B2Gold expands in Mali with Oklo Resources acquisition

Canada’s B2Gold has announced a deal to buy junior Australian explorer Oklo Resources for US$64 million – or 17.25 cents per share – in a deal which expands B2Gold’s position in Mali.

As part of the transaction, B2Gold will give Oklo’s investors 5.25 cents cash per share and will issue up to 10,754,284 shares for the target company’s shareholders once the agreement has been implemented.

In return, TSX and NYSE-listed B2Gold will gain access to a 1,405 km2 footprint in Western Mali, which includes Oklo’s flagship Dandoko gold project located 30 km East of B2Gold’s 7.1 million ounce Fekola gold mine.

Oklo reported an additional set of high-grade gold intercepts at the Disse deposit within the Dandoko project as recently as March this year. The company announced a maiden resource estimate of 668,500 ounces for the project in March 2021.

Mid-tier producer B2Gold has for throughout the past five years been looking for new assets to grow its portfolio, which includes mines in Mali, Namibia and the Philippines.

In addition to Fekola, the company is developing its Anaconda project, located 20 km North of the Fekola mine licence area. B2Gold recently increased resources at the project more than fourfold from 770,000 ounces of contained gold to 3.4 million ounces.