“Industrial Company,” fully owned subsidiary of “Georpromining Armenia,” has granted the Republic of Armenia a 25% share of the Company. “Industrial Company” holds 60% of the shares of the Zangezur Copper Molybdenum Combine (ZCMC). The granted 25% shares constitute 15% of the equity of ZCMC that will consequently belong to the Republic of Armenia.

Roman Trotsenko, Geopromining BOD Member, commented on the transaction: "Geopromining has been operating in Armenia for many years, and we have been a reliable partner for the Republic of Armenia and Armenians for almost 2 decades. We have gladly embraced the opportunity to further expand our business in Armenia and acquire majority share at ZCMC, while offering the Republic of Armenia 15% equity participation. We intend to expand cooperation with the Government of Armenia and this is the first step in a broader investment vision. The Republic of Armenia, the people and our shareholders will benefit from all this, as well as new opportunities will open up for the Armenian economy. We also have a goal to start the construction of a new copper smelter in Armenia in the coming years."