Ann: WAF Receives Strong Interest from Leading Debt Financiers, page-45

Yes I read this article too. After reading it I also went back to look at B2's acquisitions of other companies and confirmed my earlier guess that they have never taken a mine from first resource to production. The Nicaraguan (x2) and Phillipines operations were existing mines when they acquired them. Namibia and Mali were purchased at PFS stages. All acquisitions have been share based so @eshmun earlier point about B2 needing a higher share price is probably correct (although the Fekola acquisition was at a time when the B2 share price was not great (none were in 2014)).

The one exception to the rule is Kiaka which B2 acquired knowing it needed US$1500+/oz gold prices. Kiaka (4Moz within 50km of Sanbrado) is the long term reason why they might want to build at Sanbrado/Toega. It is a long term option on the gold price that could be tapped for more ore.