Ann: PRU: Perseus acquires 15.03% interest in Orecorp, page-17

There’s more nuance to it than that. To be clearer on my previous post, at this point due to the scheme agreement with Silvercorp, Perseus can’t engage directly with Orecorp to get access to project due diligence. They would have to make a formal offer without due diligence which would then allow Orecorp to say they prefer the Perseus offer (‘fiduciary out exception). Presumably Perseus want to do due diligence.

Perseus aren’t here to get board seats. When they block the scheme then they can have a better look at the project and presumably more direct engagement with Orecorp. Silvercorp has been thwarted in my view. Maybe a JV is possible but it’s hard to see what Silvercorp offers and Perseus doesn’t need a funding contribution.

Keep in mind that when Perseus bought Orca Gold they initially bought a 15% stake from Resolute and then did due diligence. Within a month they made a formal offer (in scrip) at a big premium to what they paid Resolute. This seems pretty much identical strategy.

https://www.miningweekly.com/article/perseus-takes-a-stake-in-canadas-orca-gold-2022-01-31

As a Perseus shareholder I’m not totally enamoured with Nyanzaga. If Perseus eventually buy it then production probably wouldn’t start til 2026 (the back half I reckon). I’d prefer they got some existing production before then as Sissingue will be close to depleted and Edikan will likely decline.