exploring some new targets as well as doing some infill drilling. You can see and tell us some focus going forward. We're going to continue if we have the opportunities, our trend of investing [indiscernible] Looking for companies that are well run, that have good assets that they are gonna advance so we could assess. We do the snow line and a few others will continue to be good shareholders and then we'll see what comes out of those deals down the road. If anybody needs assistance, in construction, All those things that we've read, we're open to the possibilities of some of these tools that we've mentioned too.

9m 52s

So I think that's primarily why I wanted to do. But one of one additional point we've had a lot of questions about M and A, as I'm sure we're seeing, please don't surprise us. We'll be getting up on the morning and see if that's a big deal. We're not interested in I think we can say virtually categorically, not interested in acquiring another development company or development project. Know, taking over a company. That is because of the growth profile that we have. [indiscernible] moving Fekola towards starting the truck work. [indiscernible] I tend to grab a lot of feasibility study. If you were to add all that up, that would be about 720,000 ounces of annual production. With those three potentially giving us a very strong profile. Clearly, share prices are reflect I don't think the the production of other things that have to break out according to ships 15 or so by the end of this But the other big thing is, I'm gonna touch on that reflected the volume or growth pressure. So we need to earn value We need to get value for our shareholders. By advancing all of these development opportunities that we have.

11m 1s

We're gonna be open for questions after we hear from [indiscernible] Value of bills on the line. Everyone else has seen the bills on the line. Because he's running the the construction project at [indiscernible] So we're very happy with the quarter. We're happy operationally that we're back on track. We're back on track to get responsible production Most of the way this company's done very well since its inception, and that's the growth. In this case, from existing assets. [indiscernible] [indiscernible] [indiscernible] Some of the financial details we'll talk about [indiscernible] then we're gonna have an update from from Bill in terms of operationally, as we said, that [indiscernible] In between the two. He'll touch base on the base development. With the government positive development with the government. Moving towards permitting in in in in Valley. So Mike, would you Thanks, Clive. Financially, it was a strong quarter. After adjusting for onetime items, the company generated the $09 per share of adjusted earnings. And that we benefited obviously from the strong average gold site sales price Basic earnings per share were $0.4 per share and they included noncash mark to market adjustments for the Goose gold stream that we inherited when we bought Sabina and also from the zero cost collars that we put in place at the end of last year in conjunction with renewing our revolver.

12m 40s

Operating cash flow before working capital adjustments the quarter was $244,000,000 Another strong result and again, highlights the cash generation potential of our operating assets in the strong gold price environment.

12m 55s

And on the CapEx side, spending of the Goose project remains in line with our latest budget during the quarter. Construction mine development activities spend was 130 during the first quarter of 'twenty five. I would comment, in late 'twenty four and early 'twenty five, we accelerated approximately $60,000,000 in plant and equipment purchases including deposits on some longer lead items that were pulled forward from second half 'twenty five or subsequent years. So factoring these into account, excluding them from the total, Goose cash expenditures to first gold will remain in line with budget.

13m 34s

Balance sheet wise, we continue to remain in a strong financial position with cash cash equivalents of $330,000,000 at the end of the first quarter during the quarter, I think as we discussed in our last call, we repaid the outstanding balance in our revolving credit facility. With the proceeds of the convertible note that we issued in January 25. At the end of the quarter, we had $800,000,000 so full capacity undrawn on our revolving credit facility. So we have good amount of financial flexibility to be able to complete the Goose construction very shortly to fully repay the obligation under the gold prepays. But as as we deliver into them over the course of the a year from July 25 to June 26. And to complete other stating growth initiatives across the portfolio to continue to fund very healthy exploration programs which will hopefully extend mine lives. [indiscernible] update, I guess, the key points. And with that, I'll turn the call over to Bill for an operational project update.

14m 38s

Alright. So I'll I'll start out with probably what people are most interested is. At Goose, it was a very successful winter ice road season. We did start one month earlier than than we have previously. Completed one month earlier than expected, and that was based on the additional capital we put in last year in in our new ice roll building plan. It was a great result. Everything came up the road. That's 4,000 container units. And almost 80,000,000 liters of fuel. On the construction side, progress was significant in the first quarter, and all activities are nearly complete and ready for first gold. And sub sub subsequent subsequent ramp up to commercial production in in q three. On the open pit mining side, mining of the eco pit was recently complete completed. And is now being set up to receive tailings. So when the mill turns on, the open pit mine of the unwell open pit will be mining. Will be depositing tails in the echo. On the underground mining side, mining rates at Unwell Underground are hitting new records and we're confident that the high grade stope ore production as in our current life of mine will begin in the third quarter of this year.

15m 51s

Looking at Molly, Molly had a strong start to the year. Exceeded gold production expectations, had lower all in sustaining costs than we anticipated, The mill feed grade over the course of the year through as we get through phase seven, will steadily increase and we remain very confident in our 2025 production guidance. Of course, this will be highlighted by the contributions from the Fekola Underground And if we get all our permits Fekola regional later in 2025. At Masbate, the operations continue to perform well. World class safety record, I just wanna call that out. They're now coming up on twenty three hundred days without an LTI. We anticipate another strong year of consistent production at Moss Body. With strong margins. At Otjikoto, the open pit and underground went very well in the first quarter, And currently, we're basically we're focused on advancing the antelope deposit. To a development decision in the third quarter of this year. And finally, and maybe not lastly, Gramalote We're getting close to the finalization of the feasibility study. We wanna release it over the next couple of months. With that, I will turn it back to you, Clyde. [indiscernible] Thanks, Bill. Randall, can you just update on the recent developments at over the last couple of days?

17m 9s

Yeah. Absolutely. So as most of you know, we've been working with the government of Mali to follow the twenty twenty three minuteing code on the Fekola Regional project part of the MOU was that they finally allowed a company to consolidate a large land package which we, you know, which we are using [indiscernible] combine the Manacoto, Ben Taco, and Baccalobie permits. For the first time, the twenty twenty three minuteing code now allows for a large overall land area under one consolidated land package So we've been working with them since September on on what is really had been a novel process for them And finally, it came through just yesterday. Where the council of ministers approved the decree to go ahead with that consolidated land package What that does is really a catalyst for us to be able to now submit our application for exploitation permit which will then just be one license currently named Minototo. It will be you know? And so that will find its way into a new operating company and with that application for exploitation permit should go in within the week. And then we're looking the standard time turnaround time has been around thirty to sixty days for us to be able to see an exploitation license.

18m 30s

So, really, they they've you know, lived up to another obligation in the MOU that that one of the more important ones for us.

18m 38s

And so now it's a it's a matter of of continuing to work with that government to show them and demonstrate the value that the Fekola Regional will have for all stakeholders them and, you know, being a 35% holder in Fekola Regional and look towards later on this year of getting into production. 35% under the 2023 coal for the regional area. And, obviously, we were the other 65% of that. So I think that's a good summary of where we sit today. As we've discussed to as we said, some of the catalysts moving forward. Very happy in the first quarter. Excited to continue that good performance for the rest of year. [indiscernible] the catalyst that we've talked about today. So you've got the entire executive team here in Vancouver with the exception of Bill who's up with Goose. So I think with that, we'll open it up to to any quest We will now begin the analyst question and answer session. Please pick up your handset before pressing any keys. And our first question comes from Francesco Costanzo from Scotiabank. Please go ahead. Hi, good morning guys. Thanks a lot for taking my question.

20m 11s

This is Francesco calling on behalf of Abe Sabib. I just want to start with with. So maybe a question for Bill. So construction development is tracking to plan. And you've noted in the release that mining of the Echo pit and completion of the tailing slurry pipeline are some of the critical path items that are needed before first gold pour. But can you speak to any of the other critical path items to highlight ahead of first gold pour or before achieving commercial production that we should look Yeah. Well, obviously, everything's gonna be happening all very rapidly now.

20m 42s

We're currently in the process of of commissioning the powerhouse. Right? So that's a key thing, obviously, for the mill. That is basically complete at this time. We have enough to run the mill. In the very near future, we're gonna start commissioning through the mill. And then it's just working through the circuits, obviously trying to get ore in there and then producing gold by by the end of q two.

21m 6s

Okay. Great.

21m 7s

And then just on the capital budget, so you've reiterated the CAD 1,500,000,000.0 budget with CAD 136,000,000 spent during Q1. Although the initial guidance initial twenty five guidance published earlier in the year outlined a little bit more non sustaining capital in the first half of 'twenty five than was implied by the total Goose budget. Just wondering if you can clarify your expectation of sustaining and non sustaining capital spending ahead of first gold, ahead of commercial production and through the balance of the year?

21m 39s

Well, I'm in in terms of the total CapEx, the items that we'd identified that we did expand some of this on sustaining CapEx that pull forward I mentioned it's somewhere in the region of $60,000,000 Some of that was expanded right at the end of 'twenty four.

21m 58s

And with another component of it done in Q1 'twenty five, covers things like [indiscernible] enhancements that we're planning for next year, actually, some of the deposits there. We've accelerated some equipment purchases from purchase of Cat triple seven loaders and some Volvo trucks. And those are things that we had originally in the second half. Twenty five. We've also got some fuel on hand that we purchased for contraction. So it's it's purchased, but hasn't made consumed yet. So you pull all those things together, you get something in the reach of 60,000,000 plus that we think It really thinks that are either accelerated and will be consumed And Q2 or that are pulled forward from subsequent periods or years.

22m 49s

Okay. And just my final question. For Randall or whoever wants to take it. I mean, great to see progress meaningful progress on the Fekola Regional Permit. I guess, within the next sixty days or so. I just wanted to clarify do you still expect to need around three months or so to prepare the site before we can actually see ore production start to come from Anaconda?

23m 14s

I'll leave that to Bill.

23m 17s

Yes. We do. And there's three months of pre stripping there. Okay. Great. Thanks for clarifying. That's all for my questions.

23m 27s

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

23m 35s

Good morning, Clive and team. I just had a question on the Gramalot ote study that's coming up soon. Could you just give us an idea of some of the guess, parameters that you were you'd be looking at? Obviously, we know you're, you know, looking for a smaller footprint at that asset. But just wondering what kind of gold price you would be expecting to use in that study.

24m

I'll give it over to Bill to tell you. I mean, we should talk a little bit about what was in the PEA before in previous studies. I think it's quite a lot of line to the PEA. We're hoping to be simpler or even improve upon that. But that was you said, a smaller footprint. Which is good for the for the updated improvement point of view. But, basically, what you got because it's one older now, they're looking at the potential to produce 240,000 ounces a year for the first five years of twelve year mine life. So the COVID, the previous study of PEA was a bit misleading because it actually had no material required to go to feasibility. And there's a lot of engineering work went into that PA. So a lot of work has happened since then. And we're on track with the feasibility study. For the the middle of the year. That's what we've got in the room, tracks to be able to release the rest of the studies. [indiscernible] Yeah. Clyde, just I I I don't mean to walk on you there, but you're absolutely right. The PEA is the absolute best reference for what what we're looking at for the feasibility study.

25m 8s

Every everything is tracking very nicely against that. And I'll I'll leave it for Mike and let the gold price renews.

25m 15s

I think gold price Anita, you'll see us look there's going to be some scenarios running there, but I think I think you'll see us look at consensus as a as a base just to see where we are. So if you look at where CIBC's latest consensus came out, obviously, it's higher in the short term, but we'll those would be build years anyway. And then long term, you're looking at somewhere 23 to $2,400. That's current consensus. [indiscernible] potentially, if we have a positive study, we make a development decision to go forward. It could slide it very nicely after goose. To his reflection profile. And as everyone's aware, don't try to build two miles at the same time. Also, when you look at funding Gramalote, there's a number of source of funding from the existing cash flow we're generating from existing facilities we have. Some access to, you know, good term debt facilities. But also, of course, this is not one that we would necessarily be afraid of hedging a bit of gold in terms of spending a lot of capital. The previous one was around 800,000,000 But there's a numerous ways to to to finance that numerous avenues to do that.

26m 23s

But also, we would be looking at one option, which would be to perhaps protect the the company of the project from the construction period. But that would be I expect that would be a small percentage of our [indiscernible] So I hope that answers your questions.

26m 43s

It does. And then just last question on the timing was so as you mentioned, wanting to build Goose or building too many things at the same time, but you're coming to the tail end of Goose now. So would it be right to think about Gramalote potentially coming on stream just at the end of the decade?

27m 4s

Bill, you have such a mix of that. Obviously, you know, we don't know. Schedules.

27m 10s

Yeah. So so Anita, really, it comes down to the feasibility study is is real remember, we're gonna have to make some minor modifications because angle there is a construction permit to it right now. So that construction permit has to be modified for whatever we've changed in the PEA. We're we're kind of estimating a a twelve to fifteen month period on that. So your your answer is absolutely correct. It could be earlier if if the government wants to play. But you're right. It's kinda that '28, '29 is is probably right.

27m 39s

Okay. That's it for my question. Thank you.

27m 47s

Then one. Our next question comes from Carey MacRury from Canaccord Genuity. Please go ahead. Hey, good morning, guys. Just another question on Goose. What kind of stockpile you expect to have? And grade ahead of the mill startup?

28m 4s

Well, I can I can tell you that we've got significant stockpile already prepared from the open pit? I was just looking at this morning. What I'll tell you is for the for the mill, we're we're talking about as we start up, once we get kind of the low grade stuff through, we're gonna run at least 20,000 and maybe more maybe as much as 35,000 tons at plus Trent 10 grams through right away. So we're we're looking good for for meeting our projections. And certainly, this kind of one twenty at this point one twenty to one thirty is not really an issue. So we we can see that for sure in 2025.

28m 43s

We've got it once ready to work.

28m 49s

One twenty to one fifty is right.

28m 51s

Yeah. Okay. And just in terms of the ore mix, with the underground coming on, more so in Q3, I'm assuming most of the ore mix for the first half of the year was really the stockpiles and the open pit. Is that correct? Or what is the mix? Roughly?

29m 5s

What is the mix between open pit and underground?

29m 8s

I don't have that at my fingertips right now. But certainly, in 2025, a lot of the a lot of the material is coming from the open pit.

29m 15s

Yeah. I can comment on that. Also or Carrie. It's about 40% from the Echo open pit for the feed that we give through the year. 40% of material from the Amalt open pit, and then about 20% of material from Amwalt underground is the mix throughout the balance of the year.

29m 40s

The next question comes from Uwais Sabib from Scotiabank. Please go ahead. Hi, Clive and B2Gold team. Sorry, got a bit delayed coming on the call. I just bouncing between some conference calls. Just a lot of questions have been answered. But just one question on maybe on the Ojikoto side. And in terms of any sort of expansions on the Antelope side, you're looking to make a construction decision, I believe, Q3 of this year What pending in terms of making that decision?

30m 16s

A PEA was released. Do you need to do further studies or more drilling or you give us a little bit more color on that? Yes. Thanks for raising it. We didn't really talk much in detail about that. I guess that won't be a bill answer.

30m 30s

Yes. The only thing that's really kind of outstanding, Ovais, is the geotech. Overall, we have the mining method locked down We're currently looking at what is the surface infrastructure layout. You know, basic basic kinda supporting type questions. So do we want do we wanna have you know, extra facilities? And so we're we're right now going through third party review of what we've done.

30m 57s

Okay. So you you guys should be in a good position then just based on that for that construction decision in Q3 then? 100%.

31m 6s

Okay. Sounds good. And just you may have already touched upon this during the call. I apologize if I'm asking again. But just in terms of the permits on the Mali specifically on the Fekola underground. Now the Fekola underground, from what I understand, is an amendment to your permit Is that expected sooner than the regional? I mean, is that separate? Is that together now? From what I understand, the Malian government or the regulators had combined the two Any color on that, I'll pass it over to Randall, but what you missed earlier in the call, we realized you've got bunch of different calls to go back and forward on. It was a significant development in terms of moving the permitting board from the government. Balaj just said the last day, really, on this. We've already covered it, but we'll give you a base view of that and also the other government as well. Yes. Mean, let me add to your first question. They are not connected, Ovais. I'm not sure where that one came from. But they are two distinct processes, the underground and the regional. And when we talk about them together in our press releases just because that's the kind of the future and some of the catalysts at Fekola.

32m 16s

But certainly, everything that needs to be submitted for the underground the approvals has been submitted. And that process underway. We expect that we'll be up and and producing early in the second half And so don't see any issues there. With the underground. That one that one is well in hand. With the regional, we did receive the council administers decree yesterday for the combination of the three permits the three permit area, which so that's, you know, 200 plus square kilometers, to the north covering continuous north of of Med 90 of the Fekola permit. So that really is is the catalyst that allows us to now submit the exploitation application It's been completed. It's translated. It's it's ready to go. We need a little bit of time to include all of the details that come out of that consolidated permit and and flow those through the application. But then we we expect kind of that the turnaround time has been historically about thirty to sixty days in in this instance.

33m 26s

Perfect. Thanks for the color on that Randall. And And really good to hear on the progress on the permitting. That's it for you guys, and thanks for taking my questions.

33m 39s

And the next question is a follow-up from Carey MacRury from Canaccord Genuity. Please go ahead.

33m 45s

Yeah. Just a question for Mike. Obviously, the balance sheet is in great shape. Just asking about the prepay given that you'll be ramping up in Q3. There any thought of deferring that to later? Or you're comfortable just settling that in the quarter?

34m

Well, we can defer it. Could roll them if we want to. Our our goal is not to. If you look at what we what the rationale for pulling in the convert, putting a bit of longer term money on the balance sheet there to free up the line. We're gonna use the line to help us maneuver through the prepaids and to do some of these other capital early stage antelope. Whatever we might do at Gramalote. For coal finishing for coal original. All those things. But also gonna use the line just to to maneuver through. We we set them up for a one year delivery period so that they're done pretty quickly. So we've got them. We use them Goose will be built. Goose will be running. We'll we'll deliver into the prepays, and we're done. We'll put them behind us. [indiscernible] So we'll be voting. Right. We have the $800 facility available to us Obviously, as Mike said, we'll use parts of that as we move forward and apply this to little other people. Yeah. There's lots of room. I mean, if gold stays where it is, we're we won't be touching the facility, but you don't plan on record gold price all the time.

35m 1s

You plan on managing things. So we're in good shape to do it, Terry. That's the bottom line.

35m 6s

Alright. Great. Thanks. Thanks, guys. This concludes our question and answer session. Like to turn the conference back over to Clive Johnson for any closing remarks.

35m 27s

Yes. Thanks everyone for attending the conference and and we can always with with us if there's any additional questions that occur to you after. So good quarter. Looking forward to great developments in 2025. Thanks for getting on the call.

35m 45s

This brings to an end. Today's conference call. May disconnect your lines. Thank you for participating, and have a pleasant day.

Key Insights

Construction at the Goose project is nearly complete, with first gold production expected by the end of Q2 and commercial production ramping up in Q3; CapEx remains in line with the CAD 1.5 billion budget, with $136 million spent in Q1 and some capital expenditures accelerated from later periods.
The company reported a strong financial quarter, generating $0.09 per share in adjusted earnings and $244 million in operating cash flow before working capital adjustments; cash and equivalents stood at $330 million with full $800 million revolver capacity undrawn, providing significant financial flexibility.
Key operational catalysts for 2025 include the completion of Goose construction, commencement of production targeting 180,000 ounces per year (annualized), and ongoing progress at other assets such as Fekola (including regional permitting advances), Masbate, and Otjikoto.
The feasibility study for Gramalote is on track for mid-year release, targeting a potential 240,000 ounces/year for the first five years of a 12-year mine life, with a possible development decision later in 2025 and production potentially starting around 2028–2029.
The company reiterated its focus on organic growth and exploration (with a $64 million exploration budget, half allocated to Back River), ruled out major M&A activity, and highlighted continued progress on permitting in Mali (Fekola Regional) and upcoming development decisions at Columbia and Otjikoto’s Antelope deposit.

Recent Transcripts

Strong Q1 with robust cash flow, operational recovery, and key project milestones achieved.

2025 outlook strong after challenging 2024; production and financials set to improve.

$337M cash, $800M undrawn RCF

Earnings

Report Date

—

Rev Estimate

—

Avg 1d Change

—

Report Period

Q1 2025

EPS Estimate

—

Implied Move 1d

—

Transcript

6m 42s

8m 23s

9m 52s

11m 1s

12m 40s

12m 55s

13m 34s

14m 38s

15m 51s

17m 9s

18m 30s

So, really, they they've you know, lived up to another obligation in the MOU that that one of the more important ones for us.

18m 38s

20m 11s

20m 42s

21m 6s

Okay. Great.

21m 7s

21m 39s

21m 58s

22m 49s

23m 14s

I'll leave that to Bill.

23m 17s

Yes. We do. And there's three months of pre stripping there. Okay. Great. Thanks for clarifying. That's all for my questions.

23m 27s

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

23m 35s

24m

25m 8s

Every everything is tracking very nicely against that. And I'll I'll leave it for Mike and let the gold price renews.

25m 15s

26m 23s

26m 43s

27m 4s

Bill, you have such a mix of that. Obviously, you know, we don't know. Schedules.

27m 10s

27m 39s

Okay. That's it for my question. Thank you.

27m 47s

28m 4s

28m 43s

We've got it once ready to work.

28m 49s

One twenty to one fifty is right.

28m 51s

29m 5s

What is the mix between open pit and underground?

29m 8s

I don't have that at my fingertips right now. But certainly, in 2025, a lot of the a lot of the material is coming from the open pit.

29m 15s

29m 40s

30m 16s

30m 30s

30m 57s

Okay. So you you guys should be in a good position then just based on that for that construction decision in Q3 then? 100%.

31m 6s

32m 16s

33m 26s

Perfect. Thanks for the color on that Randall. And And really good to hear on the progress on the permitting. That's it for you guys, and thanks for taking my questions.

33m 39s

And the next question is a follow-up from Carey MacRury from Canaccord Genuity. Please go ahead.

33m 45s

34m

35m 1s

You plan on managing things. So we're in good shape to do it, Terry. That's the bottom line.

35m 6s

Alright. Great. Thanks. Thanks, guys. This concludes our question and answer session. Like to turn the conference back over to Clive Johnson for any closing remarks.

35m 27s

35m 45s

This brings to an end. Today's conference call. May disconnect your lines. Thank you for participating, and have a pleasant day.

Key Insights

Construction at the Goose project is nearly complete, with first gold production expected by the end of Q2 and commercial production ramping up in Q3; CapEx remains in line with the CAD 1.5 billion budget, with $136 million spent in Q1 and some capital expenditures accelerated from later periods.
The company reported a strong financial quarter, generating $0.09 per share in adjusted earnings and $244 million in operating cash flow before working capital adjustments; cash and equivalents stood at $330 million with full $800 million revolver capacity undrawn, providing significant financial flexibility.
Key operational catalysts for 2025 include the completion of Goose construction, commencement of production targeting 180,000 ounces per year (annualized), and ongoing progress at other assets such as Fekola (including regional permitting advances), Masbate, and Otjikoto.
The feasibility study for Gramalote is on track for mid-year release, targeting a potential 240,000 ounces/year for the first five years of a 12-year mine life, with a possible development decision later in 2025 and production potentially starting around 2028–2029.
The company reiterated its focus on organic growth and exploration (with a $64 million exploration budget, half allocated to Back River), ruled out major M&A activity, and highlighted continued progress on permitting in Mali (Fekola Regional) and upcoming development decisions at Columbia and Otjikoto’s Antelope deposit.