Ann: Silvercorp and OreCorp - Joint Presentation August 2023, page-34

This has been disappointing.

A week later and this has gone nowhere. SVM SP well down, in part due to PM prices, which I think has affected the ORR price. Placement executed and SVM have their blocking stake. Very hard for a PRU to take this on now, even with the low price still on offer.

Perhaps there'll be a short term bump in PM prices to give this a boost but without it, holders might be left with a pretty average return for what might have been with a stronger silver price and stronger SVM.

Not sure why ORR management got on board with this and why Goyder thought it was a good idea. Perhaps all the financing options didn't come to fruition or there's something ORR management and directors know that we (and maybe even SVM) don't.