Conquest Shareholders Approve Disposition of Belfast-Teck Mag Property to Inventus Mining Corp.
Conquest sold assets to Inventus to fund development of its Valimaki gold project in Finland.
Conquest Resources Limited shareholders have unanimously approved the sale of its 100% interest in the Belfast-Teck Mag property package, which includes the historic Golden Rose Mine, to Inventus Mining Corp. The transaction, first announced on August 27, 2026, is now cleared for closing pending acceptance by the TSX Venture Exchange and the satisfaction of customary conditions.
Under the terms of the agreement, Conquest Resources Limited will receive 8,000,000 common shares of Inventus, subject to a two-year vesting schedule, along with a 2.0% Net Smelter Returns (NSR) royalty. Inventus holds an option to buy back 0.5% of the royalty for $1,000,000.
With the disposition complete, management confirmed a strategic pivot to concentrate exploration capital and operational focus on the Valimaki Gold Project in Finland. Geological mapping, geophysical, and geochemical surveys at the site are now complete, and drill targets are being prioritized for Q4 2026.
Conquest Resources Limited (CQR) has secured approval for the closing of a previously announced asset disposition, a transaction the market has been aware of since late August. The deal removes a non-core, capital-intensive Ontario property from Conquest's balance sheet, reducing future exploration burn and management overhead.
Conquest retains an equity stake in Inventus and a royalty interest, providing speculative upside without requiring additional cash outlay. The vesting schedule aligns with standard TSXV practices and mitigates immediate dilution or liquidity risk for Conquest shareholders. Financially, the transaction does not generate immediate cash proceeds but preserves working capital for the Valimaki project. There were no misses or surprises relative to the August announcement.
Conquest Resources Limited is a Canadian mineral exploration company operating in established mining jurisdictions. Its flagship asset is the Valimaki Gold Project in Finland, which comprises a 23,197-hectare exploration reservation. The site features a 15-kilometer gold-rich boulder train with historic surface samples exceeding 60 g/t Au and over 150 boulders assaying greater than 1 g/t Au. Prior drilling by the Geological Survey of Finland (GTK) returned 4.3m @ 7.2 g/t Au and 7m @ 3.9 g/t Au.
The company’s legacy assets include the Belfast-Teck Mag project in Ontario, which has been divested; the Smith Lake project in Ontario, located adjacent to Barrick’s Renabie mine; the Alexander Gold Project in Red Lake, Ontario; and the Lake Nipigon Basin Project focused on uranium, nickel, copper, and PGE. All properties are in the exploration stage with no established mineral resources or reserves.