Both Leading Independent Proxy Advisors Recommend Sabina Gold & Silver Shareholders Vote FOR the Arrangement with B2Gold

VANCOUVER, British Columbia, March 28, 2023 (GLOBE NEWSWIRE) -- Sabina Gold & Silver Corp. (“Sabina”) or (the “Company”) (SBB – TSX/ SGSVF - OTCQX) is pleased to announce that both Institutional Shareholders Services (“ISS”) and Glass Lewis & Co. (“Glass Lewis”) have recommended Sabina shareholders vote FOR the previously announced plan of arrangement (the “Arrangement”) with B2Gold Corp. (“B2Gold”) at the Company’s upcoming special meeting of shareholders to be held on April 12, 2023 (the “Meeting”).

The Meeting will seek shareholder approval for the acquisition of all of the issued and outstanding shares of the Company by B2Gold, with Sabina shareholders receiving 0.3867 of a common share of B2Gold for each Sabina common share held, which represents a premium of 45% to the 20-day VWAP of each of B2Gold and Sabina on the TSX as of February 10, 2023, the last trading day before the announcement of the Arrangement, as well as when compared to the closing price of Sabina on the TSX as of February 2, 2023, the date the non-binding letter of intent was signed.

Shareholders may find further details of the Arrangement contained within the documents mailed to shareholder and filed under the Company’s SEDAR profile, as well as available on the Company’s website at https://www.sabinagoldsilver.com/investors/b2gold-transaction.

In ISS’s view, they found “(t)he transaction makes strategic sense as the combination will combine the attractive development assets and minerals reserves of (Sabina) with the size, scale, human capital, balance sheet, and cash flow generating capabilities of (B2Gold)” and that the Arrangement “will reduce some of the financing and execution risk currently borne by (Sabina) shareholders while providing an 18 percent premium to the unaffected date and (Sabina)’s highest share price since 2021.”

In conclusion, ISS cited the favourable comparison of the Arrangement to other similar transactions in the past 24 months and the market reaction as further reasons for shareholders to vote FOR the Arrangement.

As an independent proxy advisory firm, ISS has approximately 3,400 clients including many of the world’s leading institutional investors who rely on ISS’ objective and impartial analysis to make important voting decisions.

Additionally, according to Laurel Hill Advisory Group, the Company’s proxy solicitation advisor, “Glass Lewis saw the strategic rationale for the Arrangement to be “straightforward,” while their quantitative analysis found the Arrangement implied a price-to-net asset value of 0.54x, which was in the 84^th percentile of trading multiples observed in Glass Lewis’ peer set, as well as that the premium to the 30-day volume-weighted average price fell in the 71^st percentile of their comparable transaction data set. Taking these factors together, Glass Lewis found that shareholders should vote FOR the Arrangement.”