Chengtun to Acquire Loncor, Including Adumbi Gold Mine in DR Congo

On 14 October 2025, Loncor Gold (TSXV: LN; FSE: LO51; OTCQX: LONCF) announced that it has entered into an agreement to sell all of its outstanding common shares to Chengtun Gold Ontario, a wholly-owned subsidiary of Chengtun Mining Group (SSE: 600711) headquartered in Xiamen, China. According to the Agreement, Chengtun will pay CAD 1.38 per share of Loncor in a full-cash transaction worth CAD 261 million ($186M).

The price represents a 33% premium of the 30-day volume weighted average trading price (VWAP) of Loncor shares, and a premium of about 16% on the closing share price of Loncor at the Toronto Stock Exchange on 10 October 2025.

The Transaction includes the Adumbi Gold Mine Project located along the Ngayu Greenstone Gold Belt in the northeast region of the Democratic Republic of Congo. The reserves at the Imbo mine are estimated at 22.5 million tonnes, rated at 2.89 gpt (gram per tonne). Imbo is located not far from the Kibali gold mine, which is one of the largest gold mines in Africa.

Chengtun Mining is a diversified mining company listed on the Shanghai Stock Exchange with businesses involving #copper, #cobalt, #nickel, and #gold. More importantly, the company has extensive experience in the Democratic Republic of Congo.

As per the legal requirements, the Agreement is subject to approval by the Canadian authorities, including the Toronto Stock Exchange, the Ontario Superior Court, and standard closing conditions for transactions of this nature. Two of the largest shareholders of Loncor, Resolute Mining (18%) and Arnold Kondrat (17%), and the Executive Chairman of Loncor have already indicated they are in favor of the sale. The transaction is expected to close by 1Q26, when Loncor shares will be delisted from the Toronto Stock Exchange.