Announcement • Feb 10
Lotus Gold Corporation completed the acquisition of Great Quest Gold Ltd. (TSXV:GQ) in a reverse merger transaction for CAD 10.65 million. Lotus Gold Corporation signed a letter of intent to acquire Great Quest Gold Ltd. (TSXV:GQ) in a reverse merger transaction on May 7, 2025. Lotus Gold Corporation entered into a definitive arrangement agreement to acquire Great Quest Gold Ltd. (TSXV:GQ) in a reverse merger transaction on June 26, 2025. The consideration will consist of newly issued common shares in the capital of Great Quest in accordance with an Exchange Ratio. The transaction includes a name change to Ongwe Minerals Inc, a share consolidation of Great Quest shares on a 1:16 basis, and the completion of non-brokered private placements for aggregate gross proceeds of up to CAD 3.5 million which, after giving effect to the reverse takeover, will comprise the issuance of 7 million common shares of the Resulting Issuer. As part of the transaction Great Quest will dispose of its assets in the country of Mali, the Tilemsi Phosphate project and Sanoukou gold project, and the Geulmin gold project in Morocco. The management of the Resulting Issuer will include directors Jed Richardson, Heye Daun, and Alan Friedman.
The transaction is subject to completing mutually satisfactory due diligence investigations, entering into a Definitive Agreement in respect to the Proposed Transaction on or prior to September 30, 2025, obtaining the requisite board and, as applicable, shareholder approvals for the Proposed Transaction and any ancillary matters contemplated in the Definitive Agreement and requisite regulatory approval, including the approval of the TSXV. Both the board of Great Quest and Lotus have unanimously approved the transaction. As of October 20, 2025, the shareholders of Great Quest and Lotus each overwhelmingly approved the transaction. As of February 3, 2026, Great Quest has received conditional approval from the TSX Venture Exchange.
Sean O'Neill of Boughton Law Corporation acted as legal advisor for Lotus Gold Corporation. Bruce McKnight Minerals Advisor Services acted as fairness opinion provider for Lotus Gold Corporation. McGovern Hurley LLP acted as accountant for Lotus Gold Corporation. De Novo Accounting Corp. acted as transfer agent/registrar for Lotus Gold Corporation. Wildeboer Dellelce LLP acted as legal advisor for Great Quest Gold Ltd. McGovern Hurley LLP acted as accountant for Great Quest Gold Ltd. Odyssey Trust Company acted as transfer agent/registrar for Great Quest Gold Ltd.
Lotus Gold Corporation completed the acquisition of Great Quest Gold Ltd. (TSXV:GQ) in a reverse merger transaction for CAD 10.65 million on February 9, 2026. Announcement • Oct 24
Great Quest Gold Ltd. announced that it expects to receive CAD 3.5 million in funding Great Quest Gold Ltd. announced a non-brokered private placement for aggregate gross proceeds of up to CAD 3,500,000 on October 23, 2025. The transaction is comprised on (i)The issuance of 7,000,000 common shares of the Resulting Issuer at price per share of CAD 0.50. The company will issue 6,000,000 common shares at a price per share of CAD 0.50 for gross proceeds of CAD 3,000,000. (ii) The issuance of 1,000,000 common shares of the Resulting Issuer at a price per share of CAD 0.50 for gross proceeds of CAD 500,000 which will be subject to a four month hold under the policies of the TSX Venture Exchange and Canadian securities laws. Announcement • Aug 29
Great Quest Gold Ltd. announced that it has received CAD 0.5 million in funding On August 29, 2025, Great Quest Gold Ltd. has closed the transaction. The company issued 8,440,000 common shares at a price of CAD 0.025 per Share for gross proceeds of CAD 211,000. Together with the first tranche of the Offering, the Company has issued an aggregate of 20,000,000 Shares for aggregate gross proceeds of CAD 500,000. All of the Shares issued pursuant to the Final Tranche are subject to a four month and one day hold period from the date of issue. The Offering is subject to the approval of the TSX Venture Exchange. 
