Gécamines Approves Virtus Minerals Acquisition of Chemaf

LUBUMBASHI, DEMOCRATIC REPUBLIC OF CONGO — March 19, 2026 — Gécamines S.A. (“Gécamines”), the Democratic Republic of Congo’s state mining company, has approved the acquisition of Chemaf by Virtus Minerals Inc. (“Virtus”). The approval follows the DRC Minister of Mines’ formal authorization of the transaction on March 13, 2026.

The decision was taken by Gécamines’ Board of Directors on March 19, 2026. Gécamines is the counterparty to Chemaf’s mining lease at Mutoshi, and its consent is a key condition of the transaction. The approval letter was signed by Director General Baraka Kabemba and Board Chairman Deogratias Ngele Masudi.

Together with the Minister of Mines’ approval, the Gécamines consent represents the completion of the principal DRC regulatory approvals required for the transaction to proceed.

“We are grateful to the Gécamines Board of Directors for convening to consider this matter and for providing the clarity we need to move forward,” said Andrew Powch, CFO of Virtus Minerals. “Gécamines is one of the most important institutions in the global mining sector. We look forward to further developing a long and strong partnership.”