B2Gold Completes Acquisition of Oklo Resources Limited and its Extensive Land Package near the Fekola Mine
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News Release
B2Gold Completes Acquisition of Oklo Resources Limited and its
Extensive Land Package near the Fekola Mine
Vancouver, September 20, 2022 – B2Gold Corp. (TSX: BTO, NYSE AMERICAN: BTG, NSX:
B2G) (“B2Gold”) is pleased to announce that it has completed the acquisition of Oklo Resources
Limited (ASX: OKU) (“Oklo”). B2Gold has acquired 100% of the fully paid ordinary shares of Oklo
(the “Oklo Shares”) in consideration for 0.0206 of a common share of B2Gold (each whole share, a
“B2Gold Share ”) and A$0.0 525 in cash for each Oklo Share held . On closing , B2Gold issued
10,742,814 B2Gold Shares to Oklo shareholders , representing a pproximately 1% of the B2Gold
Shares on an undiluted basis, and paid aggregate cash consideration of approximately A$27.4 million
to Oklo shareholders.
The acquisition of Oklo provides B2Gold with an additional landholding of 1,405 km2 covering highly
prospective greenstone belts in Mali, West Africa , including the Dandoko Project (550 km2), which
now forms part of the Fekola Complex . The Dandoko Project is located on a subparallel , north-
trending structure east of the prolific Senegal-Mali Shear Zone, approximately 25 kilometers from the
Fekola Mine and approximately 25 kilomet ers from the Anaconda area . B2Gold is currently
conducting a 2022 Mali drill program of approximately 161,000 meters with a budget of
approximately US$35 million.
In March 2021, Oklo delivered an initial JORC 2012 compliant Measured and Indicated mineral
resource estimate for the Dandoko Project of 8.70 million tonnes at 1.88 grams per tonne (“g/t”) for
528,000 ounces of gold and an Inferred mineral resource estimate of 2.63 million tonnes at 1.67 g/t
for 141,000 ounces of g old. The mineral resources are distributed across the Seko, Koko, Disse and
Diabarou deposits, all of which remain open and are expected to grow with ongoing exploration
drilling both along strike and at depth. Significantly, B2Gold believes that the Oklo resource has
similar metallurgical characteristics to the Fekola resources and would be amenable to processing at
B2Gold’s Fekola mill.
The Company expects that a diamond drill rig dedicated to the Dandoko project will be on site by
October 2022, with the objective of completing up to 4,000 met ers of combined metallurgical and
geotechnical drilling and the initial phase of strategic exploration drilling. Additional early -stage
targets within the newly acquired landholding will also be assessed at this time.
With the acquisition of Oklo and its flagship Dandoko project, the Company is continuing to evaluate
its options for the timing and sourcing of material on a regional basis from all deposits within the
Fekola Complex area (including Fekola, Cardinal, the Anaconda Area, Bakolobi and Dandoko). This
updated evaluation is expected to be completed by the end of 2022, with first saprolite production
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now anticipated in the second quarter of 2023. Subject to obtaining all necessary permits and
completion of a final development plan, the Company intends to commence its planned Phase I
infrastructure development in the fourth quarter of 2022.
Qualified Person
Tom Garagan, Senior Vice President of Exploration at B2Gold, a qualified person under National
Instrument 43-101, has reviewed and approved the information contained in this news release.
About B2Gold Corp.
B2Gold is a low -cost international senior gold producer headquartered in Vancouver, Canada.
Founded in 2007, today, B2Gold has operating gold mines in Mali, Namibia and the Philippines and
numerous exploration and development projects in various count ries including Mali, Colombia,
Finland and Uzbekistan. B2Gold forecasts total consolidated gold production of between 990,000 and
1,050,000 ounces in 2022.
ON BEHALF OF B2GOLD CORP.
“Clive T. Johnson”
President & Chief Executive Officer
For more information on B2Gold please visit the Company website at www.b2gold.com or contact:
Michael McDonald Cherry DeGeer
VP, Investor Relations & Corporate Development Director, Corporate Communications
+1 604-681-8371 +1 604-681-8371
[email protected] [email protected]
The Toronto Stock Exchange and NYSE American LLC neither approve nor disappro ve the information contained in this
news release.
Production guidance presented in this news release reflect total production at the mines B2Gold operates on a 100%
project basis. Please see our Annual Information Form dated March 30, 202 2 for a discussion of our ownership interest
in the mines B2Gold operates.
This news release includes certain "forward -looking information" and "forward -looking statements" (collectively
forward-looking statements") within the meaning of applicable Canadian and United S tates securities legislation,
including: projections; outlook; guidance; forecasts; estimates; statements regarding the Transaction, including, without
limitation, statements relating to Oklo’s mineral resources being amenable to processing at B2Gold’s Fek ola mill, the
exploration program for the remainder of 2022 at the Dandoko project, the evaluation of the Fekola complex being
completed by the end of 2022 with the first saprolite production anticipated in the second quarter of 2023, commencing
Phase 1 in frastructure development in the fourth quarter off 2022; and other statements regarding future or estimated
financial and operational performance, gold production and sales, revenues and cash flows, and capital costs (sustaining
and non-sustaining) and operating costs, and including, without limitation: total consolidated gold production of between
990,000 and 1,050,000 ounces in 2022 . All statements in this news release that address events or developments that we
expect to occur in the future are forward -looking statements. Forward -looking statements are statements that are not
historical facts and are generally, although not always, identified by words such as "expect", "plan", "anticipate",
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"project", "target", "potential", "schedule", "forecast", "budget", "estimate", "intend" or "believe" and similar expressions
or their negative connotations, or that events or conditions "will", " would", "may", "could", "should" or "might" occur.
All such forward-looking statements are based on the opinions and estimates of management as of the date such statements
are made.
Forward-looking statements necessarily involve assumptions, risks and unc ertainties, certain of which are beyond
B2Gold's control, including risks associated with or related to: the duration and extent of the COVID -19 pandemic, the
effectiveness of preventative measures and contingency plans put in place by the Company to respo nd to the COVID-19
pandemic, including, but not limited to, social distancing, a non-essential travel ban, business continuity plans, and efforts
to mitigate supply chain disruptions; escalation of travel restrictions on people or products and reductions i n the ability
of the Company to transport and refine doré; the volatility of metal prices and B2Gold's common shares; changes in tax
laws; the dangers inherent in exploration, development and mining activities; the uncertainty of reserve and resource
estimates; not achieving production, cost or other estimates; actual production, development plans and costs differing
materially from the estimates in B2Gold's feasibility and other studies; the ability to obtain and maintain any necessary
permits, consents or authorizations required for mining activities; environmental regulations or hazards and compliance
with complex regulations associated with mining activities; climate change and climate change regulations; the ability to
replace mineral reserves and identify acquisition opportunities; the unknown liabilities of companies acquired by B2Gold;
the ability to successfully integrate new acquisitions; fluctuations in exchange rates; the availability of financing;
financing and debt activities, including potentia l restrictions imposed on B2Gold's operations as a result thereof and the
ability to generate sufficient cash flows; operations in foreign and developing countries and the compliance with foreign
laws, including those associated with operations in Mali, Na mibia, the Philippine s and Colombia and including risks
related to changes in foreign laws and changing policies related to mining and local ownership requirements or resource
nationalization generally, including in response to the COVID -19 outbreak; remot e operations and the availability of
adequate infrastructure; fluctuations in price and availability of energy and other inputs necessary for mining operations;
shortages or cost increases in necessary equipment, supplies and labour; regulatory, political and country risks, including
local instability or acts of terrorism and the effects thereof; the reliance upon contractors, third parties and joint ventur e
partners; the lack of sole decision-making authority related to Filminera Resources Corporation, which owns the Masbate
Project; challenges to title or surface rights; the dependence on key personnel and the ability to attract and retain skilled
personnel; the risk of an uninsurable or uninsured loss; adverse climate and weather conditions; litigation ri sk;
competition with other mining companies; community support for B2Gold's operations, including risks related to strikes
and the halting of such operations from time to time; conflicts with small scale miners; failures of information systems or
information security threats; the ability to maintain adequate internal controls over financial reporting as required by
law, including Section 404 of the Sarbanes -Oxley Act; compliance with anti -corruption laws, and sanctions or other
similar measures; social medi a and B2Gold's reputation; risks affecting Calibre having an impact on the value of the
Company's investment in Calibre, and potential dilution of our equity interest in Calibre; as well as other factors identified
and as described in more detail under the heading "Risk Factors" in B2Gold's most recent Annual Information Form,
B2Gold's current Form 40-F Annual Report and B2Gold's other filings with Canadian securities regulators and the U.S.
Securities and Exchange Commission (the "SEC"), which may be viewed at www.sedar.com and www.sec.gov, respectively
(the "Websites"). The list is not exhaustive of the factors that may affect B2Gold's forward -looking statements
B2Gold's forward -looking statements are based on the applicable assumptions and factors manage ment considers
reasonable as of the date hereof, based on the information available to management at such time. These assumptions and
factors include, but are not limited to, assumptions and factors related to B2Gold's ability to carry on current and futur e
operations, including: the duration and effects of COVID -19 on our operations and workforce; development and
exploration activities; the timing, extent, duration and economic viability of such operations, including any mineral
resources or reserves iden tified thereby; the accuracy and reliability of estimates, projections, forecasts, studies and
assessments; B2Gold's ability to meet or achieve estimates, projections and forecasts; the availability and cost of inputs;
the price and market for outputs, inc luding gold; foreign exchange rates; taxation levels; the timely receipt of necessary
approvals or permits; the ability to meet current and future obligations; the ability to obtain timely financing on
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reasonable terms when required; the current and future social, economic and political conditions; and other assumptions
and factors generally associated with the mining industry.
B2Gold's forward-looking statements are based on the opinions and estimates of management and reflect their current
expectations regarding future events and operating performance and speak only as of the date hereof. B2Gold does not
assume any obligation to update forward -looking statements if circumstances or management's beliefs, expectations or
opinions should change other than as required by applicable law. There can be no assurance that forward -looking
statements will prove to be accurate, and actual results, performance or achievements could differ materially from those
expressed in, or implied by, these forward -looking statements. Accordingly, no assurance can be given that any events
anticipated by the forward -looking statements will transpire or occur, or if any of them do, what benefits or liabilities
B2Gold will derive therefrom. For the reasons set forth above, undue relian ce should not be placed on forward -looking
statements.