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Mergers & Acquisitions Report

B2Gold Corp. to acquire Sabina Gold & Silver Corp. for ~ $1.1 billion CAD
 
February 15th, 2023

This report provides a summary of Gold and Precious Metal Funds that hold:

       1)    The Acquired Company only: Sabina Gold & Silver Corp. (TSX: SBB)
       2)    The Acquirer only: B2Gold Corp. (TSX: BTO, NYSE MKT: BTG, NSX: B2G)
       3)    Both the Acquirer and the Acquired Company
 
B2Gold Corp. (TSX: BTO, NYSE MKT: BTG, NSX: B2G) announced (on Monday February 13th) that the company will acquire Sabina Gold & Silver Corp (TSX: SBB) in a deal valued at ~ $1.1 billion CAD (~$823.66 million USD). As part of the deal, which is expected to close in the second quarter of 2023, B2Gold will acquire Sabina's untapped mineral-heavy Back River Gold District located in Nunavut, Canada.

B2Gold will issue 0.3867 of a common share of B2Gold for each Sabina common share held representing C$1.87 per Sabina share. The consideration implies a premium of 45% to the 20-day volume weighted average prices (“VWAP”) of each of B2Gold and Sabina on the TSX as of February 10th, 2023.

This transaction provides Sabina shareholders with access to a strong, debt free balance sheet and robust cash flow generation which will serve to fund and optimize the development of the Back River Gold District. It also enhances institutional participation, improves trading liquidity, and provides investors with exposure to a peer-leading dividend yield.

 
Acquired Acquirer Both
Sabina Gold & Silver Corp. only B2Gold Corp. only Sabina Gold & Silver Corp. & B2Gold Corp.
Earth Gold Fund UI Allspring Precious Metals Fund CPR Invest - Global Gold Mines
Jupiter Gold & Silver Fund American Century Global Gold Fund Fidelity Select Gold Portfolio
NESTOR Gold Funds AMG Gold, Minen und Metalle iW Commodities & Gold Equities
STABILITAS Silber+Weissmetalle Amundi Gold Stock Konwave Sustainable Gold Equities
  ASA Gold and Precious Metals Limited Lombard Odier Funds - World Gold Expertise
  BAKERSTEEL Precious Metals Fund Placeuro Gold Mines
  BlackRock Global Funds World Gold Fund Stratégie Indice Or
  Blackrock Gold & General Fund SVS Sanlam Global Gold & Resources Fund
  BMO Precious Metals Fund TD Precious Metals Fund
  CI Gold Corporate Class VanEck International Investors Gold Fund
  CIBC Precious Metals Fund VanEck VIP Global Gold Fund
  Claresco Or et Metaux Precieux  
  C-QUADRAT Gold & Resources Fund  
  Craton Capital Precious Metals Fund  
  Credit Mutuel CIC Global Gold  
  DJE Gold & Ressourcen  
  DMS Charteris Gold and Precious Metals Fund  
  Edmond de Rothschild Goldsphere  
  First Eagle Gold Fund  
  Franklin Gold and Precious Metals (Lux)  
  Franklin Gold and Precious Metals (USA)  
  Gabelli Gold Fund  
  GAMCO Global Gold, Natural Resources & Income Trust  
  GAMCO Natural Resources, Gold & Income Trust  
  Incrementum Crypto Gold Fund  
  Invesco Gold & Special Minerals Fund (USA)  
  Invesco Gold and Special Metals Fund (Lux)  
  iW Precious Metal Mining Equities  
  Konwave Gold Equity Fund  
  Landolt Investment (Lux) SICAV - Gold  
  LF Ruffer Gold Fund  
  Midas Fund Inc.  
  NBI Precious Metals Fund  
  NinetyOne Funds Series iii - Global Gold Fund (UK)  
  NinetyOne Global Gold Fund  
  OCM Gold Fund  
  Precious Capital Global Mining & Metals Fund  
  Precious Metals UltraSector ProFund  
  Premium Gold and Metal Open Fund  
  Quilter Investors Precious Metals Equity  
  RBC Global Precious Metals Fund  
  Rothschild & Co. Thematic Gold Mines  
  Rydex Precious Metals Fund  
  SafePort Gold & Silver Mining Fund  
  Schroder International Selection Fund Global Gold  
  Silver Plus Fund  
  Sprott-Alpina Gold Equity Fund  
  Sprott-Alpina Gold Equity UCITS Fund  
  STABILITAS Pacific Gold+Metals  
  Sun Valley Gold LLC  
  United Gold & General Fund  
  Value Intelligence Gold Company Fonds  
  Zenito Silver and Gold Fund  
     
4 Fund 53 Funds 11 Funds


Source: https://mineralfunds.com/gold-funds/


Portfolio Holdings Summary

At the time of the most recently recorded asset allocation 4 funds retained holdings in only the acquired company: Sabina Gold & Silver Corp. (TSX: SBB). Earth Gold Fund UI, Jupiter Gold & Silver Fund, NESTOR Gold Funds, and STABILITAS Silber+Weissmetalle should receive the highest material performance benefit from this acquisition news announcement.

53 gold funds held only B2Gold Corp. (TSX: BTO, NYSE MKT: BTG, NSX: B2G), and 11 funds held both B2Gold Corp. (TSX: BTO, NYSE MKT: BTG, NSX: B2G) and Sabina Gold & Silver Corp. (TSX: SBB).

“In advancing gold cycles, mergers and acquisitions amongst gold producers can accelerate. As gold company mergers reduce the total number of portfolio company holdings for gold funds, managers often invest more capital in mid-tier and smaller companies. This results in dynamic price activity for smaller gold producers and exploration companies as the gold cycle advances. At the beginning of 2023, we are in the early stages of this type of gold market cycle.”  


Christopher J. Berlet BSc, CFA
 

MineralFunds.com provides prices, performance and trade information for all the world’s metal ETFs including: Precious Metals, Battery Metals, Platinum Group Metals and Base Metals and comprehensive fund information, including asset allocations, for Gold & Precious Metals Managed Funds from all investment jurisdictions.

Report prepared by:  Kay Samnani, Analyst supported by Christopher J. Berlet BSc, CFA
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