19 Apr 2023business combination● NeutralMajor
B2Gold announced it has completed its acquisition of Sabina Gold & Silver Corp., closing the deal announced in February 2023. Terms are not in the cover and exhibit index provided.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
13 Feb 2023business combination● NeutralMajor
B2Gold announced it will acquire Sabina Gold & Silver Corp. The filing provided is only the cover and exhibit index, so price, terms and assets are not in the text; the context elsewhere links Sabina to the Back River project, which would be a first Canadian asset (inference).
27 Jan 2023production update▲ Good
The headline says B2Gold targets a 30% cut in greenhouse gas emissions by 2030 and is expanding the Fekola solar plant. The filing text provided is only the cover and exhibit index, so no capacity, cost or timing details are available here.
13 Dec 2022drilling result▲ Good
More Fekola Complex drilling, including 14.60m at 9.48 g/t in hole BND_119, some of the highest-grade sulphide yet at Anaconda, published alongside consecutive monthly production records at Fekola in October and November and a reaffirmed 2022 guidance of 990,000-1,050,000 ounces including 40,000-50,000 attributable from Calibre.
20 Sept 2022business combination● NeutralMajor
Closed the Oklo acquisition, issuing 10.74 million shares and paying about A$27.4 million cash, and folding the Dandoko project into the Fekola Complex. Oklo had reported a March 2021 measured and indicated resource at Dandoko of 8.70 million tonnes at 1.88 g/t for 528,000 ounces. B2Gold's 2022 Mali drilling programme was about 161,000 metres for US$35 million.
15 Sept 2022drilling result▲ Good
Drilling confirmed the Mamba Main sulphide shoot at Anaconda over more than 700 metres down plunge, with 28.70m at 5.89 g/t in hole BND_108, and returned first results from the Cobra zone 2km east including 13.80m at 6.75 g/t. B2Gold now describes Fekola, Cardinal, Anaconda, Bakolobi and Dandoko together as the Fekola Complex.
26 May 2022business combination● NeutralMajor
Agreed to acquire Oklo Resources for 0.0206 B2Gold shares plus A$0.0525 cash per share, about A$91.3 million in total including roughly A$27.4 million of cash, issuing about 1% of its own stock. The purchase adds 1,405 square kilometres in Mali including the 550 square kilometre Dandoko project.
23 Mar 2022resource reserve update▲ GoodMajor
The Anaconda area, 20km from Fekola, was given a maiden indicated resource of 32.4 million tonnes at 1.08 g/t for 1.13 million ounces plus 63.7 million tonnes at 1.12 g/t for 2.28 million ounces inferred, a 196% increase in inferred ounces. B2Gold said selective saprolite averaging 2.2 g/t could be trucked to the Fekola mill from as early as late 2022, subject to permits.
2 Feb 2022resource reserve update▲ GoodMajor
Mali granted a new exploration permit over the same ground as the disputed Menankoto permit, restoring access to the Anaconda area, and B2Gold published an increased resource for the Cardinal-FMZ zone 500 metres from the Fekola pit. Drilling was to restart by 15 February 2022.
23 Dec 2021regulatory community update● Neutral
B2Gold announced CDN$1,000,000 of 2021 giving through its More than Mining Fund, including CDN$100,000 to the Canadian Red Cross for British Columbia flood relief (which government matching would raise to $300,000). It repeats 2021 production guidance of 1,015,000-1,050,000 ounces; it carries no change to operations or finances.
10 Dec 2021regulatory community update▲ GoodMajor
Reached an agreement in principle with Mali: the state would grant a new exploration permit over the same Menankoto ground to a new B2Gold subsidiary, and B2Gold would withdraw the arbitration it started in June 2021. B2Gold expected the permit to be issued before the end of 2021.
30 Nov 2021asset acquisition disposition● NeutralMajor
Closed the Kiaka sale, receiving US$22.5 million cash and 22.19 million West African Resources shares plus the royalties, with US$45 million still deferred. B2Gold also closed the sale of its 90% of the Toega project to the same buyer for US$18 million in total plus a further 2.7% royalty, exiting Burkina Faso.
25 Oct 2021asset acquisition disposition● NeutralMajor
Agreed to sell 81% of the Kiaka project in Burkina Faso to West African Resources for US$45.45 million payable up front and on closing, a further US$45 million on the earlier of a construction start, a positive feasibility study or October 2022, and net smelter royalties of 2.7% on the first 2.5 million ounces and 0.45% on the next 1.5 million. Kiaka came with the 2013 Volta acquisition and was never built by B2Gold.
25 June 2021regulatory community update▼ BadMajor
Escalated the Menankoto dispute into ICSID arbitration against the Republic of Mali under the 2012 mining code convention, to be heard in Paris. A producing company suing its host government over exploration ground, three months after the renewal was refused.
30 Mar 2021regulatory community update▼ BadMajor
Mali told B2Gold in March 2021 that the Menankoto exploration permit, part of the Anaconda area 20km north of Fekola, would not be renewed, despite the company's view that renewal was its right in law. Fekola's own life-of-mine plan and its 530,000-560,000 ounce 2021 guidance do not depend on Anaconda, so the immediate production risk was limited.
29 Dec 2020regulatory community update● Neutral
B2Gold gave a further CDN$500,000 to Metro Vancouver community organizations, bringing its 2020 total to CDN$1,000,000, matching the April donation. The release restates 2020 guidance of 1,000,000-1,055,000 ounces at all-in sustaining cost of $780-$820 per ounce; no new operating or financial information.
18 Dec 2020asset acquisition disposition▲ Good
Sold out its limited-edition Rhino Gold Bar inventory, made from 1,000 ounces donated from the Otjikoto mine and sold at spot plus a 15% conservation premium, raising about US$1.7 million for black rhino conservation in northwest Namibia.
17 Sept 2020drilling result▲ Good
Drilling extended the Cardinal and FMZ zones near Fekola to more than 3.5 kilometres of strike and the Mamba zone in the Anaconda area to about 2.2 kilometres, on an US$18 million Mali programme. B2Gold guided to a maiden inferred resource for Cardinal in the first quarter of 2021 and an updated Anaconda resource by the end of 2020.
23 Apr 2020regulatory community update● Neutral
B2Gold gave CDN$500,000 to three Metro Vancouver community organizations and reported earlier COVID-19 contributions in Mali (US$500,000), the Philippines (US$415,000), Namibia (US$321,000) and Colombia (food and medical help around Gramalote). The filing says 2020 production guidance stays at 1,000,000-1,055,000 ounces; it is a charitable announcement with no change to the mines or finances.
21 Jan 2020resource reserve update▲ GoodMajor
The updated Gramalote assessment put a 13.6-year open pit at 3.85 million ounces, averaging 416,600 ounces a year for the first five years and 283,990 over the life at US$544 cash cost and US$648 all-in sustaining cost. B2Gold took over as manager of the joint venture with AngloGold Ashanti from 1 January 2020.
17 Jan 2020resource reserve update▲ GoodMajor
Fekola's indicated resource at December 2019 rose to 110.6 million tonnes at 1.70 g/t for 6.052 million ounces, up 1.29 million ounces or 15.4% on a year earlier after allowing for the 455,810 ounces mined in 2019, and up 79% on the 2015 feasibility estimate after allowing for 1.006 million ounces of cumulative production. Fekola passed its first million ounces produced in late December 2019, two and a half years after start-up.
10 Dec 2019drilling result▲ Good
Year-end drilling across roughly 114,000 metres in Mali kept extending Fekola to the north, converted inferred to indicated inside the pit, expanded the Mamba and Adder saprolite zones and the Mamba sulphide discovery, and returned first results from the Cardinal and FMZ zones close to the Fekola pit.
16 Oct 2019asset acquisition disposition● NeutralMajor
Closed the Nicaragua sale to Calibre, taking 87.99 million Calibre shares for about 28.35% of the company, US$40 million cash, a US$10 million 2% convertible debenture due October 2021 and a further US$10 million payable in October 2020.
17 Sept 2019drilling result▲ GoodMajor
Drilling extended the shallow saprolite zone at Mamba, 20km from Fekola, to over a kilometre of strike and found a wide sulphide zone beneath it, hinting at Fekola-type deposits. Infill drilling at Fekola was completed, with the 19% Inferred resource due to be upgraded to Indicated by Q4 2019, and the 2019 Mali exploration budget was raised by US$3 million to US$20.5 million.
2 July 2019business combination● NeutralMajor
Agreed to sell the El Limon and La Libertad mines, the Pavon project and other Nicaraguan concessions to Calibre Mining for US$100 million in cash, Calibre shares and a convertible debenture, leaving B2Gold with about 31% of Calibre, a board seat and an advisory role. The two mines had produced over 1.4 million ounces since 2010 and were guided at 150,000-160,000 ounces for 2019.
13 May 2019resource reserve update● Neutral
Filed the NI 43-101 technical report backing the Fekola expansion preliminary economic assessment announced in March 2019, with no material differences from that announcement. The expansion is a mine fleet increase plus a plant upgrade centred on more ball mill power.
27 Mar 2019resource reserve update▲ GoodMajor
Approved the Fekola expansion on the strength of a preliminary economic assessment, lifting plant throughput by 1.5 million tonnes a year to 7.5 million without a new ball mill or extra power generation. The study was driven by the much larger resource declared in October 2018 rather than by new ground.
25 Oct 2018resource reserve update▲ GoodMajor
Fekola's indicated resource was raised to 92.81 million tonnes at 1.92 g/t for 5.73 million ounces, plus 1.37 million inferred, on 192,000 metres of drilling in 928 holes. Against probable reserves of 3.7 million ounces at the start of production this is a substantial increase, and it underpinned a mill expansion study then in progress.
29 June 2016drilling result▲ GoodMajor
More West African drill results, including 15.50m at 8.49 g/t north of Fekola, 26m at 5.44 g/t in a new saprolite zone, and 16m at 4.16 g/t at Kiaka. On the strength of them B2Gold decided to build the Fekola mill with a 25% design margin, potentially 5 million tonnes a year against the feasibility 4 million, for an extra US$15-20 million.
15 Mar 2016debt financing● NeutralMajor
Put together the balance of the Fekola construction funding: gold prepaid sales of up to US$120 million approved by members of the revolving credit syndicate led by HSBC, a mining equipment facility of about US$81 million, and an increase to the Otjikoto equipment loan. The prepaid sales are forward metal deliveries over 33 months at an average all-in funding cost of 4.00%, not a loan, so the gold is committed rather than the cash borrowed.