Overview of Sierra Rutile's Takeover Proposals

Sierra Rutile Holdings Limited (ASX: $SRX) has provided an overview of the current status of control proposals, including the off-market takeover bid from Leonoil Company Limited. The company has been the subject of three takeover proposals since March 2024, with the current Leonoil Offer being the highest at A$0.18 per share. The Board of SRX recommends shareholders accept the Leonoil Offer, as outlined in the Target's Statement dated 9 August 2024.

Executive Commentary on Leonoil Offer

The Sierra Rutile Board believes that the Leonoil Offer is an opportunity for shareholders to realize value from their investment in Sierra Rutile. As such, the Board unanimously recommends that shareholders accept the Offer, in the absence of a Superior Proposal. Each Sierra Rutile Director intends to accept, or procure acceptance of, the Offer in respect of any Sierra Rutile Shares held or controlled by them or by their associates.

Summary of Sierra Rutile's Takeover Proposals

Sierra Rutile Holdings Limited (ASX: $SRX) has recommended shareholders accept the Leonoil Offer of A$0.18 per share, as it is the highest offer received to date. The Board does not currently anticipate a Superior Proposal emerging. The Leonoil Offer is scheduled to close on 9 September 2024, unless withdrawn or extended. Sierra Rutile is the world's largest natural rutile producer, with plans to extend its operations through the proposed development of the Sembehun deposits, which is expected to extend its mine life by 14 years.