Rupert Resources has confirmed that it is in initial talks with Canadian mining company B2Gold pertaining to the potential acquisition of the latter’s 70% stake in a joint venture (JV) with Aurion Resources.

The B2Gold- Aurion Resources JV has rights in respect of the properties situated in the Central Lapland Greenstone Belt in northern Finland. It is located near Rupert Resources’ flagship Ikkari gold project.

The joint venture encompasses around 293km2 along the significant crustal-scale Sirkka Shear Zone and includes several discoveries such as Helmi, Kutuvuoma, Soretiavuoma, Sinermä, Kiekerömaa, and Kettukuusikko.

In connection with the potential purchase offer, Rupert Resources and B2Gold have entered into a letter agreement.

Under the terms of the proposed deal, Rupert Resources will issue 28.6 million of its common shares to B2Gold, which implies a total value of C$102.8m ($76.1m) for the majority stake in the JV.

The transaction is subject to the signing of a definitive agreement and investor rights agreement, completion of mutual due diligence, and relevant regulatory approvals.

Aurion Resources is entitled to a right of first refusal (ROFR) with respect to B2Gold`s proposed divestiture of its interest in the JV company.

The ROFR provides Aurion Resources with the right to acquire B2Gold’s stake upon terms that are equivalent to those offered by Rupert Resources.

Rupert Resources said there is no guarantee that a definitive agreement will be reached with B2Gold. The company also stated there is no assurance that any such agreement will ultimately result in a completed transaction.

In January 2024, B2Gold announced positive exploration drilling results from the Antelope deposit at the Otjikoto mine in Namibia, following deep drill testing.