The Goose gold mine, which is the most advanced project in the Back River gold district, is fully permitted and ready for construction with first gold pour targeted in 2025

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Sabina Gold & Silver owns the Back River gold project in Canada. (Credit: Sabina Gold & Silver Corp.)

Canadian gold miner B2Gold has closed the previously announced C$1.2bn ($890m) acquisition of Sabina Gold & Silver, which owns the Back River gold project in Nunavut, Canada.

The Back River gold project comprises five mineral claims blocks along an 80km belt.

The Goose gold mine is the most advanced project in the gold district, which is fully permitted and ready for construction. First gold from the Goose gold mine is expected to be poured in 2025.

As per the terms of the agreement announced in February 2023, the Canada-based Sabina Gold & Silver’s shareholders will exchange each of their shares in the company for 0.3867 shares of B2Gold. A total of 216 million B2Gold shares will be issued to Sabina Gold & Silver’s shareholders as per the ratio.

The exchange ratio values each of Sabina Gold & Silver’s shares at C$2.2 ($1.6).

Last week, Sabina Gold & Silver announced that 88.65% of its shareholders, at a special meeting, voted in favour of the special resolution, approving B2Gold’s proposal.

With the deal closed, Sabina Gold & Silver’s common shares will be delisted from the Toronto Stock Exchange (TSE) and the OTC Markets Group (OTCQX).

B2Gold CEO and president Clive Johnson said: “We are excited to add such a high-quality, high grade gold project in a top mining jurisdiction to our global portfolio, and we are thrilled to welcome the exceptional Sabina team into B2Gold.

“We also look forward to working with the Kitikmeot Inuit Association and local communities as we advance the construction of the Goose project and our development strategy.”

B2Gold’s portfolio before the closing of the deal includes operating gold mines in Mali, Namibia, and the Philippines. The company also has exploration and development projects in countries such as Canada, Finland, Mali, and Uzbekistan.