Loncor Gold Announces That Court Grants Final Order to Loncor Gold Approving Arrangement with Chengtun Mining

On December 16, 2025, Loncor Gold announced that the Ontario Superior Court of Justice (Commercial List) has granted the final order approving the previously announced plan of arrangement with Chengtun Gold Ontario Inc., a subsidiary of Chengtun Mining Group Co., Ltd. The arrangement involves the acquisition of all issued and outstanding common shares of Loncor by Chengtun. The transaction is now subject only to the satisfaction or waiver of the remaining conditions outlined in the arrangement agreement.

This news is a positive and crucial, yet fully expected, step towards the completion of Loncor's acquisition by Chengtun Mining. The court approval was one of the last two major conditions for the deal to close, the other being shareholder approval, which was overwhelmingly granted on December 11, 2025 (99.7% in favour).

The "game-changing" news was the initial announcement of the C$1.38 all-cash offer on October 14, 2025. Today's news simply confirms the deal is proceeding as planned and removes the final significant hurdle. For shareholders, this provides a high degree of certainty that they will receive the C$1.38 per share consideration.

The impact on the stock price is minimal, as it has been trading in a tight range just below the C$1.38 offer price since the deal was announced, reflecting the market's high confidence in the transaction closing. This announcement further narrows the arbitrage spread. From an investment standpoint, the thesis has shifted entirely from an exploration play to a merger-arbitrage situation with very limited upside remaining. The prior stream of drilling news, including the excellent results from December 15, is now largely irrelevant to the stock's value, which is anchored to the takeover price.

Loncor Gold Inc. is a Canadian gold exploration company focused on the Ngayu Greenstone Belt in the northeast of the Democratic Republic of the Congo (DRC). The company's flagship asset is the Adumbi deposit, part of its 84.68%-owned Imbo Project. Prior to the acquisition agreement, Loncor was actively drilling Adumbi with the stated goal of increasing the mineral resource to over five million ounces. The Adumbi deposit hosts a significant resource of 1.88 million ounces of gold in the Indicated category and 1.78 million ounces in the Inferred category, as delineated within a Preliminary Economic Assessment (PEA).