04:51 PM EDT, 10/15/2025 (MT Newswires) -- Loncor Gold ( LONCF ) agreed to be acquired by Chengtun Mining Group in an all-cash deal valued at C$1.38 per share, according to an update from major shareholder Resolute Mining on Wednesday afternoon.

The transaction, announced Tuesday, is set to close by the first quarter of 2026, pending regulatory approvals and other conditions, according to the statement.

Resolute said through its subsidiary, Resolute Canada 2 Pty Ltd, it owns nearly 31.5 million shares of Loncor, around 17.8% of the company, currently worth about US$31 million (C$43.4 million).

The company added that it has signed a voting support agreement, committing to vote its shares in favor of the proposed deal at any shareholder meeting held to approve the transaction.

Loncor shares closed unchanged at $1.31 on the Toronto Stock Exchange.