Trading
Symbols:
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TSX/NYSE
AMERICAN: SVM
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ASX:
ORR
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VANCOUVER, BC and PERTH, Australia, Aug. 6, 2023
/PRNewswire/ - Silvercorp Metals Inc. ("Silvercorp")
(TSX: SVM) (NYSE American: SVM) and OreCorp Limited (ASX:
ORR) ("OreCorp") are pleased to announce the signing of a
binding scheme implementation deed (the "Agreement") whereby
Silvercorp will acquire all fully-paid ordinary shares of OreCorp
not held by Silvercorp or its associates (the "OreCorp
Shares"), pursuant to an Australian scheme of arrangement under
Part 5.1 of the Corporations Act 2001 (Cth) (the
"Scheme"), subject to the satisfaction of various
conditions.
Transaction Highlights
- OreCorp shareholders to receive A$0.15 in cash and 0.0967 of a Silvercorp common
share (valued at A$0.45) for each
OreCorp Share held, representing total consideration with an
implied value of A$0.60 per OreCorp
Share.1
- OreCorp's Board unanimously recommends OreCorp shareholders
vote in favour of the Scheme, subject to no Superior
Proposal2 emerging for OreCorp and an independent expert
concluding, and continuing to conclude, that the Scheme is in the
best interests of OreCorp shareholders.
- Silvercorp to provide OreCorp with approximately A$28 million in funding via an equity placement
(more fully described below) to immediately advance development of
its Nyanzaga Gold Project in Tanzania ("Nyanzaga"), including
progressing resettlement activities and early project works.
- The Agreement aims to:
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- Create a diversified, highly profitable precious metals company
with a pro forma market cap of US$630
million3, a robust growth pipeline and exposure
to a highly prospective emerging mining jurisdiction;
- Provide a re-rating opportunity on the successful development
of Nyanzaga, which is expected to commence commercial gold
production in H2 2025; and
- Enable OreCorp and Silvercorp shareholders to participate
in a larger company with greater access to capital, higher
liquidity, increased scale and enhanced capital markets
relevance.
- Silvercorp has the balance sheet strength to fund construction
and aggressive exploration of Nyanzaga, as well as pursue regional
M&A opportunities.
- Silvercorp's best-in-class technical team has the track record
and expertise to build Nyanzaga and pursue opportunities for
optimization.
- Consideration mix preserves Silvercorp's strong balance sheet,
allowing funds to be deployed for development of Nyanzaga, managing
risk and optimizing future opportunities.
- Existing OreCorp shareholders will own 17.8% of Silvercorp's
common shares outstanding on a fully-diluted in-the-money basis
following implementation of the Scheme.
- The Scheme is subject to various customary closing conditions,
including OreCorp shareholder approval and Court approval.
- Silvercorp has agreed to use reasonable endeavours to apply for
admission of Silvercorp to the official list of the Australian
Securities Exchange (the "ASX").
- Proposed development of Nyanzaga by Silvercorp supported by
Tanzania Government Authorities.
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1 Value
attributed to Silvercorp share and implied value attributed to
OreCorp Share calculated based on the 20-day volume weighted
average price of Silvercorp's common shares on the NYSE American
for the period ending August 3, 2023, converted to Australian
dollars using a U.S. dollar to Australian dollar foreign exchange
rate of 1.526.
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2 As defined
in the Agreement.
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3 The pro
forma financial information is for illustrative purposes only and
is not intended to represent the future financial position of the
combined entity.
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Nyanzaga Highlights
OreCorp holds an 84% interest in the Nyanzaga Gold Project
located in the Mwanza region, Tanzania, in partnership with the Government
of Tanzania. Key permits are in
place to develop Nyanzaga for first gold in H2 2025. A definitive
feasibility study, announced in August
2022, estimated that Nyanzaga could deliver 2.5 million
ounces of gold over a 10.7 year life.4 As reported
in OreCorp's June 2023 Quarterly
Activities Report released on July 21,
2023, Nyanzaga's post-tax net present value at a 5% discount
rate is US$905 million and the
internal rate of return is 32%, using a recent spot gold price of
US$2,000/oz.5
Nyanzaga is located approximately 40 km north east of the
Bulyanhulu mine, one of Barrick Gold Corporation's two gold mines
in the Lake Victoria Goldfields, which together with the North Mara
mine produced approximately 547,000 ounces of gold in
2022.6 The Geita Gold Mine, one of AngloGold Ashanti
Limited's flagship mines, located 80 km west of Nyanzaga, produced
521,000 ounces of gold in 2022.7
Silvercorp Chairman and CEO, Dr. Rui
Feng, said:
"This transaction will create a new globally diversified
precious metals producer. We believe this is a rare opportunity to
leverage our technical expertise and strong balance sheet to unlock
value for all shareholders by bringing Nyanzaga into commercial
production by H2 2025. Under the leadership of Her Excellency,
President Samia Suluhu Hassan, Tanzania is becoming an attractive place for
foreign investment. We look forward to partnering with the
Government of Tanzania and
leveraging OreCorp's existing team and relationships to ensure a
successful development that benefits all stakeholders."
OreCorp Managing Director and CEO, Henk
Diederichs, said:
"This transaction provides our shareholders with an immediate
and significant upfront premium and exposure to a geographically
diverse mid-tier precious metals company. With a strong
operating history, solid balance sheet and significant mine
building and operational experience, Silvercorp's management team
is well-positioned to fund and advance Nyanzaga into commercial
production."
Honorable Minister of Minerals, Dr. Doto Mashaka Biteko,
said:
"The Tanzanian Government is supportive of the proposed
partnership between OreCorp and Silvercorp and looks forward to
working together to develop Nyanzaga as a robust project delivering
beneficial outcomes to the people of Tanzania and other stakeholders."
____________________________
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4 Cautionary
Statement - based on a gold price of US$1,750/oz. Refer OreCorp ASX
announcement dated 22 August 2022 ("Nyanzaga DFS Delivers Robust
Results"). The production target referred to in the DFS and
this announcement comprises 92% Probable Ore Reserves and 8%
Inferred Mineral Resources. There is a low level of geological
confidence associated with Inferred Mineral Resources, and there is
no certainty that further exploration work will result in the
determination of Indicated Mineral Resources or that the production
target itself will be realised.
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5 Refer
OreCorp ASX announcement dated 21 July 2023 ("June 2023
Quarterly Activities Report").
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6 Barrick
Gold Corporation (2022) Annual Report 2022.
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7 AngloGold
Ashanti Limited (2022) Mineral Resource and Mineral Reserve
Report as at 31 December 2022.
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Benefits for OreCorp
Shareholders
- Total implied consideration of A$0.60 per OreCorp Share (being A$0.15 in cash and 0.0967 of a Silvercorp common
share valued at A$0.45),8
representing:
-
- a 41.7% premium to the 20-day volume weighted average price
("VWAP") of OreCorp's shares on the ASX for the period
ending August 4, 2023;9
and
- a 31.5% premium to OreCorp's closing share price of
A$0.435 on the ASX on August 4, 202310.
- Share consideration provides enhanced trading liquidity,
re-rating potential and opportunity to participate in further
upside from Nyanzaga and Silvercorp's existing portfolio;
- Significantly reduces development and operational risk at
Nyanzaga by leveraging Silvercorp's technical expertise and ESG
track record;
- Strong pro forma balance sheet removes immediate funding
uncertainty and mitigates risk of significant dilution; and
- Enhanced capital markets profile with a pro forma market cap of
US$630 million11 and
listings on the TSX, NYSE and, subject to successful admission and
quotation, the ASX.
Benefits for Silvercorp
Shareholders
- Accretive transaction on a net asset value basis;
- Provides immediate geographic and metal diversification;
- Addition of a largely de-risked, low-cost gold project that has
key permits in place and is on track for first gold in H2
2025;
- Re-rating opportunity due to enhanced scale, asset
diversification, production and exploration upside as well as a
foothold in an emerging, mining-friendly jurisdiction; and
- Meaningfully grows Silvercorp's mineral reserves and resources
profile.
____________________________
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8 Based on
the 20-day volume weighted average price of Silvercorp's common
shares on the NYSE American for the period ending August 3, 2023,
converted to Australian dollars using a U.S. dollar to Australian
dollar foreign exchange rate of 1.526.
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9 Based on
the 20-day volume weighted average price of Silvercorp's common
shares on the NYSE and OreCorp's ordinary shares on the ASX for the
period ending August 4, 2023.
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10 Based on
the closing price of Silvercorp's common shares on the NYSE and
OreCorp's ordinary shares on the ASX as of August 4,
2023.
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11 The pro
forma financial information is for illustrative purposes only and
is not intended to represent the future financial position of the
combined entity.
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Transaction Summary
Under the terms of the Agreement, Silvercorp or a wholly owned
subsidiary will, subject to the satisfaction of various conditions,
acquire the OreCorp Shares by means of a court-sanctioned scheme of
arrangement under Part 5.1 of the Corporations Act 2001
(Cth), whereby each holder of OreCorp Shares will receive, for each
OreCorp Share held, A$0.15 in cash
and 0.0967 of a Silvercorp common share valued at A$0.45 for a total implied consideration of
A$0.60 per OreCorp
Share.12
The implied consideration of A$0.60 per OreCorp share represents a 41.7%
premium to the 20-day VWAP of OreCorp's shares on the ASX for the
period ending August 4, 2023 and
values OreCorp at approximately A$242
million on a fully-diluted-in-the-money basis. Existing
OreCorp shareholders will own 17.8% of Silvercorp's common shares
outstanding on a fully-diluted in-the-money basis following
implementation of the Scheme.
Concurrent with entering into the Agreement, Silvercorp and
OreCorp have also entered into a placement agreement, whereby
70,411,334 new fully-paid ordinary shares of OreCorp will be issued
to Silvercorp at a price of A$0.40
per OreCorp Share for aggregate proceeds of approximately
A$28 million (the
"Placement"). The Placement will occur in two tranches, with
the first tranche (for aggregate proceeds of A$18 million) to complete on the third business
day after execution of the Agreement and the second tranche (for
aggregate proceeds of approximately A$10
million) to complete 10 business days thereafter. Upon
completion of the Placement, Silvercorp will hold approximately 15%
of the total outstanding ordinary shares of OreCorp. Proceeds from
the Placement will be used to immediately commence resettlement
activities as contemplated in the Relocation Action Plan,
facilitating the prompt development of Nyanzaga.
Boards Approvals and
Recommendations
The OreCorp Board has unanimously approved the transaction and
recommends that all OreCorp shareholders vote in favour of the
Scheme at the meeting of the shareholders of OreCorp (the
"Scheme Meeting"), in the absence of a Superior Proposal and
subject to the independent expert to be appointed by OreCorp (the
"Independent Expert") concluding (and continuing to
conclude) that the Scheme is in the best interests of OreCorp
shareholders. Subject to those same qualifications, each director
of OreCorp intends to vote, or cause to be voted, all OreCorp
Shares held or controlled by them (representing 4.6% of OreCorp's
issued shares as at the date of this announcement) in favour of the
Scheme at the Scheme Meeting.13
The Silvercorp Board has also unanimously approved the
transaction.
____________________________
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12 Based on
the 20-day volume weighted average price of Silvercorp's common
shares on the NYSE American for the period ending August 3, 2023,
converted to Australian dollars using a U.S. dollar to Australian
dollar foreign exchange rate of 1.526.
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13 OreCorp
Directors hold an aggregate of 18,487,960 OreCorp Shares,
representing 4.6% of shares on issue as at the date of this
announcement which, together with 1,864,482 Performance Rights held
by OreCorp Directors, represent 5.1% on a fully diluted basis as at
the date of the announcement (calculations exclude options which
will be cancelled if the Scheme proceeds).
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Key Shareholder Support
Rollason Pty Ltd (Rollason), which controls 49,136,589
OreCorp Shares (representing approximately 12.3% of the OreCorp
Shares as at the date of this announcement), has provided a signed
voting intention statement to OreCorp (Voting Intention
Statement) indicating that Rollason intends to vote, or cause
to be voted, all OreCorp Shares held or controlled by it or its
associates at the time of the Scheme meeting in favour of the
Scheme, in the absence of a Superior Proposal and subject to the
Independent Expert concluding (and continuing to conclude) that the
Scheme is in the best interests of OreCorp shareholders. Rollason
has consented to OreCorp publicly announcing its voting
intention.
Tanzanian Government
Support
OreCorp and Silvercorp met with key Tanzanian Government
stakeholders including the Treasury Registrar and the Minister of
Minerals. The Government is supportive of the transaction,
underpinning Her Excellency Samia Suluhu Hassan's mantra that
Tanzania is open for international
investment. The companies are looking forward to the continued
support from key Government stakeholders.
Honorable Minister of Minerals, Dr. Doto Mashaka Biteko
with Chairman of OreCorp, Matthew
Yates (left) and Chairman and CEO of Silvercorp,
Rui Feng (right)
Transaction Structure and Certain
Terms of the Agreement
The Scheme is subject to customary closing conditions for a
transaction of this nature, including:
- OreCorp shareholders approving the Scheme at the Scheme
Meeting;
- Approval of the Federal Court of Australia;
- Completion of the Placement;
- The Independent Expert issuing an Independent Expert's Report
which concludes (and continues to conclude) that the Scheme is in
the best interests of OreCorp shareholders;
- Tanzanian Fair Competition Commission and any other applicable
approvals;
- Foreign Investment Review Board approval in Australia, if required;
- OreCorp performance rights and OreCorp options being dealt with
such that none will remain in existence on completion of the
Scheme;
- No material adverse change and no prescribed occurrence in
relation to either Silvercorp or OreCorp;
- Approval for quotation on TSX and NYSE of the Silvercorp common
shares to be issued to OreCorp shareholders as the scrip component
of the consideration; and
- Other customary conditions.
Under the Agreement, Silvercorp has agreed to use reasonable
endeavours to apply for admission of Silvercorp to the
official list of Australian Securities Exchange (the "ASX").
If ASX has provided Silvercorp with conditional approval for
admission to the official list of ASX by the business day before
the date of the second court hearing, OreCorp shareholders (other
than ineligible shareholders) may elect to receive the scrip
component of the consideration in the form of CHESS Depositary
Interests (which may be traded on ASX) instead of in the form of
Silvercorp common shares. If conditional approval is not provided
by ASX by the business day before the date of the second court
hearing, all OreCorp shareholders (other than ineligible
shareholders) would receive the scrip component of the
consideration in the form of Silvercorp shares, tradable on the TSX
and NYSE.
The Agreement also contains customary deal protection
mechanisms, including no talk and no due diligence provisions,
(subject to a fiduciary out exception) and no shop, as well as
notification and matching rights for Silvercorp in the event of a
Competing Proposal14. The transaction may incur a
capital gains tax payable under Tanzanian legislation. A break fee
of approximately A$2.8 million shall
be payable by OreCorp to Silvercorp if the Agreement is
terminated as a result of certain specified circumstances.
A copy of the Agreement, which sets out the terms and conditions
of the Scheme and associated matters, will be filed on Silvercorp's
profile on SEDAR+ at www.sedarplus.com.
Timetable and Next Steps
OreCorp shareholders do not need to take any action in relation
to the Scheme at this stage.
A Scheme booklet setting out the key terms of the transaction,
including the Scheme, Independent Expert's Report, Investigating
Accountant's Report and the reasons for the recommendation of the
OreCorp Board will be sent to all OreCorp shareholders in due
course. The Scheme Meeting to consider the Scheme is expected to be
held in November 2023 and the Scheme
is expected to be implemented before the end of 2023 subject to
satisfaction of all conditions and receipt of all necessary
approvals. The Scheme is conditional on, among other things,
approval by a majority in number of OreCorp shareholders who vote
at the Scheme Meeting and at least 75% of all votes cast at the
Scheme Meeting. Silvercorp is excluded from voting at the Scheme
Meeting.
____________________________
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14 As
defined in the Agreement.
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An indicative timetable is set out below:
Action
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Estimated
Date
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First Court
Date
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Early-mid October
2023
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Dispatch scheme booklet
to OreCorp shareholders
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Early-mid October
2023
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Scheme
Meeting
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Mid November
2023
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Second Court
Date
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Mid November
2023
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Effective
Date
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End of November/early
December 2023
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Record Date
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End of November/early
December 2023
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Implementation
Date
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End of November/early
December 2023
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Advisors and Counsel
Canaccord Genuity Corp. is acting as financial advisor to
Silvercorp. King & Wood Mallesons, Australia and A&K Tanzania are acting as
Silvercorp's Australian and Tanzanian legal advisors,
respectively.
CIBC Capital Markets is acting as financial advisor to OreCorp.
Allen & Overy and REX Attorneys are acting as OreCorp's
Australian and Tanzanian legal advisors, respectively.
Conference Call / Webinar
Details
Silvercorp and OreCorp will host a joint conference call today
at 10.00 am Australian Eastern
Standard Time / 8.00 am Australian
Western Standard Time / 8.00 pm North
American Eastern Standard Time / 5.00
pm North American Pacific Standard Time to discuss the
transaction. Participants are advised to dial in five minutes prior
to the scheduled start time of the call. A presentation will be
made available on both companies' websites prior to the
webcast.
Webinar details
Presenters: OreCorp Executive Chairman, Matthew Yates and Managing Director and CEO,
Henk Diederichs, with Silvercorp
Vice President Lon Shaver
Date/time:
Monday 7 August at 8:00am AWST
(10:00am AEST)
Sunday 6 August at 5:00pm PST
(8:00pm EST)
Register to join via zoom:
https://us02web.zoom.us/webinar/register/WN_B8jehfTbT1OSPVfzbrmjQQ
Dial in via telephone:
Please use one of the following numbers and when prompted enter
the webinar ID 868 9291 7099.
Australia:
+61 3 7018 2005 or
+61 7 3185 3730 or
+61 8 6119 3900 or
+61 8 7150 1149 or
+61 2 8015 6011
Canada:
+1 780 666 0144
+1 204 272 7920
+1 438 809 7799
+1 587 328 1099
A recording of the conference call will be available on both
companies' websites following the call.
About Silvercorp
Silvercorp is a Canadian mining company producing silver, gold,
lead, and zinc with a long history of profitability and growth
potential. Silvercorp's strategy is to create shareholder value by
1) focusing on generating free cashflow from long life mines; 2)
organic growth through extensive drilling for discovery; 3) ongoing
merger and acquisition efforts to unlock value; and 4) long term
commitment to responsible mining and ESG.
About OreCorp
OreCorp is a Western Australian based mining exploration company
listed on the Australian Securities Exchange (ASX) under the code
ORR. OreCorp's key project is the Nyanzaga Gold Project in
northwest Tanzania.
This announcement has been approved for distribution by
the Board of Directors of each of Silvercorp and
OreCorp.
For further information
Silvercorp Metals
Inc.
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OreCorp
Limited
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Media
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Lon
Shaver
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Henk
Diederichs
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Nathan Ryan
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Vice
President
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CEO and Managing
Director
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Phone: +61 420 582
887
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Phone: (604)
669-9397
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Phone: +61 8 9381
9997
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Email:
nathan.ryan@nwrcommunications.com.au
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Toll Free 1(888)
224-1881
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Email:
orecorp@orecorp.com.au
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Email:
investor@silvercorp.ca
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Website:
https://orecorp.com.au/
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Website:
www.silvercorp.ca
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COMPLIANCE
STATEMENT
The information in this announcement relating to OreCorp's
Exploration Results, estimates of Mineral Resources, Ore Reserves
Statements and the production target in relation to Nyanzaga is
extracted from the ASX announcement dated 22
August 2022 ("Nyanzaga DFS Delivers Robust Results") which
is available to view on OreCorp's website www.orecorp.com.au.
OreCorp confirms that it is not aware of any new information or
data that materially affects the information included in the
original announcement and, in the case of Exploration Results,
estimates of Mineral Resources, Ore Reserves Statements and the
production target in relation to Nyanzaga, that all material
assumptions and technical parameters underpinning the Exploration
Results, estimates of Mineral Resources, Ore Reserves Statements
and the production target in relation to Nyanzaga (and any forecast
financial information derived from the production target) in the
original announcement continue to apply and have not materially
changed. OreCorp confirms that the form and context in which the
Competent Person's (being Mr Allan
Earl) findings are presented have not been materially
modified from the original announcement.
CAUTIONARY DISCLAIMER - FORWARD
LOOKING STATEMENTS
Certain of the statements and information in this
announcement may constitute "forward-looking statements" within the
meaning of the United States Private Securities Litigation Reform
Act of 1995, the Corporations Act 2001 (Cth) and the Australian
Securities and Investments Commission Act 2001 (Cth) and
"forward-looking information" within the meaning of applicable
Canadian provincial securities laws (collectively, "forward-looking
statements"). Any statements or information that express or involve
discussions with respect to predictions, expectations, beliefs,
plans, projections, objectives, assumptions or future events or
performance (often, but not always, using words or phrases such as
"expects", "is expected", "anticipates", "believes", "plans",
"projects", "estimates", "assumes", "intends", "strategies",
"targets", "goals", "forecasts", "objectives", "budgets",
"schedules", "potential" or variations thereof or stating that
certain actions, events or results "may", "could", "would", "might"
or "will" be taken, occur or be achieved, or the negative of any of
these terms and similar expressions) are not statements of
historical fact and may be forward-looking statements.
Forward-looking statements relate to, among other things: creating
shareholder value; generating free cashflow from long life mines;
organic growth; mergers and acquisitions; and estimated production
from Silvercorp or OreCorp mines.
Forward-looking statements are subject to a variety of known
and unknown risks, uncertainties and other factors that could cause
actual events or results to differ from those reflected in the
forward-looking statements, including, without limitation, risks
relating to: social and economic impacts of COVID-19; completion
and timing of the transactions described above; receiving the
necessary approvals to satisfy the conditions to the transactions;
the determination of capital gains tax; fluctuating commodity
prices; calculation of resources, reserves and mineralization and
precious and base metal recovery; interpretations and assumptions
of mineral resource and mineral reserve estimates; exploration and
development programs; feasibility and engineering reports; permits
and licences; title to properties; property interests; joint
venture partners; acquisition of commercially mineable mineral
rights; financing; recent market events and conditions; economic
factors; timing, estimated amount, capital and operating
expenditures and economic returns of future production; integration
of future acquisitions into existing operations; competition;
operations and political conditions; regulatory environment in
China, Canada, Australia and Tanzania; environmental risks; legislative and
regulatory initiatives addressing global climate change or other
environmental concerns; foreign exchange rate fluctuations;
insurance; risks and hazards of mining operations; key personnel;
conflicts of interest; dependence on management; internal control
over financial reporting; and bringing actions and enforcing
judgments under U.S. and/or Australian securities laws.
This list is not exhaustive of the factors that may affect
any of Silvercorp or OreCorp's forward-looking statements.
Forward-looking statements are statements about the future and are
inherently uncertain, and actual achievements or other future
events or conditions may differ materially from those reflected in
the forward-looking statements due to a variety of risks,
uncertainties and other factors, including, without limitation,
those referred to in Silvercorp's Annual Information Form under the
heading "Risk Factors". Although Silvercorp and OreCorp have
attempted to identify important factors that could cause actual
results to differ materially, there may be other factors that cause
results not to be as anticipated, estimated, described or intended.
Accordingly, readers should not place undue reliance on
forward-looking statements. No representation or warranty, express
or implied, is made by either Silvercorp or OreCorp that any
forward-looking statement will be achieved or proved to be
correct.
The forward-looking statements are based on the assumptions,
beliefs, expectations and opinions of management as of the date of
this announcement, and other than as required by applicable
securities laws, neither Silvercorp nor OreCorp assumes any
obligation to update forward-looking statements if circumstances or
management's assumptions, beliefs, expectations or opinions should
change, or changes in any other events affecting such statements.
For the reasons set forth above, investors should not place undue
reliance on forward-looking statements. Additional information
related to Silvercorp, including Silvercorp's Annual Information
Form, can be obtained under the Company's profile on SEDAR+ at
www.sedarplus.com, on EDGAR at www.sec.gov, and on the Silvercorp
website at www.silvercorpmetals.com.
Additional information related to OreCorp can be obtained
under the Company's profile on ASX at www.asx.com.au and on
OreCorp's website at www.orecorp.com.au.
Cautionary Note to United States
Investors
Resource estimates included in this news release have been
prepared in accordance with the requirements of the Joint Ore
Reserves Committee of The Australasian Institute of Mining and
Metallurgy, Australian Institute of Geoscientists and Minerals
Council of Australia. Silvercorp's
reserve and resource estimates have been prepared in accordance
with NI 43-101 and the Canadian Institute of Mining, Metallurgy,
and Petroleum Definition Standards on Mineral Resources and Mineral
Reserves. NI 43-101 is a rule developed by the Canadian Securities
Administrators that establishes standards for public disclosure by
a Canadian company of scientific and technical information
concerning mineral projects.
Australian standards and Canadian standards each differ
significantly from the disclosure requirements of the Securities
and Exchange Commission under subpart 1300 of Regulation S-K,
and mineral reserve and resource information included in this news
release may not be comparable to similar information disclosed by
U.S. companies.
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SOURCE Silvercorp Metals Inc