REOS - VIRUNGA CRITICAL ANNOUNCES APPOINTMENT OF A NEW BOARD OF DIRECTORS

Rhea-AI Summary

ReoStar Energy (REOS) on April 6, 2026 announced that Virunga Critical acquired a 54,750,000-share majority stake in REOS and appointed a new Board of Directors.

The new board lists experienced mining and finance executives with extensive African mining, M&A and capital-raising backgrounds, signaling a governance and strategic change for the company.

Positive

• 54,750,000-share majority stake acquired by Virunga Critical
• New board includes executives with 40+ years mining and finance experience
• Board members have prior large M&A exits and capital-raising track records

Negative

• Change of control may shift corporate strategy and priorities
• Concentration of ownership with Virunga Critical creates governance centralization

News Market Reaction – REOS

+29.63%

+29.63% Session close to close

In the Apr 6 session, REOS gained 29.63%, reflecting a significant positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

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NEW YORK, April 6, 2026 /PRNewswire/ -- Virunga Critical Inc., a Delaware-based mining and critical minerals company focused on the Democratic Republic of Congo, recently acquired a 54,750,000-share majority stake in REOSTAR Energy ("REOS"). The newly appointed Board of Directors include (in alphabetical order):

Aldo Cesano

Mr. Cesano, is a third-generation national of the DRC with over 40 years of experience in mining and rail logistics development across the DRC, Zimbabwe, and Southern Africa. Over the course of his career, Mr. Cesano has secured numerous world class deposits such as Manono Lithium PE12202 under Manomine, that also includes Tin, Tungsten and Tantalum, as well as the Kubunda Lithium project. Mr Cesano's current focus has been on developing and securing new strategic resources to supply the global economy.

Andrew Groves

Mr. Groves previously held positions as Founder and CEO of CAMEC PLC, a cobalt and copper producer in the DRC, that sold to ENRC for USD $1 billion in 2010. He served as the Founder and CEO of African Platinum PLC, that aggregated 100 million ounces down dip of Lonmin. African Platinum PLC sold to Impala Platinum for $900mm. Mr. Graves also served as the founder of Central African Gold Ltd, the main asset of B2 gold in Mali, which sold to new Dawn for $300mm. Mr. Groves is the co-founder and CEO of Agriterra, a Mozambique agricultural company producing corn flower, animal feed and ranching that exited to a Zimbabwe acquirer. Previously, Mr. Groves served as the Founder and majority shareholder of Contango Holdings PLC, which he exited as a royalty contract with a state-owned company.

Alan Kessler

Mr. Kessler is the Founder and outgoing Chairman of African Discovery Group, the precedent company to Copper Intelligence, that recently became the first US domiciled public company in the DRC. Mr. Kessler has over 25 years of experience on Wall Street, spanning Goldman Sachs and Morgan Stanley. Mr. Kessler had been responsible for substantial advisory, operational and capital raises for the benefit of Africa, including numerous landmark transactions on the African continent, having dedicated his entire career to project development and commodities in Africa. Mr. Kessler holds a Bachelor of Arts in Economics from the University of Pennsylvania (Cum Laude) and an MBA from Columbia Business School.

Oliver Wriedt

Mr. Wriedt is the Managing Partner of HighKey Capital LLC, an investment vehicle that has made over 60 direct investments into Angel, Seed and Series A rounds of companies predominantly in Tech, Fintech, Battery Materials and Critical Minerals.

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SOURCE ReoStar Energy Corporation

FAQ

What stake did Virunga Critical acquire in ReoStar Energy (REOS) on April 6, 2026?

Virunga Critical acquired a 54,750,000-share majority stake in REOS. According to ReoStar Energy, this purchase gives Virunga Critical controlling ownership and enabled appointment of a new board of directors.

Who are the new board members appointed to ReoStar Energy (REOS) on April 6, 2026?

The new board includes Aldo Cesano, Andrew Groves, Alan Kessler and Oliver Wriedt. According to ReoStar Energy, these appointees bring mining, M&A and capital markets experience focused on African projects.

How might the April 6, 2026 board change affect REOS shareholders?

The board change represents a governance shift and potential strategic redirection for REOS. According to ReoStar Energy, the new board’s mining and capital-raising background may influence future transactions and project priorities.

Does the April 6, 2026 announcement indicate a change in company control for REOS (symbol REOS)?

Yes — the announced acquisition of a majority stake indicates a change in control for REOS. According to ReoStar Energy, Virunga Critical’s stake facilitated appointment of the new board of directors.

What experience do new REOS board members bring related to Democratic Republic of Congo projects?

Board members have extensive DRC and African mining experience, including deposit development and resource projects. According to ReoStar Energy, their backgrounds include mining, rail logistics, and large asset transactions across Africa.