Silvercorp Provides OreCorp Offer Update


VANCOUVER, British Columbia – March 1, 2024 – Silvercorp Metals Inc. (“Silvercorp” or the “Company”) (TSX/NYSE American: SVM) today announced that its off-market takeover bid for all of the ordinary shares in OreCorp Limited (“OreCorp”) (ASX:ORR) that it does not already own (“Silvercorp Offer”) will now close at 7:00pm (Sydney time) on March 22, 2024, unless further extended or withdrawn in accordance with the Corporations Act 2001 (Cth) (“Corporations Act”).  The Silvercorp Offer is contained in the replacement bidder’s statement issued by Silvercorp and dated January 16, 2024 (as supplemented on February 2, 2024) (“Bidder’s Statement”).
Notice was lodged with the Australian Securities and Investments Commission and given to OreCorp today and will be given to each person as required by the Corporations Act.
Silvercorp further notes that, as at the time of this announcement, Perseus Mining Limited (“Perseus”) has yet to provide an update on the status of its application to the Fair Competition Commission of Tanzania for an unconditional merger control approval in relation to its off-market takeover bid for all of the ordinary shares in OreCorp (“Perseus Offer”).  This is despite Perseus’ belief as disclosed in its replacement bidder’s statement dated February 16, 2024 ("Perseus Bidder's Statement") and repeated in its BMO presentation on February 27, 2024, that the relevant approval would likely be obtained by end of February 2024. Also, unlike the Silvercorp Offer, Perseus has not agreed to waive all conditions to the Perseus Offer within 3 business days after the 50.1% minimum acceptance condition is satisfied (other than any condition which has been publicly announced being breached or suspected to be breached).
As such, the increased timing and execution risk associated with the Perseus Offer remains. Silvercorp encourages all OreCorp shareholders who have not already accepted the Silvercorp Offer to do so without delay.