Fura Gems Inc. announced that it has successfully negotiated with the Colombian National Mining Agency for a 30-year extension to Colombian emerald mining license no. 122-95M (the “License”). Fura holds a 76%-indirect equity interest in Coscuez S.A. (“Coscuez”), which holds a 100% interest in the License. The License covers an area of 46.9651 hectares and includes exclusive rights for the exploration, construction and mining of emerald deposits granted by the Government of the Republic of Colombia within the area historically known as the “Coscuez Mine” in the municipality of San Pablo de Borbur, Department of Boyacá. The License was initially granted to Coscuez on October 10, 1995 and expired on October 9, 2020. In anticipation of its expiry, the Company submitted a proposal to the ANM in October 2018 to extend the License. On October 8, 2020, Fura and the ANM reached an agreement to extend the License to October 8, 2050. In addition, the License extension agreement includes the following terms: Coscuez agreed to adopt an international sustainability standard by 2024; Coscuez is recategorized from a mid-scale miner to a large-scale miner, allowing the company to mine more than 100,000 tonnes; The royalty payable to the government in connection with the License is capped at 1.5% of Coscuez’s revenue; and The social investment amount is capped at 1.5% of each year of Coscuez’s gross revenue.