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Fortuna Silver Mines has successfully completed its merger with Roxgold, forming a premier global producer of gold and silver. The transaction, finalized via a court-approved plan under British Columbia's Business Corporations Act, allows Fortuna to acquire Roxgold shares at a ratio of 0.283 common shares plus C$0.001. This merger enhances Fortuna's operational scale with four mines and a development project across the Americas and West Africa. The deal was approved by shareholders on June 28, 2021, and Roxgold shares will be delisted shortly.
Fortuna Silver Mines (NYSE: FSM | TSX: FVI) and Roxgold Inc. (TSX: ROXG | OTCQX: ROGFF) have received shareholder approval for Fortuna's acquisition of Roxgold. This acquisition will result in Roxgold becoming a wholly-owned subsidiary of Fortuna, with closing expected on July 2, 2021, pending court approval on June 30, 2021. Post-acquisition, Fortuna shareholders will hold approximately 63.6% of the company, while former Roxgold shareholders will hold 36.4%. The arrangement received significant support, with 96.65% of Fortuna and 84.80% of Roxgold shareholders voting in favor.
Roxgold Inc. (TSX: ROXG, OTCQX: ROGFF) reports significant exploration results from its Séguéla Gold Project in Côte d’Ivoire. Discoveries include the Gabbro North prospect with high-grade gold intervals of up to 163.0 g/t Au. The Sunbird deposit showed promising results with 12m at 15.1 g/t Au, and Koula's drilling revealed mineralization extending over 450m down plunge, highlighting underground potential. The combination with Fortuna Silver is expected to enhance growth opportunities and cash flow generation, positioning Roxgold favorably among intermediate precious metal producers.
Fortuna Silver Mines and Roxgold have initiated the mailing of management information circulars for their upcoming shareholder meetings on June 28, 2021, regarding the proposed business combination announced on April 26, 2021. Both meetings will be held virtually to ensure safety amid COVID-19. The proposed transaction will see Roxgold shareholders receive 0.283 Fortuna Shares and C$0.001 per Roxgold Share. Upon completion, Roxgold will become a wholly-owned subsidiary of Fortuna, with shareholders owning approximately 63.6% and 36.4% of the new entity. This merger aims to create a premier growth-oriented mining company.
Roxgold Inc. has filed the Feasibility Study NI 43-101 Technical Report for the Séguéla Gold Project in Côte d’Ivoire, effective May 26, 2021. The report highlights a robust after-tax NPV of US$380 million and an impressive 49% internal rate of return (IRR) as disclosed in the April 19, 2021 news release. This report meets the Canadian Securities Administrator’s standards and is accessible on SEDAR and the company’s website. Roxgold operates the high-grade Yaramoko Gold Mine in Burkina Faso and is advancing the Séguéla project.
Roxgold Inc. (TSX: ROXG, OTCQX: ROGFF) will release its financial statements and MD&A for Q1 2021 on May 11, 2021, after market close. A special meeting of shareholders is scheduled for June 28, 2021, to approve a business combination with Fortuna Silver Mines Inc., with the annual meeting of shareholders to follow. The record date for both meetings is set for May 11, 2021. Roxgold operates the high-grade Yaramoko Gold Mine in Burkina Faso and is advancing the Séguéla Gold Project in Côte d'Ivoire.
Fortuna Silver Mines and Roxgold Inc. have announced a definitive agreement for Fortuna to acquire all issued securities of Roxgold. Under the agreement, Roxgold shareholders will receive 0.283 common shares of Fortuna and C$0.001 for each Roxgold share, valuing Roxgold at C$2.73 per share, a premium of 42.1%. The transaction estimates a fully diluted equity value of C$1.1 billion, creating a global intermediate gold and silver producer with anticipated combined production of 450,000 ounces annually. The merger enhances growth opportunities and market competitiveness.
Roxgold announced promising exploration results from its Boussoura Project in Burkina Faso, showcasing high-grade gold intersections. Key findings include:
- 35m at 4.1 g/t Au
- 9m at 12.1 g/t Au
- 1m at 260.0 g/t Au
Over 250 drill holes totaling 50,000 meters have been completed, with ongoing scout and infill programs aimed at defining a maiden resource by the end of the year. The project is situated in the prolific Houndé Greenstone Belt and is viewed as a significant addition to Roxgold's growth pipeline.
Roxgold announces significant results from the Feasibility Study for its Séguéla Gold Project in Côte d’Ivoire, confirming robust economics with an after-tax NPV of $380 million and an IRR of 49% based on a $1,600/oz gold price. The project anticipates an average annual production of 133,000 ounces over the first six years, with a total production of 1.03 million ounces over the mine's 9-year life. Initial capital costs are estimated at $142 million, with AISC of $832 per ounce. Additionally, ongoing exploration presents growth opportunities, including potential underground expansions at existing deposits.
Roxgold Inc. (OTCQX: ROGFF) reported strong preliminary production results for Q1 2021 from its Yaramoko Mine Complex, producing 35,308 ounces of gold at an average grade of 8.0 g/t Au. The plant's throughput averaged 1,419 tpd, exceeding capacity by 29%. The company successfully mined a record 153,256 tonnes while managing COVID-19 impacts. Roxgold is on track to meet its annual production guidance of 120,000 to 130,000 ounces and ended the quarter with approximately $59 million in cash and gold doré.
