Silver Lake Resources Limited (ASX:SLR) entered into a Non-binding, Indicative and Conditional Proposal to acquire Leonora Assets from St Barbara Limited (ASX:SBM) for approximately AUD 730 million on April 28, 2023. Consideration consists of Cash consideration of AUD 326 million and Silver Lake equity consideration, comprising 327.1 million new Silver Lake shares to be issued to St Barbara. Transaction is subject to the completion and satisfaction of technical, operational and financial due diligence, The negotiation and execution of a definitive Asset Sale Agreement for Leonora between Silver Lake and St Barbara, Silver Lake obtaining a AUD 150 million debt facility from Taurus Mining Finance Fund No.2 LP, Final Silver Lake Board approval to enter into the proposed transaction on a binding basis and any binding agreement between Silver Lake and St Barbara would be subject to Preparation of an Independent Expert’s Report in connection with the approval of Silver Lake shareholders, Approval of Silver Lake and St Barbara shareholders, Termination of the Transaction Agreement with Genesis and Other conditions consistent with the Genesis transaction. The transaction is expected to Complete on in mid to late August 2023. On May 4, 2023 Silver Lake Resources Limited (ASX:SLR) Cancelled the acquisition of Leonora Assets of St Barbara. St Barbara Declines to Engage with Silver Lake on competing proposal to acquire Leonora Assets. On May 11, 2023, Silver Lake Resources revised proposal to acquire Leonora Assets AUD 326 million in cash and 327.1 million Silver Lake shares valued at AUD 381 million, comprising 232.3 million new ordinary fully paid shares representing approximately 19.99% of Silver Lake’s issued share capital post-issue and Subscription rights to be issued in respect to a further 94.8 million new Silver Lake ordinary fully paid shares, representing approximately 7.5% of Silver Lake’s issued share capital post-issue, which rights would automatically vest upon completion of the in-specie distribution of the 232.3 million Silver Lake shares referred to above, with new Silver Lake shares being issued to St Barbara at this time. On May 19, 2023, Silver Lake received a response from the St Barbara board to its Revised Silver Lake Proposal after St Barbara advised the ASX to the effect that it would not be engaging further with Silver Lake in regards to the Revised Silver Lake Proposal. Silver Lake Resources proposed consideration increased to AUD 722 million under Improved Silver Lake Proposal, comprising 327.1 million shares, valued at AUD 352 million and an increased cash component of AUD 370 million cash, previously AUD 326 million. The Improved Silver Lake Proposal is fully funded with cash and bullion of AUD 268 million at March 31, 2023 and a AUD 226.138 million credit approved acquisition funding facility provided by Taurus Mining Finance Fund No 2 LP (Taurus). RBC Capital Markets acted as financial advisor and Corrs Chambers Westgarth acted as legal advisor to Silver Lake Resources Limited. St Barbara is advised by Macquarie Capital (Australia) Limited as financial adviser and King & Wood Mallesons as legal adviser.

Silver Lake Resources Limited (ASX:SLR) cancelled the acquisition of Leonora Assets from St Barbara Limited (ASX:SBM) on May 23, 2023. St Barbara Board has declined to engage with Silver Lake in respect of the Proposal of acquisition of Leonora Assets.