Great Quest Gold (To Be Renamed Ongwe Minerals Inc.) Provides Update Regarding Proposed Reverse Takeover Transaction With Lotus Gold

Executive Summary

• Great Quest Gold Ltd. and Lotus Gold Corp. have received approximately CAD 4.5 million in subscriptions for the previously announced non‑brokered private placement (“Concurrent Financing”).
• Updated disclosure and transaction documents reflecting amendments to the RTO and Concurrent Financing have been filed with the TSX Venture Exchange for conditional approval.
• The parties intend to complete the reverse takeover as soon as exchange review and any required shareholder approvals are obtained, enabling the launch of a 2026 exploration program on Namibian assets.

Key Details

• Subscription Amount: ~CAD 4.5 million received from existing and new shareholders for the Concurrent Financing.
• Financing Structure: Non‑brokered private placement; details of unit price, warrant terms, or number of securities not disclosed in this release.
• Use of Proceeds (as stated by incoming CEO David Underwood): Provide a financial buffer to execute planned bedrock drilling and large‑scale regional soil sampling on Khorixas and Omatjete prospects in Namibia; fund 2026 exploration program pending RTO completion.
• RTO Status: Updated disclosure documents submitted to the TSX Venture Exchange addressing amendments to the transaction terms; under review for conditional approval.
• Closing Timeline: Completion subject to exchange review, any required shareholder approvals, and other customary closing conditions; further timing updates will be provided when known.
• Management Comment: Incoming CEO David Underwood highlighted strong shareholder support, readiness of financing to close, and anticipation of an imminent drill program once the RTO is finalized.

Notable Quotes

“We are grateful for the very strong financial support we have received from old and new shareholders with the CAD 4.5 m financing, which is ready to close. This will give us the financial buffer to execute the planned bed rock drill program… While the timing of the go‑public process has been slower than anticipated, timing is presently driven by the stock exchange regulatory review processes.” – David Underwood, Incoming CEO, Great Quest Gold Ltd.