“2022 was a year of continued de-risking at
2022 Highlights:
- The Company ended the year with cash and cash equivalents and short-term investments of
$65.8 million .
- On
September 7, 2022 , the Board of Directors of the Company made a formal construction decision for theGoose Mine .
- On
February 8, 2022 , the Company announced the completion of a construction financing package totaling approximatelyUS$530 million in aggregate.
The Financing was comprised of:US$225 million senior secured debt facility withOrion Mine Finance (“Orion”);US$75 million gold prepay facility with Orion;- Gold metal offtake agreement with Orion;
US$125 million gold stream arrangement with Wheaton Precious Metals Corp.; andUS$95 million private placement of Sabina common shares with both Orion and Wheaton subscribed over three tranches which was completed inMay 2022 ; andUS$10 million private placement of Sabina common shares withZhaojin International Mining Co., Ltd. (“Zhaojin”) subscribed over two tranches which was completed inMay 2022 .
- Subsequent to the completion of the project financing package, the Company completed additional equity financings for total gross proceeds of
$143.9 million .
- During the year, the Company also:
- Repaid the
US$20 million Sprott bridge loan inMay 2022 - Received the first two draws of the Wheaton gold stream arrangement of
US$62.3 million byDecember 31, 2022 .
- Repaid the
- The Company also engaged in the following activities in 2022:
- On-site construction work, including completion of plant site preparation, construction of water management structures, and pre-stripping of the Echo pit.
- Advanced various initiatives related to project execution, including internal quality checks related to the various engineering design packages, and activities related to the finalization of the performance guarantee with FLSmidth regarding key equipment for the
Goose Mine processing flowsheet. All pre-development activities are now completed for full construction to commence in 2023. - Received multiple sealifts from Sabina’s eastern and western shipping corridors at the Port Facility, with all cargo offloaded safely to the laydown area. Additionally, Sabina successfully offloaded 9.2 million liters of diesel fuel into its bulk storage tank at the Port Facility. All major equipment and materials required for initial construction have been procured and delivered to the Company’s Port Facility in Bathurst Inlet.
- Commenced winter ice road preparations in December for the delivery of critical supplies and equipment from the Port Facility to the
Goose Mine site. (Construction subsequently completed with haulage commenced). - Advanced underground development of the exploration ramp to approximately 1600 meters
- Completed a spring and winter drill program at Goose.
- Completed a summer exploration field program at
George .
For the year ended
For the Year End 2022 financial statements and Management’s Discussion and Analysis, please see the Company website at www.sabinagoldsilver.com or on SEDAR.
Sabina filed an Updated Feasibility Study (the “UFS”) on its first mine on the district, the
Since the UFS, completion of detailed geotechnical test work on the tailings samples and the inclusion of a high-capacity tailings thickener, the tailings storage capacity of the Echo open pit has increased sufficiently to enable the decision to construct the mill at a 4,000 tpd capacity at the outset. This, in addition to optimized equipment selection and detailed engineering has reduced the cost of the expansion from
The Project received its final major authorization on
The Company is also very committed to its Inuit stakeholders, with Inuit employment and opportunities a focus. The Company has signed a 20-year renewable land use agreement with the
In
- A
US$225 million senior secured debt facility withOrion Mine Finance ; - A
US$75 million gold prepay facility withOrion Mine Finance ; - A
US$125 million gold stream arrangement with Wheaton Precious Metals; and - A
US$95 million private placement of Sabina Common shares subscribed to by both Orion and Wheaton Precious Metals. - A
US$10 million private placement of Sabina common shares with Zhaojin.
In addition to
For further information please contact: | ||
1 888 648-4218 | ||
nhoeller@sabinagoldsilver.com |
Forward Looking Information
This news release contains “forward-looking information” within the meaning of applicable Canadian securities legislation (the “forward-looking statements”), including, but not limited to, statements related to the consummation and timing of the Transaction; the synergies, strengths, characteristics and potential of the post-Transaction B2Gold, assuming consummation of the Transaction upon the terms of the Arrangement Agreement, including the Plan of Arrangement; and the timing, receipt and anticipated effects of applicable Shareholder, Court and regulatory approvals. These forward-looking statements are made as of the date of this news release. Readers are cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the future circumstances, outcomes or results anticipated in or implied by such forward-looking statements will occur or that plans, intentions or expectations upon which the forward-looking statements are based will occur.
While we have based these forward-looking statements on our expectations about future events as at the date that such statements were prepared, the statements are not a guarantee that such future events will occur and are subject to risks, uncertainties, assumptions and other factors which could cause events or outcomes to differ materially from those expressed or implied by such forward-looking statements. Such factors and assumptions include, among others, B2Gold’s and Sabina’s ability to achieve timely satisfaction of conditions precedent to the Transaction, including with respect to key regulatory, Court and Shareholder approvals; B2Gold's and Sabina’s ability to carry on current and future operations, including: the duration and effects of COVID-19 on our operations and workforce; development and exploration activities; the timing, extent, duration and economic viability of such operations, including any mineral resources or reserves identified thereby; the accuracy and reliability of estimates, projections, forecasts, studies and assessments; B2Gold's ability to meet or achieve estimates, projections and forecasts; the availability and cost of inputs; the price and market for outputs, including gold; foreign exchange rates; taxation levels; the timely receipt of necessary approvals or permits; the ability to meet current and future obligations; the ability to obtain timely financing on reasonable terms when required; the current and future social, economic and political conditions; and other assumptions and factors generally associated with the mining industry.
In addition, there are known and unknown risk factors which could cause our actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by the forward-looking statements. Known risk factors include the inherent risks, costs and uncertainties associated with integrating the businesses successfully and risks of not achieving all or any of the anticipated benefits of the proposed Transaction, or the risk that the anticipated benefits of the proposed Transaction may not be fully realized or take longer to realize than expected; the occurrence of any event, change or other circumstances that could give rise to the termination of the Arrangement Agreement; the risk that the proposed Transaction will not be consummated within the expected time period, or at all; as well as other risk factors and uncertainties identified and described in more detail under the heading "Risk Factors" in B2Gold's most recent Annual Information Form, B2Gold's current Form 40-F Annual Report and B2Gold's other filings with Canadian securities regulators and the
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http://www.sabinagoldsilver.com
Source:
2023 GlobeNewswire, Inc., source