Yintai to Acquire Osino in an All-Cash Transaction for C$368 million

VANCOUVER, British Columbia, Feb. 25, 2024 (GLOBE NEWSWIRE) -- Yintai Gold Co., Ltd (000975.CN) ("Yintai") and Osino Resources Corp. (TSX:OSI.V) (NSX:OSN) (FSE:RSR1) ("Osino") are pleased to announce that they have entered into a binding arrangement agreement (the "Yintai Arrangement Agreement"), pursuant to which Yintai will acquire all of the outstanding common shares of Osino (each, an "Osino Common Share") by way of a plan of arrangement (the "Yintai Arrangement"), for cash consideration of C$1.90 for each Osino Common Share, valuing Osino at approximately C$368 million. At closing of the Yintai Arrangement, Osino’s portfolio will consist only of gold related assets located in Namibia, primarily the Twin Hills Gold Project in central Namibia as well as exploration projects Ondundu and Eureka.

Prior to entering into the Yintai Arrangement Agreement, Osino terminated its arrangement agreement with Dundee Precious Metals Inc. ("DPM"), dated December 17, 2023 (the "DPM Arrangement Agreement"), in accordance with its terms.

Transaction Highlights

• Significant premium of approximately 32% to the implied value of the consideration pursuant to the DPM Arrangement Agreement¹
• All-cash offer, providing value certainty and immediate liquidity to Osino shareholders
• Highly credible and capable counterparty in Yintai
  • US$5.6 billion market capitalization as a publicly traded company on the Shenzhen stock exchange
  • Track record of successful M&A including the US$600 million acquisition of Canadian-listed Eldorado Gold Corporation’s White Mountain (Jilin Banmiaozi) and Tanjianshan (Qinghai Dachaidan) Mines and Eastern Dragon (Heihe Yintai) Development Project in 2016
  • Significant support from its major shareholder, Shandong Gold – with its own strong track record of international M&A
• Immediate cash infusion for Osino of US$10 million for operations and working capital needs and the reimbursement in full of the termination fee paid to DPM
• Chinese outbound investment approvals to be obtained in parallel with Namibian competition approval
• Leverages Yintai's strong balance sheet and access to capital to fast-track development of Twin Hills