September is here, page-7

I think not only have producers gotten smarter they have also improved their balance sheets a lot in the last couple of years. Risk Rule often remarks that they are now starting to behave like real businesses as opposed to the reckless chase for marginal ounces in 2011-2013.

B2 got a hold of Fekola in 2014 with a very counter cyclical move. I have listened to the B2 CEO remark that they bought Fekola with no other bidders, which is hard to believe when you see the quality of results coming out of there now. About 12 months ago he remarked at another conference that exploration assets weren't cheap enough yet (I think his view may have changed by now though). Again I think this shows they still in the mind of counter cyclical acquisition.

B2's still has a reasonable amount of debt (US$520M) but will be paying it down rapidly with Fekola really pumping. They are also restructuring their debt by repaying a convertible note on October 1.