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B2Gold Completes the sale of Burkina Faso projects

B2Gold Corp.  has completed the sale of its 81% interest in the Kiaka gold project located in Burkina Faso (the “Kiaka Project”) to West African Resources Limited (the “Kiaka Transaction”).

Pursuant to the terms of the Kiaka Transaction, on closing B2Gold received a cash payment of US$22.5 million (in addition to the US$450,000 already received), 22,190,508 ordinary shares of WAF (“WAF Shares”), and a 2.7% net smelter return (“NSR”) royalty interest on the first 2,500,000 ounces of gold produced at the Kiaka Project and thereafter a 0.45% NSR royalty interest on the next 1,500,000 ounces of gold produced.

B2Gold will also receive an additional payment of US$45 million (the “Additional Payment”) payable on the earlier of (i) commencement of construction at the Kiaka Project (provided such date will no earlier than April 25, 2022), (ii) completion of a positive feasibility study at the Kiaka Project, and (iii) October 25, 2022. The Additional Payment will be paid in cash or WAF Shares, at B2Gold’s option but subject to any required WAF shareholder approval to issue the WAF Shares.

Terms of transaction

Concurrently with the closing of the Kiaka Project, B2Gold also completed the sale of its 90% interest in the Toega gold project located in Burkina Faso (the “Toega Project”) to WAF (the “Toega Transaction”). Pursuant to the terms of the Toega Transaction, on closing B2Gold  received a cash payment of $9,000,000 (in addition to the US$9,000,000 already received), and a 2.7% NSR royalty interest on the first 1,500,000 ounces of gold produced at the Toega Project until such time as the royalty payments total US$22,500,000 and thereafter a 0.45% NSR royalty interest.

Clive Johnson, President and Chief Executive Officer of B2Gold stated: “We are pleased to have completed the sale of the Kiaka and Toega projects to West African Resources. West African Resources has a strong reputation of being a solid operator in Burkina Faso and with its existing local infrastructure and operating experience it is well positioned to move the Kiaka Project forward in a timely and cost-effective manner.

B2Gold, through the WAF Shares received as part of the consideration, together with the royalties granted on both the Kiaka and Toega projects, will continue to benefit from the future development of the projects.”

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 countries including Mali, Colombia, Finland and Uzbekistan. B2Gold forecasts total consolidated gold production of between 1,015,000 and 1,050,000 ounces in 2021.

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