West African Resources Limited (ASX:WAF) agreed to acquire a 90% stake in Kiaka S.A from B2Gold Corp. (TSX:BTO) and GAMS-Mining F&I Ltd for $100 million on October 25, 2021. Under the terms of the agreement WAF shall pay the following consideration for the 90% stake (a) $0.5 million in cash, paid at signing of the agreements (the Deposits) (b) $55 million comprising 50% cash and 50% Closing Consideration Shares , paid on the Closing Date c) $45 million in cash or Deferred Consideration Shares, paid on the Deferred Consideration Payment Date. The Deferred Consideration is a promissory note for payment of $45 million to B2Gold on the Deferred Consideration Payment Date in cash or Deferred Consideration Shares at the election of B2Gold; d) the Kiaka Royalty. In a related transaction, WAF entered into an amended and restated purchase agreement with B2Gold and GAMS, pursuant to which B2Gold has now agreed to sell to WAF 100% of the shares of Kiaka Gold SARL, the holder of the Toega gold project located in Burkina Faso (the "Toega Project") (the original transaction was structured as a sale of assets comprising the Toega Project) and GAMS will sell its 10% beneficial interest in the Toega Project. As of November 29 ,2021, West African Resources Limited (ASX:WAF) announced the closing of its non-underwritten Share Purchase Plan. The gross proceeds raised under the Placement and the SPP will be used to fund: The closing cash component of the Kiaka Project acquisition consideration; The closing cash payment of the Toega acquisition consideration; Repayment of the syndicated finance facility with Taurus Mining Finance Fund L.P.; Exploration programs; and General working capital purposes including cost of the transaction. The closing of the transaction is subject to certain customary conditions. The parties expect the Kiaka transaction to be completed by the end of November 2021. The other 10% of Kiaka S.A is owned by the government of Burkina Faso. As of November 30, 2021, West African Resources Limited completed the acquisition of 81% stake in Kiaka S.A from B2Gold Corp.

West African Resources Limited (ASX:WAF) completed the acquisition of a 90% stake in Kiaka S.A from B2Gold Corp. (TSX:BTO) and GAMS-Mining F&I Ltd on November 30, 2021.