Yintai Gold

Canaccord Genuity Acted as Financial Advisor to Yintai Gold on its C$368 Million Acquisition of Osino Resources

Canaccord Genuity is pleased to announce that on February 26, 2023, its client, Yintai Gold (SZSE:000975) (“Yintai”) announced that it entered into a definitive arrangement agreement (the “Yintai Arrangement Agreement”) whereby Yintai will acquire all of the issued and outstanding common shares of Osino Resources Corp. (“Osino”)(TSX:OSI.V) (NSX:OSN) for cash consideration of C$1.90 for each Osino common share, valuing Osino at approximately C$368 million.

Prior to the Yintai Arrangement Agreement, Osino entered into an arrangement agreement with Dundee Precious Metals Inc.(“DPM”) on December 17, 2023 (the "DPM Arrangement Agreement"). Osino received a binding proposal from Yintai and notified DPM that this offer constituted a "Superior Proposal" in accordance with the terms of the DPM Arrangement Agreement on February 19, 2024. DPM notified Osino that it will not propose to amend the terms of the DPM Arrangement Agreement in light of the Yintai proposal and, as a result, Osino terminated the DPM Arrangement Agreement in accordance with its terms and entered into the Yintai Arrangement Agreement. Yintai’s cash consideration represents a premium of approximately 32% to the implied value of the consideration pursuant to the DPM Arrangement Agreement.

Yintai has also provided Osino with a loan comprising of approximately (i) US$10 million facility provided concurrently with the execution of the Yintai Arrangement Agreement to enable the continued, fast-tracked development of the Twin Hills Gold Project and to fund other liquidity needs of Osino and (ii) an amount equal to the termination fee paid by Osino following the termination of the DPM Arrangement Agreement.

Subject to certain conditions, including the parties obtaining the requisite regulatory approvals, the transaction is expected to close in H1 2024, subject to timing of the approvals under the Namibia Competition Act.

Yintai is a mining company publicly listed on the Shenzhen Stock Exchange with a market capitalization of US$5.6 billion as of February 23, 2024. Yintai acquired three gold mines in China from Canadian-listed Eldorado Gold Corporation for US$600 million in 2016, and now owns and operates four gold mines and one lead / zinc mine in China. Yintai produced 225.4 Koz of gold, 6.2 Moz of silver, 9.5 Kt of lead and 16.5 Kt of zinc in 2023.

Osino is a Canadian gold exploration and development company focused on the fast-tracked development of its wholly owned, Twin Hills Gold Project in central Namibia. According to the definitive feasibility study dated effective June 12, 2023, the project is expected to produce 162,000 oz per annum at an all-in-sustaining-cost of US$1,011 per oz for a mine life of 13 years.