Ann: Silvercorp and OreCorp - Joint Presentation August 2023, page-26

Just thinking out loud here... ORR have been seeking finance for some time...
11 July 22 - OreCorp appoints Auramet to advance financing
24 Nov 22 - OreCorp Progressing Financing
7 Mar 23 - OreCorp Progresses Project Financing

All that is to say - they've been running a process and have had a dataroom open for various participants (banks, credit agencies, royalty corps, miners) to do their necessary due diligence and have no doubt conducted site visits etc.

So - if there is any interloper going to appear here with a counterbid you would think they would be flushed out fairly quickly. Firstly because they would have done their due diligence on the project already as above and secondly because you'd think they would want to act before the 70m share placement closes to Silvercorp.

My view is this project belongs to someone bigger than Silvercorp. Proforma cash balance of the mergeco is just US$170m and Silvercorps market cap is just ~US$500m. Nyanzaga requires capex in excess of US$500m.. which I think means an equity cheque of US$300m+ given the situation in Africa. Perseus offers the cleanest transaction with a US$1.5bn MCAP and over US$800m in liquidity.

Anyway - I think we know by the end of the week if there's going to be a counter... all the potential bidders would have done their DD.