Gold

ALX Resources Corp. (TSXV: AL) (FSE: 6LLN) (OTC: ALXEF) ("ALX" or the "Company") is pleased to announce that a diamond drilling program is underway at the Alligator Lake Gold Project ("Alligator", or the "Project") located approximately 165 kilometres (103 miles) northeast of La Ronge, SK, Canada. The Project consists of five claims totaling 2,973 hectares (7,347 acres) and is prospective for high-grade gold mineralization. Alligator is the subject of an option agreement where ALX can earn up to an 80% interest in the Project (see ALX news release dated March 15, 2021).

2022 Exploration Program

The 2022 drilling program consists of up to eight (8) NQ-size diamond drill holes totaling approximately 1,000 metres. Primary targets include a target near ALX's 2021 hole AL21-004, which returned 10.67 grams/tonne gold over 0.98 metres from 6.86 to 7.84 metres. Other 2022 targets are situated near holes AL21-005 (returned 8.44 m of 1.93 g/t Au) and AL21-006, both of which displayed visible gold in the drill core (see ALX news releases dated March 25, 2021 and May 26, 2021). The 2022 drilling will include testing of two distinct target types for gold mineralization at Alligator:

  • Quartz vein swarms within small-scale folds and flexures associated with shearing;
  • Intrusive-hosted gold mineralization intersected in hole AL21-005.

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ALX's 2022 Exploration Plan at the Alligator Lake Gold Project

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Concurrent with the 2022 drilling program, ALX has contracted an induced polarization/resistivity ("IP/Res") survey totaling 24.3 line kilometres covering the southern extent of the Broken Hammer Shear Zone and its possible intersection with the interpreted Radiant Lake Shear Zone. ALX's review and digitization of a historical IP/Res survey led to the implementation of the 2022 survey, which is anticipated to provide valuable data for a better understanding of the gold mineralizing system at Alligator.

A Max-Min ground electromagnetic ("EM") survey totaling 12.6 line kilometres is also planned as follow-up on historical airborne EM conductors surveyed by Saskatchewan Mining and Development Corporation ("SMDC") in 1981. An outcrop located immediately east of the historical EM conductor was sampled in 1982 by SMDC and returned values of 0.56% and 0.13% copper in two grab samples. In October 2021, ALX visited the site of the SMDC sampling during a helicopter-supported prospecting program and collected two grab samples that returned anomalous values of 0.24% and 0.27% copper, with accompanying anomalous values of 350 and 358 parts per billion gold, respectively. ALX has applied for an extension to the currently permitted work area to include this target.

About Alligator Lake

Alligator is located adjacent to Provincial Highway 102, with an established winter trail system suitable for mobilizing drilling equipment directly to ALX's primary areas of interest. The Project has been held since 1985 by a private company and has been the subject of a number of seasonal prospecting programs, some geophysical surveying and limited drilling. Prior to ALX's 2021 drilling program, only 16 diamond drill holes have been drilled since 1995 to depths averaging less than 86 metres.

ALX's 2021 drilling at Alligator consisted of six NQ-size diamond drill holes totaling 617.6 metres (2,026 feet) focused along an approximate 1,000-metre section of the Broken Hammer Shear Zone, where a sulphide-bearing quartz vein (ALX, 2020) at the Broken Hammer Showing returned 504.0 grams/tonne ("g/t") gold (16.13 oz/ton), and 46.2 g/t silver (see ALX news release dated January 27, 2021). ALX's drilling encountered significant gold mineralization in multiple holes, which provides a strong basis for follow-up drilling and ground exploration across the Broken Hammer Shear Zone and elsewhere at the Project.

To view maps of Alligator click here

National Instrument 43-101 Disclosure

The technical information in this news release has been reviewed and approved by Jody Dahrouge, P.Geo., a Director of ALX, who is a Qualified Person in accordance with the Canadian regulatory requirements set out in National Instrument 43-101.

Readers are cautioned that some of the technical information described in this news release is historical in nature; however, the historical information is deemed credible and was produced by professional geoscientists in the years discussed. Historical geochemical results quoted in this news release were taken directly from assessment work filings published by the Government of Saskatchewan and other regulatory filings. Management cautions that historical results collected and reported by past operators have not been verified nor confirmed by its Qualified Person, but create a scientific basis for ongoing work in the Alligator property area.

Geochemical results from 2020 and 2021 grab samples and ALX's 2021 drill core samples described in this news release were shipped to SRC Geoanalytical Laboratories in Saskatoon, SK and analyzed using a 4-acid digestion with Inductively Coupled Plasma Mass Spectrometry (ICP-MS). Gold, platinum and palladium were analyzed by fire assay techniques. Certain of the samples were further analyzed by metallic gold assay. True widths of the quoted 2021 drilled intersections are currently unknown.

About ALX

ALX is based in Vancouver, BC, Canada and its common shares are listed on the TSX Venture Exchange under the symbol "AL," on the Frankfurt Stock Exchange under the symbol "6LLN" and in the United States OTC market under the symbol "ALXEF."

ALX's mandate is to provide shareholders with multiple opportunities for discovery by exploring a portfolio of prospective mineral properties, which include uranium, nickel-copper-cobalt and gold projects. The Company uses the latest exploration technologies and holds interests in over 250,000 hectares of prospective lands in Saskatchewan, a stable Canadian jurisdiction that hosts the highest-grade uranium mines in the world, a producing gold mine, and production from base metals mines, both current and historical.

ALX holds interests in a number of uranium exploration properties in northern Saskatchewan, including a 20% interest in the Hook-Carter Uranium Project, located within the uranium-rich Patterson Lake Corridor with Denison Mines Corp. (80% interest) operating exploration since 2016, a 40% interest in the Black Lake Uranium Project (a joint venture with UEX Corporation and Orano Canada Inc.), and 100% interests in the Gibbons Creek Uranium Project, the Sabre Uranium Project and the Javelin and McKenzie Lake Uranium Projects.

ALX also owns 100% interests in the Firebird Nickel Project (now under option to Rio Tinto Exploration Canada Inc., who can earn up to an 80% interest), the Flying Vee Nickel/Gold and Sceptre Gold projects, and can earn up to an 80% interest in the Alligator Lake Gold Project, all located in northern Saskatchewan, Canada. ALX owns, or can earn, up to 100% interests in the Electra Nickel Project and the Cannon Copper Project located in historic mining districts of Ontario, Canada, the Vixen Gold Project (now under option to First Mining Gold Corp., who can earn up to a 100% interest from ALX in two stages), and in the Draco VMS Project in Norway.

For more information about the Company, please visit the ALX corporate website at www.alxresources.com or contact Roger Leschuk, Manager, Corporate Communications at: PH: 604.629.0293 or Toll-Free: 866.629.8368, or by email: rleschuk@alxresources.com

On Behalf of the Board of Directors of ALX Resources Corp.

"Warren Stanyer"

Warren Stanyer, CEO and Chairman

FORWARD LOOKING STATEMENTS

Statements in this document which are not purely historical are forward-looking statements, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Forward-looking statements in this news release include: the Alligator Lake Gold Project ("Alligator") is prospective for gold and base metals mineralization, the Company's plans to undertake exploration activities at Alligator, and expend funds on Alligator. It is important to note that the Company's actual business outcomes and exploration results could differ materially from those in such forward-looking statements. Risks and uncertainties include that ALX may not be able to fully finance exploration at Alligator, including drilling; our current findings at Alligator may prove to be unworthy of further expenditure; commodity prices may not support exploration expenditures at Alligator; exploration programs may be delayed or changed due to consultation and engagement with certain First Nations and the results of such consultations; and economic, competitive, governmental, societal, public health, environmental and technological factors may affect the Company's operations, markets, products and share price. Even if we explore and develop Alligator, and even if gold or other metals or minerals are discovered in quantity, the project may not be commercially viable. Additional risk factors are discussed in the Company's Management Discussion and Analysis for the Nine Months Ended September 30, 2021, which is available under the Company's SEDAR profile at www.sedar.com. Except as required by law, we will not update these forward- looking statement risk factors.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/110698

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AL:CA
ALX Resources

ALX Resources

Overview

ALX Resources Corp. (TSXV:AL,FWB:6LLN,OTC:ALXEF) is dedicated to providing shareholders with multiple opportunities for discovery by exploring a portfolio of prospective mineral properties, which include gold, nickelcoppercobalt and uranium. Using the latest technologies, ALX plans and executes well-designed exploration programs and holds over 200,000 hectares of prospective properties in Saskatchewan and Ontario, Canada. Aiming for international expansion, ALX Resources also has properties in Norway with its Draco VMS project.

Having operations in stable Canadian jurisdictions strategically positions ALX Resources in key exploration areas with strong potential for economic base metals deposits, producing gold mines and the richest uranium deposits in the world. This includes the recently acquired Firebird nickel (formerly Falcon nickel) and Flying Vee nickel-copper-cobalt projects, and the Sceptre gold project, all located in Northern Saskatchewan.

In 2019, ALX Resources acquired the Vixen gold project located in the historic Red Lake Mining District of Ontario, Canada. To date, the Red Lake Mining District has produced over 28 million ounces of gold since mines began production in 1925. Historic gold mines in the Red Lake camp include the Campbell mine, the Red Lake mine, and the Couchenour-Williams mine, which have all been multi-million ounce gold producers.

The Vixen North property lies within the Birch-Uchi greenstone belt, a geological trend located to the northeast of Red Lake. This area hosts numerous historical gold mines and is highly prospective for new showings of gold mineralization. In 2019 and 2020, high-resolution airborne magnetic surveying and site visits were conducted, which confirmed prospective geology and surface gold mineralization.

ALX Resources has demonstrated that key partnerships can increase the potential for success in the company’s primary projects. The company owns a 100 percent interest in the Firebird nickel project, which is now under option to Rio Tinto Exploration Canada Inc. Through an agreement announced in August 2020, Rio Tinto Exploration Canada can earn up to an 80 percent interest in the Firebird nickel project by carrying out C$12 million in exploration expenditures and making cash payments of $125,000 to ALX Resources.

Additionally, the company holds interests in a number of uranium exploration properties in Northern Saskatchewan, including a 20 percent interest in the Hook-Carter uranium project. Denison Mines Corp. purchased an 80 percent interest in Hook-Carter and has been operating exploration since 2016.

The Hook-Carter property measures 24,262 hectares over 82 claims in the southwest part of the Athabasca Basin. Located in the prolific Patterson Lake Corridor, this region hosts new and expanding uranium discoveries, including the Triple R Deposit, Arrow Deposit and the Spitfire Zone. Drilling by Denison in 2018-2019 totaling 11,757 metres in fifteen completed drill holes exhibited the hallmarks of a widespread, intense alteration system.

Along with ALX Resources’ rich portfolio of diverse assets in world-renowned jurisdictions, identifying undervalued and underexplored assets is the company’s strong suit. As early adopters of new methods of exploration, the company embodies innovation with its willingness to utilize new geochemical and geophysical technologies. This includes the use of artificial intelligence recognition methods and other emerging science-focused exploration tools.

ALX Resources has a world-class management team with shareholders who have diverse expertise in mineral and gold exploration. The board of directors and officers of the company currently hold 8.54 million shares representing 5.67 percent of ALX’s issued and outstanding common shares. Holystone Energy Company, a private investment company, owns 25.59 million shares for a 16.98 percent interest. Dundee Corp. (TSX:DCA) and Orano Canada own 11.72 percent and 2.65 percent interests, respectively.

Company Highlights

  • Uses the latest technologies to execute well-designed exploration programs in their primary projects located in the stable jurisdictions of Saskatchewan and Ontario.
  • In October 2019, high grade nickel was located on surface from the company’s first site visit to the Firebird nickel project in Saskatchewan with the additional presence of copper anomalies.
  • Rio Tinto Canada Exploration Inc. recognized Firebird’s potential and through an option agreement announce in August 2020 can earn up to an 80% interest for C$12.0 million in exploration expenditures and cash payments to ALX Resources totaling $125,000.
  • Owns and explores properties within the Red Lake Mining District, a region that has produced over 28 million ounces of gold since mines began production in 1925.
  • High-resolution airborne surveys have been completed in the Red Lake district and the company’s ground sampling programs in 2019-2020 have found gold mineralization on the Vixen gold project with samples ranging up to 23.9 g/t gold.
  • Acquired by staking the Javelin Uranium Project in northern Saskatchewan, Canada with no underlying royalties.

Key Projects

Firebird Nickel

Saskatchewan presents a rich mineral endowment with the presence of uranium, gold, base metals and diamonds. For example, over 1.6 million ounces of gold have been produced at the Seabee gold mine, which has been operating since 1991. Saskatchewan hosts the richest uranium mines in the world and was ranked in the world’s Top Ten mining jurisdictions in a 2019 survey conducted by the Fraser Institute.

ALX Resources has acquired 20,400 hectares at its 100 percent owned Firebird nickel project. Firebird hosts three historical nickel-copper-cobalt deposits: Axis Lake, Rea Lake and Currie Lake. Under the option earn-in granted by the company in 2020, Rio Tinto Exploration Canada can earn up to 80 percent in interest in Firebird.

Strategically positioned, Firebird is located near advantageous infrastructure, including an all-weather road and airport, which are both within 10 kilometers of the property. Its close proximity to the town of Stony Rapids, SK, and access to hydroelectric power offers increased efficiencies for exploration.

ALX Resources is applying modern exploration techniques at Firebird to a rare, undeveloped magmatic nickel sulfide deposit. In October 2019, high-grade nickel ranging up to 3.13 per cent was located in surface rock samples from ALX’s first site visit. Soil and lake sediment samples collected in 2019-2020 showed coincident nickel and copper anomalies over an airborne conductor. These findings increased investor interest in ALX’s exploration endeavors, which eventually led to the option deal with Rio Tinto Exploration Canada.

During the Firebird winter drilling program in 2020, three holes were drilled totaling 600 meters. Nickel-copper mineralization was intersected in two of the three holes, which are promising results for the expansion of this project.

Vixen Gold

The 100 percent owned Vixen gold project is located in the Red Lake Mining District of Ontario and consists of three sub-projects totaling 10,069 hectares staked within the Birch-Uchi greenstone belt, approximately 60 kilometers east of the town of Red Lake, Ontario. The jurisdiction is favourable for exploration, with winter access to Vixen North and a series of roads leading directly to the Vixen South property.

Using the latest imaging technology, ALX carried out a high-resolution airborne magnetic and VLF-EM survey that has collected preliminary data defining an approximate 3,000 meter-long high magnetic trend in conjunction with the newly-identified Vulpin Zone. Additional samples were collected in October 2020 along the iron formation associated with gold mineralization that was mapped in August 2020. ALX’s 2020 rock sampling at the Vulpin Zone showed values of up to 8.41 g/t gold.

Other prospecting targets at Vixen include detailed follow-up of gold mineralization found within a fluorite occurrence southeast of the Vulpin Zone that may represent a genetic phase of porphyry-hosted gold deposition. Recent sampling at the Dickenson Zone located rock samples ranging up to 17.7 g/t gold.

Flying Vee Nickel Project

Like the Firebird nickel project, the Flying Vee nickel project in Saskatchewan is highly-prospective for nickel-copper-cobalt, and hosts a gold showing. Flying Vee is located north of Stony Rapids in an underexplored district with high potential for discovery. With neighboring projects held by companies like Kobold Metals and UEX Corporation, a staking rush occurred in the Spring of 2019. In July 2020, ALX was the first company since 1988 to prospect the Day Lake gold showing at Flying Vee, and samples up to 8.34 g/t gold were found.

Management Team

Warren Stanyer - Chairman and CEO

Warren Stanyer has over 24 years of experience in the mineral exploration industry, focused mostly on uranium in the Athabasca Basin. Stanyer began his career with Pioneer Metals, a diverse explorer for gold, base metals and uranium, with properties in New Mexico, British Columbia, Manitoba and Saskatchewan. In 1999, Pioneer signed an option agreement with Cameco Corporation, which led to the formation of UEX Corporation in 2002. Stanyer held the positions of Corporate Secretary and Vice President of Corporate Development in both Pioneer and UEX, prior to the acquisition of Pioneer by Barrick Gold Corporation in 2006.

In 2008, Mr. Stanyer accepted the role of President and CEO of Northern Continental Resources, a junior exploration company focused on uranium in the Athabasca Basin. He steered the successful sale of the company in 2009 to Hathor Exploration Limited, in competition with Denison Mines.

He became Chairman of Guyana Frontier Mining Corp. in December 2010 and was President and CEO from September 2011 to December 2012. As a Director of Alpha Minerals Inc., a predecessor company of ALX, and following the Patterson Lake uranium discovery in 2012, he served as Chairman of the Special Committee in 2013 during the acquisition of the company by Fission Uranium Corp. and subsequently served as a Director of Fission until 2014. Currently, Mr. Stanyer serves as President, CEO and a Director of Nevada Sunrise Gold Corporation, a junior exploration company focused on gold, copper, cobalt and lithium in Nevada, USA. He is also a Director of New Moon Minerals Corporation, a private mineral exploration company.

Patrick Groening CPA, CA - CFO

Patrick Groening’s previous roles with public companies including serving as CFO for both Strathmore Minerals Corp. and Fission Energy Corp. for more than nine years combined. He filled the same role for Jalna Minerals Ltd., Sernova Corp. and Papuan Precious Metals Corp, and dual roles of CFO and Corporate Secretary For Wolf Capital Corp. and Pacific Asia China Energy Inc.

Sierd Eriks – Technical Advisor

Sierd Eriks has worked in mineral exploration for over 35 years with a focus on uranium exploration for the past two decades. From 1979 to 1998, he gained geological and managerial experience with major mining companies, including Saskatchewan Mining and Development Corporation (now Cameco Corporation), Falconbridge Limited, Noranda Exploration Co. Ltd. and Cogema Resources Inc. (now Orano Canada) in base metals, gold, platinum group metals and uranium exploration.

In 1999, he became a consulting geologist and worked on numerous uranium exploration programs in the Athabasca Basin. Prior to joining ALX, he was Vice-President of Exploration with UEX Corporation from 2007 to 2014. In this position, Eriks managed projects with annual exploration budgets of up to $29 million and directed drilling programs leading to the establishment of mineral resources for three uranium deposits in the eastern Athabasca Basin in Northern Saskatchewan.

Christina Boddy – Corporate Secretary

Ms. Boddy is a member of the Canadian Society of Corporate Secretaries and has acted as Corporate Secretary for a number of public companies in recent years, including Levon Resources Ltd. (TSX:LVN), Nevada Sunrise Gold Corporation (TSXV:NEV), Aton Resources Inc. (TSXV:AAN), and Resinco Capital Partners Inc. (TSXV:RIN). Ms.Boddy acts as a consultant to public and private companies through Rhodanthe Corporate Services, a B.C.-based private company.

David Quirt – Technical Advisor

Mr. Quirt is a consulting geoscientist residing in Saskatchewan with 45 years of geological, mineral exploration, and Research and Development (“R&D”) experience, both in the consulting sector and within the mineral exploration industry. His applied science work has been primarily in economic geology (uranium, diamonds, gold, base metals, Rare Earth Elements), uranium deposit metallogenesis, geochemistry, and host-rock alteration mineralogy. Throughout his career, David has been a highly-sought speaker at numerous scientific conferences and corporate presentations, and has authored and co-authored technical reports, journal papers and conference-extended abstracts that have resulted from these works.

ALX Resources Corp. Completes Inaugural Drilling Program at Electra Nickel Project, Ontario

ALX Resources Corp. Completes Inaugural Drilling Program at Electra Nickel Project, Ontario

ALX Resources Corp. (TSXV: AL) (FSE: 6LLN) (OTC: ALXEF) ("ALX" or the "Company") is pleased to announce the completion of the inaugural drilling program at its Electra Nickel Project located 35 kilometres northwest of Thunder Bay, Ontario, Canada. The Company has the right to earn a 100% interest in Electra according to the terms of an option agreement signed in December 2020 (see ALX news release dated December 31, 2020).

2022 Exploration Program

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ALX Resources Corp. (TSXV: AL) (FSE: 6LLN) (OTC: ALXEF) ("ALX" or the "Company") announced today the completion of a diamond drilling program at the Gibbons Creek Uranium Project ("Gibbons Creek", or the "Project") located in the northern Athabasca Basin near the town of Stony Rapids, Saskatchewan. Three holes were completed for a total of 1,240.3 metres, on two previously untested conductive trends.

2022 Winter Drilling Program

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ALX Resources Corp. (TSXV: AL) (FSE: 6LLN) (OTC: ALXEF) ("ALX" or the "Company") announced today the completion of a diamond drilling program at the Gibbons Creek Uranium Project ("Gibbons Creek", or the "Project") located in the northern Athabasca Basin near the town of Stony Rapids, Saskatchewan. Three holes were completed for a total of 1,240.3 metres, on two previously untested conductive trends.

2022 Winter Drilling Program

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ALX Resources Corp. Begins Drilling Program at Electra Nickel Project, Ontario

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ALX Resources Corp. (TSXV: AL) (FSE: 6LLN) (OTC: ALXEF) ("ALX" or the "Company") is pleased to announce that a diamond drilling program is underway at its Electra Nickel Project located 35 kilometres northwest of Thunder Bay, Ontario, Canada.

2022 Exploration Program

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ALX Resources Corp. Begins Drilling at Gibbons Creek Uranium Project, Athabasca Basin, Saskatchewan

ALX Resources Corp. Begins Drilling at Gibbons Creek Uranium Project, Athabasca Basin, Saskatchewan

ALX Resources Corp. (TSXV: AL) (FSE: 6LLN) (OTC: ALXEF) ("ALX" or the "Company") is pleased to announce that a diamond drilling program has commenced at the Gibbons Creek Uranium Project ("Gibbons Creek", or the "Project") located in the northern Athabasca Basin, adjacent to the town of Stony Rapids, Saskatchewan.

ALX has prepared two target areas along a previously untested geophysical conductor (the "Zinger Conductor") first detected by a 2005 MegaTem airborne survey and confirmed by ALX's 2017 ZTEM airborne survey. A Spatiotemporal Geochemical Hydrocarbon ("SGH") soil survey carried out by ALX in October 2021 outlined two areas along the Zinger Conductor interpreted as prospective for uranium mineralization, shown on the map below as GC22-01 and GC22-02.

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Gold has moved in a fairly wide range this week, touching a low of just over US$1,840 per ounce on Thursday (May 26) and a high of nearly US$1,870 on Tuesday (May 24).

At the time of this recording on Friday (May 27) afternoon it was at the US$1,850 level.

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Speaking to the Investing News Network at the recent Vancouver Resource Investment Conference (VRIC), Wagner, who also writes for Kitco Media, explained that supply chain issues are a bigger part of the problem.

"We've never had a point when we've had this kind of inflationary pressure and not had interest rates that are at least half to three-quarters the level of inflation. In other words, if inflation's running at 10 percent, interest rates are running at 5 to 8 percent," he said during an interview on the sidelines of the show.

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Barrick Gold Corporation (NYSE:GOLD)(TSX:ABX) announced today that it would spend $6 for every ounce of gold sold by its two mines in the country on improving healthcare, education, infrastructure and access to potable water in the communities around them.

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Tempus Resources receives DTC eligibility in U.S.

Tempus Resources Ltd ("Tempus" or the "Company") (ASX:TMR), (TSXV:TMRR), (OTCQB:TMRFF)(ASX:TMR), (TSXV:TMRR), (OTCQB:TMRFF) is pleased to announce that in relation to its US-based OTC Markets listing under the symbol "TMRFF", it has now received confirmation from the Depository Trust Company ("DTC") that its common shares are now eligible for electronic clearing and settlement through the DTC in the United States.

Tempus Resources President and CEO, Jason Bahnsen, commented "DTC eligibility is a key step in the development of our shareholder base and market presence across the United States. It allows current and prospective shareholders of Tempus Resources a reliable, cost-efficient, and timely method for clearing and settlement of our common shares and positions US investors to participate in the growth of the Company's Americas-based asset suite."

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B2Gold Corp. to Acquire Oklo Resources Limited and its Extensive Land Package near the Fekola Mine

B2Gold Corp. (TSX: BTO), (NYSE AMERICAN: BTG), (NSX: B2G) (" B2Gold ") is pleased to announce that it has entered into a definitive Scheme Implementation Agreement (" Agreement ") with Oklo Resources Limited (ASX: OKU) (" Oklo ") pursuant to which B2Gold has agreed to acquire 100% of the fully paid ordinary shares of Oklo (the " Oklo Shares ") in consideration for 0.0206 of a common share of B2Gold (each whole share, a " B2Gold Share ") and A$0.0525 in cash for each Oklo Share held (" Scheme Consideration "). The Scheme Consideration represents a purchase price of approximately A$0.1725 for each Oklo Share and values the transaction at approximately A$91.3 million (including up to approximately A$27.4 million cash consideration). The transaction as contemplated by the Agreement (the " Transaction ") will be implemented by way of a scheme of arrangement pursuant to Part 5.1 of the Australian Corporations Act 2001 (Cth) (" Scheme "). Upon implementation of the Scheme, in addition to the cash consideration, B2Gold expects to issue up to 10,754,284 B2Gold Shares to Oklo shareholders, representing approximately 1% of the B2Gold Shares on an undiluted basis.

The acquisition of Oklo is expected to provide B2Gold with an additional landholding of 1,405 km 2 covering highly prospective greenstone belts in Mali , West Africa , including Oklo's flagship Dandoko Project (550 km 2 ). The Oklo properties are located on a subparallel, north-trending structure east of the prolific Senegal-Mali Shear Zone, approximately 25 kilometres from the Fekola Mine and approximately 25 kilometres from the Anaconda area, where B2Gold is currently conducting a 2022 Mali drill program of approximately 225,000 metres of drilling with a budget of US$35.5 million .

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