Great Quest (to be Renamed Ongwe Minerals) Announces Conditional Approval of Anticipated Reverse Takeover
Rescue RTO transforms insolvent shell into Osino-backed explorer with $4.8M war chest
The most recent news (February 3, 2026) announces that Great Quest Gold Ltd. (GQ) has received conditional approval from the TSX Venture Exchange for its Reverse Takeover (RTO) by Lotus Gold Corporation. Key actions include a name change to Ongwe Minerals Inc. (ticker: OGW), a 1-for-16 share consolidation, and the closing of a concurrent financing of $4.85 million CAD at a post-consolidation price of $0.50 per share. Trading is anticipated to resume next week. The proceeds are earmarked for gold projects in Namibia (Khorixas) and Egypt (Eastern Desert).
This news is a definitive turning point for a company that was functionally insolvent. - Solvency Restoration: As of Sept 30, 2025, GQ had only $95,413 in cash against $1.55 million in current liabilities. The $4.85 million infusion provides the necessary runway to clear debts and fund the 2026 exploration program. - Management Upgrade: The RTO brings in the team behind Osino Resources (recently sold for $368M), including Heye Daun and Dave Underwood. This significantly lowers execution risk for the Namibian assets. - Strategic Shift: The company is pivoting away from its "Force Majeure" phosphate assets in Mali toward active exploration in the Damara Orogenic Belt (Namibia) and the Arabian-Nubian Shield (Egypt). - Consolidation Reality: The 1-for-16 consolidation reduces the massive share count (186M to 11.6M), making the capital structure more attractive to institutional investors, though existing retail holders face significant dilution from the new financing.
Great Quest is transitioning into Ongwe Minerals. - Flagship Project: The Khorixas Gold Project in Namibia. It is located in the Damara orogenic belt, adjacent to major discoveries like Osino’s Ondundu and Eureka projects. Historical results at the Belmont prospect include 6m @ 6.85 g/t Au. - Secondary Project: The Eastern Desert Gold Project in Egypt, covering 1,930 sq km in the Arabian-Nubian Shield, a region seeing a modern gold rush.