Conquest signs LOI to acquire Valimaki gold project

Executive Summary

• Conquest Resources Ltd. has signed a non-binding Letter of Intent (LOI) to acquire 100% of Carrigel Ltd., a private Irish company that holds a 100% interest in the Valimaki gold project in Finland.
• The Valimaki project consists of a 23,197-hectare exploration reservation in southern Finland, featuring a 15-kilometre trend with historic gold assays up to 60 g/t Au and over 150 boulders assaying >1 g/t Au.
• The transaction consideration includes 10 million common shares of Conquest (split into two tranches), $35,000 in cash, and a 2% net smelter royalty (with a 1% buyback option for $3 million).

Key Details

• Transaction Structure: Non-binding LOI to acquire 100% of outstanding shares of Carrigel Ltd.
• Target Asset: Valimaki Gold Project, located east of Pori, southwestern Finland, within the Svecofennian geologic domain.
• Consideration:
  • 5,000,000 common shares of Conquest, payable upon approval of the TSX Venture Exchange for the formal agreement.
  • $35,000 cash payment upon approval of the TSX-V for the formal agreement.
  • 5,000,000 common shares of Conquest, payable upon receipt of drill permits.
  • 2% net smelter royalty (NSR), with 1% of the NSR buyable for $3 million.
• Project Geology & History:
  • Hosts gold mineralization in amphibolite-grade sedimentary, volcanic, and intrusive rocks, associated with arsenopyrite, quartz veining, and Sb-Te-Bi-W-Ag.
  • Historic exploration by Outukumpu Oy (1950s-1980s) and Geologian Tutkimuskeskus (GTK) (1980s-2010s).
  • GTK conducted ~2,800 metres of diamond drilling.
  • Best historic intercepts: 4.3 metres at 7.2 g/t Au and 7 metres at 3.9 g/t Au.
  • Recent surface sampling identified >150 boulders with assays >1 g/t Au, with highs of 60 g/t Au.
• Exploration Plan:
  • Spring 2026: Geologic mapping, prospecting, drone magnetics, and induced polarization survey to define drill targets.
  • Late Summer/Fall 2026: Drill testing, contingent on permitting.
• Qualified Person: Joerg Kleinboeck, PGeo, reviewed and approved the technical content under National Instrument 43-101.

Notable Quotes

• "We are excited to begin exploration on the Valimaki gold project which has had limited modern exploration geophysics or detailed mapping. We have engaged an experienced team of geologists and geophysical contractors to begin establishing drill targets in early spring of 2026. Drill testing is planned for late summer and fall when the required permitting is in place." — Tom Obradovich, Chief Executive Officer