LUBUMBASHI, DEMOCRATIC REPUBLIC OF CONGO — March 19, 2026 — Gécamines S.A. (“Gécamines”), the Democratic Republic of Congo’s state mining company and Chemaf’s long-standing partner at the Mutoshi mining lease, has approved the acquisition of Chemaf SA (“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 the Gécamines Board of Directors on March 19, 2026. 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.
Gécamines is one of the most important institutions in the global mining sector and a partner Chemaf has worked with for many years. 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 together. We look forward to deepening this partnership in the years ahead.
Andrew Powch, Co-Founder of Virtus Minerals
A Continued Partnership
The Gécamines partnership underpins Chemaf’s Mutoshi operations in Lualaba Province, one of the most significant copper-cobalt assets in the Katanga copper belt. With the consent in place, Chemaf is positioned to advance the next phase of investment at Mutoshi alongside continued development at Étoile Phase 2.