B2Gold Corp. is set to acquire Oklo Resources Ltd. The firm has entered into a definitive scheme implementation agreement with Oklo, pursuant to which B2Gold has agreed to acquire 100% of the fully paid ordinary shares of Oklo in consideration for 0.0206 of a common share of B2Gold and AUS$0.0525 in cash for each Oklo Share held.
The scheme consideration represents a purchase price of approximately AUS$0.1725 for each Oklo Share and values the transaction at approximately AUS$91.3 million (including up to approximately AUS$27.4 million cash consideration). The transaction, as contemplated by the agreement, will be implemented by way of a scheme of arrangement pursuant to Part 5.1 of the Australian Corporations Act 2001.
Upon implementation of the scheme, in addition to the cash consideration, B2Gold expects to issue up to 10.7 million B2Gold Shares to Oklo shareholders, representing approximately 1% of the B2Gold Shares on an undiluted basis.
The acquisition of Oklo is expected to provide B2Gold with an additional landholding of 1405 km2 covering highly prospective greenstone belts in Mali, West Africa, including Oklo’s flagship Dandoko Project (550 km2). The Oklo properties are located on a subparallel, north-trending structure east of the prolific Senegal-Mali Shear Zone, approximately 25 km from the Fekola Mine and approximately 25 km from the Anaconda area, where B2Gold is currently conducting a 2022 Mali drill program of approximately 225 000 m of drilling with a budget of US$35.5 million.
In March 2021, Oklo delivered an initial JORC 2012 compliant Measured and Indicated mineral resource estimate of 8.70 million t at 1.88 gpt for 528 000 oz of gold and an inferred mineral resource estimate of 2.63 million t at 1.67 gpt for 141 000 oz of gold. The mineral resources are distributed across the Seko, Koko, Disse and Diabarou deposits, which all remain open and are expected to grow with ongoing exploration drilling both along strike and at depth. Significantly, B2Gold believes that approximately 65% of the resource is contained in soft oxidised material, which would be amenable to processing at B2Gold’s Fekola mill.