Conquest Resources Announces Entering into a Share Purchase Agreement to Acquire the Valimaki Gold Project in Finland

The most recent news (February 18, 2026) announces that Conquest Resources has entered into a definitive Share Purchase Agreement (SPA) to acquire 100% of Carrigel Ltd., which holds the Valimaki Gold Project in Finland. This follows a non-binding LOI announced in December 2025. Terms include a cash payment of $35,000 USD and the issuance of 5,000,000 common shares upon closing. An additional 5,000,000 shares are issuable upon receiving the first drilling approval. The project is subject to a 2% Net Smelter Return (NSR) royalty, with a 1% buyback option for $3,000,000.

Conquest also outlined an immediate exploration plan for Spring 2026, including mapping, prospecting, drone magnetics, and induced polarization (IP) surveys to define drill targets for a late summer/fall program. Historical GTK (Geological Survey of Finland) drilling at the site reported intercepts of 4.3m at 7.2 g/t Au and 7m at 3.9 g/t Au.

This news is Material - Positive as it transitions the company from a period of stagnation and mixed results at its Ontario projects into a high-potential jurisdiction with historical high-grade gold intercepts. - Strategic Pivot: The move to Finland signals a shift away from the "Belfast-TeckMag" project in Ontario, where recent AI-targeted drilling (February 2025) failed to deliver a definitive discovery, despite intersecting some mineralization. - Low-Cost Entry: The cash consideration ($35,000 USD) is negligible relative to the potential of the asset, preserving capital for exploration. - Share Dilution: The initial 5M shares represent approximately 3.7% dilution to the existing share count (pre-financing), which is reasonable for a flagship-quality acquisition. - Confirmation: The move from LOI to SPA confirms management's commitment to this new direction and provides a clear roadmap for the 2026 field season.

Conquest Resources is a Canadian explorer that historically focused on the Temagami Mining Camp in Ontario. - Flagship Project (Current): Valimaki Gold Project, Finland. Located in a region with historical high-grade gold (7.2 g/t over 4.3m), the project has seen limited modern exploration. - Legacy Project: Belfast-TeckMag Project, Ontario. A large land package (350 sq km) explored using VerAI’s AI technology. While the AI identified targets that hit VMS-style mineralization (0.83% Cu), the results were not sufficient to drive a significant market re-rating. - Other Assets: Alexander Gold Project (Red Lake), King Bay, and Smith Lake. These are currently under review for sale or joint venture.