On June 6, 2024, Versamet Royalties Corporation, formerly Sandbox Royalties Corp., acquired a portfolio of 10 royalties from B2Gold Corp. for approximately $90 million (C$119 million) in share consideration. The transaction involved issuing about 153.2 million common shares to B2Gold at C$0.80 per share. Additionally, Sandstorm Gold Ltd. converted the remaining $14.2 million (C$18.8 million) principal on its Sandbox convertible note into common shares at the same price. This resulted in Versamet having about 464.1 million shares outstanding, with B2Gold holding 33%, Sandstorm Gold 26%, Equinox Gold 13%, Regal Funds 7%, and Beedie Capital 2%.

The newly named Versamet was expected to see significant revenue growth, with projections increasing from over $10 million in 2024 to more than $30 million in 2026. The B2Gold Royalty Portfolio included interests in key projects such as the Kiaka and Toega gold projects in Burkina Faso, which were expected to generate nearly $15 million annually once in production by 2025. The portfolio also added significant diversification and growth potential, with assets like the Quebradona copper-gold-silver project in Colombia and the Mocoa copper project.

Legal advisors for Sandbox in this transaction were Blake, Cassels & Graydon LLP, while RBC Capital Markets and McCarthy Tétrault LLP advised B2Gold.