KINSHASA, DEMOCRATIC REPUBLIC OF CONGO — March 13, 2026 — The Democratic Republic of Congo’s Minister of Mines, His Excellency Louis Kabamba Watum, has formally approved the acquisition of Chemaf SA (“Chemaf”) by Virtus Minerals Inc. (“Virtus”), clearing a major regulatory milestone in the transaction.
The approval, issued under the DRC Mining Code, follows the Government’s review of the transaction structure, the consortium’s financial capacity, and the plans for Chemaf’s continued operations. The Minister confirmed his decision after consultation with the Minister of Portfolio, who oversees Gécamines S.A., the state mining company and Chemaf’s lease counterparty.
In his letter, the Minister noted that the transaction takes place at the holding company level and does not affect Chemaf’s legal status, mining rights, or obligations in the DRC. The Government expressed its conviction that the acquisition will contribute to revitalizing Chemaf’s industrial operations, stabilizing employment, and strengthening public revenues in the interest of the Congolese State and the affected communities.
The approval letter was transmitted for information to His Excellency the President of the Republic, Her Excellency the Prime Minister, and the Minister of Portfolio.
This is a defining moment, not just for Chemaf, but for everyone who believes in the future of Congolese-American partnership. We are grateful to the President, the Minister, and the many leaders across the DRC who engaged with this process with such seriousness and vision. Their commitment to getting this right is what made this possible. We intend to honor that commitment with investment, with jobs, and with results.
Phil Braun, Chairman of Chemaf
What This Means for Operations
The Ministerial approval clears the path for full operational continuity at Chemaf’s sites in Lubumbashi and Kolwezi. Existing contracts, employment, and obligations remain in place. The acquisition will bring significant planned capital investment to complete the development of Étoile Phase 2 and Mutoshi, expanding production capacity and creating additional local employment opportunities.
About Chemaf
Chemaf SA is a Congolese copper and cobalt producer operating in the DRC’s Katanga copper belt. Virtus Minerals Inc., in partnership with Lloyds Metals and Energy Ltd., is the company’s new strategic shareholder, supporting Chemaf’s next phase of industrial development.